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AfricInvest Acquires Minority Stake in Justrite Superstore

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Justrite Superstore AfricInvest

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.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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Watlow Drives Innovation in Thermal Solutions Market With New Bangalore Office

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By Modupe Gbadeyanka

A global leader in industrial heating solutions, temperature sensors and temperature control systems, Watlow, has opened a new facility in Bangalore, India.

The electric manufacturing firm said it chose Bangalore for this new office because of its reputation as the Silicon Valley of India, a hub for tech talent, innovation and research.

The city’s vibrant environment, coupled with its rapidly growing tech ecosystem, aligns perfectly with Watlow’s long-term objectives of advancing technology and driving growth in India’s expanding semiconductor and industrial sectors, a statement made available to Business Post noted.

This expansion is a key milestone in Watlow’s broader South Asia strategy, complementing its existing presence in Chennai, which was established in 2021.

It was learned that the new facility at Rathi Legacy-Rohan Tech Park, Bangalore, officially opened on April 3, 2025, and represents a significant investment in the region’s rapidly growing technology and manufacturing ecosystem.

The Bangalore site will also house a dedicated research and development (R&D) team and prototype labs, focusing on driving innovation in thermal management solutions, energy efficiency and sustainability.

The office will contribute to developing smart factory solutions for industries adopting Industry 4.0 technologies, which help improve processes, productivity and uptime through advanced data management and process control systems.

The new Bangalore facility will serve as a crucial hub for Watlow’s operations in India, focusing on product development, customer support and market research.

This location is well-positioned to support India’s rapidly growing semiconductor industry by providing specialized thermal system engineering, heater prototyping and verification testing capabilities.

“By having a local presence in Bangalore, we can provide faster response times and more personalized service to our customers.

“Our ability to carry out engineering designs and prototyping locally will allow us to complete projects more efficiently, meeting the specific needs of the Indian market,” the chief executive of Watlow, Mr Rob Gilmore, stated.

“Our goal is to lead the way in providing innovative, customized thermal solutions that balance performance and sustainability.

“As industries across India focus more on sustainability, we are ready to meet the increasing need for energy-efficient solutions that also reduce environmental impact,” he added.

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Digital Consumers are Driving New Era of Online Shopping, Transforming How Nigerian Youth Buy

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The digital revolution is hitting Nigeria’s retail scene fast, and it’s being powered by the country’s youth. Armed with smartphones and a demand for affordability, they’re shaping the e-commerce industry where convenience reigns supreme.

Nigeria’s internet users, reaching more than half its population, creates a strong foundation for e-commerce growth. This growth is significantly fueled by the nation’s youth, a substantial 160 million (70% of the population), whose tech-forward nature drives the popularity of platforms like Temu, satisfying their demand for accessible and budget-friendly online retail.

This generation has flipped the retail script. Value is their compass, price comparisons their weapon, social media their guide, and convenience their non-negotiable. This isn’t just shopping; it’s a calculated pursuit of savvy options, the widest selection, and the best value-for-money deals.

The power of finding a good deal is undeniable, especially for these shoppers watching their wallets. Social media is a testament to this, filled with posts celebrating the newfound ability to purchase items once considered luxuries.

Take Anwulika Udanoh (@Anwulika Udanoh on Facebook), for example. Her recent post, detailing her shopping experience on Temu, is a perfect snapshot of this online shopping revolution. She stumbled upon affordable jewelry on the platform, swayed by glowing reviews, and took a chance. What followed was a delightful surprise: customised earrings bearing her name, a feat once thought impossible.

Even her son’s friend jumped on the personalisation trend with custom pendants. ‘Their prices will shock you,’ she wrote, with genuine excitement. And despite any concerns about longevity, the sheer joy of affordable, personalised style at good quality won her over. That’s the power of this shift.

This goes beyond mere bargain hunting; it’s about empowerment. It’s about unlocking the ability to express your unique style without sacrificing your financial stability. It’s about finding those small sparks of joy, like personalised jewelry that feels uniquely yours. For many, these platforms are a portal to a more colourful and individually tailored life.

Then there’s the spirit of adventure, captured in a simple tweet by Steph (@steph on X): ‘ordered a couple of desk items, wish me luck.’ It’s the essence of a generation eager to discover new ways to elevate their everyday life.

Launched in the country in November 2024, Temu offers a diverse selection that aligns with the dynamic needs of young Nigerians. The direct-from-factory online marketplace is known for cutting out layers of middlemen and their associated markups and costs, passing on savings to consumers. Serving more than 90 markets globally, Temu has become one of the most visited e-commerce sites worldwide and a top Apple-recommended app of 2024.

Let’s be real: budgets matter. In a country where every naira is carefully considered, competitive pricing and accessible payment methods, aided by partnerships like Temu and Verve, empower Nigerian shoppers with greater choice and freedom to embrace trends while making the budget go beyond. It’s like opening up a world of possibilities.

Adding to the appeal is a user experience designed for the mobile age. With 193.9 million cellular connections, smartphones are the gateway to this digital world, and intuitive platforms allow for seamless browsing and purchasing on the go, perfectly aligning with the dynamic rhythms of young Nigerian life.

This mobile-first approach is further amplified by the power of social proof. In a nation of 31.60 million social media users, reviews and recommendations carry significant weight, transforming satisfied shoppers into passionate brand advocates.

