Economy
Nigerian Digital Insurance Firm Casava Gets $4m

By Adedapo Adesanya
Nigerian digital insurance company, Casava, has secured $4 million in pre-seed funding to provide affordable and accessible insurance products for millions of Nigerians.
The pre-seed funding round was led by Target Global with participation from Entrée Capital, Mr Oliver Jung, Monzo founder Mr Tom Blomfield and Stash founders Mr Ed Robinson and Mr Brandon Krieg.
It also has African founders such as Uche Pedro (founder of BellaNaija), Mr Babs Ogundeyi and Mr Musty Mustapha (co-founders of Kuda), and Mr Shola Akinlade (co-founder of Paystack).
Others include Mr Olugbenga “GB” Agboola (co-founder of Flutterwave), Mr Honey Ogundeyi (founder of Edukoya), Mr Opeyemi Awoyemi (co-founder of Jobberman), among others also participated in the round.
The new funds will support customer acquisition and growth, as well as further development of the product and the technology stack.
Casava already has more than 66,000 customers, with $16 million in insurance coverage with its variety of products.
With Casava Income Protection, subscribers can insure their income with an easy-to-use subscription that starts from as little as $1 a month and get paid monthly for six months if they lose their job, fall sick or become disabled.
Subscribers can also add on Casava Health, which enables access to more than 1,000 doctors on telemedicine and 900 hospitals across Nigeria.
Consumers can subscribe to Casava’s insurance products directly via the website, mobile app or WhatsApp.
It will also be working with fintech and digital partners to embed insurance products into their offerings, accessing over 500,000 financial service agents to reach customers across the country.
Casava will empower these agents to offer insurance and earn commissions from customers on a recurring basis.
Speaking on this, Mr Bode Pedro, founder and CEO of Casava said, “Our mission is to provide affordable insurance for Nigerians and other Africans and we are happy to have raised these funds from an exciting group of investors.
“With less than one per cent of the country insured, Nigeria (and Africa) is an untapped insurance market. We want to address the barriers that hinder adoption and add value to consumers across the country.”
Adding his input, Mr Ricardo Schäfer, a partner at Target Global said Casava had recognised a great opportunity to address a longstanding problem for many Nigerians and Africans.
“We are excited to support their mission to make insurance more accessible. One of the first of their kind in the region, Casava has the potential to transform the lives and livelihood of millions of people,” he said.
Launched in 2021, Casava aims to make insurance affordable for income earners by leveraging technology, behavioural science and empathy. The startup is a vertically integrated company with a wholly-owned microinsurance carrier in Nigeria and a full technology stack to power it.
Economy
Tolaram Lauds Stanbic IBTC Capital’s Role in Guinness Nigeria Minority Equity Buyout

By Dipo Olowookere
A leading investment banking and capital markets solutions provider, Stanbic IBTC Capital, has been commended for its role in the Mandatory Takeover Offer (MTO) of minority shareholders of Guinness Nigeria Plc by Tolaram.
The deal underscored Stanbic IBTC Capital’s expertise in advising on complex transactions and delivering comprehensive financial solutions to clients.
Tolaram, acting through N Seven Nigeria Limited, contracted the services of Stanbic IBTC Capital as financial adviser for the transaction.
After acquiring a 58.02 per cent stake in Guinness Nigeria in 2024, Tolaram moved to take over the shares of minority investors of the brewery giant.
To make the minority equity boyout successful and meet regulatory requirements, Stanbic IBTC Capital provided comprehensive end-to-end support across both transactions, delivering a full suite of investment banking and capital markets solutions to facilitate the successful completion of this complex corporate action.
This helped Tolaram to, on May 20, 2025, to complete the purchase of the 283,099,431 shares held by minority investors for N22.94 billion, raising its shareholding in Guinness Nigeria to 70.85 per cent.
“We are grateful for the end-to-end support Stanbic IBTC Capital provided Tolaram throughout the MTO process.
“Their on-the-ground presence and expertise was invaluable in navigating the regulatory landscape and ensuring that interested Guinness Nigeria minorities were given the opportunity to sell their shares at the same price that Tolaram acquired the Guinness Nigeria stake from Diageo Plc.
“Guinness Nigeria has sufficient free float despite the MTO and Tolaram intends to continue to maintain Guinness Nigeria’s listing on Nigerian Exchange Limited,” the Group Finance Director of Tolaram, Mr Dinesh Rathi, stated.
In his remarks, the chief executive of Stanbic IBTC Capital, Mr Oladele Sotubo, said, “We thank Tolaram for the longstanding partnership and for trusting Stanbic IBTC Capital to handle this important MTO, having also advised Tolaram on its acquisition of Guinness Nigeria last year.”
Economy
Verto Launches Auto Exchange For Affordable FX Rates

