General
Motion Ventures Launches $100m Fund for Maritime Tech Innovation
By Adedapo Adesanya
Motion Ventures has unveiled its $100 million second fund named Motion Ventures Fund II or Fund II, which is now the largest maritime-focused tech fund to boost the sector’s value chain.
According to a statement, the new fund will help back startups developing more asset-intensive hardware solutions in the maritime sector which has seen growing corporate demand for deeper, faster progress in sustainability, vessel operations, and port modernisation.
Over the next 18–24 months, Fund II aims to deploy cheques of $250,000 to $10,000,000 into at least 25 companies, targeting solutions that digitise and decarbonise the global maritime supply chain.
To date, Motion Ventures has raised more than half of Fund II’s target with investments already deployed in OceanScore and Fernride which builds on the proven track record of Motion Ventures’ inaugural fund.
Motion Ventures Fund I has already generated two profitable exits, placing the firm in the top 10% of 2021 vintage VC funds globally. The firm’s broader deal pipeline is underscored by a rigorous investment process, which has seen them evaluate more than 8,000 startups since its inception in 2021.
These developments cement Motion Ventures position as maritime’s most active investor, having done more than 30 investments across Fund I and Fund II, while expanding its industry consortium to 17 major maritime and supply chain stakeholders across both funds—the broadest partnership of its kind.
Motion Ventures aims to be the catalyst that transforms global maritime supply chains, now backed by the largest dedicated fund in the sector’s history. The maritime digitisation market alone is projected to reach $423.4 billion by 2031, and mounting pressure from regulators and customers alike demands faster progress.
Based on this, Fund II will harness that momentum, uniting startups and industry leaders to deliver cleaner, more efficient operations and, ultimately, shape the future of maritime commerce.
Speaking on the development, Mr Shaun Hon, Founder and General Partner of Motion Ventures said, “We launched Motion Ventures with the belief that maritime is entering a new era—one where technology, capital, and industry collaboration converge to redefine the sector’s trajectory. In recent years, we’ve seen digitalisation and decarbonisation shift from ideas to industry imperatives.
“Fund II goes beyond writing bigger checks; it’s about uniting the right founders, corporate leaders, and strategic allies to accelerate an industry-wide shift, ensuring that solutions can be tested, adopted, and scaled faster than ever before.”
On his part, Mr Nakul Malhotra, Vice President – Emerging Opportunities Portfolio at Wilhelmsen Group said being part of Motion Ventures’ journey from a concept into one of the most active maritime investors has been remarkable.
“We value industry collaboration and are impressed to see the dedication and focus they bring to the early-stage venture capital space for an industry that is hungry for innovative solutions with robust value propositions. With Fund II, they’re scaling that impact even further, and we’re proud to remain a cornerstone partner on this journey.”
Adding his input, Mr Albrecht Grell, Managing Director of OceanScore said, “Maritime is the backbone of commerce, but it’s time to move faster and bolder, especially when building digital solutions in the compliance space.
“Shaun and the Motion Ventures team get that. Having them on our cap table has fast-tracked our expansion into new markets and helped to unlock access to a strategic network within the shipping community. With their support and deep sector expertise, we’re on track to building our global leadership in maritime compliance solutions.”
Mr Jan Holm, Advisor to Motion Ventures added that “By pairing ambitious founders with strategic backers, Fund II represents a crucial step forward: bringing together fresh solutions, both digital and hardware-based, and fast-tracking their path to scale. It’s a boost this industry has been waiting for.”
This consortium-driven approach is the cornerstone of Motion Ventures’ value creation. The Motion Ventures Alliance, a network of over 80 seasoned maritime executives, provides portfolio companies with expert mentorship, enterprise access, and swift pilot opportunities.
By Modupe Gbadeyanka
The Economic and Financial Crimes Commission (EFCC) has explained why it initiated a move to freeze the bank account of the Osun State government.
Earlier on Wednesday, the Governor of Osun State, Mr Ademola Adeleke, claimed that the anti-money laundering agency asked one of its bankers, First Bank, not to release funds to the state government.
According to the Governor, this was part of the strategies to frustrate his administration ahead of the August 15, 2026, governorship election in the state.
Reacting to the issue on Wednesday night, the EFCC, in a statement, said it has been investigating the state government since March 2026 over an alleged “fraudulent handling of Ecology Funds, Intervention Funds and Federal Account Allocation Committee (FAAC) account to the tune of N11.0 billion.
The organisation noted that some officials of the state government, especially the Accountant General of the State, have had interview sessions with investigators of the EFCC.
“These ongoing investigations of the state government would not have warranted any placement of Post No Debit order on its account but for the precipitate and unwarranted movement of funds from the accounts to different suspicious accounts since August 2, 2026.
