Charles Udoh - Afrikan Heroes

Joliba Capital’s Debut Fund Surpasses $96.5M, to Back Francophone African Businesses

January 31, 2024

Joliba Capital, an African private equity firm, has achieved a significant milestone with the first close of its inaugural fund, Joliba Capital Fund I, securing commitments exceeding EUR 33 million from the U.S. International Development Finance Corporation (DFC) and Swedfund as part of a successful Rolling First Close. The fund, which has reached a total of EUR 89 million (USD 96.5 Million), aims to target investment opportunities across Francophone countries in Western and Central Africa.

This strategic move reflects the strong confidence and trust investors have placed in Joliba Capital’s vision and strategy. The fund will primarily focus on developing a diversified portfolio comprised of small and mid-cap regional champions seeking growth capital and operating expertise across various consumer-driven sectors, including agribusiness, manufacturing, FMCG, education, healthcare, financial services, and logistics.

In a market that remains largely undeveloped from a private equity perspective, Joliba Capital intends to play a crucial role in supporting SME financing and strengthening environmental, social, and governance (ESG) and impact standards across the region. The firm is committed to increasing awareness of the benefits of private equity investments in the region.

Joliba Capital Fund I is proud to be 2X Challenge qualified, showcasing its dedication to maximizing impact while delivering superior returns for its investors. LBO France, a multi-specialist and multi-country investment platform and majority owner of Joliba Capital, expresses its commitment to supporting local communities and entrepreneurs to unlock the full potential of the continent.

Robert Daussun, Chairman of LBO France, and Stéphanie Casciola, CEO of LBO France, state, “We are happy to welcome DFC and Swedfund in Joliba Capital’s inaugural fund. Their commitment is a strong endorsement of the high value that African companies can create with the help of professional investors while addressing very concrete development challenges.”

The founders of Joliba Capital, Hamada Touré and Yann Pambou, express their gratitude, stating, “We are pleased to count on the trust and support of DFC and Swedfund on our mission to boost the Francophone Africa private sector and create sustainable jobs. We sincerely thank our partner LBO France and our initial anchor investors Proparco, FMO, and IFC for their confidence and support.”

Mateo Goldman, Acting Vice President of DFC’s Office of Equity and Investment Funds, emphasizes DFC’s pride in supporting Joliba Capital’s expansion, stating, “DFC’s support will provide vital access to capital in these regions to support small businesses facing barriers to financing.”

Sofia Gedeon, Investment Director Sustainable Enterprises at Swedfund, highlights the opportunity to strengthen the private sector and contribute to socio-economic development, stating, “This gives Swedfund the opportunity to strengthen the private sector and to contribute to socio-economic development via increased decent job opportunities and enhanced gender equality.”

Joliba Capital, in collaboration with DFC and Swedfund, is poised to make a significant impact on small and medium-sized businesses in Cote d’Ivoire, Senegal, Cameroon, and other Francophone West and Central African countries. The investment will not only support these businesses but also contribute to improved access to goods and services for the underserved in the region.

A pioneer in private equity in France, LBO France is today a leading multi-specialist and multi-country investment platform. Active in Private Equity, Real Estate, Venture, and Listed Investment, the Company has been expanding its activities in Europe and on the African continent. Wholly owned by its managers, LBO France is one of the founding members of the International Climate Initiative and one of the first signatories of the France Invest charter for parity.

Joliba Capital is a private equity firm, founded by two seasoned African investment professionals, Hamada Touré & Yann Pambou, in partnership with LBO France, to target investment opportunities across Francophone countries in WAEMU and CEMAC regions to develop small and mid-cap regional champions seeking growth capital and operating expertise.

The U.S. International Development Finance Corporation (DFC) is the U.S. Government’s development finance institution, partnering with the private sector to finance solutions to the most critical challenges facing the developing world. DFC investments adhere to high standards and respect the environment, human rights, and worker rights.

Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard.

