Welcome back to 234Digest! After missing the edition billed for last Sunday to allow me recover from a week long pursuit of daily bread, I’m glad to be back in your inbox today as I keep the momentum going.

Our Sunday editions will continue to deliver quick and insightful roundups of Nigeria’s economy, business, and culture. Meanwhile, Wednesdays, (watch out for it tomorrow) will feature a focused deep dive into a single major news story, event, or profile that highlights Nigeria’s evolving narrative. Thank you for your patience, as we continue exploring the stories that matter.

In this edition, we’re covering UBA’s strategy to meet the Central Bank’s minimum capital requirement for international lenders, a fresh capital boost for OmniRetail as it looks to expand in West Africa, and other key updates. Plus, our Photo of the Day captures the hustle for daily bread in the night traffic on the outskirts of Nigeria’s capital.

It’s already 6pm as I hit send on this newsletter. This one will be super quick. Let’s dive in.

Samuel Okocha, Curator & Editor, 234Digest

Today’s briefs

UBA plans ₦145 million capital raise to expand globally

United Bank for Africa (UBA) plans to raise ₦144.8 billion ($90 million) this year, building on a recent ₦240 billion rights issue, to meet the Central Bank’s ₦500 billion minimum capital requirement for international lenders. The bank, operating in 24 countries, is investing in tech and expansion, targeting markets in France and Saudi Arabia.

OmniRetail raises $20 million to grow in West Africa

OmniRetail, a B2B e-commerce platform targeting African small businesses, secured $20 million in Series A funding round to fuel expansion in Nigeria, Ghana, and Côte d'Ivoire. The capital infusion will support the development of embedded finance products, catering to the growing demand for digital financial services among SMEs in the region.

Nigeria tribunal upholds $220 million fine against Meta

Nigeria’s Competition and Consumer Protection Tribunal affirmed a $220 million penalty against Meta Platforms, upholding allegations the company violated local consumer protection and data privacy laws. The fine, initially imposed by the Federal Competition and Consumer Protection Commission last July, stems from claims of discriminatory practices.

Nigeria seeks re-entry to JPMorgan Emerging Markets Bond Index

Nigeria is renegotiating its inclusion in JPMorgan’s Government Bond Index for Emerging Markets, almost a decade after being dropped over FX transparency issues. Debt Management Office Director-General Patience Oniha said recent recent currency reforms have restored investor confidence and met eligibility criteria.

Nigeria says most turbulent economic period over

Nigeria’s Central Bank Governor Olayemi Cardoso and Finance Minister Wale Edun declared the country has exited its most volatile economic period, citing a refined monetary policy framework and improved forex market functionality at the IMF/World Bank Spring Meetings. Cardoso urged Nigerians to capitalize on emerging opportunities.

Nollywood’s Funke Akindele wins at Headies

Funke Akindele’s film A Tribe Called Judah won Soundtrack of the Year at the 17th Headies Awards, reflecting the growing synergy between Nigeria’s blooming film and music industries.

Words of wisdom: "The future belongs to those who believe in the beauty of their dreams." —Eleanor Roosevelt

Photo of the day

And that’s a wrap. Until tomorrow when the next dispatch — a deep dive into a major news topic — arrives, thanks for your time as we continue to keep tabs on Nigeria’s evolving story.