Brands/Products
AfricInvest Acquires Minority Stake in Justrite Superstore
By Adedapo Adesanya
AfricInvest has announced that it has acquired an undisclosed minority stake in Justrite Superstore, a leading Nigerian family-owned retail department store.
The new collaboration is poised to make Justrite Superstore the king of retail in Nigeria. This, the investor said, will be done through operation optimization, brand visibility, and customer growth, among others.
In a statement, AfricInvest said the partnership with Justrite will contribute to building affordable grocery outlets that source local products, support domestic agriculture value chains, and create new jobs while improving the availability of safe, high-quality foods.
The new investor, with its 30 years of footprint across markets, aims to help accelerate Justrite’s growth by putting in place enhanced governance tools and digitalizing the company’s processes and services.
It plans to leverage its multisector investment platform and create synergies between its other portfolio companies and Justrite to increase its reach and provide access to technical expertise.
Founded over 22 years ago by Dr and Mrs Aderinwale and Mrs Omoboye, Justrite caters to consumers in the Southwestern region of Nigeria with 17 stores across Lagos (Ikeja), Ogun (Abeokuta), and Osun State (Osogbo), with a combined shop floor exceeding c.20,000m² and 57,000 Stock Keeping Units (SKUs).
This transaction builds on AfricInvest’s decade-long relationship with the Justrite team that began with an investment from the firm’s credit vehicle, AfricInvest Private Credit (APC).
It also marks the fifth investment of AF IV, AfricInvest’s flagship fund which invests in African mid-cap companies across diverse sectors to accelerate their regional growth, delivering attractive risk-adjusted returns and supporting inclusive and sustainable development.
Speaking on this, Dr Ayo Aderinwale, co-founder and Chairman of Justrite, said, “As Justrite embarks on a new growth phase, Tosin, Boye, and I are very excited to partner with Africinvest to help both our consolidation in the local market as well as our exploration of other markets outside Nigeria.
“We look forward to benefiting from their immense experience across Africa to galvanize our expansion. We welcome our new partners.”
On her part, Mrs Abiola Ojo-Osagie, Senior Partner and MD, AfricInvest Anglophone West Africa, commented, “Justrite is a clear market leader with well-defined growth potential and we are very proud to be partnering with such knowledgeable and dynamic sponsors.
“The management team has demonstrated a strong willingness to sustainably expand their footprint across Nigeria and beyond. AfricInvest will support them in enhancing their corporate structure and improving operational performance. We are indeed excited to play a role in Justrite’s growth journey.”
“Our mission in AfricInvest is to identify companies like Justrite which possess strong growth potential and support them in their expansion while upscaling governance standards.
“Through this partnership, AfricInvest and Justrite will be increasing access in largely underserved neighbourhoods to everyday essentials while upholding high sanitary standards, contributing to the improvement of Africans’ daily lives,” added Mr Mohammed Sebti, Partner Africinvest.
By Modupe Gbadeyanka
To make finding the right service provider or reaching the right customer seamless, popular local information portal, Connect Nigeria, has introduced a Quote Request platform.
Connect Nigeria described the new system as “a digital solution designed to make connecting with service providers faster, easier, and more reliable.”
It said the Quote Request was built for consumers who need services quickly and want trusted options without the stress of searching endlessly; and service providers and businesses looking for real, high-intent customers without spending heavily on marketing.
“Whether you need a caterer for an event, a plumber for your home, or a designer for your brand, the platform is designed to connect you with the right people,” Connect Nigeria added.
“By connecting demand directly with supply, the platform creates a more structured and dependable marketplace,” it further stated.
At its core, the Quote Request simplifies the entire process of finding and offering services.
To use the service, users have to submit a request describing the service or product needed, which is then sent to verified vendors on the platform. Interested providers respond within 1–2 days, and users compare offers and choose what works best for their needs and budget.
“Instead of searching for vendors, the vendors come to you, with relevant, tailored responses,” Connect Nigeria explained.
