Economy
Madica Invests $600k in Kola Market, GoBEBA, NewForm Foods
By Adedapo Adesanya
Madica, a structured investment programme designed for pre-seed stage startups in Africa, has announced its first set of investments totalling $600,000 in three startups – Kola Market, GoBEBA, and NewForm Foods.
According to a statement, each startup has received an investment of up to $200,000 and is now a part of Madica’s comprehensive investment programme which includes 18 months of dedicated company-building support tailored to the unique needs of each startup.
Madica, launched in 2022 and affiliated with Flourish Ventures – a global fintech venture capital firm with purpose, is a sector-agnostic investment programme designed to address structural gaps in Africa’s startup ecosystem.
It delivers its support through a highly personalized curriculum, hands-on mentorship, invitations to fully-funded week-long founder immersion trips, executive coaching opportunities, and access to its global network of investors for follow-on funding – all designed to spur growth and ensure the long-term viability of the startups.
The programme tackles key challenges such as limited access to capital, a scarcity of investors, insufficient mentorship, and the lack of structured support necessary for startups to resolve critical issues and foster innovation, entrepreneurship, and wealth creation across the continent.
Kola Market (Ghana), founded by Marie-Reine Seshie, assists SMEs in enhancing sales, optimising inventory, and securing financing via a comprehensive B2B platform that simplifies business operations and improves efficiency.
GoBEBA (Kenya), co-founded by Lesley Mbogo and Peter Ndiang’ui, offers a direct-to-customer e-commerce platform that streamlines the purchase and delivery of bulky essential utilities, ensuring safe, quick, and reliable doorstep service in urban areas.
NewForm Foods (South Africa), founded by Brett Thompson and Tasneem Karodia, enables food producers and retailers to rapidly develop and scale cultivated meat products at a cost well below industry standards.
Madica employs an open application process, allowing founders to apply without an introduction. The program collaborates with local ecosystem players like incubators, accelerators, and angel networks to discover and support entrepreneurs. All applicants undergo the same evaluation process, with investments made on a rolling basis throughout the year.
The programme intends to invest in up to an additional 10 startups this year and has opened application via its website.
Speaking on this latest move, Mr Emmanuel Adegboye, Head of Madica, said, “We’re excited to announce our first set of investments, which showcase the remarkable talent and innovation in the African tech ecosystem. Each one of these startups represents the untapped potential of African founders who lack the support they direly need because they are too often perceived as risky by global investors. This year, our goal is to support more of these founders and integrate them into the global startup ecosystem.
“The glaring imbalance in venture funding in Africa is a big concern, and we want to support founders who are often overlooked by investors. We aim to be a catalyst and inspire other investors to join our goal of broadening the reach of venture capital and founder mentorship.”
For Marie-Reine Seshie, Founder & CEO of Kola Market, affirming the sentiments of the portfolio companies stated, “We’re excited to share the news of our collaboration with Madica. It’s a significant moment for us at Kola Market because it goes beyond just funding — it is a strong vote of confidence in our mission to transform the SME landscape in Africa, and Madica’s post-investment support sets us on an accelerated path. We’re encouraged about the possibilities this support opens up, allowing us to test new ideas and scale our operations in ways that will make a difference, especially for our customers.
“We’re excited to be working with Madica as we grow our team, develop our production capabilities and bring cultivated meat to mainstream markets. In terms of purpose, I think this is a great fit and we look forward to continuing this partnership into the future on our journey to scale,” said Tasneem Karodia – Co-Founder & COO, Newform Foods.
Over the past year, Madica has also made significant investments in team capacity to deepen its support to founders. In addition to Nairobi-based Brenda Wangari who leads Portfolio Success, Madica has recently appointed Shamsa Mohamed, a Nairobi-based expert in startup and VC marketing and communications as the Communications and Community Manager, and Francis Vesta, a Lagos-based investment professional and ex-founder, as an Investment Associate. The Madica team along with its board and network of mentors brings tremendous domain and local operational expertise to help Madica founders scale their ventures.
Adding her input, Ms Wangari on the selection of the startups, noted: “Our first investments, Kola Market, GoBEBA, and NewForm Foods exemplify the entrepreneurial spirit and potential for change. At Madica, we’re dedicated to providing a foundation for African startup growth through rigorous programmatic support, mentorship, and access to our extensive network. It’s about empowering founders to not only navigate the complexities of their industries but also to thrive and set new benchmarks for success.”
To ensure founders have access to the skills, expertise, and resources needed for success, Madica recently conducted its first founders immersion trip in South Africa featuring in-person meetings with a trusted network of investors, mentors, senior operators, and ecosystem leaders.
The trip also offered founders an opportunity to present to renowned global investors at the 10th Anniversary of the Africa Early Stage Investor Summit. The founders presented their growth plans while pitching for follow-on investment, corporate support, and strategic partnerships. The next founder immersion trip is scheduled for June 2024 in London to help founders plug into additional investor communities.
By Aduragbemi Omiyale
The founder and chief executive of Austin Laz and Company Plc, Mr Asimonye Austin Lazarus Azubuike, has sold off about 52.24 million shares of the organisation.
