Bank Of Industry Announces Kuramo Capital As The Manager Of DICE Fund Of Funds

iDICE Programme Launches $170 Million Fund of Funds to Accelerate Venture Capital Investment in Nigeria’s Tech and Creative Ecosystem.

The Bank of Industry (BOI), the Implementing Agency for the Investment in Digital and Creative Enterprises (iDICE) Programme of the Federal Government of Nigeria, today announced the appointment of Kuramo Capital Management as Fund Manager of the DICE Fund of Funds. The contract signing ceremony, held in Abuja between BOI’s Managing Director and the Chief Executive of Kuramo Capital, marks a pivotal milestone in Nigeria’s accelerating commitment to empowering its technology and creative entrepreneurs.

The DICE Fund of Funds is structured to achieve a minimum total capitalisation of $170.6 million, with the Federal Government contributing an anchor commitment of $85.3 million through the iDICE Programme. Kuramo Capital is mandated to raise matching private-sector capital on a dollar-for-dollar basis. This represents one of the largest dedicated government investments in technology and creative sector startups in African history.

iDICE: Nigeria’s Most Ambitious Innovation Investment Programme

The iDICE Programme represents the Federal Government of Nigeria’s most ambitious intervention in the digital economy and creative sectors. Co-financed by the African Development Bank (AfDB), Agence Française de Développement (AFD), and the Islamic Development Bank (IsDB). The programme was designed with a clear mandate: to promote entrepreneurship, drive innovation, create jobs at scale, and position Nigeria as Africa’s leading hub for the knowledge economy.

iDICE is implementing its investment mandate through a suite of complementary funds. In November 2025, the Programme achieved a landmark first milestone when it made Nigeria’s inaugural direct government investment into a private venture capital fund — a cornerstone commitment to Ventures Platform’s VP Pan-African Fund II, which closed at $64 million with co-investors including the International Finance Corporation (IFC), British International Investment (BII), Standard Bank of South Africa, and Proparco.

The signing of the DICE Fund of Funds contract with Kuramo Capital is the latest in a series of significant milestones being delivered across the iDICE Programme. As of June 2026, implementation is well advanced on all three programme pillars — skills and enterprise development, access to finance, and ecosystem enablement — with activities running in all six geopolitical zones.

Specifically, on skills & enterprise development, iDICE launched the iDICE Startup Bridge three months ago, with the first cohort of 185 founders well advanced in the week four of training. Applications for Cohort 2 opened on the 24th of June 2026, and applications for the growth lab, the post-MVP track, expected to open in July 2026, offering growth-stage tech startups access to potential equity funding of up to $100,000.

The programme has commenced the setup and revamp of digital and creative hubs in 66 institutions (36 universities and 30 polytechnics) across the country in collaboration with NUC and NBTE. Hence working with the academia to link research and project outcomes to industry.

As part of the programme’s access to finance component, BOI has also rolled out the BOI/iDICE Debt Fund and & IsDB Murabaha Debt Fund. Both debt products has set aside a combined financing of $110 million for start-ups in the technology and creative sectors

The DICE Fund of Funds: Reaching Every Corner of Nigeria

The DICE Fund of Funds will invest across Nigeria’s 36 states and the Federal Capital Territory. It will deploy capital through indirect investments in selected closed-end venture capital and micro-venture capital funds focused on technology and creative sector businesses. The Fund has a geographic mandate that ensures that capital reaches founders in the entire country, breaking the historical concentration of venture investment in a handful of urban centres.

Also read: https://brandspurng.com/2026/07/01/tbwaconcept-unit-unveils-new-leadership-beyond-the-brief-model-to-redefine-advertising-innovation-and-talent-in-nigeria/

The Fund targets a net Internal Rate of Return (IRR) of 20% and a net money multiple of 2.4x, structured with the government’s commitment as a junior tranche acting as 30% first-loss capital — a deliberate risk architecture designed to de-risk the fund structure, improve the risk-return profile for co-investors, and crowd in additional private capital.

Speaking on the Fund, Dr Olasupo Olusi, MD/CEO of the Bank of Industry had this to say – By investing in Ventures Platform’s Fund II, and now by establishing the DICE Fund of Funds with Kuramo Capital, we are deepening the Federal Government’s objective of upscaling Nigeria’s technology and creative sectors by catalysing strategic investments in high-growth, technology-enabled enterprises. The Bank of Industry is proud to be the executing agency driving this historic investment into the hands of Nigeria’s innovators..

Wale Adeosun, CEO of Kuramo Capital Management said “The DICE Fund of Funds represents a landmark moment for Africa’s venture capital ecosystem. Nigeria is demonstrating that a government can be both a serious anchor investor and a credible market-builder. We are honoured to be entrusted with this mandate and committed to deploying every resource at our disposal to raise the matching capital, invest wisely, and deliver returns that justify this historic confidence”.

While congratulating BOI & Kuramo Capital for this milestone on the iDICE Programme, Nigeria’s Vice President Kashim Shettima stated that “the commencement of investing by iDICE is an exciting milestone and a leap forward in the determined efforts of the Government of Nigeria, under the leadership of His Excellency President Bola Ahmed Tinubu, to deliver on our vision of unleashing the full potential of Nigeria’s young people, in line with the Renewed Hope agenda”.

What This Means for Nigeria’s Start-up Founders

For Nigeria’s technology and creative entrepreneurs, the establishment of the DICE Fund of Funds — combined with iDICE’s earlier investment in Ventures Platform $64 million Fund — represents a structural shift in the availability of early-stage capital. The days when a Nigerian founder had to depend almost entirely on foreign venture capital, or navigate a landscape with few domestic institutional investors, are changing.

