Economy
Techstars, ARM Labs Inject $1.44m Into GetEquity, 11 Others
By Adedapo Adesanya
GetEquity and 11 other startups have been announced as beneficiaries of Techstars’ pan-African accelerator project in partnership with Lagos-based innovation programme, ARM Labs that see each company get investments worth $120,000 each.
The 14-week immersive programme will see Techstars invest up to $120,000 in funding in each startup as well as provide them with access to over $400,000 in cash equivalent hosting, accounting and legal support and other benefits worth more than $5 million.
Following a successful inaugural programme, the ARM Labs Lagos Techstars Accelerator will build upon its commitment to helping entrepreneurs change Africa and the world.
The 2023 cohort, selected from over a thousand applications, delivers tech-enabled solutions across various verticals in Sub-Saharan Africa.
For its first cohort, the program had initially focused on companies operating in fintech and proptech, but this year expanded to focus more broadly on entrepreneurs that are changing Africa and the world, by using technology, data and intelligence to serve a population growing in size, youth, income and digital access. Sectors invested in include fintech, logistics, e-commerce, healthtech, renewable energy, and the future of work.
The cohort comprises startups operating in Ghana, Nigeria and East Africa, and has four teams with at least one female co-founder.
The selected startups will also receive tailored mentorship, world-class company-building support, lifetime access to the Techstars worldwide network and targeted interactions with prospective investors to ensure that the continuum of follow-up capital is available as they grow.
By partnering with ARM Labs, founders are also exposed to ARM’s local network, research and insights and decades-long financial advisory expertise.
The selected companies are, in alphabetical order:
24Seven, founded by Mr Olufemi Idowu, is an asset-light marketplace that enables small businesses and convenience stores to order inventory on credit with one-hour doorstep delivery.
Beauty Hut leverages technology to bridge the gap between beauty brands and consumers through efficient product distribution and marketing channels, via their e-commerce web-store and mobile app. It is founded by Mr Subuola Oyeleye
Eight Medical, by Dr Ibukun Tunde-Oni, is an end-to-end platform that connects users in need to emergency medical resources (such as hospitals, ambulances, personnel, information & credit), reducing waiting times from an average of 3 hours to 10 minutes or less
GetEquity facilitates access to investment opportunities by SEC-accredited providers, reducing entry barriers through investment aggregation across various asset classes. It is founded by Mr Jude Dike, Mr Temitope Ekundayo and Mr Chigozirim Ugochukwu
JumpnPass, by Mr Tunde Ademuyiwa and Mr Qudus Quadry, is a mobile self-checkout platform for modern retail in Africa. They enable shoppers to use their smartphones to effortlessly scan product barcodes, pay for items, and skip long queues.
One Plan helps workers in Africa’s informal economy create affordable financial plans, making it easier to start a retirement plan, access low-interest credit, and access health + life insurance cover. It is founded by Mr Harold Awuah-Darko.
PBR Life Sciences offers pharmaceutical, consumer healthcare and medical device companies fast and easy access to high-quality market data and insights, helping them make objective decisions on product pricing, volumes and company strategy. The company is founded by Mr Ayodeji Alaran.
PressOne Africa provides African businesses with deeper insights into phone conversations with customers through a communication platform that provides conversation intelligence and call monitoring. It is led by Mr Mayowa Okegbenle, Mr Opeyemi Shokunbi and Mrs Unoma Adeyemi.
Rana democratises access to clean and reliable solar systems for SMEs and residential customers through affordable long-term solar subscriptions, replacing the need for expensive, unreliable, and toxic backup generators. The company is founded by Mr Abraham Mohammed and Mr Mubarak Popoola.
Surge Africa, founded by Mr Kumar Shourav and Mr Ebrahim Essop, allows individuals, micro-entrepreneurs and MSMEs in Africa to make instant cross-border transfers and pay up to 80 per cent less in fees.
Swoove empowers logistics companies in emerging markets to digitise and scale their businesses with dispatch automation, fleet management, tracking and telematics, and a wide delivery network. It is led by Mr Kwaku Tabiri, Mr Kingsley Amponsah, Ms Gloria Pascucci, Mr Robert Quainoo and Mr Kevin Blankson.
Veend, founded by Mr Olufemi Olanipekun and Mr Ebenezer Ajayi, enables individuals and businesses with verifiable income to access funds on-demand, addressing their needs for emergency funds or working capital.
