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InfraCo Africa commits $6m to Bumbuna Hydro II

InfraCo Africa, part of the Private Infrastructure Development Group (PIDG), has signed an agreement with Joule Africa to provide $6m of funding to the 143MW Bumbuna Hydro II initiative in Sierra Leone. The funding forms part of a package involving the private sector and development finance institutions designed to ensure that Bumbuna Hydro II can go the “last mile,” reaching construction and operations to deliver year-round, renewable baseload power in Sierra Leone. Gilles Vaes, InfraCo Africa’s CEO, said: “As part of the PIDG, InfraCo Africa is uniquely positioned to be nimble and flexible, providing timely development capital and expertise at any point in the lifecycle of a...

AFRICA: Med’Innovant Africa 2020 will award innovations for the sustainable city

Euroméditerranée, a French public urban development institution, is launching the 2020 edition of its Med'Innovant Africa competition dedicated to sustainable cities. Start-ups interested in this innovation competition are invited to apply before August 31, 2020. The Med’Innovant Africa 2020 is launched. The second edition of this innovation competition is dedicated to the sustainable city, more than ever at the heart of urban development strategies in Africa. The aim of this competition is to stimulate the search for innovative solutions to imagine the resilient African and Mediterranean sustainable city of tomorrow. “By putting resilience at the heart of this second edition, the objective of Med’Innovant Africa is to...

Daily Digest Friday, 31 July 2020

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. Funding In East Africa 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. Read more 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...

‘Entrepreneurship can come out of necessity or innovation’ – Kolawole Olajide

Entrepreuneurship is gaining more traction across the African continent as more and more youth are looking to start their own business.  Kolawole Olajide is the co-founder of BridgeLabs, his third entrepreneurial project that was founded from his interest in building high-quality technology products designed to enable forward-thinking organizations to compete and perform in the 21st century. Olajide spoke to The Africa Report about entrepreneurship on the continent, and how the coronavirus pandemic has affected entrepreneurship, and BridgeLabs specifically. Parts of this interview have been edited for length. The Africa Report: In Nigeria, more than half of the youth don’t have enough work or none at all. Entrepreneurship seems to be among...

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...

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