By deploying capital through both direct startup investments and established venture capital fund managers, the Fund creates multiple access pathways for founders across the entire country.

TBWA\Concept Unit Unveils New Leadership, ‘Beyond The Brief’ Model To Redefine Advertising, Innovation, And Talent In Nigeria

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· CEO Transition from Kelechi Nwosu to George Isitua-Onukwu Signals Shift from Service Vendor to IP-Owning Creative Company

TBWA\Concept Unit Nigeria, one of Nigeria’s oldest and most
influential creative agencies, has announced a leadership transition
designed to reshape the country’s advertising industry. George
Isitua-Onukwu will assume the role of Chief Executive Officer effective
July 1, 2026, succeeding Kelechi Nwosu, who moves to the Board as
Non-Executive Director and shareholder.

The change, announced at a press conference in Lagos, positions the
42-year-old agency to move from a campaign-led service model to what it
calls a “disciplined, future-thinking creative company” focused on
product development, intellectual property ownership, and measurable
marketing performance.

_Four Decades of Impact on Nigerian Advertising_

Founded in 1984 by Lere Awokoya and Kayode Idowu, TBWA\Concept Unit has
consistently set the tone for Nigerian advertising. Under Nwosu’s
leadership from 2005, the agency delivered landmark work that fused
culture and commerce, including Spirit of Lagos and Proudly Made in Aba.

“TBWA\Concept Unit was founded on unconventional thinking. We have
always been a strong creative organisation, moving products and ideas
for ourselves and for clients,” Kelechi Nwosu, Outgoing CEO, said.
“From July 1, the mantle passes to George. We will continue to evolve
despite the current business headwinds.”

Proudly Made in Aba, delivered with support from the Ford Foundation and
the Abia State Government, spotlighted Nigeria’s manufacturing
capacity. Spirit of Lagos sought to align civic infrastructure with the
citizen mindset. Nwosu said the assets remain with the agency and that
conversations are ongoing with the Lagos State Government to revive the
initiative.

Beyond campaigns, Nwosu has shaped the wider industry through leadership
roles in AAAN, ASP, and ARCON, and through initiatives such as ‘Write
Mothers’, which supports women entering copywriting, and the AAAN
Women in Advertising programme.

_Innovation: From Execution to Ownership_

Isitua-Onukwu, who previously served as Executive Business Director and
COO, said the agency must move “beyond the brief” to remain relevant
in a market disrupted by technology, shrinking budgets, and competition
from MarTech and AdTech platforms.

“Clients now want to work faster and at lower cost. Speed and craft
are being commoditised. Clients ask: why pay for a studio when ChatGPT
can write the script, and AI can produce music and voiceover for under
N50,000?” he said.

His response is a new business model centred on ‘brand economics’.
“What if creativity were treated as an economic asset, not a service?
Companies that own things outperform companies that sell services.
Creativity without ownership is philanthropy,” Isitua-Onukwu stated.

The agency is already building that architecture. It has launched an SME
capacity platform, Oririndu, a platform celebrating Nigerian food, and
EkoCypher for Nigerian rap culture. In film, it produced Detour and will
release Cursed Desire in cinemas later in the year..

“Africa is a creative powerhouse. Nollywood is third globally, with
over a billion streams monthly. Yet the infrastructure to monetise it
often lies elsewhere. The gap between making and owning is not talent;
it is architecture,” he said. “We are building platforms to monetise
our ideas so clients can engage culture, not just audiences.”

Also read: https://brandspurng.com/2026/07/01/gen-nigeria-tripoint-travel-launch-gec-africa-regional-pitch-to-send-top-3-nigerian-startups-to-cape-town-for-connecting-africa-congress/

_A New Business Model: Products, Platforms and Partnerships _

The strategy involves backward integration into tech, music, and film,
joint IP ownership with clients, and new internal roles in product
management, creative technology, and digital transformation.

“Challenging the status quo is in TBWA’s DNA. We are in
conversations with partners on platforms and IP. Some clients are now
interested in platforms and IP, not just retainers,” Isitua-Onukwu
said.

He cited global formats like Big Brother and Love Island as examples.
“Those are IPs. Why should agencies not own such platforms? We must
stop focusing only on execution and start compounding value.”

As part of TBWA Worldwide, the Nigerian office is contributing Nigerian
and African cultural insights to the network’s ‘Backslash’
intelligence platform and has delivered multi-country collaborations,
including work for Apple and an eight-year MTN account.

Talent Retention: Fixing the Pipeline 

The transition also addresses a critical industry challenge: talent
drain. Experienced middle managers have migrated to client-side roles or
abroad, while graduates often require a year of training to become
productive.

“Advertising must be attractive again. Young people now prefer tech
because of flexibility. We must create new talent and culturise it,”
Isitua-Onukwu said.

The agency plans to expand university partnerships, including with
Covenant University, to close the curriculum gap. It is also
restructuring to offer clearer career paths in emerging disciplines.
“We need graduates who can add value immediately, like accountants,”
he added.

Nwosu linked innovation to industry economics. “Jimi Awosika said it:
you cannot innovate without margins. Our industry’s profit after tax
is not comparable to banking. If we had taken equity in MTN when we
helped grow it from zero to five million subscribers between 2001 and
2005, the story would be different. That is the problem we are
fixing.”

Looking Ahead 

Isitua-Onukwu said his mandate over the next three to five years is to
build an agency that exports IP, retains top talent, and creates value
beyond campaigns.

“This is the future we are building: a company measured by economic
impact, not just output,” he said. “My role as CEO is to take this
further.”