Speaking on the new move, Mr Oyin Solebo, Managing Director, ARM Labs Lagos Techstars Accelerator commented, “Our second cohort truly showcases, and perhaps also epitomises, the wealth of talent, innovation and ingenuity that can be found within the African tech ecosystem. Supporting this group in reaching their full potential feels like the perfect segway following the close and success of the inaugural cohort.
“The current market dynamics means that founders need a combination of financial support as well as technical assistance and access to networks in order to build resilient businesses. We are glad to be able to provide comprehensive support that covers this entire spectrum.”
In addition to the Techstars-led program, the cohort receive mentorship sessions with notable experts in the African tech ecosystem providing them with comprehensive guidance and specialised services to support their growth journey. These experts include Mr Tunde Kehinde – Founder/CEO, Lidya, Mr Bode Abifarin – Chief Operating Officer at Flutterwave, Mr Tingting Peng – Chief Capital & Strategy Officer at Moove, Kevin Simmons – Partner, LoftyInc, Mrs Lola Esan – Partner, EY, Yischai Beinisch – Head, West Africa – Emerging Market Power, Shell Energy Europe & Africa.
The programme, according to a statement seen by Business Post, will conclude with an invite-only Demo day on February 22, 2024, where founders will showcase their progress.
By Modupe Gbadeyanka
President Bola Tinubu has expressed satisfaction with the disbursement of N636 billion as loans to business owners in the Micro, Small and Medium Enterprises (MSMEs) in the country by the Bank of Industry (BoI) in 2025.
In a statement signed by his Special Adviser on Information and Strategy, Mr Bayo Onanuga, the Nigerian leader disclosed that the development validates his government’s economic reform agenda.
Over 7,000 enterprises were given soft loans worth N636 billion by the lender last year, the highest annual financing volume in the institution’s history.
A breakdown of the financing shows that N202 billion was allocated to agro-allied enterprises, N100 billion to critical national infrastructure, including broadband, power, aviation, and transportation, N79 billion to manufacturing, N77 billion to extractive industries, and N55 billion to services.
In addition, the bank deployed N73 billion in managed and matching funds on behalf of state governments and institutional partners.
Under the BoI 2025 disbursement, strategic interventions included upgrading a tomato processing facility from 3.1 metric tonnes per hour to 10 metric tonnes per hour and linking 47,508 smallholder farmers to formal processing value chains.
The bank also supported the deployment of 100 mini-grids in partnership with global development finance institutions, connecting 11,777 new customers to electricity. BOI-financed projects contributed to an estimated annual reduction of over 20,000 tonnes of carbon emissions.
“The N636 billion disbursed by the Bank of Industry in 2025 translates directly into productive capacity across Nigeria. It financed agro-processing expansion, strengthened manufacturing output, supported infrastructure delivery, and empowered thousands of enterprises across our states.
“At a time of global financing constraints, Nigeria expanded access to long-term capital for its businesses. That is a direct outcome of reform, credibility, and institutional discipline,” Mr Tinubu said.
It was observed that disbursement by business size reflects a deliberate inclusion strategy. Nano enterprises received N51 billion. Micro businesses accessed N32 billion. Small and medium enterprises received N178 billion in financing, while large enterprises accounted for N375 billion.
Under the federal government’s N200 billion MSMEs intervention programme, BoI recorded over 95 per cent performance as the disbursing institution. The Presidential Conditional Grant Scheme reached 957,400 beneficiaries in 2025 alone.
In addition, BOI’s financing activities led to the creation and retention of approximately 1.6 million jobs. The bank supported more than 7,000 MSMEs and 570 startups during the year.
Inclusive financing initiatives also recorded a measurable impact. Through the Guaranteed Loans for Women Programme, a N10 billion gender-focused facility providing up to N50 million per beneficiary, women-owned enterprises expanded access to affordable credit. Youth-owned enterprises received N12 billion in financing. Under the Rural Area Programme on Investment for Development, 880 rural-based enterprises across the 36 states and the FCT accessed over N6.5 billion.
The President further noted that BOI maintained strong asset quality, recording a non-performing loan ratio below 1.5 per cent despite macroeconomic headwinds. He also acknowledged the €2 billion syndicated facility secured in 2024 and the additional €210 million mobilised from international partners in 2025, which strengthened the Bank’s lending capacity.
“Development finance must be disciplined, measurable, and aligned with national priorities. What we are witnessing is the transition from strategy to scale.
“Our economic transformation will be built on production, value addition, and enterprise growth. We will continue to crowd in capital, deepen institutional reform, and ensure that access to finance supports real sector expansion across Nigeria,” President Tinubu stated.
