AI Marketing Startup Nectar Social Secures $30 Million Series A Funding Led By Menlo Ventures

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AI-driven marketing technology company Nectar Social has secured $30 million in Series A funding as investor interest in autonomous artificial intelligence platforms continues to surge across the global tech industry.

The fresh investment round was led by Menlo Ventures alongside Anthology Fund, an AI-focused investment initiative created in partnership with Anthropic. The funding is expected to accelerate Nectar Social’s expansion strategy and deepen its artificial intelligence capabilities for enterprise marketing operations.

Nectar Social develops AI-powered systems designed to help brands automate digital marketing activities across multiple social media platforms. Its technology enables businesses to manage social engagement, creator campaigns, customer interactions, moderation, and competitive tracking through autonomous AI agents.

Brandspur Brand News reports that the startup also maintains strategic data partnerships with major technology platforms including Meta and Reddit, allowing brands to consolidate social media intelligence and campaign management within a single operating system.

The company was founded by sisters Misbah Uraizee and Farah Uraizee, both former employees of Meta. Company executives say the latest funding will support recruitment across artificial intelligence engineering, product development, and global market expansion.

Nectar Social stated that growing social commerce activity and rising customer engagement across digital platforms are driving increased demand for AI-powered marketing automation tools capable of operating at large scale.

Also read: https://brandspurng.com/2026/05/17/soaring-tomato-and-pepper-prices-push-basic-nigerian-meals-beyond-reach-of-many-families/

Several high-profile consumer brands and technology companies are already using the platform, including Liquid Death, Figma, and e.l.f. Beauty, highlighting growing corporate adoption of AI-enabled marketing infrastructure.

The funding round also attracted participation from prominent investors including GV, True Ventures, and Kinship Ventures, the investment firm associated with actress and entrepreneur Gwyneth Paltrow.

Industry analysts say the latest investment reflects broader investor confidence in artificial intelligence startups focused on enterprise productivity, automation, and digital commerce transformation as competition intensifies within the global AI sector.

Soaring Tomato And Pepper Prices Push Basic Nigerian Meals Beyond Reach Of Many Families

Rising prices of tomatoes and fresh peppers are placing increasing pressure on household spending across Nigeria, as millions of families struggle to keep up with the escalating cost of everyday cooking ingredients.

Across major food markets, consumers say they are cutting back on purchases of fresh produce due to the sharp increase in prices recorded in recent months. Traders have also reported slower patronage as buyers reduce quantities or switch to cheaper alternatives.

Many households now depend more on dried pepper and processed seasoning products as the cost of fresh ingredients continues to rise. Several consumers disclosed that meals traditionally prepared multiple times weekly are now cooked less frequently to manage rising food expenses.

Brandspur Business News Desk reports that worsening transportation costs, seasonal supply shortages, insecurity affecting farming communities, and high post-harvest losses are contributing heavily to the sustained increase in tomato and pepper prices nationwide.

Also read: https://brandspurng.com/2026/05/17/vp-shettima-unveils-222-cng-and-electric-vehicles-in-kano-to-reduce-transport-costs/

Food vendors and small restaurant operators are also feeling the impact, with many adjusting portion sizes or increasing meal prices to remain in business. Some operators warn that continued inflation could force smaller food businesses to shut down completely.

Market analysts say tomato prices in some regions have more than doubled compared to the same period last year, while fresh pepper prices continue to fluctuate sharply due to inconsistent supply from key agricultural hubs in northern Nigeria.

Economic experts warn that persistent food inflation may further weaken consumer purchasing power and worsen food insecurity among low-income earners already battling rising costs of transportation, electricity, and other essential goods.

Residents interviewed in several markets expressed concern that staple Nigerian meals such as stew, jollof rice, and pepper soup are gradually becoming expensive luxuries for average families.

With inflationary pressures still affecting the agricultural supply chain, many Nigerians fear food prices may continue climbing in the coming months unless urgent measures are introduced to stabilise production and reduce distribution costs.