Nwosu affirmed his continued involvement. “I am rewiring, not
retiring. I will teach, consult and remain engaged. Advertising is a
jealous business.”

GEN Nigeria, Tripoint Travel Launch GEC+ Africa Regional Pitch, To Send Top 3 Nigerian Startups To Cape Town For ‘Connecting Africa’ Congress

· BOI-backed initiative connects Nigerian entrepreneurs to investors, markets, and policymakers across Africa

The Global Entrepreneurship Network (GEN) Nigeria, in partnership with
Tripoint Travel Limited and the Enterprise Development Centre (EDC),
Pan-Atlantic University, has concluded the Nigerian leg of the GEC+
Africa Regional Pitch Competition.

The event, held at the Radisson Blu Hotel, Ozumba Mbadiwe, Lagos,
featured ten innovative entrepreneurs pitching their businesses, with
the top three selected to represent Nigeria at GEC+ Africa in Cape Town,
South Africa, later this year under the theme, “Connecting Africa.”

The regional pitch competition forms part of GEN Nigeria’s lead-up
activities to the Global Entrepreneurship Congress (GEC+ Africa),
scheduled for September 2026 in Cape Town. The initiative is designed to
connect Nigerian founders with investors, policymakers, Entrepreneur
Support Organisations (ESOs), and fellow entrepreneurs from across the
continent.

Speaking at the event, Mr. Kizito Okechukwu, Executive Head of 22 On
Sloane and Co-Chair of GEN Africa, described GEC+ Africa as a
Pan-African platform aimed at strengthening entrepreneurship ecosystems
across the continent.

“GEC+ Africa brings together entrepreneurs, investors, policymakers, and
support organisations from across the continent. The objective is to
create stronger connections that enable businesses to scale, investors
to discover new opportunities, and policymakers to learn from successful
initiatives across Africa.”

He added that the broader goal is to strengthen collaboration among
African countries and create more opportunities for startups and SMEs to
grow beyond their local markets.

Also speaking at the event, Mr. Oluwatoyin Ahmed Edu, Executive
Director, Micro, Small and Medium Enterprises (MSMEs), Bank of Industry
(BOI), noted that the initiative aligns with the Bank’s mandate to
support enterprise development and economic growth.

“MSMEs are the backbone of every economy. At the Bank of Industry, our
core focus is supporting entrepreneurs through financing, advisory
services, ecosystem development, and capacity building. Wherever MSMEs
are being empowered, BOI will always be a willing partner.”

He further emphasized the importance of greater intra-African
collaboration, noting that stronger economic integration would help
businesses access larger markets, retain value within the continent, and
accelerate development.

Also read: https://brandspurng.com/2026/07/01/maia-capital-partners-provides-nesa-power-with-r150-million-mezzanine-debt-funding/

Dr. Olawale Anifowose, Managing Director of GEN Nigeria, said the
competition is part of a broader effort to create international
opportunities for Nigerian entrepreneurs.

“GEN Nigeria, working closely with the Enterprise Development Centre,
Bank of Industry, Tripoint Travel, and other ecosystem partners, remains
committed to helping Nigerian entrepreneurs access global markets,
strategic partnerships, and investment opportunities.”

He recalled that previous editions of the Global Entrepreneurship
Congress enabled Nigerian SMEs to participate in international
exhibitions and connect with new markets, adding that this year’s GEC+
Africa platform would provide similar opportunities for founders seeking
continental expansion.

At the Lagos event, ten entrepreneurs presented their businesses before
a panel of judges and ecosystem stakeholders. The top three startups
will now represent Nigeria in Cape Town, where they will compete
alongside leading ventures from across Africa, engage with investors,
and participate in high-level policy and capacity-building sessions.

According to the organisers, the selection process focused on
innovation, scalability, market traction, and the potential to create
jobs and drive intra-African trade.

As the implementation of the African Continental Free Trade Area
(AfCFTA) continues to expand opportunities across the continent,
stakeholders noted that stronger regional linkages are essential for
African businesses seeking to scale beyond national borders. GEC+ Africa
is expected to provide a platform that connects entrepreneurs,
investors, ESOs, and policymakers while showcasing Africa’s growing
innovation ecosystem to global audiences.

Maia Capital Partners Provides Nesa Power With R150 Million Mezzanine Debt Funding

The mezzanine debt funding will be used by Nesa as growth capital to fund the acquisition of solar photovoltaic (“Solar PV”) sites and expand its PPA portfolio

JOHANNESBURG, South Africa, July 1, 2026/ — Maia Capital Partners
(“www.MaiaCapital.co.za [6]”) announced that they have provided R150
million mezzanine debt funding to the Nesa Power group (“Nesa”) a
South African commercial and industrial (“C&I”) renewable energy group
delivering integrated solar, storage and energy solutions under
long-term Power Purchase Agreements (“PPAs”).

The mezzanine debt funding will be used by Nesa as growth capital to
fund the acquisition of solar photovoltaic (“Solar PV”) sites and
expand its PPA portfolio. Nesa is committed to providing renewable
energy solutions that drive savings, ensure uninterrupted operations,
and reduce businesses’ carbon footprints by offering tailored
renewable solutions, including on-site and off-site generation and
storage.

Since its inception, Nesa and its founders have built over 46
megawatt-peak (“MWp”) of Solar PV generation capacity and 6.5
megawatt-hours (“MWh”) of battery storage and has raised over R400
million in capital in managed funds that have invested in and currently
operate over 70 Solar PV C&I assets on a PPA basis.