Founders Factory Africa Doubles Down on South Africa’s Athena with New Funding for Affordable Healthcare Financing

Founders Factory Africa (FFA) has announced a significant boost in its investment in Athena, injecting an additional $150,000 into the innovative healthcare financing platform. This latest infusion brings FFA’s total investment in Athena to an impressive $250,000.

Over the past year, Founders Factory Africa has collaborated closely with Athena’s founder, Jabulani Nyembe, to foster the growth of the company from a conceptual stage to a fully operational business with a market presence and a growing customer base.

Athena, established in 2022 and headquartered in Johannesburg, is revolutionizing healthcare financing by allowing patients to pay for medical procedures in interest-free installments. The platform ensures that healthcare practitioners receive upfront payments, mitigating the risk of bad debts and facilitating a more stable financial environment for medical professionals.

One of Athena’s key features is its commitment to providing more affordable options for individuals to access the private healthcare system in South Africa. At a time when innovative solutions are crucial for addressing healthcare challenges in the country, Athena’s approach aligns with the pressing needs of the population.

“If you’re either a Patient or Doctor, check-it out here,” encouraged Founders Factory Africa in their announcement, emphasizing the platform’s potential benefits for both healthcare consumers and providers.

Athena’s unique model allows patients to receive and accept their repayment terms, making the financial aspect of healthcare more manageable. By paying the first installment, patients can initiate their coverage, proceed with their medical procedure, and Athena takes the responsibility of settling the full amount owed to the healthcare practitioner. Repayment to Athena is then spread over 3 or 6 months, offering flexibility and easing the financial burden on patients.

In a statement, Founders Factory Africa expressed their excitement about the progress made with Athena and their commitment to supporting innovative solutions that address critical challenges in the healthcare sector. The investment not only reflects confidence in Athena’s business model but also signals Founders Factory Africa’s dedication to fostering impactful ventures in the African startup ecosystem.

As Athena continues to pave the way for accessible and affordable healthcare financing, the collaboration with Founders Factory Africa serves as a testament to the potential of such partnerships in driving positive change in the healthcare landscape.

Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard.

London-based Data-driven Cleantech Platform Bboxx Relocates HQ to Rwanda, Plans $100M Investment

January 30, 2024

London-based Bboxx, the data-driven super platform dedicated to transforming lives across Africa, has announced a strategic move of its Headquarters from London to Kigali. The decision was revealed today at the UK-Rwanda Business Forum in Kigali, underlining the company’s commitment to Africa as an “Africa-first” entity.

The move signals a significant step in Bboxx’s mission to connect consumers and deploy innovative products across the continent. Bboxx plans to invest USD$100 million in Rwanda, training nearly 1000 Rwandans in the next five years. This announcement aligns with the company’s ambitious goals for the new year, aiming to impact 36 million people by 2028, following a USD$100 million partnership with Kuwaiti investment company EnerTech announced in December 2023.

Expanding Impact in Africa

Bboxx, founded in 2010, initially focused on addressing energy poverty in Africa. Over the past 13 years, it has expanded into 11 African markets, providing electricity to over 10% of Rwanda’s households. The company has diversified its range of products and services, from solar energy to pay-as-you-go clean cooking solutions, water pumps, smartphones, and electric vehicles.

Strategic Move to Kigali

Simultaneously, Rwanda’s transformation over the past two decades, coupled with business-friendly policies, makes it an opportune location for Bboxx to base its operations. The decision to move the headquarters to Kigali places Bboxx at the core of Africa’s rapidly evolving energy and technology sectors, enhancing access to key markets and reinforcing its commitment to long-term, sustainable growth.

Francis Gatare, CEO of the Rwanda Development Board, welcomed the move, stating, “Bboxx’s decision aligns with our efforts for Rwanda as a magnet for smart, sustainable investments.” Rwanda offers a conducive business environment, a growing pool of tech and engineering talent, and easy access to the rest of Africa through its national carrier, Rwandair.

Partnerships and Commitments

Bboxx’s move is supported by strong partnerships with African governments, including the Government of Rwanda. This highlights the shared commitment to electrify the continent and empower remote communities economically. The company’s vision is a testament to its dedication to a brighter, more sustainable African future.

