By Adedapo Adesanya

A pan-African initiative to support African health-tech startups to commercialise and scale their offerings, Investing in Innovation Africa (i3), has opened applications for its third cohort.

The initiative is funded by the Gates Foundation, with backing from MSD, Cencora, Endless Foundation, HELP  Logistics–a subsidiary of the Kühne Foundation, Sanofi’s Global Health Unit and Chemonics.

The organisation will offer select startups three critical resources to prepare themselves for expansion: flexible grants, introductions to potential customers and tailored counsel to close partnership deals.

According to a statement, 15 leading startups will be selected for this cohort including 10 early-stage startups innovating in healthcare delivery or product distribution and five growth-stage startups building the future of pharmacy care.

Early-stage startups will receive a $50,000 grant and growth-stage startups will receive a $225,000 grant to unlock major partnerships that can expand patient access across the continent.

For startups in the cohort,  i3 aims to facilitate at least 150 relationships with key healthcare organizations, worth at least $30M,  which will expand patient access while creating valuable local jobs.

Entries for the 3rd cohort are open until February 28 after which the selected startups will be announced on April 30.

Launched in 2022, i3 has empowered 60 African health innovators across 16  countries, exceeding expectations with 43 per cent women-led and 20 per cent Francophone-led ventures.

The programme since then has provided $3 million in direct grants, and facilitated 450 strategic connections, resulting in over $11 million in contracted partnerships, expanded reach, and nearly 1,000 jobs created—half of which were held by women. i3 is coordinated by Salient Advisory and Solina Center for Research and Development  (SCIDaR).

Speaking on this, Dr Uchenna Igbokwe, CEO, SCIDaR “With the right resources, African-led companies can scale commercially while reaching underserved communities and creating jobs. The i3 program has proved, in just two years, that an actively engaged network of leading global health institutions and  partners can power African innovators to solve critical African problems in healthcare.”

On his part, Mr Oghenetega Iortim, CEO of Figorr, a company that provides end-to-end supply chain tracking technology and an i3 alumni, said, “We partnered with the Nigerian government to track over 200M health products. Through i3 we met with major global customers who were excited to find ways to expand  Figorr’s impact both in Nigeria and beyond. We’re grateful to i3 for opening these doors.”

According to the statement, a virtual Q&A  session will be hosted by i3 on February 21 to answer any questions regarding the application process. CcHUB and Villgro Africa will spearhead cohort selection, alongside a distinguished panel of African experts.

By Aduragbemi Omiyale

The defamation suit filed against a Nigerian lawyer and activist, Mr Dele Farotimi, by a legal luminary, Mr Afe Babalola (SAN), will likely be withdrawn from court.

This is because Mr Babalola has succumbed to pressure after he was approached by some traditional rulers to forget about the matter.

“I will tell my lawyers to withdraw the case,” the founder of Afe Babalola University in Ekiti State, reportedly said after a meeting with the monarchs led by the Ooni of Ife, Adeyeye Ogunwusi, in the early hours of Monday.

“If you go through the pamphlet (Mr Farotimi’s book titled Nigeria and its Criminal Justice System), you will find that he attacked many judges by names, he attacked Supreme Court judges, and none is bothered, but I am bothered. I am bothered because of where and how I started life, from the farm to where I am.

“There is nothing I am going to gain from his imprisonment. There is nothing I am going to gain from so-called damages. I am not in quest of more wealth, rather how to spend what I have for the benefit of others. The only time I am happy is when I give.

“The request is simple, take away this criminal case in court. When Obasanjo wrote, he came here, I said no. when Kukah phoned and came, I said no, but on this occasion, I say yes. Thank you Kabiyesis. I will speak to my lawyers to withdraw it,” he said.

Earlier, the respected Yoruba traditional ruler appealed to him to withdraw the case from the court because nobody is can tarnish his image.

“Nobody can tarnish your name. Your name is more than silver and gold and you have stood for your name with the message that nobody can joke with your name.

“Baba, we want to appeal and also use our race to instruct you. Dele Farotimi is your son, you may not know him, we give birth to different children in this world, some are tough, some are soft, some are hard. Why we are here is our ethos as a race.

“We are using our race because some of our elders in Yorubaland and even beyond Yorubaland have spoken, but combining forces with the traditional institution, we have heard you, enough, enough and enough. Your name is intact. We have resolved the matter in our own way, we have done the needful,” the Ooni said.

Recall that in November 2024, after a petition from Mr Babalola, the Ekiti State Command of the Nigeria Police Force (NPF) arrest Mr Farotimi in Lagos and arraigned him in a Magistrate Court in Ado-Ekiti.

He remained in prison until he was granted bail a few days to Christmas. He later returned to his base in Lagos in preparation for resumption of trial in the coming weeks.

By Adedapo Adesanya

One of the leading financial institutions in Nigeria, Stanbic IBTC Holdings Plc, plans to boost its footprints in core profitable sectors, primarily in the energy sector, as it approached the Nigerian capital market for N148.7 billion in rights issue.

Speaking at The Facts Behind the Rights Issue event at the Nigerian Exchange (NGX) Limited last week, the acting chief executive of Stanbic IBTC Holdings, Mr Kunle Adedeji, said funds raised from the exercise would drive growth in critical sectors such as oil and gas, with a focus on Liquefied Petroleum Gas (LPG), Compressed Natural Gas (CNG), and gas infrastructure.

He added that proceeds would also support power sector reforms, including exploring opportunities in the debt capital market and sustainable finance to foster economic transformation.

Mr Adedeji noted that the company intends to divest in distribution companies (Discos) despite the firm joining a consortium known as Transgrid to acquire a 60 per cent stake in Eko Electricity Distribution Company (EKEDC).

The rights issue was launched on the NGX’s e-offering platform, NGX Invest, and has been open since January 15 and will close on February 21, 2025.

Mr Adedeji acknowledged NGX Invest as an essential tool in facilitating the rights issue, echoing that it platform designed to streamline capital raising and enhance investor participation.

He noted that the platform would enable Stanbic IBTC to distribute its rights issues efficiently while meeting regulatory requirements and delivering value to its shareholders.

He expressed deep appreciation for the confidence shown by shareholders, emphasizing the strategic importance of the rights issue.

Nigeria’s energy sector has been one of the most profitable sectors in the last few years with policies including the Petroleum Industry Act (PIA) of 2021 and the elimination of fuel subsidies making it an attractive sector.

The Stanbic IBTC rights issue allows existing shareholders to subscribe to 2,944,772,083 ordinary shares of 50 Kobo each at N50.50 per share, structured as 5 new shares for every twenty-two (22) ordinary shares held as of October 29, 2024. Qualified investors can seamlessly take up their rights via the platform at https://invest.ngxgroup.com

Speaking on the significance of NGX Invest, Mr Jude Chiemeka, the Chief Executive Officer of Nigerian Exchange Limited (NGX), remarked, “The success of NGX Invest as a capital-raising platform reinforces our commitment to providing innovative solutions for issuers and investors alike.

“Stanbic IBTC’s confidence in our infrastructure reflects the opportunities we continue to create for sustainable growth in Nigeria’s financial markets.”