VP Shettima Unveils 222 CNG And Electric Vehicles In Kano To Reduce Transport Costs

Vice President Kashim Shettima has launched a fleet of 222 clean energy vehicles in Kano State as part of the Federal Government’s push to reduce transportation expenses and promote alternative energy solutions across Nigeria.

The rollout, carried out under the Presidential Compressed Natural Gas initiative, introduced a combination of CNG-powered tricycles, mass transit buses, and electric vehicles aimed at improving affordable mobility for residents and commercial transport operators.

The clean transportation programme is expected to ease the financial burden caused by rising fuel prices while accelerating Nigeria’s transition toward environmentally sustainable energy systems.

Brandspur Politics reports that the newly deployed fleet includes 200 compressed natural gas tricycles, 15 gas-powered buses, and seven electric vehicles designed to support public transportation within Kano and neighbouring Northern states.

Speaking during the commissioning ceremony, Shettima described the adoption of compressed natural gas and electric mobility as a long-term economic strategy capable of transforming Nigeria’s transportation sector and reducing dependence on petrol.

The Vice President stated that the initiative would strengthen energy security, lower operational costs for transport businesses, and provide safer mobility alternatives for commuters across the region.

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Private sector investors are also playing a major role in the expansion of the project, with energy companies intensifying efforts to develop gas supply infrastructure and charging facilities across Kano State.

Officials confirmed that several new CNG refuelling centres and electric vehicle charging stations are currently under development to support the growing transition to cleaner transportation systems.

Kano State Governor Abba Yusuf reaffirmed the state government’s commitment to the initiative, noting that land allocations have already been approved to fast-track the construction of additional clean-energy infrastructure.

Authorities further explained that the shift to cheaper energy-powered vehicles could significantly lower logistics and food transportation costs, especially for agricultural produce moving across Northern Nigeria.

The Federal Government also projects that the programme will create employment opportunities in vehicle servicing, gas distribution, technical maintenance, and renewable energy operations as Nigeria expands its clean transportation economy.

Kenya Emerges As World’s Most Active Social Media Nation With Over Five Hours Daily Usage

Kenya has secured the top spot as the world’s most active social media nation after a new global digital ranking revealed that citizens spend more time online than users in any other country.

The latest international digital usage report showed that the average Kenyan spends approximately five hours and 10 minutes daily across major social networking platforms, placing the East African nation ahead of countries such as the Philippines, Brazil, and Nigeria in overall social media activity.

The rapid expansion of smartphone usage, affordable internet access, and a predominantly youthful population have continued to fuel Kenya’s growing digital ecosystem, transforming social media into an essential part of everyday communication and business engagement.

Brandspur Brand News reports that platforms including WhatsApp, TikTok, Facebook, Instagram, and X have become dominant tools for entertainment, breaking news, online discussions, and commercial activities among millions of Kenyan users.

Industry analysts say the country’s digital habits are reshaping how media organisations, advertisers, and businesses interact with consumers, especially younger audiences who increasingly rely on mobile-first content consumption.

Recent media industry findings also indicate that social media has overtaken traditional television and radio as the preferred source of instant news updates for many Kenyans, highlighting a major shift in public information consumption patterns.

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Short-form video applications, particularly TikTok, continue to experience massive growth among younger demographics, with users spending extended periods watching entertainment clips, lifestyle content, political commentary, and influencer-driven campaigns.

Experts further noted that Kenya’s online engagement culture extends beyond conventional networking platforms, as the country has also emerged among global leaders in artificial intelligence adoption and digital innovation.

The development is expected to trigger increased investments in influencer marketing, digital advertising, e-commerce campaigns, and online media strategies across East Africa as brands seek to capture the attention of highly active online audiences.

Technology observers believe Kenya’s digital dominance could further strengthen its position as one of Africa’s leading innovation hubs amid growing internet penetration and evolving social commerce trends across the continent.

