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Malabu Scandal: Netherland, Switzerland to send $200 million to Nigeria

Nigeria’s Minister of Justice, Justice Abubakar Malami, says that the Dutch and Swiss governments are expected to send the sum of $200 million from the OPL 245 Malabu Oil deal to Nigeria. The Minister announced this in Abuja during an interactive session on capacity with members of the Judiciary in Abuja on Tuesday. Nigeria’s Minister of Justice, Justice Abubakar Malami, says that the Dutch and Swiss governments are expected to send the sum of $200 million from the OPL 245 Malabu Oil deal to Nigeria. The Minister announced this in Abuja during an interactive session on capacity with members of the Judiciary in Abuja on Tuesday. The Minister said...

Kenya’s Data Analytics Startup Superfluid Labs Secures Investment From ShEquity

Newly launched women-entrepreneurs-focused fund ShEquity has made its first investment in Nairobi-based data analytics and AI platform, Superfluid Labs, making the latest investment part of series of investments into the startup in recent time. The investment ethos of ShEquity is novel given the several structural and societal inequalities that usually curtail the fulfillment of aspirations of several visionary women. The company is providing a unique platform to equalize gender gaps and will allow many female entrepreneurs to achieve their set business vision much more easily than before. We join others to celebrate ShEquity on this noble cause,” SuperFluid co-founder Winifred Kotin said. Here Is What You Need To...

Dubai’s Network International to Acquire DPO Group for $288 million

Dubai-based Network International, digital payments group operating across the Middle East and Africa is set to acquire Nairobi-based DPO Group for approximately USD288 million. Network International says it will fund the acquisition through proceeds from an equity placing representing 10.0% of the Company’s existing issued share capital, USD50 million vendor consideration shares issued to Apis Growth Fund I, managed by Apis Partners, USD13 million consideration shares issued to the DPO co-founders, with any small remaining balance to be funded via existing debt facilities. According to Simon Haslam, Chief Executive Officer, Network International, :“We are excited by the proposed acquisition of DPO, the leading high-growth online commerce platform operating at scale across...

Lagos sets up N1 billion seed capital for hospitality sector, rolls out optical fibre across the state

The Lagos State Governor, Babajide Sanwo-Olu, has announced the approval of a N1 billion seed capital for investment in the tourism and hospitality sector in the state. The N1 billion seed capital is to help drive new growth in that sector This was announced during his meeting with business leaders in the state, at an event tagged, ‘BOS Meets Business,’ which was held at the Banquet Hall in the State House, Alausa Ikeja. The Governor said that the investment was needed to support/strengthen the hospitality sector by providing key operators in the tourism business with soft loans to boost their capacity in driving growth. The governor said...

Daily Digest Thursday, 30 July 2020

Latest News Top Nigerian banker Akinwumi Adesina cleared after corruption probe The US, one of the bank's biggest shareholders, insisted on a new inquiry in April after an internal review cleared Akinwumi Adesina. Whistle-blowers had accused the Nigerian of giving contracts to friends and appointing relatives at the bank. Read more Funding In Southern Africa Zimbabwe’s MoneyMart Finance are among 50 finalists in Jack Ma’s “Africa’s Business Heroes” initiative Africa’s Business Heroes (ABH), is a competition set up by Alibaba Group co-founder Jack Ma under his African Netpreneur Prize Initiative (ANPI). ABH wants to identify entrepreneurs making an impact in their communities and to build an inclusive economy for the future.Read...

Top Nigerian banker Akinwumi Adesina cleared after corruption probe

The president of the African Development Bank (AfDB) has been cleared of corruption charges after a review by an independent panel. The US, one of the bank's biggest shareholders, insisted on a new inquiry in April after an internal review cleared Akinwumi Adesina. Whistle-blowers had accused the Nigerian of giving contracts to friends and appointing relatives at the bank. Mr Adesina is set to be re-elected for another five-year term in August. The 60-year-old banker, a former minister of agriculture in Nigeria, will be the sole candidate in the election. A charismatic speaker, who is known for his elegant suits and bow ties, he has led the bank...

TechCabal Live with Tokunboh Ishmael

Topic : Building in Africa This Friday, July 31st, for the 6th episode of "Building in tough times" we are interviewing, Tokunboh Ishmael - co-Founder and Managing Director of Alitheia Capital whose portfolio companies include MAX, Lidya and Tomato Jos. Alitheia Capital is one of the continent's most prolific local investors. Ms Ishmael has a 20-year experience spanning investment banking, private equity investing, technology and new business development on and off the continent. She will answer questions including: How do founders navigate the unique regulatory risks of building in Africa?How should startups react and what perspectives should they keep in mind during and after the ongoing health and economic...

Zimbabwe’s MoneyMart Finance are among 50 finalists in Jack Ma’s “Africa’s Business Heroes” initiative

Africa’s Business Heroes (ABH), is a competition set up by Alibaba Group co-founder Jack Ma under his African Netpreneur Prize Initiative (ANPI). ABH wants to identify entrepreneurs making an impact in their communities and to build an inclusive economy for the future. The 2020 edition had 22 000 applicants from twenty-one countries, half of the applicants were female and in a wide range of fields including, artificial intelligence, e-commerce, health, renewable energy fashion and ICT. From the pool of applicants ABH has narrowed them down to 50 finalists. Among those finalists is Zimbabwean financial solutions company Money Mart Financing. What is Money Mart Financing? Money Mart Financing is a micro-finance business that is run by Ethel...

Opinion: The Open Secret to Reopening the Economy

Anne O. Krueger argues that areas that eased their initial COVID-19 lockdowns and now have surging infection rates are a testament to all that has gone wrong in the pandemic. The lesson from day one still holds: until the virus is defeated, there can be no return to normal. The future of the world economy is becoming clearer. At the outset of the pandemic, there were lively disagreements over whether the lockdown and other measures were warranted, or whether the economic costs were too high. Now, it is increasingly evident that economic activity will resume fully only after lockdown restrictions have been given time to work. Otherwise, COVID-19 will continue...

Venture Capital 4 Africa calls for African startups looking to raise US$150k – US$1M

VC4A is calling for African startups looking to raise between $150K and $1M. In collaboration with technical partner AWS Activate, and network partners AfriLabs and ABAN, VC4A will be hosting the exclusive Venture Showcase – Seed in November as part of a virtual gathering of Africa-focused early-stage investors. Via this campaign VC4A will select 10 innovative early-stage startups to showcase their business to the world. A requirement is that you are based in Africa and your tech-enabled solution is already on the market, you are able to show some traction and you have expansion plans in mind. Since 2017, VC4A has showcased growth-stage startups as part of the annual Africa Early...

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