The Nesa Power Group has built and operated C&I renewable energy assets
through strategic investment partnerships and managed funds for more
than a decade and has now evolved into an integrated renewable services
group providing the C&I market with turnkey renewable energy services.
Through its group companies, Nesa offers the market greenfield
development, in-house design, engineering, procurement and construction
management (“EPCM”), PPA funding, ownership and maintenance
(“O&M”) services as well as carbon credit development services where
the group has one of the 1st solar based VERRA carbon grouped projects
in South Africa.

Also read: https://brandspurng.com/2026/07/01/stanbic-ibtc-bank-nigeria-pmi-new-orders-continue-to-rise-sharply-in-june/

Tshandu Ramusetheli, CEO of Maia Capital, said: “We are excited to
partner with Nesa on this transaction and to support their growth as
they continue to build out their renewable energy platform. This
investment sits at the heart of what we set out to achieve when we
established our impact fund — deploying private capital to address
real societal challenges. Providing clean, affordable energy to South
African businesses is one of our key impact and investment objectives,
and it directly supports the government’s ambition to strengthen the
country’s energy security through expanded private sector generation.
This partnership exemplifies our belief that impactful investments can
drive both economic growth and social progress”.

Percy Ying, Co-Founder of Nesa Power and Group Chief Investment Officer,
commented: “We are thrilled to welcome Maia Capital as a long term
partner and are grateful for their confidence in Nesa’s vision and
capabilities. This investment materially strengthens our ability to
execute on the Group’s growth strategy — accelerating the growth of
our PPA portfolio which will underpin our business going forward. The
investment will also facilitate meaningful job creation and contribute
positively to the broader South African economy — an outcome we are
deeply committed to. We extend our gratitude to Maia Capital, our
clients and stakeholders, as well as our valued management team for
their unwavering belief in Nesa’s potential.”

Mike Bleyenheuft, Co-Founder and CEO of Nesa Power, added: “Securing
this mezzanine facility from Maia Capital is a significant milestone for
the Group and reflects the strength of the business we have built. The
partnership with Maia Capital will ensure that Nesa continues to deliver
innovative, high-quality renewable energy solutions to the C&I market.
The energy transition in South Africa is accelerating, and with the
private renewable market on a trajectory to surpass R200 billion by
2030, the opportunity ahead of us is substantial. We look forward to
leveraging this partnership with Maia Capital to drive our next chapter
of growth.”

Covington & Burling acted as legal counsel to Maia Capital

Stanbic IBTC Bank Nigeria PMI®: New Orders Continue To Rise Sharply In June

Improving demand conditions helped to support further increases in
output and new orders in Nigeria’s private sector at the midway point of
the year. Rising workloads and the prospect of further growth in the
months ahead meant that firms took on additional staff and raised both
purchasing activity and inventory holdings. Input costs and output
prices increased sharply again, albeit to lesser extents than
immediately following the outbreak of war in the Middle East. The
headline figure derived from the survey is the Stanbic IBTC Purchasing
Managers’ Index™ (PMI®). Readings above 50.0 signal an improvement
in business conditions on the previous month, while readings below 50.0
show a deterioration.

Muyiwa Oni, Head of Equity Research West Africa at Stanbic IBTC Bank
commented: “Although the rate of growth slowed in June compared to
May, Nigeria’s private sector witnessed an increase in output at the
end of Q2:26 as higher demand and new product development supported an
increase in sales volume for companies. This rising demand led to higher
workload, thereby ensuring the private sector hired new staff across
three of the four sectors monitored by the survey besides agriculture.
Business confidence also rose to a 12-month high with firms citing the
ability to secure new stocks; business expansion plans; and advertising
efforts as key factors making them expect an expansion in output over
the next one year. Input prices still increased but not up to what was
witnessed during the onset of the United States/Israel – Iran war.

The effect of this was a passthrough impact on output prices amid rising
cost of raw materials and transportation. “The PMI print during the
quarter is consistent with a likely 3.94% y/y GDP growth rate in Q2:26,
higher than the 3.89% y/y growth seen in Q1:26. We retain our 2026
growth forecasts at 4.1% as we see the oil sector growing by 3.45% y/y
in 2026, from 8.50% y/y in 2025, while the non-oil sector is likely to
grow by 4.11% y/y, from 3.71% y/y in 2025. The risks to our outlook
include country-wide insecurity which may constrain food production,
exchange rate pressures resurfacing, extreme-weather related conditions
and higher fertilizer prices impacting crop yield, and a volatile global
environment which may affect sentiment and constrain capital flows.”

Also read: https://brandspurng.com/2026/07/01/olodo-uprising-before-brands-bite-the-enticing-bait/

The headline PMI posted 53.4 in June, down slightly from May’s reading
of 54.1, but still above the 50.0 no-change mark and signalling a solid
monthly improvement in business conditions at the end of the second
quarter. The health of the private sector has now strengthened in five
successive months. Panellists often reported improving customer demand
in June. This, alongside the introduction of new products, helped lead
to a further marked rise in sales volumes. With new orders up and
companies expanding their operations, output also increased. In both
cases, however, rates of growth were softer than seen in May. Business
activity expanded across three of the four broad sectors covered by the
survey, the exception being manufacturing.

Companies were also optimistic that output will rise over the coming
year, and sentiment improved markedly to the strongest since June 2025.
Advertising efforts, business expansion plans and stockpiling were among
the factors supporting confidence, according to respondents. Improving
customer demand and confidence in the year ahead outlook encouraged
companies to expand their staffing levels, purchasing activity and
inventories in June. Employment increased for the thirteenth consecutive
month. The rate of job creation was modest, but the most marked since
February.

