We have prepared context and insights about this week’s leading news. The stories are:
- 54 Collective faces liquidation over misused grant
- CBN maintains interest rate at 27.5%
- M-KOPA faces lawsuit over equity disparity
54 Collective faces liquidation over misused grant
What started as a nonprofit meant to fund African SMEs somehow morphed into a self-funded rebrand, shady transfers, and thousands of backdated journal entries, all without Mastercard’s blessing.
The 54 Collective is now facing liquidation after allegedly misusing more than $42 million from a Mastercard Foundation grant.
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