Afriex, a Nigerian blockchain-based money transfer startup, announced it has raised $10 million in Series A funding to expand its blockchain money transfer app.
The round was led by Sequoia Capital China and Dragonfly Capital with participation from Goldentree, Stellar Foundation, and Exceptional Capital, among others.
Founded in 2019 by Tope Alabi and John Obirije, Afriex provides instant…
Stringent Bank Requirements: A Challenge to SME Growth in Nigeria- Folorunso Alakija
April 30, 2022
Nigerian philanthropist and businesswoman Apostle Folorunso Alakija has urged the Nigerian government to prevail on banks in the country to reduce their stringent requirements, in order to support and enable Small and Medium Enterprises (SMEs) thrive and contribute to the…
Techstars, a global investment business that provides access to capital, one-on-one mentorship, and customized programming for early-stage entrepreneurs, in partnership with ARM Labs, a Lagos-based innovation program focused on helping fintech startups, announces the launch…
OnePort 365, a Lagos, Nigeria-based digital freight forwarding company, raised $5M in Seed funding.
The round was led by Mobility 54 (the Venture Capital arm of Toyota Tsusho and CFAO Group), with participation from SBI Investment, Flexport, Samurai Incubate, and ODX.
The company intends to use the funds for expansion into new markets across the continent.
Led by CEO Hio Sola-Usidame, OnePort 365…
Rise.ng raises $150,000 pre-seed funding to revolutionalise service delivery
April 18, 2022
Nigerian startup, Rise.ng has secured a $150,000 pre-seed round as it is set to launch it business operations in the country.
The tech startup said it wants to revolutionalise service delivery as it focuses on the low-income earners; majorly artisans and vendors that do not…
BUA Foods Plc, a newly consolidated food conglomerate led by Nigerian billionaire businessman Abdul Samad Rabiu, reported a profit of N69.76 billion ($167.84 million) at the end of its 2021 fiscal year thanks to a double-digit percentage increase in revenue.
BUA Foods’…
Aliko Dangote, Africa’s richest man, gains $100 million as investors prepare for Q1 earnings
April 14, 2022
Aliko Dangote, Africa’s richest man and leading industrialist, saw his net worth rise by $100 million in a single day as investors on the Nigerian stock exchange renewed their interest in stocks with strong fundamentals as the first-quarter earnings season began.
Dangote, Africa’s richest person, controls Dangote Industries, a closely held well-diversified manufacturing conglomerate that owns…
Billionaire Mike Adenuga to receive $3.1 million in dividends from Nigerian oil company
April 11, 2022
Mike Adenuga, a Nigerian billionaire and telecom tycoon, is set to receive a N1.29-billion ($3.1 million) dividend from his stake in Conoil Plc after the petroleum marketing company reported a triple-digit percent increase in earnings.
Adenuga, the founder of Nigeria’s…
Tesla CEO Elon Musk has acquired a 9.2 per cent stake in Twitter, making him its largest shareholder.
Mr Musk owns 73,486,938 shares of Twitter, which represents a 9.2 per cent stake in the company, according to the US Securities and Exchange Commission (SEC)13G…
Nestcoin, a global web3 startup, has raised $6.45 million in pre-seed capital, according to a press release. The Nigeria-based company aims to make crypto accessible primarily in frontier markets and their new funding will go toward their mission.
Pre-Seed Capital
Nestcoin is backed by venture capital firms including Distributed Global, Alter Global, Serena Ventures, Alameda Research…