Brands/Products
Lagos Leather Fair 2023 to Begin June 17
By Adedapo Adesanya
Lagos Leather Fair, a platform created to showcase leather designers and the potential value of the leather industry in Nigeria and Africa, has announced dates for the 2023 edition.
In its sixth year, Lagos Leather Fair has consistently maintained its leading position as the driving force behind the realization of the untapped opportunities in the Nigerian leather ecosystem and Africa.
Themed Staying Ahead: Creativity | Collaboration | Commitment, this year’s edition will take place from June 17-18 at the Balmoral Convention Centre, Victoria Island, Lagos.
The Leather Fair will bring together indigenous brands, emerging and established designers, as well as international brands to showcase their products and services to the defined audience.
Lagos Leather Fair 2023 will also be launching the LLF Accelerator Programme — a mentoring design and development programme where six selected leather brands – 3 in footwear and 3 in handbags, will grow and strengthen their skills and acquire critical knowledge with the help of entrepreneurs who possess the relevant industry experience.
Speaking on the announcement of LLF2023, the founder of Lagos Leather Fair, Mr Femi Olayebi, said, “The annual celebration of Lagos Leather Fair is a proof point of our unflinching commitment towards finding sustainable solutions to scale the African leather industry and ensure that the Made-in-Nigeria Project and Zero-Oil Initiative becomes a reality.
“For over five years, we have created an enabling environment for key players to maximise the potential of the leather industry; we are delighted about LLF2023 and look forward to the significant impact it will make in Nigeria and across Africa.”
LLF2023 will feature a series of engaging conversations and masterclasses where selected speakers will be available to share insights on relevant and key topics that affect the African leather industry while featuring a well-curated series of workshops for creatives.
These workshops will focus on the techniques and fundamentals of shoemaking and on growth and marketing strategies with the aid of social media using case studies. A very special workshop – Cracking Global Markets: How African Brands can go from Local to Global – is also being organised for twenty-five (25) selected brands. This workshop will be facilitated by an International fashion and retail consultancy.
In addition, LLF2023 will feature Pitch-A-LeatherBiz, a pitching session where Individual brands will pitch their business ideas to prospective investors before an audience. Lagos Leather Fair will also be introducing LLF Awards, aimed at recognising excellence and innovation and honouring outstanding leather designers.
For about six years, Lagos Leather Fair has had a significant impact on the Nigerian leather industry, which is the third largest in Africa after South Africa and Ethiopia.
The platform has impacted relevant stakeholders through its engaging conversations, creative workshops, product exhibitions, and runway presentations.
In 2022, LLF celebrated five years of transformative existence and significant impact in the African Leather Industry. The Fair also initiated West Africa’s first-ever digital leather exhibition, LLF Digital, in 2020 to leverage growing cross-border connections and broaden the platform for participating brands.
Lagos Leather Fair remains committed to providing a solution-based platform for leather designers and other relevant players along the leather value chain in Nigeria and across Africa.
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.
By Adedapo Adesanya
FoodCourt, a Nigerian cloud kitchen startup backed by Y Combinator, has suspended operations after months of unpaid salaries and mounting debts to vendors triggered a staff strike and forced the company to halt customer orders, according to a report by TechCabal.
The publication reported that customers first noticed on March 4 that they could no longer place orders through the FoodCourt app after the company disabled ordering as kitchen workers, delivery personnel and branch staff embarked on strike over unpaid wages. The company also owed outstanding payments to vendors.
By April 19, FoodCourt had temporarily shut its last operating branch after suspending activities across its Lagos and Abuja locations while seeking fresh funding and restructuring the business, according to the report.
The company’s chief executive, Mr Henry Nneji, said the decision to pause operations was not caused by a single issue but by a combination of operational, organisational and working-capital challenges.
“It’s important to clarify that the decision to pause operations wasn’t driven by one single issue. We reached a point where it became clear that continuing to patch those issues while operating wasn’t the right long-term decision,” he said.
“The objective is to build a stronger business than the one that existed before the suspension. We fully intend to bring FoodCourt back,” he added in an emailed response.
The company acknowledged outstanding obligations to employees, vendors, riders and service providers, but declined to disclose the number of affected workers or the total amount owed. It said efforts were underway to resolve the liabilities as part of its restructuring process.
It was also reported that the startup’s financial difficulties worsened after expansion into additional locations increased operating costs, while its cloud kitchen model came under pressure from rising labour, logistics, food and marketing expenses.
Despite the shutdown, Mr Nneji said FoodCourt intends to relaunch after completing its restructuring, adding that the company believes demand for its products remains strong.
Founded in 2021 by Henry Nneji and Paul Adokiye Iruene, FoodCourt operates cloud kitchens under multiple virtual restaurant brands through its consumer app. According to TechCabal, the startup had previously disclosed raising $1.7 million, delivering more than one million meals and reaching $4.3 million in annual recurring revenue by the end of 2024.