World Bank Under Fire As Nigerians Reject Fresh $1.25bn Loan Proposal

Fresh backlash has trailed reports that the World Bank may approve another $1.25 billion loan for Nigeria under President Bola Ahmed Tinubu’s administration, with many Nigerians openly questioning the country’s growing debt burden.

The proposed facility, tagged the Nigeria Actions for Investment and Jobs Acceleration Programme, is expected to support sectors including electricity expansion, agriculture, digital infrastructure, economic reforms, and job creation. The loan is reportedly scheduled for consideration on June 26, 2026.

Many Nigerians, frustrated by worsening economic hardship, inflation, unemployment, and the rising cost of living, have taken to social media to condemn the fresh borrowing plan.

Online outrage intensified after some users claimed comment sections on parts of the World Bank’s Instagram page became restricted amid the backlash, triggering speculation that Nigerians were being silenced over their reactions.

Brandspur Business News Desk reports that Nigeria’s huge population and increasing economic demands continue to put pressure on the Federal Government to seek foreign financing for infrastructure, social intervention programmes, and economic stability.

Checks, however, suggested the situation may not have been a deliberate attempt to block criticism. While some iPhone users reportedly could not access comment sections, several Android users still appeared able to comment freely.

A senior source familiar with the development reportedly dismissed claims that the World Bank intentionally restricted comments because of Nigerians’ reactions, describing the issue as a likely technical glitch.

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The proposed facility has again drawn attention to Nigeria’s increasing dependence on multilateral institutions for economic support. Since 2023, the World Bank has approved several multi-billion-dollar loans for Nigeria across healthcare, education, renewable energy, power, social protection, and economic reform programmes.

Analysts say the latest loan, if approved, would further cement the World Bank’s position as one of Nigeria’s biggest external financiers at a time when citizens are demanding greater transparency and accountability in public debt management.

The controversy also reflects growing public frustration over economic realities facing millions of Nigerians, with many questioning whether continuous borrowing has translated into meaningful improvements in living standards across the country.

Critics warn that persistent borrowing without visible economic relief could deepen concerns about Nigeria’s debt sustainability and place heavier repayment pressure on future administrations and taxpayers.

Supporters of the government’s reform agenda, however, argue that external financing remains necessary to fund critical infrastructure, attract investment, and stimulate growth in Africa’s largest economy.

If approved, the fresh $1.25 billion facility would push total World Bank loan approvals secured by Nigeria under the Tinubu administration to over $10 billion within three years.

Economic observers also note that although such facilities may receive approval, actual disbursement is often tied to strict policy conditions and reform benchmarks, meaning access to the funds may not come immediately.

Union Bank Commemorates 2026 International Day Of The Boy Child With School Visit

Lagos, Nigeria – Union Bank of Nigeria, as part of its activities to mark the 2026 International Day of the Boy Child and in furtherance of its corporate social responsibility commitments, recently visited CMS Grammar School. Located in Bariga, Lagos, it is one of the country’s oldest and most prestigious boys’ secondary schools.

During the visit, a delegation from the Bank, led by Head of Corporate Banking and school alumnus Ali Kadiri, engaged with the school management and students to explore partnership opportunities and support for their educational initiatives.

As part of the engagement, Union Bank donated educational materials, including books and school bags, further demonstrating its commitment to student development.

The Bank subsequently hosted the students alongside their counterparts from Methodist Boys High School, at its head office in Marina, Lagos, where it organised a special programme focused on equipping them with practical knowledge and lifelong skills to support their personal development, academic advancement, and future aspirations.

Speaking during the visit, Union Bank Head of Corporate Banking Ali Kadiri commended the school management for its enduring commitment to academic excellence and the character development of its students.

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He said: “I am delighted by the school management’s sustained commitment to nurturing and developing the next generation of male leaders. As an alumnus of this distinguished institution, I am encouraged by the remarkable progress it has made in advancing both the academic and character development of these young men. Union Bank is honoured to commemorate this special day with the school as we continue to support initiatives that promote the growth, wellbeing, and future success of the boy child.”

