Economy
Madica Invests in Earthbond to Simplify SMEs Access to Clean, Affordable Energy
By Adedapo Adesanya
Madica, a structured investment programme designed for pre-seed stage startups in Africa, has announced its investment in Earthbond, a climate tech startup unlocking affordable, reliable solar energy for Nigerian small and medium-scale enterprises (SMEs) via an integrated clean energy marketplace.
According to a statement, Earthbond will participate in Madica’s comprehensive investment programme which includes 18 months of dedicated company-building support.
Launched in 2022 and affiliated with Flourish Ventures, a global Fintech venture capital firm with purpose, Madica provides investment funding of up to $200,000 and delivers support to portfolio companies through a highly personalised startup curriculum, hands-on mentorship, and fully-funded week-long founder immersion trips.
Selected startups also stand to gain executive coaching opportunities, and access to Madica’s global network of investors for follow-on funding – all designed to spur growth and ensure the long-term viability of the startups.
Earthbond, founded in 2023 by Ms Chidalu Onyenso, an experienced product manager with an MBA degree from Harvard and more than 10 years in the field, is tackling Nigeria’s $14B off-grid generator market by leveraging group financing and carbon accounting to reduce costs and risks in the energy transition.
Between 2017 and 2023, Nigeria’s grid collapsed 46 times, forcing about 86 per cent of companies to rely on costly and polluting fossil-fuel generators, which cost businesses over $29 billion annually. Solar power offers a cheaper and more sustainable alternative, but high installation costs deter small and medium businesses (SMBs) from its adoption.
To address this challenge, Earthbond enables businesses to go solar through access to embedded solar finance and a marketplace of accredited solar installers and suppliers.
Earthbond said since its launch, it has completed audits for more than 100 qualified customers in Lagos, representing a potential pipeline of $1 million in solar projects. More than 1,800 Nigerian SMBs have also expressed interest by joining the waitlist, highlighting the gap and product-market fit.
The startup has established partnerships with four local commercial and microfinance banks to facilitate loans for SMEs seeking to transition to solar power.
With Madica’s investment, the company says it will help drive its ambitious growth by boosting its financing capacity, enabling $10 million in targeted loan originations over the next 3 years.
The funds will also enhance sales and marketing efforts and develop innovative maintenance and payment tools to enhance the customer experience.
Additionally, EarthBond plans to create a unique revenue stream by offering discounts based on carbon credits, incentivising businesses to join the programme.
Ms Onyenso, Earthbond CEO, said: “This is a pivotal moment for Earthbond, and a powerful endorsement of our mission. We’re really excited to be joining the Madica portfolio family. Leading the charge of energy transition is no easy feat and we are glad to be joined by renowned investors who share our passion and drive.
“We look forward to the doors this support opens and also to a greener and cleaner future,” she added.
On his part, Mr Emmanuel Adegboye, Head of Madica said, “We are excited to be investing in this exceptional startup as it tackles some of today’s biggest climate challenges. We won’t be able to continue the advancements of the African tech ecosystem without addressing power, and we are impressed by the team at Earthbond, their vision, and the technology that provides an affordable and eco-friendly solution. Earthbond has tremendous potential to drive an equitable clean energy future and positively impact our region.
“Investing in Earthbond reaffirms our mission to demonstrate that exceptional founders and products exist beyond the usual homogeneous groups, and we remain devoted in our quest to support underrepresented founders and fuel the growth of pioneering startups across underserved African regions.”
By Adedapo Adesanya
The Nigeria Customs Service (NCS) is seeking a reduction in import duty exemptions, which rose to N34 trillion, limiting its ability to increase its revenue generation threshold.
The Comptroller-General of the Customs Service, Mr Adewale Adeniyi, disclosed that the value of import duty exemption certificate approvals increased to that level in 2025, describing the policy as one of the major factors restricting its revenue generation.
At an investigative session of the Senate Committee on Finance with revenue-generating agencies in Abuja on Monday, Mr Adeniyi explained that government fiscal policies have continued to impact the revenue-generating capacity of the Customs Service, both positively and negatively.
“The NCS would have generated significantly higher revenue over the years if not for government-approved import duty waivers and other external factors affecting collections,” he said.
He added that the Import Duty Exemption Certificate scheme, introduced in March 2020, accounted for about N34 trillion in approvals in 2025, with nearly 60 per cent covering duty-free importation of military hardware due to Nigeria’s prevailing security challenges.
Other government-backed duty waivers, he noted, covered the importation of Compressed Natural Gas (CNG), electric and hybrid vehicles, healthcare equipment and medical supplies, industrial machinery and manufacturing inputs, as well as food import intervention programmes.
While acknowledging the impact of the waivers on Customs revenue, Mr Adeniyi argued that fiscal policy should not be assessed solely on the basis of revenue generation but also on its broader economic and social objectives.
He, however, urged the federal government to establish stronger monitoring mechanisms to ensure beneficiaries of duty waivers deliver the intended economic outcomes, including lower consumer prices, increased local production and improved healthcare access.
The committee also expressed displeasure over the absence of several heads of government agencies invited to the hearing, including the Nigerian Civil Aviation Authority (NCAA), Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Industrial Training Fund (ITF), and the Federal Medical Centre (FMC), Jabi.
The Chairman of the Senate Committee on Finance, Mr Sani Musa, warned that the affected chief executives must appear at the committee’s next sitting or face severe sanctions under the Senate’s rules.
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By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.40 per cent on Monday, July 13, buoyed by buying interest in 11 Plc, Central Securities Clearing System (CSCS) Plc and UBN Property Plc, which offset the profit-taking in Food Concepts Plc, the parent company of Chicken Republic.
11 Plc gained N20.69 to end at N227.64 per share compared with last Friday’s price of N206.95 per share, CSCS Plc grew by N1.83 to N91.48 per unit from N89.65 per unit, and UBN Property Plc added 1 Kobo to sell at N1.81 per share versus N1.80 per share.
On the flip side, Food Concepts Plc depreciated by 24 Kobo to close at N2.45 per unit, in contrast to the preceding session’s N2.69 per unit.
As a result, the market capitalisation increased by N9.2 billion to N2.587 trillion from N2.578 trillion, and the NASD Security Index (NSI) improved by 15.33 points to 4,311.67 points from 4,296.34 points.
Yesterday, the volume of securities traded by investors surged by 615.9 per cent to 9.1 million units from the previous 1.3 million units, and the value of securities rose by 997.1 per cent to N320.4 million from the preceding session’s N29.2 million, while the number of deals decreased by 12.5 per cent to 28 deals from last Friday’s 32 deals.
At the close of trades, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 73.9 million units exchanged for N5.2 billion.
GNI Plc also closed the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