He reaffirmed his administration’s resolve to consolidate reform gains and expand credit access to enterprises as part of a long-term strategy to accelerate industrialisation and inclusive economic growth.
By Adedapo Adesanya
Six equities buoyed the NASD Over-the-Counter (OTC) Securities Exchange by 2.13 per cent on Thursday, February 12, as the market capitalisation added N49.12 billion to end at N2.357 trillion compared with the previous day’s N2.308 trillion.
In the same vein, the NASD Unlisted Security Index (NSI) went up by 82.09 points during the session to settle at 3,940.90 points versus Wednesday’s closing value of 3,858.81 points.
Okitipupa Plc improved its value by N22.00 yesterday to N242.00 per share from N220.00 per share, Central Securities Clearing System (CSCS) Plc grew by N6.55 to N77.08 per unit from N70.53 per unit, NASD Plc rose by N4.62 to N50.88 per share from N46.26 per share, Food Concepts Plc appreciated by 29 Kobo to N3.20 per unit from N2.91 per unit, IPWA Plc advanced by 28 Kobo to N3.13 per share from N2.85 per share, and UBN Property Plc rose 1 Kobo to sell at N2.20 per unit compared with the preceding session’s N2.19 per unit.
Conversely, FrieslandCampina Wamco Nigeria Plc went down by N1.57 to N68.10 per share from N69.67 per share, and Geo-Fluids Plc depreciated by 39 Kobo to N3.63 per unit from N4.02 per unit.
As for the activity chart, the volume of trades declined by 99.2 to 8.6 million units from 1.06 billion units, the value of transactions shrank by 88.4 per cent to N53.9 million from N465.7 million, and the number of deals decreased by 25 per cent to 42 deals from 56 deals.
CSCS Plc remained the most active stock by value (year-to-date) with 18.2 million units valued at N790.9 million, trailed by Resourcery Plc with 1.05 billion units traded at N408.6 million, and Geo-Fluids Plc with 29.5 million units sold for N150.9 million.
Resourcery Plc closed the session as the most traded stock by volume (year-to-date) with 1.05 billion units worth N408.6 million, followed by Geo-Fluids Plc with 29.5 million units exchanged for N150.9 million, and Mass Telecom Innovation Plc with 20.1 million units transacted for N8.1 million.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited almost succumbed to profit-taking on Thursday, but for Seplat, which pulled its string to salvage the situation.
Seplat triggered a buying interest in its shares after informing the investing public of its intention to release its full-year results for 2025 on February 26, 2026.
It almost singlehandedly lifted the energy index by 4.64 per cent yesterday. This sector was the only one of the five with green at the close of business.
The others were in red, with the insurance space down by 1.47 per cent, the industrial goods segment went down by 1.09 per cent, the banking index closed lower by 0.13 per cent, and the consumer goods sector shrank 0.04 per cent.
Analysis showed that the All-Share Index (ASI) soared on Thursday by 441.28 points to 178,625.63 points from 178,184.35 points, and the market capitalisation grew by N283 billion to N114.660 trillion from N114.377 trillion.
Business Post reports that 46 equities were in green during the session and 35 equities ended in red, implying a positive market breadth index and bullish investor sentiment.
The trio of Deap Capital, RT Briscoe, and Seplat gained 10.00 per cent each to settle at N8.69, N15.84, and N8,107.00 apiece, while Zichis rose by 9.97 per cent to N9.82, with ABC Transport surging by 9.91 per cent to N7.43.
On the flip side, NAHCO lost 9.98 per cent to trade at N148.45, Abbey Mortgage Bank depressed by 9.68 per cent to N11.20, Eterna gave up 9.50 per cent to close at N30.00, May and Baker depreciated by 9.19 per cent to N40.50, and Ecobank weakened by 8.72 per cent to N45.00.
Access Holdings was the most active stock yesterday with 52.1 million units sold for N1.3 billion, Zenith Bank exchanged 42.5 million units worth N3.3 billion, Tantalizers transacted 42.1 million units valued at N253.9 million, GTCO traded 40.8 million units worth N4.3 billion, and Deap Capital transacted 34.4 million units valued at N298.1 million.
When the closing gong was struck by 2:30 pm to signify the end of trading activity, investors had bought and sold 698.3 million shares worth N28.4 billion in 50,886 deals compared with 939.2 million shares valued at N34.0 billion exchanged in 61,279 deals a day earlier.
This showed that yesterday, the trading volume, value, and number of deals decreased by 25.65 per cent, 16.47 per cent, and 16.96 per cent, respectively.
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