General
Seedstars Africa Ventures Raises $42m in First Close
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.”
General
ANLCA Onne Seaport Chairmanship: Ikenga Vows to Carry Colleagues Along
By Bon Peters
As the Association of Nigerian Licensed Customs Agents (ANLCA) braces up for the February 2025 election, a chieftain and incumbent General Secretary of the group at the Onne Seaport chapter, Mr Chinedu Ikenga, has promised to be the voice of members.
Mr Ikenga is contesting for the chairmanship position of the chapter and while unveiling his 7-Point Agenda in Port Harcourt, the Rivers State capital, he said, “I firmly believe that every member of ANLCA in general and Onne chapter, in particular, deserves a voice, and I am committed to be that voice for each and every one of you.”
The association’s scribe, who described ANLCA as a place of learning, growth and development, promised to continue on that part, noting that such values should be the touchstone for anybody who aspires to lead the chapter.
Relying on his accessibility, humility, honesty, integrity, inclusiveness, commitment, dedication and uprightness, industry watchers and critical stakeholders believe that Mr Ikenga is the man for the top job, all things being equal.
The GS, who is the chief executive of Prestige Associates Limited, said he would prioritise members’ needs and concerns when elected.
He also pledged to create a safe and inclusive environment where everyone feels welcome and valued, promote a friendly and conducive environment for business to thrive, ensure ANLCA becomes a better place for members, and create opportunities that would guarantee members’ welfare.
He also promised to sustain and improve on the foundation led by previous administrations for the benefit of the group.
After launching his manifesto, Mr Ikenga visited some of the government agencies at the ports, including the Nigeria Customs Service (NCS), the Nigerian Ports Authority (NPA), the West African Container Terminal (WACT), and the Onne Multipurpose Terminal (OMT), among others.
General
How We Rescued Ex-Lagos CP’s Wife from Kidnappers, Recovered N10m Ransom, Others—Police
By Modupe Gbadeyanka
The wife of a former Commissioner of Police (CP) in Lagos, Mr Hakeem Odumosu, Mrs Folashade Odumosu, has been rescued from the kidnappers’ den.
Mrs Odumosu, whose husband retired as an Assistant Inspector General of Police (AIG), regained freedom in the earlier hours of Thursday, January 23, 2025, after some police detective launched an attack on her abductors.
She was forcefully picked up by the suspects on Thursday, January 16, 2025, at about 9:45 pm from her car outside her residence in the Arepo area of Ogun State allegedly by four masked gunmen.
Immediately after the incident, police operatives attached to the Ogun State Command began surveillance for her rescue, which finally happened a week later.
In a statement issued by the police spokesman, Mr Olumuyiwa Adejobi, narrated that the Ogun State police operatives engaged in extensive surveillance of the creeks surrounding Arepo, gathering crucial information to track down the assailants.
It was stated that their efforts culminated in a raid today after an intelligence-led operation took the police to a creek in the swampy area of Ikorodu where the kidnappers were reportedly planning their next attack.
Upon arrival, the operatives encountered the kidnappers, who opened fire. In the ensuing confrontation, two of the gunmen were neutralized, while four others fled the scene, abandoning their operational weapons.
The victim, Mrs Odumosu was rescued within the swampy creeks during the operation, unharmed. She is currently undergoing medical evaluation as a precautionary measure and has since been reunited with her family.
The police also recovered four AK-47 rifles, three locally made single barrel rifles, ammunition of various calibres, and the sum of N10 million ransom previously demanded by the kidnappers, further ensuring that justice is served.
The Inspector-General of Police (IGP), Mr Kayode Egbetokun, commended the Ogun State Commissioner of Police, Mr Lanre Ogunlowo, and his operatives for the successful operation, saying it exemplifies the dedication and resilience of police officers.
General
Telco Tariffs Hike: FCCPC Promises to Ensure Compliance
By Adedapo Adesanya
The Federal Competition and Consumer Protection Commission (FCCPC) has said it would ensure compliance with the new telecommunications tariff adjustment.
Earlier this week, the Nigerian Communications Commission (NCC) allowed for a 50 per cent hike in tariffs for the first time since 2013.
Although stakeholders have expressed dissatisfaction with the level, the law establishing the policy will have to be followed.
While the telcos have silently expressed that the 50 per cent level was too low for the sustainability of the industry; consumers want a lower threshold with an association protecting customers saying it will approach the courts.
Speaking on how it will ensure compliance, the Director of Corporate Affairs of FCCPC, Mr Ondaje Ijagwu, said the commission was working with the NCC to ensure consumers are not infringed upon during the transition period and beyond.
He urged telecom operators to prioritise visible and measurable improvements in network reliability, speed, accessibility, and customer service as part of any tariff adjustment, saying that consumers’ interest is paramount.
According to him, it is crucial that tariff adjustments directly translate into demonstrable and tangible service enhancements for consumers, commending the NCC for adopting a deliberate and measured approach by rationalising the tariff adjustment and linking it to commensurate improvements in service quality.
”Operators are now required to disclose all key details upfront, including the cost, validity period, and the specific inclusions of a plan.
“Consumers can also expect a mandatory disclosure table from their service providers, enabling them to make informed decisions without worrying about unexpected charges or surprises,” he said.
Mr Ijagwu said the Memorandum of Understanding (MoU) signed between the FCCPC and NCC would provide a unified framework to oversee the implementation of the tariff adjustment in a manner that met the needs of consumers, encouraging consumers to report any unfair practices or concerns through the agency’s official channels to ensure effective resolution.
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