A growing digital environment, particularly in urban areas, presents a rich opportunity for platforms that resonate with the aspirations of young people. They seek more than just products; they want to build online communities, create digital identities, and shape their lifestyles.

Real stories like those of Anwulika and Steph show that Temu isn’t just a place to shop, but a platform that’s unlocking joy, creativity, and financial freedom for Nigeria’s youth. Whether it’s personalised jewellery, playful desk accessories or everyday essentials, Temu is turning everyday purchases into moments of empowerment — proving that with the right platform, anything is possible.

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Strong Visibility Positions Nigerian Banks, Tech for Investor Confidence

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Q1 2025 Top Performing Brands by Media Sentiment

Following the Central Bank of Nigeria’s directive to harmonize exchange rates and the subsequent spike in the dollar-to-naira rate—reaching over ₦1,600/$1 in official markets— Nigeria’s commercial banking, ride-hailing, and telecommunications sectors demonstrated media resilience in Q1 2025. This is the key insight from a comprehensive sentiment audit by P+ Measurement Services, Nigeria’s foremost media intelligence consultancy, which analysed over 1.3 million online publications and 2,100 print media articles locally and globally during the period.

Leveraging advanced media intelligence frameworks, the Q1 2025 analysis encompassed data from 28 commercial banks, 4 major telecommunications providers, and 4 leading ride-hailing platforms. The study deployed rigorous monitoring, measurement, and auditing techniques, drawing from structured metadata points such as editorial tone, CEO visibility, public discourse, and brand-specific media traction. By quantifying sentiment across these variables, the analysis offers a strategic lens into how media narratives—beyond operational milestones—are actively shaping brand trust, credibility, and relevance across Nigeria’s core economic sectors.

Commercial Banks: Visibility, Trust, and Turbulence

Q1 media sentiment around Nigeria’s banks showed a polarity in perception. Stanbic IBTC Bank emerged as the frontrunner in positive coverage, responsible for 24% of favorable sentiment across the industry. Wema Bank (23%), UBA (19%), Access Bank (18%), and First Bank (16%) followed closely. Their visibility was supported by initiatives such as Wema Bank’s 80th anniversary campaign and UBA’s ₦41 million customer reward promo.

However, First Bank, while present in positive narratives, also carried the burden of 34% of all negative sentiment. FCMB (30%), Sterling Bank (18%), and Ecobank (10%) followed, driven by litigation, regulatory reprimands, and negative market performance. These data points indicate that while strategic PR efforts amplified brand equity for some, crisis events significantly dampened sentiment for others.

Ride-Hailing: Innovation Meets Scrutiny

Among ride-hailing operators, inDrive dominated favorable mentions at 54%, aided by product enhancements like the “Light Cashless” bank transfer feature. Bolt (29%) and Uber (16%) also maintained a strong share of voice. Yet, sentiment was bifurcated. Bolt attracted 56% of all negative coverage, largely due to safety concerns and regulatory backlash. Uber followed with 33%.

Media narratives were significantly influenced by driver protests, public safety incidents, and the call for federal-level e-hailing regulations. These contributed to rising brand scrutiny despite aggressive service innovation.

Telecoms: Leadership in Spotlight, Policy Driving Talkability

In telecommunications, MTN Nigeria led positive sentiment at 39%, with Airtel (27%) and Globacom (26%) closely trailing. MTN’s “Go M.A.D” youth empowerment initiative stood out, as did Globacom’s roll-out of SIM-less eSIM technology.

Yet, MTN also bore the brunt of negative sentiment 46%, fueled by union threats and consumer backlash over tariff adjustments. A turbulent leadership transition at Globacom and an ongoing ownership saga at 9mobile contributed to reputational headwinds. Notably, telecoms media narratives in Q1 were driven as much by policy shifts and service upgrades as they were by instability and consumer rights activism.

The Media Intelligence Lens: Contextualising Sentiment Drivers

From an analytical standpoint, the divergence between positive and negative sentiment reflects not just brand activity, but the underlying media mood — a composite of how editors, commentators, and the public receive and interpret brand behavior in context.

In banking, initiatives tied to financial inclusion, brand legacy, and public goodwill increased positive talkability. Conversely, regulatory breaches, fraud allegations, and legal entanglements skewed perception negatively, reinforcing the classic PR principle: “Silence in crisis equals narrative surrender.”

For ride-hailing, product enhancements were insufficient buffers against public safety crises, a trend increasingly important in a media environment where social proof, particularly from user-generated forums and review sites, plays a strong role in shaping brand trust.

Telecommunications brands faced media volatility as regulatory pricing interventions and leadership instability challenged perception management. Here, media responsiveness and spokesperson effectiveness proved critical in determining how well brands navigated the sentiment curve.

Conclusion: Media Presence ≠ Media Health

As Q2 unfolds, the Nigerian media terrain will likely remain sensitive to leadership decisions, regulatory policy, customer experience, and public safety across sectors. This Q1 analysis reinforces the idea that media presence, while important, must be accompanied by brand media health management, the strategic balancing of visibility, credibility, and sentiment.

For stakeholders, from investors and regulators to brand custodians and PR strategists, these insights form a crucial foundation for navigating reputational capital in an era where perception can often outweigh performance.

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