The UK, a key development partner for Rwanda, sees Bboxx’s move as a reflection of the strong relationship between the two nations. The British High Commissioner, His Excellency Omar Daair OBE, noted, “Bboxx’s move to Kigali exemplifies the UK’s ongoing support for African innovation.”

Bboxx’s Transformative Mission

Mansoor Hamayun, CEO and Co-Founder of Bboxx, expressed the significance of the move, stating, “In our journey to revolutionize access to essential products and services across Africa, it’s only fitting that we position ourselves at the heart of the continent.” The relocation promises to bring Bboxx closer to the communities it serves, ensuring reliable and innovative solutions to the challenges they face.

With the President of Rwanda, Paul Kagame, serving as the Commonwealth Chair-in-Office, the move to Kigali positions Bboxx strategically, reinforcing its commitment to Africa and its dedication to being a data-driven super platform for transformative change.

Bboxx is a data-driven super platform championing economic empowerment in Africa. Through its fully integrated operating system, Bboxx Pulse®, the company connects customers with clean energy, clean cooking, smartphones, e-mobility, and selected financial products. With a pay-as-you-go model, Bboxx aims to provide convenient and affordable solutions, positively impacting over 3.6 million people in 10 operating markets. The move to Kigali signifies a pivotal chapter for Bboxx as it strives to unlock potential across the continent.

Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard.

Sony Innovation Fund Kicks Off African Investment with Funding for South Africa’s Carry1st

In a groundbreaking move for Africa’s gaming industry, Carry1st, an Africa-focused game publisher and digital commerce platform, has secured a substantial investment from the Sony Innovation Fund. This marks the inaugural investment from the newly established Sony Innovation Fund: Africa, a venture capital initiative aimed at fostering the growth of entertainment businesses on the continent.

With over 200 million unique players, Africa’s gaming industry is on the brink of a remarkable transformation, driven by the rapid adoption of technology. According to industry sources like Newzoo and Carry1st, the sector is poised to surpass a market size of $1 billion in 2024.

Cordel Robbin-Coker, CEO and co-founder of Carry1st, expressed excitement about the collaboration, stating, “We are thrilled to join forces with Sony Innovation Fund: Africa. The relationship will help Carry1st drive the future of gaming in Africa.”

Carry1st’s unique position in the market, coupled with Sony’s extensive experience in the gaming and entertainment industry, is expected to create a formidable alliance. The partnership aims to explore and capitalize on the vast potential of the African gaming market.

Antonio Avitabile, Managing Director — EMEA, Sony Ventures Corporation, commented on the investment, stating, “We believe there is tremendous untapped potential for the gaming market in Africa, which we hope to experience and contribute to through our investment in Carry1st.”

This strategic collaboration is not only set to elevate Carry1st’s presence in the gaming industry but also contribute to the overall development and expansion of Africa’s entertainment landscape. As technology continues to reshape the continent’s economic and cultural landscape, the partnership between Carry1st and Sony sets a precedent for future investments and collaborations in Africa’s burgeoning gaming sector.

Sony Ventures’ Ambitious Plans for Africa

Sony Ventures plans to deploy its new $10 million fund, known as Sony Innovation Fund: Africa (SIF: AF), to support early-stage startups in the fields of gaming, music, film, and content distribution. This initiative is part of Sony Ventures Corporation’s broader efforts to back technology businesses across different markets and stages.

Despite fintech being the most funded sector in Africa, Sony Ventures is focusing on entertainment startups for its initial entry into the African market. Gen Tsuchikawa, CEO of Sony Ventures, stated that the company’s mission is to combine creativity and technology to enhance entertainment experiences worldwide.

Sony’s Africa-focused fund aims to provide much-needed support to entertainment tech startups in Africa, historically struggling to secure consistent venture capital. According to Partech Africa, these startups received only $42 million in 2022, accounting for just 0.9% of Africa’s total venture capital investments.

