General
Seedstars Africa Ventures Raises $42m in First Close
By Adedapo Adesanya
Seedstars Africa Ventures I, a venture capital fund making early-stage investments in highly scalable start-ups in Africa, has achieved a first close of $42 million
The raise was led by the African Development Bank and EIB Global with the support of the European Union, under the ACP Trust Fund – EU Compartment and Boost Africa among other global investors.
The fund, with offices in Nairobi, Dakar and Paris, has further secured $50 million in commitments towards an $80 million fundraising target.
The milestone was announced at the 2024 Africa Investment Forum Market Days currently underway in Rabat, Morocco.
The fund has already deployed over $10 million to five pioneering African startups in the climate, food systems, energy access, internet connectivity, financial inclusion, and payments infrastructure sectors.
These are Beacon Power Services (Nigeria), Poa! Internet (Kenya), Xeno (Uganda), Bizao (Cote d’Ivoire, Senegal, and France): and Shamba Pride (Kenya).
According to a statement, it was disclosed that these businesses serve over 60 million people, including by connecting 60,000 households to the internet, supporting 50,000 farmers, and empowering 30,000 individuals with financial inclusion services across eight African countries.
“The portfolio is also fully 2X compliant, empowering women in startups and ecosystems,” the statement added.
Both the African Development Bank and the European Investment Bank are founding partners of the Africa Investment Forum, a platform that advances transformative African projects toward financial close.
Seedstars Africa Ventures I is addressing gaps in early-stage financing across Africa through investments of up to $2 million in seed and series A rounds, with significant follow-on capacity of up to $5 million, thereby bridging available pools of capital.
By leading successive investment rounds, the fund will catalyse co-investment while offering operational support to start-ups.
The Fund was founded by Ms Maxime Bouan, Mr Tamim El Zein and Mr Bruce Nsereko Lule who have over 45 years of experience investing and working across the continent.
Seedstars Africa Ventures is a member of LBO France Group, which played a pivotal role in seeding this initiative as part of their multi-asset class African strategy, alongside other initiatives.
Speaking on this, Mr Robert Daussun, and Ms Stéphanie Casciola, Chairman and CEO respectively of LBO France said “We are delighted by Seedstars Africa Ventures’ latest milestone, and proud to have been the initial supporter of the team. The portfolio the team has built with our support is innovative and transformative, already providing significant impact and value to the continent. LBO France appreciates the opportunity SAV provides for us and our partners to be part of Africa’s growth story.”
“The African Development Bank views Seedstars Africa Ventures as a strategic opportunity to provide innovative support to Africa’s venture capital industry. It serves as a conduit to improve access to finance for youth and women while also enhancing the availability of risk capital in Francophone Africa.
“This is an area that has traditionally faced limited access to risk capital,” said Mr Ahmed Attout, African Development Bank Group Director for Financial Sector Development.
“We welcome the investment of the African Development Bank, our Boost Africa partners, in the Seedstars Africa Ventures fund,” said EIB Vice-President, Mr Ambroise Fayolle. “Accelerating digitalisation is a priority for the EIB, and we are committed to supporting African businesses as they drive innovation and prosperity on the continent.”
General
Ikeja Electric to Clamp Down Heavily on Vandals
By Adedapo Adesanya
Nigeria’s leading electricity distribution company, Ikeja Electric Plc, has promised to intensify its fight against vandals, making it one of its core focus for the year.
The energy firm expressed concerns about the rate of vandalism of its installations across the state in the year 2024 which resulted in service disruptions to some of its esteemed customers.
According to Mr Kingsley Okotie, Head of Corporate Communications at Ikeja Electric Plc, this concern was expressed during a stakeholder engagement held recently.
The company highlighted that the rise in vandalism of the company’s assets especially in Epe community and its environs is not only alarming but more worrisome is the fact that law-abiding citizens and legitimate customers are being deprived access to reliable power supply with its attendant impact on the socio-economic activities of businesses and livelihoods.
The spokesman referred to an incident at Ikorodu, precisely on Saturday, September 14, 2024, where its Ariel Bundle Cable (ABC), which is an integral part of the newly introduced Intelligence Data Box (IDB) technology solution for pre-paid meters, was vandalised.
The cable was cut and the insulation of the ABC got damaged, while a new service wire was illegally connected to steal electricity into an apartment in Jubilee Estate, Odogunyan, Ikorodu, Lagos State.
Following a thorough investigation, the Nigerian Security and Civil Defence Corps (NSCDC) arrested and later arraigned Akintola Monsurat Olayinka and Obigbo Moses (the Defendants) at the Federal High Court, Ikoyi, Lagos on December 11, 2024.
