Economy
Janngo Gets €1m Seed Funding to Grow African SMEs
By Modupe Gbadeyanka
Janngo has announced successfully closing its first funding round, launching its Paris and Abidjan offices and unveiling its strategy of building digital ecosystems in Africa during Paris Tech for Good Summit and Viva Technology.
This €1 million seed funding will enable Janngo launch and grow new digital platforms targeting African SMEs while creating tech-enabled jobs at scale for women and youth.
According to founder and CEO of Janngo, Fatoumata Bâ, “With Janngo, we want to empower African SMEs, leveraging technology to improve access to market and business performance. We build turnkey solutions to support their growth, access new market opportunities, build capacity, improve their productivity and boost their competitiveness.”
The firm plans to launch digital solutions tackling challenges faced by African SMEs with the company demonstrating its ability to attract both African and international capital with a pool of experimented investors including Mulliez Family, a family office with a long-term patrimonial vision; Clipperton, a leading independent Investment bank fully focused on high growth Technology companies and backed by Natixis; and Soeximex, leader in international trading supporting access to consumer goods in West Africa for more than 5 decades and specialized in commodity and vehicles trading.
“We are excited to be leading Janngo’s first funding round as they embark on a journey of building world-class digital services for SMEs, at the backbone of African economies. With this investment, we demonstrate again our vision of enabling passionate entrepreneurs promoting innovation that make sense and creating a larger and long-term impact on the whole ecosystem.
“We have recently opened an office in Nairobi which illustrates our commitment and trust in Africa” comments Benoît Leclercq, President of Pole Innovation Metiers of Mulliez Family.
“Clipperton supports Janngo since inception. It’s unusual for investment bankers to join a seed round but Janngo has achieved unanimous backing, a great testimony of the quality of their vision combined with the team’s track record and execution capabilities.
“We see them as a potential tech champion in Africa, in line with our core focus and positioning as technology experts for high growth tech companies with global ambitions,” explains Nicolas von Bulow, Managing Partner at Clipperton.
“Soeximex Group is very proud to be backing Janngo. We were not only convinced by the relevance of their vision but also by the strong social component of their approach. Our African roots motivate us to endeavour to give back to this amazing continent, while contributing to build robust business models, capable of delivering economic performance for the ecosystem,” highlights Christel Dagher Hayeck, Senegalese-born Director of Soeximex.
“We are extremely proud to have been able to bring together this quality of investors onboard, committed to delivering our vision of technology as a lever of betterment of our society. They come with a unique blend of expertise as leaders in their respective fields combined with a long term vision and commitment to Africa, a strong mission alignment and values fit, solid operational synergies and evergreen funding, particularly critical for Africa where patient capital is needed to deliver sustainable impact.
“The successful closing of our €1 million seed funding is only a first step towards delivering our long term vision,” adds Fatoumata Bâ, Founder & CEO of Janngo.
Combining the very best of marketplaces and SAAS business models to serve the real economy, with an inclusive approach has been an ongoing passion turned into reality by Fatoumata Bâ, Founder of Jumia in Côte d’Ivoire, previously Managing Director of Jumia in Nigeria and Member of Jumia Executive Committee at Africa level, having driven the performance of up to 130 websites and mobile apps across the continent in more than 30 countries, with an impact of more than 3000 direct jobs, 70 000 indirect jobs and opportunities created for hundreds of thousands of SMEs in Africa.
African SMEs represent up to 17 percent of the GDP but face fragmented markets, prohibitively expensive operational costs, under optimized and non-integrated supply chains with limited access to international markets, insufficient capacity and limited access to capital to scale their business; yet, they generate more than 85% of jobs on the continent, with major untapped opportunities. With fast growing markets such as Côte d’Ivoire consistently delivering a record 8% growth, a booming middle class, a continent home to more 1 million inhabitant cities than Europe already and mobile leapfrog pioneers such as Nigeria, with the highest number of mobile internet users worldwide.
“We strongly believe that our central thesis of being a technology-driven backer of African SMEs is a powerful lever to accelerate growth, owing to their preponderant role in the larger economy.