The latest expansion in purchasing was marked and the same as that seen
in May, while stocks of inputs were up solidly. Despite increased
operating capacity, backlogs of work continued to rise amid customer
payment delays and power supply issues. Supply-chain delays were also
evident as vendor lead times lengthened for the first time in a year.
Longer delivery times were often attributed to poor road conditions.
Higher costs for fuel, raw materials and transportation resulted in a
further sharp rise in purchase prices during June, albeit the rate of
inflation eased to a four-month low. Staff costs, meanwhile, increased
at a sharper pace as companies helped their workers deal with rising
living costs. The pass-through of higher input costs to customers
resulted in a further marked rise in selling prices, and the pace of
inflation ticked up from May.

Olodo Uprising: Before Brands Bite The Enticing Bait

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By Ugochukwu Ugwuanyi

The sensuous has always sought to subsume the substance in the Nigerian entertainment scene. Netizens who have been splitting hairs and spleen to push their stance on the trending Olodo Uprising debate forget that the pop culture conclave has been down this path before. Intellectualism apologists will therefore sleep easy if reminded that practitioners of an earlier iteration of the “Peller culture” carried the day. Their present-day successors are poised to prevail again. 

Olodo Uprising: Before Brands Bite The Enticing Bait

With social media algorithmic configuration, absurd and uncouth content can easily take over timelines in a far shorter timeframe than intelligent ones ever could. Nigeria’s attention economy is increasingly being propelled by shallow, low-cognitive content that promotes flamboyance, mockery, or “fooling”, female anatomy or conjured outrage, all for engagement rather than encouragement.

The Root: How It All Began 

Tied to Nigeria’s current socio-economic realities and misaligned reward structure, “Olodo Uprising” shattered online tranquillity after rapper YCee’s used the term to condemn the rapid rise and monetisation of “performative ignorance” by some social media personalities. Originally the Yoruba word for someone slow to understand and struggling academically, ‘olodo’ is now being used for mega skitmakers who achieve fame and fortune by milking their lack of formal polish, expertise, or education. These content creators unapologetically denigrate expertise yet expect to be esteemed and rewarded as experts. But confidence can’t compensate for competence.

The development has divided the online community into two major camps. Olodo Uprising opponents and intellectuals uphold academic excellence as a cultural priority that must be preserved, contending that society loses out when the performance of illiteracy is rewarded with noise and obscenity incentivised over education and competence. It must be pointed out that just as it has done with poverty, the Nigerian system has long sown the seed for the weaponisation of ignorance. Not considering this would be playing the ostrich.

Pragmatists and proponents of Olodo Uprising, on the other hand, argue that a university degree or artisanal training rarely guarantees financial success and worsens the unemployment crisis in Nigeria; hence any form of entertainment should be allowed provided it realistically paves the way to economic survival. To them, influencers like Peller and Javis should be encouraged, not blamed, for creatively profiting from a broken societal system.

A Re-play of the Shift in the Nigerian Music Industry 

It was in the 2000s into the 2010s and beyond that music with meaningless lyrics started “making sense” in the Nigerian music scene. Songs that have meaningful plots gave way to high-tempo, rebellious street anthems. That was the golden age of “zanga” and street-certified bangers with unapologetic energy and unhinged vibes.

Music producers and artists dropped wild, fast-paced street vocals and experimental beats that sounded like “nonsense” on the surface, but they completely took over the streets and dance floors. It was all about the melody side of music, where songs are guaranteed to become anthems provided they are pleasing to the ears.

In the art where music belongs, two major schools of thought exist. One demands that art be functional, while the other stipulates that art should be expressed just for fun or art’s sake. Evidently, local music artists have since that era subscribed to the latter.

Also read: https://brandspurng.com/2026/07/01/fanmilk-nigeria-appoints-oreoluwa-atinmo-as-first-female-managing-director-in-2026/

That year, there was a contestation between songs like 9ice’s Gongo Aso, Paul Play Dairo’s Forever, African China’s Mr President, Adaz’s Zarokome, Waconzy’s I Celebrate, MI’s Crowd Mentality, Sunny Neji’s Oruka, J Martins’ Good or Bad versus Terry G – “Free Madness”, Dr Sid’s Pop Something, P-Square’s Do Me, Bigiano’s Shayo, Jazzman Olofin’s Shake something, Mo Hit All Stars’ Booty Call, Iyanna’s Kukere, Olamide’s Science Student etc.

Even 2Baba, who gave Nigerians the politically conscientious “E Be Like Say’ song, was soon caught up singing the hook for Freestyle’s “Sip Easy”. Timaya started with sensible songs like ‘My Story’ but after catching the bug in no time, started making music like ‘Shake Your Bum Bum’.

Music enthusiasts of that era decisively opted for what livens their mood rather than enlightens their minds. The same preference is now playing out in the digital ecosystem. Content created solely for entertainment instead of thought was the order of the day, with proud dullards (olodos) holding court. It’s in line with the anti-perfect proclivities of Gen Z, where radical realness is the haymaker. Smart content creators are trying to align with an audience that has since embraced unfiltered, chaotic, and brutally honest self-expression as the norm. With raw being preferred to refined, Olodo is indeed rising!

Are Brands Now In Quandary?

On this matter, creators’ credentials are only a visage concealing the core issue in the Olodo Uprising – content design. These are 15-to-30-second reels that merely elicit laughter and shares, abridging the appetite of children and young adults for mentally demanding posts and inspiring the exchange of ideas. Brands will have to decide whether they want to be perceived as pedestrian by their presence on pages with such vain content.