Union Bank remains committed to advancing the development and welfare of boys across Nigeria and will continue to collaborate with institutions and stakeholders whose efforts support inclusive learning and lasting opportunities.

This commitment aligns with Sustainable Development Goal 4, which seeks to ensure inclusive and equitable quality education and promote lifelong learning opportunities for all.

About Union Bank of Nigeria Plc’s

Established in 1917, Union Bank is a leading provider of financial services in Nigeria, renowned for its “Simpler, Smarter Banking” philosophy. With a nationwide network and a strong focus on digital innovation, Union Bank continues to empower individuals, businesses, and the public sector to achieve lasting success.The Bank is a trusted and recognisable brand with an extensive network of over 300 branches across Nigeria.

The Bank offers a range of banking services to individual and corporate clients, including current, savings, and deposit account services, funds transfer, foreign currency domiciliation, loans, overdrafts, equipment leasing, and trade finance. The Bank also offers customers convenient electronic banking channels and products, including Online Banking, Mobile Banking, Debit Cards, ATMs, and POS Systems.More information can be found at: www.unionbankng.com

Sterling Financial Holdings Sustains Growth Momentum Is Assets Cross ₦4 Trillion Mark In Q1, 2026

…Group Profit rises 89% in FY2025, 53% in Q1 2026

Sterling Financial Holdings Company Plc (“Sterling Financial” or “the Group”) has announced its audited financial results for the year ended December 31, 2025, alongside its unaudited results for the first quarter ended March 31, 2026, delivering strong earnings growth, balance sheet expansion, and improved capital strength across the Group.

According to statement by Group CFO, Sterling Financial Holdings Company PLC, Adebimpe Olambiwonnu, Gross Earnings for FY2025 increased by 44.4% to ₦486.8 billion, representing the strongest performance in the Group’s modern history. Profit Before Tax rose by 89.2% to ₦86.8 billion, while Profit After Tax increased by 74.8% to ₦76.3 billion.

The Group’s balance sheet also strengthened significantly during the year. Total Assets reached ₦3.91 trillion, Customer Deposits grew to ₦2.98 trillion, and Loans and Advances closed at ₦1.41 trillion while Shareholders’ Funds expanded by 40.5% to ₦428.7 billion.

Sterling Financial sustained this momentum into the first quarter of 2026, with Total Assets crossing the ₦4 trillion threshold for the first time, reaching ₦4.07 trillion.

Gross Earnings for Q1 2026 rose by 41.6% year-on-year to ₦134.8 billion, supported by
a 36.8% increase in Net Interest Income to ₦64.9 billion.

Operating income reached ₦93.4 billion during the quarter, while Profit Before Tax increased by 52.8% to ₦27.9 billion and Profit After Tax rose to ₦23.4 billion. Shareholders’ Funds strengthened further to ₦542.5 billion following the successful
completion of the Group’s recapitalisation programme.

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Commenting on the Group’s performance, Yemi Odubiyi, Group Managing Director
of Sterling Financial Holdings Company Plc, said: “Our FY2025 and Q1 2026 results reflect continued growth across the Group’s core businesses, supported by disciplined execution, improved operating efficiency, and a strengthened capital position. The successful completion of our recapitalisation programme positions the Group for the next phase of growth across our commercial banking, non-interest banking, and wealth-management businesses. We remain focused on sustaining growth, strengthening our balance sheet and delivering long-term value across our diversified platform.”

This period represents an important phase in Sterling Financial’s evolution, as the
continued growth of Sterling Bank and The Alternative Bank, alongside the expansion
of SterlingFI Wealth Management, positioned the Group to compete across multiple segments under a unified Group structure and shared strategic agenda.

The Group enters the rest of 2026 with stronger capital, expanded operating capacity and continued momentum across its banking and wealth-management businesses.