The stocks were offloaded in 11 tranches at an average price of N4.36 per unit, amounting to about N227.8 million.
The transactions occurred between December 2025 and January 2026, according to a notice filed by the company to the Nigerian Exchange (NGX) Limited on Friday.
Business Post reports that Austin Laz is known for producing ice block machines, aluminium roofing, thermoplastics coolers, PVC windows and doors, ice cream machines, and disposable plates.
The firm evolved from refrigeration sales to diverse manufacturing since its incorporation in 1982 in Benin City, Edo State, though facing recent operational halts.
According to the statement signed by company secretary, Ifeanyi Offor & Associates, Mr Azubuike first sold 1.5 million units of the equities at N2.42, and then offloaded 2.4 million units at N2.65, and 2.0 million units at N2.65.
In another tranche, he sold another 2.0 million units at a unit price of N2.91, and then 5.0 million units at N3.52, as well as about 4.5 million at N3.87 per share.
It was further disclosed that the owner of the company also sold 9.0 million shares at N4.25, and offloaded another 368,411 units at N4.66, then in another transaction sold about 6.9 million units at N4.67.
In the last two transactions he carried out, Mr Azubuike first traded 10.0 million units equities at N5.13, with the last being 8.5 million stocks sold at N5.64 per unit.
By Dipo Olowookere
ASO Savings and Loans Plc has been delisted from the daily official list of the Nigerian Exchange (NGX) Limited.
This action followed the revocation of the operating licence of the company by the Central Bank of Nigeria (CBN) in December 2025.
In a circular on behalf of the NGX Regulation (NGX RegCo) by Ugochi Eke, it was disclosed that the effective date of the delisting is today, Friday, January 16, 2026.
Already, the company has been notified of this development, according to the notice obtained by Business Post.
Before ASO Savings lost its operating licence, it had failed to meet some post-listing requirements, a part of the disclosure from the NGX RegCo stated.
“The board of NGX Regulation Limited via its decision dated January 1, 2026, approved that the step below should be taken pursuant to the process for regulatory delisting of issuers.
“The board has approved the delisting of ASO Savings and Loans Plc from the Nigerian Exchange Limited’s daily official list effective January 16, 2026.
“ASO Savings is hereby notified of this enforcement action and is advised to direct any communication in respect of the foregoing to [email protected].
“NGX RegCo was engaging the listed entity, concerning its outstanding post-listing obligations. However, due to the revocation of the operating license of ASO Savings by its primary regulator, the Central Bank of Nigeria (CBN) effective December 16, 2025; NGX RegCo will delist the entity from the daily official list effective January 16, 2026.
“In view of the foregoing, NGX RegCo has proceeded with publishing the name of the Company in the national dailies.
“The company has been duly notified of this enforcement action, and this publication serves as notification to the investing public, particularly shareholders of the company and investors in the Nigerian capital market,” the statement read.
By Adedapo Adesanya
The Minister of State for Petroleum Resources (Oil), Mr Heineken Lokpobiri, has issued a stern warning to oil and gas investors that petroleum licences in Nigeria are strictly for active development, not asset hoarding or speculative holding, declaring that operators must drill or risk losing their rights.
He made this admonition while delivering his message at the 2025 Nigerian Upstream Petroleum Regulatory Commission (NUPRC) Licensing Bid Round Conference in Lagos, where he outlined the government’s hardline stance on asset utilisation and investor accountability.
“The oil assets in portfolio are not mere symbols or souvenirs,” Mr Lokpobiri said, adding that, “Holders of licences are obligated to drill, drill and drill for a shared benefit for the Government, Nigerians and the operators.”
He stressed that the administration is determined to ensure petroleum assets are translated into tangible economic value, noting that licences are time-bound rights granted solely for productive use.
“These assets belong to the Federal Government, and licences are granted strictly for a defined period for productive use, not passive ownership,” the minister said. “Our licensing framework is designed to eliminate speculation and ensure that only serious, capable investors participate.”
Mr Lokpobiri also issued a strong caution to bidders seeking to participate in the 2025 licensing round, urging them to fully understand the process and obligations before submitting bids.
“As prospects take part in this bid round, a clear understanding of the modus operandi guiding the process is essential,” he said, recalling previous bid rounds where some winners attempted to reverse their commitments.
“Past experiences have shown instances where some winning bidders sought refunds based on unmet expectations or perceived asset limitations,” Lokpobiri stated. “Such actions are untenable, as there is no provision in law for the refund of a bid already won.”
According to him, the conference was convened to remove ambiguity and protect the integrity of the licensing system, stressing that the government would strictly enforce all contractual obligations arising from the process.
“This conference serves to provide clarity upfront,” he said. “Participants must be fully informed, deliberate and committed, as the Government will uphold the sanctity of the process and enforce all obligations.”
The minister’s remarks reinforce the Federal Government’s broader push to accelerate upstream development, boost production and attract only technically and financially capable investors into Nigeria’s oil and gas sector, amid renewed licensing activity under the Petroleum Industry Act (PIA).
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