For example, the gaming market in Sub-Saharan Africa is expected to exceed $1 billion by 2024. Video-on-demand subscriptions and the music industry are also on the rise, with considerable growth expected in these areas in the coming years.

Sony Ventures plans to offer follow-on investments to its portfolio companies in addition to its seed and early-stage investment strategy. The $10 million fund anticipates ticket sizes ranging from $250,000 to $1 million.

Initially, Sony Innovation Fund: Africa will focus on South Africa, Kenya, Nigeria, and Ghana, with the potential for expansion in the future. The fund’s activities in Africa will be supported by the Sony Ventures team in Europe, with the intention of hiring a full-time member on the continent to manage venture capital sourcing.

Sony Ventures’ commitment to supporting African entertainment startups demonstrates its recognition of the region’s untapped potential and its desire to foster the growth of the entertainment industry in Africa through technology and innovation.

How Sony Ventures Plans to Deploy Its New $10M Fund in African Startups

Central African Central Bank Wants to Regulate Fintech, Initiates Forum

In a significant move towards fostering financial technology (fintech) innovation and regulation, the Central African Central Bank (Banque des États de l’Afrique centrale or Beac) inaugurated the first-ever fintech forum in Douala on January 29, 2024. The forum aims to regulate fintech activities within the Economic and Monetary Community of Central Africa (CEMAC), encompassing Cameroon, Congo, Gabon, Chad, Central African Republic (RCA), and Equatorial Guinea.

Jean-Clary Otoumou, the Director-General of Operations at Beac, emphasized the need for collaboration between Beac, the Financial Markets Commission (Cosumaf), the Banking Commission (Cobac), and fintech companies. Otoumou stated, “We do not know each other well. However, we all play crucial roles in payments within the region for our populations, and our ambition is to regulate.”

Highlighting the urgency of regulating digital financial services, Otoumou underscored the industry’s rapid growth and the security risks associated with transactions in the sub-region.

To address these concerns, the central bank has developed a regional financial inclusion strategy set to be implemented this year. The strategy focuses on providing access to reliable and secure data for all stakeholders in the financial inclusion sector, promoting and facilitating innovation, and ensuring interoperability.

According to Beac’s 2022 report on payment services in the CEMAC region, over 96% of transactions (2.3 billion operations) were conducted through Mobile Money, with only 2% (48.3 million operations) utilizing traditional bank transfers and cards. The report also indicated that instant electronic currency transfers were used in 21% of transactions, totaling 23,332 billion CFA francs.

Given the substantial transaction volumes, the necessity of regulation becomes evident. However, César Zinga, founder of Mapossa, a fintech specializing in automated personal finance, expressed concerns about the practical implementation of the regulation. Zinga suggested the need for a regulatory body specifically overseeing payment institutions.

Until January 31, the central bank and fintech promoters aim to collaborate and expedite financial inclusion efforts, currently estimated at 32% in the sub-region. Jean-Clary Otoumou stated, “Our strategic objective is for 75% of the 60 million inhabitants of the CEMAC to have a bank account and an electronic instrument by 2030.” The dialogue between regulatory authorities and fintech innovators is crucial for shaping a robust and effective regulatory framework in the evolving digital financial landscape of Central Africa.

Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard.

Silicon Badia Leads $3M Investment Round in Egyptian AI-powered Logistics Startup Roboost

January 29, 2024

In a significant move towards reshaping the landscape of delivery management in the Middle East and North Africa (MENA) region, Roboost, the pioneering AI-powered logistics startup, has successfully concluded a $3 million investment round. The round was led by Silicon Badia, with noteworthy participation from RZM Investment, Flat6Labs, and Saudi Angel Investors. The influx of funds is set to propel Roboost into its next phase of regional expansion.

Roboost has gained prominence through its delivery management Software as a Service (SaaS) solution and AI operations copilot, which has streamlined home delivery operations for major brands spanning various industries. Notable clients include McDonald’s in Egypt and Kuwait, Buffalo Burger, El Ezaby Pharmacies, and Jumlaty across regional markets such as Egypt, Saudi Arabia, Kuwait, Morocco, and Tunisia.