ABOUT STERLING FINANCIAL HOLDINGS COMPANY
Sterling Financial Holdings Company PLC (Sterling Financial) is a leading Nigerian financial services group committed to enriching lives through innovation and impact. It’s diversified portfolio includes Sterling Bank Limited, The Alternative Bank Limited and SterlingFI WealthManagement among other businesses.

As a holding company, Sterling provides strategic direction, governance, and shared capabilities across its subsidiaries, enabling each to focus on its core mandate while benefiting from group-wide expertise, technology, and oversight.

With a heritage of trust built over six decades, Sterling Financial is committed to financial innovation, advancing inclusion, and shaping sustainable growth in Nigeria’s economy. The group continues to champion customer-focused solutions and socially responsible initiatives while creating long-term value for shareholders, employees and the communities it serves.

The New Mobile-Only In-app Experience Gives Fans A Playful Look Back At The Songs, Artists And Moments That Have Shaped Their Time On Spotify

Lagos, Nigeria, and NAIROBI, Kenya, [DATE]: Spotify is celebrating 20
years of sound, discovery and culture with the launch of Spotify 20:
Your Party of the Year(s), a new mobile-only in-app experience that
gives listeners a personalised look back at their music history on
Spotify.

Now available to eligible users in Nigeria and Kenya, Spotify 20 turns
each listener’s journey into a nostalgia-filled celebration, revealing
the songs, artists and milestones that have defined their time on the
platform.

Through the experience, listeners can discover personalised insights
including:

  • Their first day on Spotify
  • The total number of unique songs they have listened to
  • Their first streamed song
  • Their all-time most-streamed artist
  • Their All-Time Top Songs playlist, featuring their top 120 tracks,
    complete with play counts

Each data story comes with a share card at the end of the experience, making it easy for fans to save their results, send them to friends, or share them across social platforms.

For listeners in Nigeria and Kenya, Spotify 20 offers a new way to
revisit the songs that have soundtracked everyday moments, major
milestones and cultural shifts.

“Spotify has always been about making listening personal. With Spotify
20, we’re giving fans in Nigeria and Kenya a chance to look back at
the artists, songs and moments that have shaped their journey with us.
It’s a celebration of discovery, nostalgia and the communities that
form around music,” says Jocelyne Muhutu-Remy, Managing Director for
Spotify in Africa.

Also read: https://brandspurng.com/2026/05/15/fidelity-bank-chairman-amaka-onwughalu-wins-women-on-bank-boards-at-awbfa-2026/

Spotify 20 is part of the global celebration of Spotify’s 20th
anniversary, which also spotlights the platform’s all-time
most-streamed content. Globally, the top three most-streamed artists of
all time are Taylor Swift, Bad Bunny and Drake. Bad Bunny’s Un Verano
Sin Ti is the most-streamed album, while The Weeknd’s “Blinding
Lights” is the most-streamed song, followed by Ed Sheeran’s “Shape
of You”. The most-streamed podcast globally is The Joe Rogan
Experience, and the most-streamed audiobook among Premium subscribers is
Sarah J. Maas’s A Court of Thorns and Roses.

As part of the wider Spotify 20 celebration, Spotify’s editorial team
has also curated a selection of global playlists spotlighting defining
eras, movements and cultural shifts from the past two decades. These
playlists are available in the Spotify 20 hub.To access Spotify 20: Your
Party of the Year(s), users can open the Spotify mobile app and search
“Spotify 20” or “Party of the Year(s)”, or visit spotify.com/20
[1] on mobile.

The New Mobile-Only In-app Experience Gives Fans A Playful Look Back At The Songs, Artists And Moments That Have Shaped Their Time On SpotifyThe New Mobile-Only In-app Experience Gives Fans A Playful Look Back At The Songs, Artists And Moments That Have Shaped Their Time On SpotifyThe New Mobile-Only In-app Experience Gives Fans A Playful Look Back At The Songs, Artists And Moments That Have Shaped Their Time On SpotifyThe New Mobile-Only In-app Experience Gives Fans A Playful Look Back At The Songs, Artists And Moments That Have Shaped Their Time On Spotify

Fidelity Bank Chairman Amaka Onwughalu Wins “Women On Bank Boards” At AWBFA 2026

Mrs. Amaka Onwughalu, Chairman of the Board of Directors of Fidelity Bank Plc, has emerged winner in the “Women on Bank Boards” category at the Africa Women in Banking and Finance Conference and Awards (AWBFA 2026).