When a brand partners with a KOL on social media, it is not only borrowing their followers but also giving itself away as a subscriber to the sort of influence wielded by that creator. As socially responsible entities, brands must critically weigh the arguments of the intellectuals and pragmatists before staking their reputation on the influencers they partner with. As digital PR scours for trending hashtags to jump on and culture movements to tap into, it must ensure that the ensuing viral moment is worth the cost in goodwill.

Given brands’ role as active participants in transcending trends into culture, they must be wary of the kind of society they are helping to build. Businesses must introspect on whether they would be proud of themselves for having helped in elevating idiocy to an industrial scale. They will be shaping perception by patronising pages that are focused on flaunting, fooling, and friction, leaving audiences high and dry. Based on the influencers they do business with, brands will be exposing who they think society needs more: celebrity olodos or experts. Whatever is consistently rewarded by society ultimately becomes aspirational.

Indeed, collaboration with culture and trendsetters portrays the propriety and morality quotient of an organisation. Therefore, the strongest brands shouldn’t be as bothered about what everyone is talking about as they are about “What conversation should we contribute to and what values will we be reinforcing by so doing?” This contemplation is necessary because while the vitality that comes with riding a pop momentum is momentary, PR sets its sights on something more enduring – credibility.

Not the First Rodeo; Fads Always Fade!

Who still remembers the so-called University of Wisdom and Understanding? Founded by the Nigerian content creator Geh Geh, the online entertainment movement dominated timelines in the second half of last year. One of his online classes had over 25,000 livestreamers, with his catchphrase “No spend on woman wey no fit spend on you” going viral.

Some brands must have salivated at the visibility that the audience could fetch them but exercised restraint because they don’t want their brand to be associated with a community that misuses academic titles and is dogged by allegations of misogynistic teachings and concerns over the promotion of rigid gender roles.

There was also the light-hearted Mr Meerkat; the animal’s meme adaptations that were the fad about this time last year. Images of the character without perception pitfalls were all over the place, yet serious brands knew better not to stake their reputation on the memes just for cultural relevance.

Society has since moved on from Mr Meerkat, just as it may with the extant Olodo Uprising. But even if the “Peller culture” eventually becomes entrenched as music with nonsensical lyrics was, there will still be popular content creators who are decorous in their online hustle. The fact that vain songs are chart-toppers doesn’t mean that decent music isn’t giving them a run for the top spot. A proof is the impressive ranking of Gospel music artists on music streaming platforms. As Olodos braggadociously rise on social media, content creators who are professional in their craft will be around to offer alternative platforms.

No Middle Ground 

Brand equity building doesn’t necessarily lend itself to a circus or charade. Here’s the question begging for an answer: is the revolving door that delivers only a brief moment in the sun worth the credibility capital or image inconsistency? It’s like news judgement, which editorial marketers can help companies figure out.

By looking inwards, organisations can ascertain where to perch in the ongoing Olodo Uprising debate without frittering away their PR stock. Given the glaring values driving the culture shift, brand custodians should weigh them against the values of their organisations. If there is an alignment, they can go ahead to be Olodo content creators’ cheerleaders and partners. If not, they should settle for their urbane, cerebral counterparts.

It’s ultimately a test of fidelity to what brands brandish as their very essence. And their publics are keenly watching to reward authenticity with credibility.

Meanwhile, not getting involved is also an option. But how will the neutral brand satisfy the business’s influencer marketing needs without inadvertently revealing its position in the debate?

Ugochukwu is a branding specialist, editorial marketer and media trainer who can be reached via nmiringwu@gmail.com

FanMilk Nigeria Appoints Oreoluwa Atinmo As First Female Managing Director In 2026

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FanMilk Nigeria has appointed Oreoluwa Mobalaji Atinmo as its new Managing Director, making her the first woman to lead the dairy company’s Nigerian business since it began operations in the country. Her appointment took effect on April 1, 2026, marking a significant leadership change for one of Nigeria’s best-known dairy brands as it pursues its next phase of growth.

Atinmo assumes responsibility for overseeing the company’s nationwide operations at a time when consumer goods manufacturers are adapting to inflationary pressures, foreign exchange volatility, evolving consumer preferences and increasing competition across Nigeria’s dairy market. She brings more than 20 years of experience in the fast-moving consumer goods sector, with expertise spanning commercial strategy, business transformation, operations, product development and market expansion.

The leadership transition reflects FanMilk Nigeria’s wider efforts to strengthen local executive leadership while supporting greater diversity at senior management level, Brandspur Brand News understands. The company operates in Nigeria as part of French food giant Danone, which has continued to promote leadership development and inclusion across its global businesses.

Industry analysts say the appointment comes as dairy manufacturers focus on expanding distribution networks, improving operational efficiency and strengthening customer engagement in both urban and emerging markets. FanMilk is expected to continue investing in distribution capabilities while responding to changing consumption patterns among Nigerian households.

Atinmo is also expected to oversee initiatives aimed at improving supply chain performance, enhancing collaboration with distributors and retailers, and accelerating innovation across the company’s product portfolio as competition intensifies within Nigeria’s consumer goods industry.

Also read: https://brandspurng.com/2026/07/01/cerave-faces-six-class-action-lawsuits-in-2026-over-benzene-claims-in-acne-products/

Her elevation is being viewed as another notable step for female representation in executive leadership, particularly within the manufacturing and FMCG sectors where women remain underrepresented in chief executive and managing director positions.

FanMilk has built one of Nigeria’s most recognisable dairy brands over several decades, with products spanning ice cream, yoghurt and dairy beverages distributed through an extensive nationwide sales and retail network. Maintaining the company’s long-standing market presence while introducing products that appeal to younger and increasingly health-conscious consumers is expected to form a key part of the new managing director’s agenda.