The defendants were charged on a two-count charge of conspiracy to commit an offence by unlawfully tampering with, damaging and meddling with an Ariel Bundle Cable, property of Ikeja Electric Plc by cutting it to steal energy and unlawfully tampering, damaging and meddling with Ariel Bundle Cable contrary to Section 3(6) of the Miscellaneous Offences Act Cap M17 Laws of the Federation of Nigeria 2004 and punishable under Section 1 (10) of the Miscellaneous Offences Act, Laws of the Federal Republic of Nigeria 2004, and the case was adjourned to the 28th of January 2025 for trial.
Mr Okotie appealed passionately to members of the public, community groups, traditional institutions and security operatives to deliberately assist Ikeja Electric in the fight against vandalism and energy theft by exposing their hideouts within their respective communities.
He also promised that the company would intensify its efforts to protect its assets, as the vandals’ unchecked activities will continue to cause unpleasant situations of power outages and disruptions of economic activities within the larger society.
“The need to collaborate and partner with security agencies and other critical stakeholders in stemming this unfortunate tide cannot be overemphasized.
“We are losing a lot of resources to these infractions both in replacing the stolen and damaged items and the revenue that would have accrued if the supply wasn’t interrupted.
“We encourage the use of our independent channels of communications that enables the public to report the activities of these vandals and energy thieves, anywhere without compromising the safety of the whistleblower,” he said, reiterating the organisation’s commitment to effective and efficient service delivery in the New Year 2025.
General
NDDC Chairman Consoles Families of Agbor Tanker Fire Victims
By Modupe Gbadeyanka
The Chairman of the board of the Niger Development Commission (NDDC), Mr Chiedu Ebie, has condoled with victims of the tanker fire accident that occurred on Sunday in Agbor, Ika South Local Government Area of Delta State.
The incident claimed the lives of about four persons, with some persons badly injured and properties worth millions of Naira destroyed.
The diesel tanker, which reportedly suffered a brake failure, fell at a traffic light junction and exploded into a ball of fire that burnt four persons to death. Three other persons suffered various degrees of injury in the explosion and the resultant inferno.
In a statement, Mr Ebie condoled with the families of the victims, saying that he was saddened by the occurrence, saying, the damage arising from this ugly development has no doubt worsened the economic hardship of the victims. This is not the best way to begin the year.”
The former Secretary to the Delta State Government called on Agbor residents to be more cautious and informed, urging them to desist from any act that would endanger the lives of others or put their businesses in unfavourable or difficult positions.
While he consoled the entire Ika nation for this tragic occurrence, Mr. Ebie expressed hope that a thorough assessment will be conducted by the Local Government Council to determine the exact extent of the damage and losses caused by the inferno.
He prayed for the peaceful repose of the departed and that God grants their loved ones the fortitude to bear the irreparable loss.
General
Proposed Tariff Hike: Airtel Reassures Customers Enhanced Services
As conversations intensify around tariff adjustments in Nigeria’s telecommunications sector, Airtel Nigeria CEO Dinesh Balsingh has reaffirmed the telecom giant’s commitment to delivering superior connectivity and fostering digital inclusion.
In response to the economic realities of rising operational and capital costs, Balsingh noted that the proposed tariff adjustments aim to ensure the long-term sustainability of the sector while unlocking significant benefits for Nigerian consumers.
In an op-ed authored by Balsingh in which he contextualized the necessity of the tariff adjustments, he explained that “For over a decade, tariffs have remained static despite the dramatic increase in operating expenses, which have surged by over 300% in the last 18 to 24 months alone.
“To continue providing high-quality services and meeting the growing demand for digital connectivity, it has become essential to realign our pricing structure with economic realities.”
Balsingh further highlighted the substantial investments required to maintain and expand telecommunications infrastructure. “The increasing demand for digital services across sectors such as education, banking, and healthcare requires us to continually upgrade our networks to deliver more capacity and improve service quality.
“These investments come at a cost, one that must be shared proportionally to guarantee long-term viability,” he observed.
The proposed tariff adjustments will not only ensure the sector’s sustainability but also bring significant improvements to service delivery, adding: “By enabling us to expand coverage, strengthen network security, and introduce cutting-edge technologies, the adjustments will directly enhance the quality of connectivity for Nigerians. Our priority is to ensure that no one is left behind in the country’s digital transformation journey.”
Balsingh emphasized that these adjustments will be implemented with affordability in mind, ensuring minimal impact on consumers. The company remains steadfast in its commitment
to supporting Nigeria’s vision of becoming a digital economy leader in Africa, empowering businesses, driving innovation, and fostering inclusive growth.
“Our commitment to quality service remains unwavering,” said Balsingh. “While significant tariff adjustments have become necessary, we understand the importance of gradual implementation to support our customers’ financial positions. This step will enable us to invest in capacity, expand coverage, and enhance service delivery, ensuring Nigeria remains competitive in the global digital landscape.”
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