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Seedstars Africa Ventures Raises $42m in First Close

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Seedstars Africa Ventures

By Adedapo Adesanya

Seedstars Africa Ventures I, a venture capital fund making early-stage investments in highly scalable start-ups in Africa, has achieved a first close of $42 million

The raise was led by the African Development Bank and EIB Global with the support of the European Union, under the ACP Trust Fund – EU Compartment and Boost Africa among other global investors.

The fund, with offices in Nairobi, Dakar and Paris, has further secured $50 million in commitments towards an $80 million fundraising target.

The milestone was announced at the 2024 Africa Investment Forum Market Days currently underway in Rabat, Morocco.

The fund has already deployed over $10 million to five pioneering African startups in the climate, food systems, energy access, internet connectivity, financial inclusion, and payments infrastructure sectors.

These are Beacon Power Services (Nigeria), Poa! Internet (Kenya), Xeno (Uganda), Bizao (Cote d’Ivoire, Senegal, and France): and Shamba Pride (Kenya).

According to a statement, it was disclosed that these businesses serve over 60 million people, including by connecting 60,000 households to the internet, supporting 50,000 farmers, and empowering 30,000 individuals with financial inclusion services across eight African countries.

“The portfolio is also fully 2X compliant, empowering women in startups and ecosystems,” the statement added.

Both the African Development Bank and the European Investment Bank are founding partners of the Africa Investment Forum, a platform that advances transformative African projects toward financial close.

Seedstars Africa Ventures I is addressing gaps in early-stage financing across Africa through investments of up to $2 million in seed and series A rounds, with significant follow-on capacity of up to $5 million, thereby bridging available pools of capital.

By leading successive investment rounds, the fund will catalyse co-investment while offering operational support to start-ups.

The Fund was founded by Ms Maxime Bouan, Mr Tamim El Zein and Mr Bruce Nsereko Lule who have over 45 years of experience investing and working across the continent.

Seedstars Africa Ventures is a member of LBO France Group, which played a pivotal role in seeding this initiative as part of their multi-asset class African strategy, alongside other initiatives.

Speaking on this, Mr Robert Daussun, and Ms Stéphanie Casciola, Chairman and CEO respectively of LBO France said “We are delighted by Seedstars Africa Ventures’ latest milestone, and proud to have been the initial supporter of the team. The portfolio the team has built with our support is innovative and transformative, already providing significant impact and value to the continent. LBO France appreciates the opportunity SAV provides for us and our partners to be part of Africa’s growth story.”

“The African Development Bank views Seedstars Africa Ventures as a strategic opportunity to provide innovative support to Africa’s venture capital industry. It serves as a conduit to improve access to finance for youth and women while also enhancing the availability of risk capital in Francophone Africa.

“This is an area that has traditionally faced limited access to risk capital,” said Mr Ahmed  Attout, African Development Bank Group Director for Financial Sector Development.

“We welcome the investment of the African Development Bank, our Boost Africa partners, in the Seedstars Africa Ventures fund,” said EIB Vice-President, Mr Ambroise Fayolle. “Accelerating digitalisation is a priority for the EIB, and we are committed to supporting African businesses as they drive innovation and prosperity on the continent.”

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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Nigeria, Turkey to Fix Bilateral Relations for Better Visa Facilitation

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By Adedapo Adesanya

The governments of Nigeria and Turkey have agreed to collaborate on enhancing bilateral relations, with a focus on visa facilitation, business mobility, and consular matters.

The agreement followed a meeting in Abuja between the Minister of Interior, Mr Olubunmi Tunji-Ojo, and the Turkish Ambassador to Nigeria, Mr Mehmet Poroy, during a courtesy visit.

Mr Tunji-Ojo highlighted the strong historical and cultural ties between the two countries and Nigeria’s commitment to a “smart, structured, and practical approach to international cooperation” that promotes people-to-people contact and legitimate business engagement.

“These ties provide a solid foundation for deeper collaboration,” he said.

Ambassador Poroy provided updates on improved visa facilitation for Nigerian businessmen traveling to Turkey, noting that “under the new arrangement, applications are processed locally, allowing verified businesspersons to benefit from faster processing timelines of about three to four days.”