The company expects this new platform to eliminate the stress of endless online searches, delayed or vague responses, and uncertainty about service quality.
As for businesses, it solves poor visibility, inconsistent customer flow, and lost opportunities due to slow response times.
Connect Nigeria Quote Request mobile app is now available on the Google Play Store and Apple App Store.
By Aduragbemi Omiyale
An institutional investor, First Ally Capital, has strengthened a leading Nigerian financial technology company, Mathesis Analytics, to scale its proprietary credit decisioning infrastructure.
It made this possible by injecting fresh capital into the firm, which specialises in AI-powered credit decisioning infrastructure, an action that will directly support the growth and scaling of Mathesis’ core mission of providing the intelligence and infrastructure needed to bridge the credit gap for millions of unscored or underscored individuals across Nigeria.
With this investment, Mathesis will enable financial institutions to confidently assess and extend credit to borrowers who lack a formal credit history by leveraging an expanded pool of alternative behavioural and transactional data.
To date, Mathesis’ systems have supported more than 8 million loans for over 2 million unique borrowers in Nigeria, and the company is actively deploying its infrastructure to establish a growing pan-African footprint.
With the investment from First Ally Capital, Mathesis is well positioned to transform how the credit ecosystem operates, driving financial inclusion in partnership with lenders across the continent.
A significant barrier to credit access in Nigeria, which prides itself on being Africa’s largest economy, is data fragmentation. Borrowers frequently build positive financial behaviours across multiple digital platforms by repaying microfinance loans, saving through fintech wallets, or servicing Buy Now, Pay Later (BNPL) facilities.
However, under traditional credit infrastructure, these achievements remain invisible to new lenders.
Mathesis addresses this challenge through the concept of Personal Equity—the quantified expression of an individual’s financial behaviour aggregated across every institution with which they have transacted.
By translating these disparate signals into a precise, portable measure of creditworthiness, Mathesis creates a comprehensive credit identity that reflects the full breadth of a person’s financial life.
“True financial inclusion cannot be achieved in a vacuum; it requires structural collaboration in which lenders and fintech companies work as partners within the ecosystem.
“This investment from First Ally Capital validates our approach to reshaping credit infrastructure. By quantifying Personal Equity, we empower lenders to safely look beyond the constraints of formal credit histories and recognise a borrower’s true creditworthiness. This capital enables us to accelerate our pan-African expansion while maintaining the robust, institutional-grade infrastructure our partners rely on,” the chief executive of Mathesis Analytics, Winston Osuchukwu, stated.
On his part, the chief executive of First Ally Capital, Mr Ebenezer Olufowose, said, “At First Ally Capital, we pride ourselves on being a one-stop destination for financial solutions, offering a diverse portfolio of services ranging from investment banking and asset management to trusteeship, inclusive banking, and real estate.
“Our investment in Mathesis Analytics reflects our strong belief in the company’s vision and our commitment to supporting forward-thinking enterprises that deliver excellence.”
By Aduragbemi Omiyale
The chief executive of Canal+ Africa, Mr David Mignot, has disclosed that MultiChoice is now fully integrated into the media group.
Mr Mignot disclosed this via a statement issued on Thursday, noting that this development marks a new phase in the evolution of one of Africa’s leading pay television operators.
He noted that the integration positions MultiChoice within a global media organisation with an extensive international footprint.
“MultiChoice is now a full subsidiary of a truly international media group operating in 70 countries. The group was founded in France, is listed in London and Johannesburg, and has a strong African presence with operations in more than 45 countries,” Mr Mignot said.
The statement underscores the scale of the combined business, highlighting Canal+’s global reach alongside its significant investments across Africa.
The completion of the transaction is expected to strengthen MultiChoice’s position in the African media and entertainment market by giving it access to the broader resources, expertise and international capabilities of the Canal+ Group, while reinforcing the group’s commitment to the continent.
MultiChoice operates across sub-Saharan Africa through platforms including DStv and GOtv, serving millions of subscribers with entertainment, sports and news content.