By Adedapo Adesanya
Global payments solutions platform, Verto, has launched a new solution which will allow businesses to secure optimal foreign exchange (FX) rates automatically.
According to a statement shared with Business Post, Auto Exchange, as the new feature is called, was designed to help rate-sensitive customers secure their target FX rates without constant monitoring.
As a platform, Verto simplifies international money transfers and currency exchange for businesses of all sizes. With a focus on transparency, speed, and cost-effectiveness, Verto empowers businesses to thrive in the global marketplace.
The new tool allows users to set their desired exchange rate and trade amount within the Verto platform, enabling automatic execution when the Verto rate reaches their specified level.
Verto has automating the monitoring and execution process, empowering customers to capture their target rates even when they are not actively logged into the platform. It says this will allow many businesses prioritize achieving the most favorable exchange rates amid market fluctuations.
Auto Exchange provides a seamless and efficient solution, thereby making users can optimise their time and reducing missed opportunities.
“We’re thrilled to introduce Auto Exchange, a feature designed to bring both efficiency and peace of mind to our customers’ FX operations,” says Verto Product Director, Mr Tomasz Bilakiewicz, adding that “No more constant refreshing or fear of missing a target rate. With Auto Exchange, businesses can set their parameters and trust Verto to execute automatically, allowing them to focus on what truly matters – growing their business.”
Verto users can easily set up Auto Exchange orders within the platform by specifying the currency pair for exchange, their desired target exchange rate, the amount they wish to exchange, as well as the direction of the exchange (e.g., GBP to USD).
Auto Exchange is part of a suit of FX solutions offered by cross-border payment platform Verto. With the ability to exchange with bank-beating rates across 49 currencies, Verto is revolutionising cross-border payments with a focus one merging markets.
Economy
Nigeria’s Oil Production Rigs Jumps 475% to 46 in July 2025

By Adedapo Adesanya
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has said that the nation’s oil production rig has witnessed a 475 per cent rise from eight in 2021 to 46 in July 2025.
The chief executive of the agency, Mr Gbenga Komolafe, disclosed this on Wednesday in Abuja at the inauguration of a media workshop organised for journalists covering the oil and gas sector.
The rig countis a key metric for measuring vibrancy and performance in the oil and gas industry.
The rig which is a key equipment on which the oil is drilled reveals the level of vibrancy and the activities in the industry.
According to the commission’s data, about 46 active rigs are driving the current oil production in Nigeria.
Mr Komolafe, however, attributed the steady growth in the rig count to the Petroleum Industry Act (PIA) enactment in 2021, and the commission’s commitment geared towards increasing oil production in the country.
He said the NUPRC through its Project One Million Barrels initiative had scaled up Nigeria’s oil production from one million barrels per day, oscillating around 1.7 million barrels.
The NUPRC boss said the initiative which was inaugurated in October 2024, was expected to increase oil production by one million additional units per year, adding that about 300,000 barrels of oil per day has been achieved since the inauguration of the programme.
He commended President Bola Tinubu for the Executive Orders 40, 41, and 42, which encouraged tax incentives and tax remission as well as redefined the contracting circle and the threshold in the industry.
Mr Komolafe said the 2024 Executive Orders: 40 on fiscal incentives, 41 on local content, and 42 on cost efficiency and contract timelines, had catalysed massive investment inflows.
“These have yielded positive results in terms of the Final Investment Decisions (FIDs) that have attracted huge amounts of money, billions of dollars to the country,” he said.
He urged the media practitioners to report the commission activities professionally in such a way that Nigerians would appreciate and understand its operations.
“As a regulator, we are wrongly perceived, often times people fail to understand the difference between a regulator and an operator.
“As a regulator, our activities put us in a quasi-judicial position, in position to mediate, it is an omnibus job,” he said
He reiterated that the commission will continue to play its role in Nigeria’s oil and gas development.
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