The company is also expected to continue advancing sustainability initiatives aligned with Danone’s global environmental commitments, including efforts focused on responsible packaging, resource efficiency and reducing operational environmental impact.

Nigeria’s dairy industry continues to present significant long-term growth opportunities, supported by urbanisation, rising demand for packaged food products and expanding retail channels. However, manufacturers also face persistent challenges, including higher production costs, supply chain disruptions and currency fluctuations.

As the new Managing Director, Atinmo will oversee FanMilk Nigeria’s operations across manufacturing, logistics, sales, finance, marketing and human resources while guiding the company’s commercial strategy in one of Africa’s largest consumer markets. Her appointment signals FanMilk’s intention to deepen local leadership and strengthen its competitive position as the company prepares for its next phase of expansion in Nigeria.

CeraVe Faces Six Class Action Lawsuits In 2026 Over Benzene Claims In Acne Products

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CeraVe and its parent company, L’Oréal, are defending six consolidated class action lawsuits in the United States over allegations that some of the brand’s benzoyl peroxide acne treatment products can generate unsafe levels of benzene, a chemical recognised as a human carcinogen. The cases, now before the U.S. District Court for the Southern District of New York, remain unresolved in 2026, with plaintiffs accusing the companies of failing to adequately warn consumers about potential risks associated with certain acne formulations.

The litigation stems from claims that benzoyl peroxide, a common active ingredient used to treat acne, may degrade into benzene when exposed to elevated temperatures during storage or regular use. The lawsuits specifically identify CeraVe Acne Foaming Cream Cleanser and Acne Foaming Cream Wash among the products at issue, alleging that testing detected benzene concentrations above the U.S. Food and Drug Administration’s recommended conditional limit for drug products. Benzene has long been associated with an increased risk of serious blood cancers, including several forms of leukaemia.

Brandspur Banking News Desk understands that the legal dispute began in March 2024 after independent testing laboratory Valisure published findings claiming benzoyl peroxide-based acne treatments from several manufacturers could form benzene under certain storage conditions. The report triggered multiple lawsuits across different U.S. states, with consumers alleging that manufacturers failed to carry out sufficient stability testing and did not provide adequate safety warnings before marketing the products.

The first complaint was filed by a Hawaii resident in March 2024, before similar lawsuits emerged in Louisiana, Missouri, Illinois and New York. Although plaintiffs initially sought to centralise the litigation in Hawaii, a federal judicial panel declined that request in early 2025. By May that year, all six cases had been transferred to the Southern District of New York, where they have been consolidated for coordinated pre-trial proceedings and remain active as of mid-2026.

Plaintiffs are pursuing claims that include alleged violations of consumer protection laws, negligent misrepresentation, fraud by omission and unjust enrichment. L’Oréal has denied wrongdoing and continues to contest the allegations as the legal process moves forward.

Also read: https://brandspurng.com/2026/07/01/mtn-group-appoints-jerry-soko-as-ceo-of-mtn-eswatini-in-2026-leadership-reshuffle/

The controversy also prompted regulatory scrutiny in the United States. Following its own review in 2025, the U.S. Food and Drug Administration tested 95 benzoyl peroxide acne treatment products from various manufacturers. The agency reported that more than 90 per cent of the products contained either undetectable or extremely low levels of benzene, with only a small number of products from several companies being voluntarily recalled.

Importantly, CeraVe products were not among those recalled, and U.S. health authorities have not advised consumers to stop using the brand’s wider skincare range. The FDA has instead recommended that benzoyl peroxide products be stored at room temperature and protected from excessive heat to minimise the possibility of benzene formation over time.

For consumers in Nigeria, the legal action is limited to specific benzoyl peroxide acne treatments and does not affect CeraVe’s broader line of ceramide-based cleansers, moisturisers and skincare products that are widely sold through authorised pharmacies and retailers. Popular products such as the brand’s Facial Moisturising Lotion remain available, while the ongoing U.S. litigation has not resulted in a general safety warning covering the entire CeraVe product portfolio.

The outcome of the court proceedings is expected to be closely watched by regulators, manufacturers and consumers alike, as it could influence future testing standards, product labelling requirements and safety expectations for benzoyl peroxide-based skincare products across global markets. Until the courts reach a final decision, the allegations against L’Oréal and CeraVe remain unproven.

MTN Group Appoints Jerry Soko As CEO Of MTN Eswatini In 2026 Leadership Reshuffle

MTN Group has confirmed the appointment of Jerry Soko as the substantive Chief Executive Officer of MTN Eswatini, strengthening the telecommunications giant’s strategy of promoting experienced internal leaders to key positions across its African operations. Soko officially assumes the role on July 1, 2026, after serving in an acting capacity for several months.

The leadership confirmation follows Soko’s tenure as acting CEO, a position he held since November 2025 after the departure of former chief executive Wandile Mtshali at the expiration of his contract. During the interim period, MTN said the Eswatini business recorded stronger operational execution, enhanced customer engagement and improved organisational stability under his leadership.

Brandspur Brand News reports that Soko’s elevation aligns with MTN Group’s broader succession planning approach, which prioritises executives who have built extensive experience within the company’s operations across different African markets. The strategy is aimed at ensuring leadership continuity while leveraging institutional knowledge to drive long-term growth.