He also raised concerns about Turkish businesspeople facing challenges when visiting Nigeria for trade fairs and investments, citing conflicting information about Nigerian visa arrangements. “We request written clarification to guide applicants accurately,” Poroy said.

A key proposal during the meeting was the inclusion of Turkey in Nigeria’s electronic visa (e-visa) system.

“The absence of a Nigerian visa office in Istanbul creates logistical challenges,” the Ambassador explained, adding that, “Including Turkey in the e-visa regime would significantly enhance business mobility for Turkish nationals.”

In response, Mr Tunji-Ojo assured that “denying visas to genuine Nigerian or Turkish businesspeople is not in the interest of either country.”

He emphasized the Ministry’s commitment to “transparency, dialogue, and continuous improvement in visa administration,” stressing Nigeria’s openness to legitimate investors and international business partners.

The discussion also addressed recognition of Nigerian marriage certificates by foreign missions. The Minister clarified that “all marriage certificates issued under Nigerian law are constitutionally valid and should not require additional verification.”

The Turkish Ambassador acknowledged the concern and committed to reviewing embassy procedures, as both parties agreed on the importance of continued engagement to strengthen bilateral cooperation.

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US Delivers Military Supplies to Help Nigeria in Terrorism Fight

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By Adedapo Adesanya

The United States has delivered military supplies to Nigerian security agencies to bolster operations in several parts of the country.

This was disclosed in a post via X on Tuesday by the United States Africa Command (AFRICOM).

“The US forces delivered critical military supplies to our Nigerian partners in Abuja. This delivery supports Nigeria’s ongoing operations and emphasizes our shared security partnership,” the post read.

The development shows cooperation between both nations after US President Donald Trump previously threatened to invade the country over the killing of Christians.

Last November, the federal government dispatched a delegation to Washington, the US capital, aimed at strengthening security partnerships between the two countries and opening new avenues for cooperation.

Leading the delegation then was the National Security Adviser, Mr Nuhu Ribadu, who met with senior officials across the US Congress, the White House Faith Office, the State Department, the National Security Council, and the Department of War.

During the meeting, the Nigerian delegation refuted allegations of genocide in Nigeria, emphasising that violent attacks affect families and communities across religious and ethnic lines.

It also rejected the wrongful framing of the situation, saying such a portrayal would only divide Nigerians and distort the realities on the ground.

According to the presidency at the time, both countries agreed to implement a non-binding cooperation framework and to establish a Joint Working Group to ensure a unified and coordinated approach to the agreed areas of cooperation.

The Nigerian delegation also reaffirmed the government’s commitment to strengthening civilian protection measures.

On Christmas Day 2025, the US has launched strikes against militants linked to the Islamic State group (IS) in north-western Nigeria, where militants have sought to establish a foothold.

According to the Nigerian government, the operation was a joint operation and had nothing to do with a particular religion, adding that the strikes had been planned for quite some time using intelligence provided by the country.

The Nigerian government has long been fighting an array of jihadist groups, including Boko Haram and IS-linked factions, but largely in the North-East. However, some new groups are gaining footholds and the new supplies could help the Nigerian military continue its fight against terrorism.

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Waterway Accidents: FG Urges States to Ban Wooden Boats, Night Travel

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By Modupe Gbadeyanka

State governments have been advised to ban the use of wooden boats for commercial water transportation to reduce waterway accidents.

This call was made by the federal government through the Minister of Marine and Blue Economy, Mr Adegboyega Oyetola.

The Minister argued that wooden boats are unstable and are highly prone to capsizing because they deteriorate quickly, unlike fibre and aluminium vessels which are more durable and safer.

His call followed incessant boat accidents in some parts of the country.

He charged the sub-nationals to adopt safer fibre-reinforced plastic and aluminium vessels to tackle the recurring and avoidable waterway accidents.

Mr Oyetola urged strict adherence to water safety regulations, warning against night travel, overloading, and the use of rickety vessels, while stressing the importance of wearing life jackets.

He disclosed that 35,000 life jackets were distributed to riverine states in 2025 and called for stronger collaboration with state governments to improve safety, noting that water transport remains critical to Nigeria’s blue economy.

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