The startup’s success lies in its utilization of proprietary machine learning, establishing industry-defining best practices. Roboost has introduced innovations such as pre-delivery technology, precision auto-dispatching, and “smart routes” tailored for riders. This technology is particularly beneficial for the 70% of orders made offline, relying on text addresses.

Roboost’s impact extends beyond route optimization, with real-time dynamic fleet payroll, customer insights through heat-maps and analytics, and advanced fraud detection, ensuring a comprehensive approach to delivery operations.

Currently empowering over 15,000 delivery drivers and serving nearly 10 million unique customers, Roboost has automated more than 40 million orders. The startup’s achievements include doubling delivery speed by eliminating inefficiencies, achieving 99.8% task automation, reducing order returns by over 80%, and cutting operational costs by 30%. Through enhanced fleet control, average driver productivity has increased by 40%, with fraud levels below 5%.

With a remarkable 400% year-over-year revenue growth, Roboost aims to extend its success across the entire MENA region’s delivery market. The startup plans to utilize the investment to broaden its scope, not only in delivery operations but also by expanding its e-commerce and middle-mile offerings through tailored automated solutions.

Hossam Shafick, an investor at Silicon Badia, expressed enthusiasm for backing a game-changing solution in the delivery management space. He highlighted Roboost’s unique value proposition, providing benefits to all stakeholders, including brand/store managers, delivery agents, and end-customers.

Mohamed Gessraha, CEO and Co-Founder of Roboost, shared his vision for the future, stating, “Our goal is to redefine what it means to have automated delivery operations by applying our technology to our customers’ most detailed workflows.” The CEO expressed gratitude for the investment, emphasizing its role in propelling Roboost’s growth and solidifying its position as a copilot for enterprises’ delivery operations.

Roboost AI Logistics Roboost AI Logistics

Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard.

South Africa’s OfferZen Secures $4.3M Funding, Unveils Business Model Changes and Leadership Shift

South African developer hiring marketplace, OfferZen, has successfully concluded a EUR4 million (US$4.3 million) funding round from top-tier investors, marking a significant milestone in its journey. This comes alongside a strategic reformatting of its business model and key personnel changes.

Founded in 2015 and officially launched in 2016, OfferZen has emerged as a prominent player in the tech hiring sector, facilitating connections between curated, actively job-seeking developers and over 2,000 companies in South Africa and beyond. The startup’s primary goal is to assist companies in maximizing their potential by streamlining the hiring process.

OfferZen previously raised US$5.1 million in a funding round in 2021 and has now secured an additional US$4.3 million from notable investors, Invenfin and AI Capital.

Philip Joubert, Co-founder of OfferZen, expressed his excitement about the recent funding, stating, “Securing this funding from investors who share our long-term vision is a testament to our team’s hard work. We couldn’t be more excited to partner with investors that bring so much experience. Their support and capital investment will help us make a lot of product improvements over the coming months.”

The company has not only celebrated a financial victory but has also made significant adjustments to its business model in response to the challenges faced by its customers in 2023. In addition to the traditional per-hire charge, OfferZen has introduced a fixed-fee unlimited hiring subscription. This shift aims to alleviate the financial burden on tech companies and foster a more sustainable and predictable model.

OfferZen Co-founder Philip Joubert reflected on this change, stating, “It’s always scary making a big change to your business, but fortunately Unlimited worked. It’s easy to budget for, competitively priced, and we hoped it would relieve some of the pressure our customers were feeling. A significant number of our customers have moved to the subscription model over the last year.”

In a noteworthy development, after three years as CEO, Philip Joubert is passing the baton to Matt Beck, the former VP of marketing. Joubert expressed confidence in Beck’s abilities, saying, “Matt has been instrumental in levelling up our business for scale, loves our brand, and has been a great champion of our values. I’m glad to be able to call him my new boss.”

Matt Beck, the incoming CEO, shared his enthusiasm for the upcoming year, stating, “I’m really excited about this year. Our customers can expect the most significant updates to the platform yet in the coming months as we’re introducing completely new ways for candidates and companies to connect using AI.”