The event, themed “Redefining Women’s Leadership in African Finance”, held at the Lagos Marriott Hotel Ikeja on Friday, 8 May 2026, is a platform established to celebrate women driving leadership and impact across Africa’s financial services ecosystem. It also spotlights professionals whose contributions are often overlooked, while advancing visibility for women shaping banking and finance.

In her acceptance remarks, delivered through Ezinwa Unuigboje, Company Secretary, Fidelity Bank Plc, Onwughalu described the recognition as a timely reminder of the role inclusion plays in strengthening board effectiveness and corporate governance.

“This recognition matters because inclusion at board level strengthens governance,” she said, noting that when diverse perspectives are represented, “oversight is sharper, risk conversations are richer, and strategy is tested more thoroughly.”

She added that inclusive leadership sends an important signal to the market and the next generation of leaders, emphasising that boardrooms should reflect “competence, experience, and the society the financial system serves.”

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For Fidelity Bank, the Chairman linked the award to the institution’s governance priorities and growth trajectory. She noted that strong governance aligns with the bank’s consolidation of “key milestones in capital strengthening, international expansion, and sustained business growth.”

She also highlighted the wider benefits for the Nigerian banking industry, noting that inclusive boards support stability and trust, improve decision quality, and help institutions remain responsive to customers, communities, and an evolving regulatory environment. She said the honour was accepted “with gratitude, and with renewed commitment to champion inclusive leadership at the highest level.”

Organisers have positioned AWBFA 2026 as more than a conference, describing it as a movement focused on celebrating excellence, driving inclusion, and strengthening leadership pipelines for women across Africa’s financial ecosystem.

Nigerians Prioritise Mobile Data Over Food As Annual Consumption Hits 5.4 Million Terabytes, Report Reveals

A growing digital dependency is redefining everyday survival in Nigeria, where access to mobile internet is increasingly being treated as more essential than basic food needs by millions of citizens. The development highlights how deeply connectivity has become embedded in work, education, and social life across the country.

New industry data indicates that Nigeria’s total annual internet consumption has surged to about 5.4 million terabytes, reflecting one of the fastest-growing digital usage rates in Africa. The figure points to an accelerating shift toward mobile-first living, driven by widespread smartphone adoption and expanding network coverage.

Brandspur Brand News reports that this surge is not just a technical milestone but a clear sign of changing consumer priorities, where data access is now closely tied to income generation and daily survival. Analysts say the trend underscores a structural shift in how Nigerians engage with the economy.

Across urban and semi-urban areas, many users reportedly prioritise purchasing data bundles over other essentials, with internet access serving as a gateway to jobs, online businesses, digital banking, and communication. This behaviour is especially visible among low-income earners who rely heavily on mobile platforms for livelihood activities.

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Telecom expansion, affordable entry-level smartphones, and increased reliance on app-based services such as banking, transport, and social media are among the key drivers of the consumption spike. These factors have collectively transformed mobile data into a critical utility rather than a luxury.

Industry observers warn that the rising demand places pressure on both affordability and infrastructure, raising concerns about digital inequality for households unable to sustain regular data purchases. They argue that internet access is now as vital as electricity and water in modern Nigerian society.

Policy experts are calling for stronger regulatory attention to broadband affordability and coverage, suggesting that internet access should be treated as essential national infrastructure. They stress that the digital economy’s expansion depends heavily on inclusive connectivity.

As Nigeria’s data consumption continues to climb, the broader implication is clear: the country is rapidly transitioning into a fully digital economy where staying connected is no longer optional but a necessity for economic participation and social survival.