“That’s why Janngo mobilizes both technology and capital, providing solutions to grow their business, win additional markets, further build their capacity, accelerate their growth and enable their market expansion to ultimately become national, regional or pan-African champions,” explains Fatoumata Bâ.
In a context where African countries are getting ready to tackle an unprecedented demographic challenge with more than 900 millions of jobs needed to absorb the growing labor pool by 2030, Janngo develops a double bottom-line approach boosting value creation from African start-ups and SMEs while contributing to the economic empowerment of women and youth.
“This is most likely our bigger challenge and best answer to the sense of urgency : create, via our platforms and our ecosystem of SMEs, directly and indirectly, qualified jobs at scale enabling as many women and young individual to earn their living with stable and recurring income.
“Many African countries are recording record high GDP growth at a global level but these numbers need to be translated into concrete improvement of population living conditions, higher disposable income and more job opportunities.
“If we manage, through Janngo, to generate long-term job opportunities at scale, especially for women and youth, while creating more opportunities for thousands of African SMEs in the coming years, then only we would be able to say that our mission is accomplished. It’s our North and the cement of our team,” concludes Fatoumata Bâ.
By Adedapo Adesanya
Seplat Energy Plc will revive hundreds of Nigerian oil wells laying fallow after completing the acquisition of Mobil Producing Nigeria Unlimited (MPNU) from ExxonMobil.
The company said it aims to lift oil output to about 200,000 barrels a day, a move that will help boost Nigeria’s oil production levels, as it aims to reach 2 million barrels per day next year.
The transaction, according to Seplat, “is transformative for Seplat Energy, more than doubling production and positioning the company to drive growth and profitability, whilst contributing significantly to Nigeria’s future prosperity.”
The completion of the Seplat-ExxonMobil deal has created Nigeria’s leading independent energy company, with the enlarged company having equity in 11 blocks (onshore and shallow water Nigeria); 48 producing oil and gas fields; 5 gas processing facilities; and 3 export terminals.
Recall that the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in October approved the deal as part of a series of approvals, while it blocked Shell’s asset sale of up to $2.4 billion to the Renaissance consortium.
The acquisition of the entire issued share capital of MPNU adds the following assets to the Seplat Group: 40 per cent operated interest in OML 67, 68, 70 and 104; 40 per cent operated interest in the Qua Iboe export terminal and the Yoho FSO; 51 per cent operated interest in the Bonny River Terminal (‘BRT’) NGL recovery plant; 9.6 per cent participating interest in the Aneman-Kpono field; and approximately 1,000 staff and 500 contractors will transition to the Seplat Group.
MPNU adds substantial reserves and production to Seplat Energy; 409 million barrels of oil equivalent (MMboe) 2P reserves and 670 MMboe 2P + 2C reserves and resources as at 30 June 2024 and 6M 2024 average daily production of 71.4 kboepd (thousand barrels of oil equivalent).
Business Post reports that Seplat will be part of the payment this year, and will defer some to next year,
Speaking on the transaction, the Chairman of Seplat Energy, Mr Udoma Udo Udoma commended President Bola Tinubu for supporting this transaction and appreciated the support and diligence of the various ministries and regulators for all the work to reach a successful conclusion.
“We are delighted to welcome the MPNU employees to Seplat Energy. We are excited to begin our journey in a new region of the country, and we look forward to replicating the positive impacts we have achieved within our communities in our current areas of operations.
“Seplat’s mission is to deliver value to all our stakeholders, and we treasure the good relationships we have developed with the government, regulators, communities and our staff.”
On his part, the chief executive of Seplat Energy, Mr Roger Brown, described the acquisition as a major milestone, adding, “I extend my thanks to the entire Seplat team for their hard work and perseverance to complete this transaction.
“MPNU’s employees and contractors have a strong reputation for safety and operational excellence, and I welcome them to the Seplat Energy Group.