Also read: https://brandspurng.com/2026/07/01/the-popularization-of-akara-among-nigerian-snacks-a-lesson-in-consumer-behaviour-and-influence/

As one of Africa’s largest telecommunications companies, MTN has increasingly relied on internal talent for senior executive appointments, reflecting confidence in leaders who understand the group’s business model, regional markets and operational priorities. The approach has become a key part of the company’s leadership development framework as it expands digital services and strengthens its presence across the continent.

Soko is expected to lead MTN Eswatini’s next phase of growth, focusing on operational excellence, customer experience and the company’s broader digital transformation agenda. His appointment comes as telecom operators across Africa continue investing in network expansion, financial technology services and improved connectivity to meet rising demand from consumers and businesses.

MTN Group operates in numerous African and Middle Eastern markets and has consistently positioned leadership development as a strategic priority, with experienced executives from within its network increasingly taking on top management roles across its subsidiaries. The latest appointment reinforces the company’s commitment to developing home-grown leadership while maintaining continuity in its operations across the region.

The Popularization Of Akara Among Nigerian Snacks: A Lesson In Consumer Behaviour And Influence

By Tosin Agbelusi | July 01, 2026

I picked up this trend online last week , the growing conversation around Akara (bean cakes) and its renewed attention among Nigerian snacks.

The conversation gained momentum following remarks by Nigeria’s First Lady, Senator Oluremi Tinubu, during the disbursement of empowerment grants under the Renewed Hope Initiative.

Context is important, always.

Her comment was directed towards vulnerable Nigerians and individuals looking for low-capital livelihood opportunities, and not necessarily the corporate or elite audience. Therefore, we should not underestimate the influence and impact of such a statement.

She encouraged beneficiaries to consider small-scale businesses such as selling akara, roasted corn, and kuli-kuli as possible income-generating ventures. The comment quickly became a national conversation, generating different opinions and debates across the country.

However, I struggle to understand how such an encouraging statement should negatively affect anyone’s psychology. Why should suggesting a practical livelihood opportunity be interpreted as an insult? Who exactly is being insulted by the dignity of work and entrepreneurship?

This conversation itself reveals something deeper about the society; our perceptions, assumptions, and the meanings we attach to certain occupations.

Let me digress briefly.
I continue to observe how some young people engage with elders and leaders today without demonstrating the level of respect traditionally associated with our culture. This raises an important question: How did we get here?

Before we jump into celebrating or criticising any narrative, the first question we should ask is: How do we react to statements coming from leaders, influencers, or people of authority?

By now, my readers know that I personally do not believe in simply criticising leaders. Rather, I may critique decisions, ideas, or approaches when necessary. My approach has always been to provide constructive perspectives and sharing ideas that can contribute to improving our systems and society.

Furthermore, research on constructive feedback and criticism suggests that criticism is most effective when it is specific, solution-oriented, and focused on improvement rather than personal judgment. For example, Edmondson (1999) highlights the importance of creating environments where people can openly discuss issues and learn without destructive blame, while Hattie and Timperley (2007) explain that effective feedback should help individuals understand where they are, where they need to go, and how to improve.

Also read: https://brandspurng.com/2026/07/01/kora-highlights-the-growing-importance-of-payment-infrastructure-as-stablecoin-adoption-accelerates/

Now, let us talk marketing.
Often, we do not respond only to the message itself; we respond to the source of the message. A statement from a respected or influential figure can quickly influence conversations, behaviours, perceptions, and even consumer choices.

The Akara conversation is an interesting example of how culture, identity, influence, and storytelling shape markets.
Akara has always existed within Nigerian food culture. It is not a new product. It has always been:
• A breakfast choice
• A street food favourite
• A community snack
• A symbol of Nigerian food heritage

However, what changes is not always the product itself, sometimes, it is the story attached to the product.
It is amazing how a product can move from being seen as “ordinary” to becoming “desirable” when:
• Influential voices create attention
• People attach new meaning to it
• Social conversations amplify its relevance
• Consumers rediscover its cultural value

This is a powerful lesson for marketing students:
Consumers do not only buy products; they buy meanings, emotions, identity, and stories.

The Akara example reminds us that:
• Culture can drive consumption
• Conversations can create demand
• Social influence can reshape perception

The big question for Nigerian brands is:
How do we transform everyday cultural products into valuable brands without losing their authenticity?

Because sometimes the next big market opportunity is not always a new invention, it may already exist within our culture, waiting for the right story, positioning, and strategy.

However, there is another economic angle we must consider.
I am concerned that Akara may have just received a level of popularisation that could influence demand. As awareness increases and more people begin to see it as a business opportunity, we may witness increased participation in the akara market. This is one of the interesting ways markets evolve; attention creates interest, interest creates demand, and demand attracts entrepreneurs. All thanks to the first lady.

And like every market, when demand rises faster than supply, prices may respond. The future question is not only: How do we sell more akara? It is: How do we build a sustainable akara ecosystem ; from farmers producing beans, to sellers, to consumers while keeping it affordable and accessible?

One thing I see clearly as a student of marketing is that Akara may soon move from being an informal food item to becoming a more structured and branded category.

Let’s what out! We may begin to see:
• packaged akara brands,
• stronger retail presence,
• franchised akara outlets,
• premium versions,
• convenience formats,
• stronger storytelling around Nigerian heritage foods.

Because behind every cultural conversation is a market opportunity.
And behind every market opportunity is the need for strategy.
The informal sector remains a significant contributor to Nigeria’s economy. Every small trader, farmer, artisan, and entrepreneur contributes in their own way to economic activity and national development.

So the question is:
Are you still only a complainant, or are you becoming a contributor?

Do not only watch opportunities; find ways to participate and create value. Others are contributing in their little ways, what about you?
God bless Nigeria, my country.