“The commission noticed huge transfers of funds into different corporate entities and had to swiftly halt the trend by freezing the accounts from which such heavy funds are being moved,” parts of the statement said.
In the disclosure, the agency noted that its preventive mandate is a public-inclined framework of safeguarding public funds, assets and resources, stressing that it cannot “watch idly while a state government’s account is being pillaged.”
“While the commission is fully aware of the impending governorship election in Osun State, it has a responsibility to act in defence of the sanctity of the funds of the state. It will be uncharitable for the commission to allow an excuse of an upcoming election to fold its arms to perform its legally-assigned functions,” it pointed out.
The EFCC disclosed that it is “keeping watch over the finances of other states like Osun State. Many of these states are on the investigative radar of the commission to ensure accountability and probity. The commission has always pointed out that it is non-partisan and non-sectarian but always working in the overall interests of Nigerians. The Osun State government account was frozen to save public funds from being looted.”
The organisation urged the public “to ignore false narratives and deliberate demonisation of the works of the EFCC. The interests of all Nigerians are greater and will always be protected by the commission.”
By Adedapo Adesanya
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has launched a mobile application designed to monitor fuel consumption patterns in real time across retail outlets nationwide.
The NMDPRA, established under the Petroleum Industry Act (PIA) 2021, is responsible for the technical and commercial regulation of Nigeria’s midstream and downstream petroleum operations. The deployment of the mobile application aligns with the authority’s broader efforts to leverage technology to improve regulatory compliance and strengthen accountability.
The pilot phase of the project began on August 1 in Abuja and its six Area Councils, the authority said in a statement published on X.
As part of the rollout, the Executive Director for Distribution Systems, Storage and Retailing Infrastructure (DSSRI), Mr Ogbugo Ukoha, led a team alongside officials from the Abuja Regional Office to assess the readiness and operational performance of the digital platform at participating retail outlets.
According to the NMDPRA, the application captures inventory and compliance data in real time, enabling regulators to monitor fuel distribution more effectively while improving operational efficiency across the sector.
The authority said the platform would generate reliable, data-driven insights to support evidence-based decision-making, strengthen national energy security planning and enhance transparency in the downstream petroleum industry.
It added that the initiative is expected to provide significant value to government, investors, operators and other stakeholders by improving access to accurate fuel consumption and compliance data.
Nigeria’s downstream petroleum sector has undergone significant changes since the deregulation of the petrol market and the removal of fuel subsidies, with regulators placing greater emphasis on data-driven supervision to ensure product availability, prevent supply disruptions and discourage sharp regional disparities in distribution.
By Modupe Gbadeyanka
No doubt, moving money among African markets remains a slow, fragmented process that relies on multiple intermediaries and prolonged settlement cycles.
To solve this issue and drive the development of stablecoin-enabled payment services for businesses across the continent, Onafriq has joined forces with a leading stablecoin infrastructure provider, Privy.
The collaboration will enable Onafriq to create and manage embedded digital asset solutions for its partners and, in time, institutional clients where regulation allows. The initial phase focuses on cross-chain stablecoin transfers and treasury and settlement workflows, creating the foundation for future cross-border payment and liquidity solutions.
Integrating Privy’s secure infrastructure enables Onafriq to build the capabilities required to support a new generation of efficient digital payment services for banks, fintechs, and mobile money operators.
This partnership is a key component of Onafriq’s broader strategy to modernise pan-African payment infrastructure, enabling secure multi-modal wallets and more efficient movement of value across the continent.
The outcome will support a range of future institutional use cases, including stablecoin-enabled settlement, treasury management and liquidity services, as it reflects Onafriq’s commitment to driving Africa’s digital transformation agenda by investing in technologies that make financial services more efficient, connected and accessible.
It was gathered that Onafriq selected Privy for its enterprise-grade infrastructure to enable the seamless integration of digital asset wallet capabilities into its products, subject to regulatory approval, and deliver a simple user experience while abstracting the complexity of blockchain technology.
“At Onafriq, we keep investing in technology that makes payments faster and more accessible. Privy gives us a building block for faster settlement and better liquidity management. As demand for digital asset services grows, our goal is to ensure Africa’s payment ecosystem benefits securely and in line with regulatory frameworks,” the Group Chief Product and Innovation Officer at Onafriq,” Mr Luke Kyohere, said.
The chief executive of Privy, Mr Henri Stern, said, “Stablecoins will play an increasingly important role in the future of global payments, but real-world adoption depends on infrastructure that is secure, scalable and simple to implement. Working with Onafriq allows us to help build that foundation across Africa and beyond.”