“We have acquired a company with one of the best portfolios of assets and related infrastructure in a world-class basin, providing enormous potential for the Seplat Group. Our commitment is to invest to increase oil and gas production while reducing costs and emissions, maximising value for all our stakeholders.
“MPNU is a perfect fit with our strategy to build a sustainable business that can deliver affordable, accessible and reliable energy for Nigeria alongside attractive returns to our shareholders”.
By Adedapo Adesanya
The National Pension Commission (PenCom) is projected to close the year with over N22 trillion in pension assets impacted by challenges like inflation and monetary policies.
This is according to PenCom Director-General, Mrs Omolola Oloworaran, at a press conference in Abuja on Thursday.
She said as of October 2024, the Contributory Pension Scheme (CPS) had 10.53 million registered contributors and pension fund assets worth N21.92 trillion.
Speaking at the conference-themed Tech-driven Transformation Shaping the Pension Landscape, which showcased PenCom’s strategic commitment to innovation, she said that the numbers reflected the agency’s unwavering commitment to fund safety, prudent management, and sustainable growth.
She explained that the pension environment was impacted by the wider economic challenges facing the country, noting that the sector battled multi-year high inflation, Naira devaluation, and the lingering effects of unorthodox monetary policies by the Central Bank of Nigeria (CBN).
Business Post reports that the apex bank hiked interest rates by 875 basis points this year alone to tackle persistent inflation which peaked at 33.8 per cent as of October.
She said that these challenges eroded the real value of pension funds and impacted contributors’ purchasing power.
“To address these issues, the commission has initiated a comprehensive review of its investment regulations.
“It is focusing on diversifying pension fund investments into inflation-protected instruments, alternative assets, and foreign currency-denominated investments.
“The goal is to safeguard contributor savings and ensure resilience against future economic volatility,” she said.
She restated the commission’s commitment to expanding pension coverage, particularly through the advanced micro-pension plan designed to encourage participation from the informal sector using technology.
“This initiative will make it easier for everyday Nigerians to save for retirement, aligning with our vision of inclusive growth and financial stability for all.
“The backlog in retirement benefits for retirees of the Federal Government’s Ministries, Departments, and Agencies (MDAs) will soon be settled.
“The federal government recently disbursed N44 billion under the 2024 budget to settle approved pension rights.
“We are collaborating with the Federal Government to institutionalise a sustainable solution to ensure retirees receive their benefits promptly, eliminating delays,” Mrs Oloworaran said.
She said that PenCom’s technology-driven transformation aimed to make the CPS more accessible, reliable, and sustainable.
“From data management to seamless contributions and regulatory supervision, we are paving the way for a future where the pension industry serves all Nigerians effectively,” she said,
Mrs Oloworaran also said that the e-application portal for pension clearance certificates has replaced the manual processes and enhanced the ease of doing business in the sector.
“Since its deployment, 38,528 pension clearance certificates have been issued. This initiative ensures compliance and secures the future of Nigerians working in organisations that interact with the government,” she said.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange closed flat on Thursday, December 12 after it ended the trading session with no single price gainer or loser.
As a result, the market capitalisation remained unchanged at N1.055 trillion as the NASD Unlisted Security Index (NSI) followed the same route, remaining at 3,012.50 points like the previous trading session.
However, the activity chart witnessed changes as the volume of securities traded at the bourse went down by 92.5 per cent to 447,905 units from the 5.9 million units transacted a day earlier.
In the same vein, the value of securities bought and sold by investors declined by 86.6 per cent to N3.02 million from the N22.5 million recorded in the preceding trading day.
But the number of deals carried out during the session remained unchanged at 21 deals, according to data obtained by Business Post.
When trading activities ended for the day, Geo-Fluids Plc remained the most active stock by volume (year-to-date) with 1.7 billion units sold for N3.9 billion, Okitipupa Plc came next with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc was in third place with 297.5 million units worth N5.3 million.
Also, Aradel Holdings Plc remained the most active stock by value (year-to-date) with 108.7 million units worth N89.2 billion, followed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.5 million units sold for N5.3 billion.
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