As OfferZen continues to evolve and adapt to the dynamic tech hiring landscape, the infusion of funds, business model changes, and leadership transition position the company for further growth and innovation in the months ahead.

Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard.

Rwanda-based Health-tech Viebeg Medical Poised for Growth with New Funding

January 28, 2024

In a significant development for the healthtech sector in East and Central Africa, Viebeg Medical, a leading medical supplies and equipment provider, has announced a substantial investment from J&J Impact Ventures and Sanofi Global Health Unit Impact Fund.

Viebeg Medical, founded in 2018 by CEO Tobias Reiter and Chief Commercial Officer Alex Musyoka, has successfully secured funding from prominent venture capital firms in the past, including Beyond Capital Ventures, Global Ventures, Angaza Capital, Founders Factory Africa, Norrsken, and others, amounting to over $2.5 million.

The latest investment from J&J Impact Ventures, an impact fund under the Johnson & Johnson Foundation, and Sanofi Global Health Unit Impact Fund is expected to propel Viebeg Medical to new heights in its mission to enhance healthcare accessibility in the region.

Serving over 1,000 hospitals, clinics, pharmacies, and healthcare providers in Rwanda, Kenya, and the Democratic Republic of the Congo, Viebeg stands out for its innovative data-driven procurement solution called VieProcure. This platform facilitates the efficient distribution of medical supplies, equipment, and pharmaceuticals, addressing critical supply chain challenges in the healthcare sector.

CEO Tobias Reiter expressed excitement about the company’s future endeavors, stating, “Through the past three years of operations at Viebeg, our team has identified large inefficiencies when it comes to the procurement decisions of healthcare providers across the East and Central African region.”

He further explained the company’s vision, saying, “Our HDSM model identifies the current healthcare demand, compares it to the supply of health services in the region, calculates the profitability of each unit of medical equipment, and then supports healthcare providers in making optimal procurement decisions, translating to better quality and more affordable patient outcomes.”

The investment comes at a pivotal time for Viebeg as it focuses on building a world-class health demand simulation model (HDSM), beginning in Rwanda where the company has the longest operational history.

Jon Fairest, Head of the Global Health Unit at Sanofi, expressed the organization’s enthusiasm for partnering with Viebeg, stating, “We are excited to play a role in Viebeg’s scale-up journey as an investor and partner through our impact fund. Viebeg has demonstrated the value of its model in disrupting supply chain challenges to improve accessibility and affordability of quality and essential medical equipment in resource-constrained health systems.”

He added, “Our global health unit is dedicated to improving access to sustainable healthcare for vulnerable populations with the highest unmet medical needs.”

As Viebeg Medical continues to expand its footprint and make strides in disrupting traditional healthcare supply chains, this investment is poised to make a significant impact on healthcare accessibility and affordability in the East and Central African region. Investors and industry experts will be closely watching as Viebeg enters its next phase of growth and innovation.

Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard.

How To File Your Data Protection Compliance Audit Returns in Nigeria

January 27, 2024

In accordance with the Nigeria Data Protection Act (NDP Act) 2023, the filing of Data Protection Compliance Audit Returns (CAR) is a mandatory obligation for both data controllers and data processors, as stipulated in the Nigeria Data Protection Regulation (NDPR) 2019. This comprehensive guide aims to provide a step-by-step approach for filing these returns, promoting transparency, and ensuring accountability in the processing of personal data.

1. Reliance on NDPR for Filing of CAR

Data Controllers and Data Processors are advised to rely on Articles 4.1(5) and (7) of the NDPR to submit CAR to the Nigeria Data Protection Commission (the Commission). It is crucial to note that the NDPR remains applicable, subject to any overriding provisions of the NDP Act or regulatory instruments issued pursuant to it.

2. The Role of Data Protection Compliance Organizations (DPCOs)

a) DPCOs are instrumental in facilitating the filing of CAR with the Commission, minimizing financial constraints for Data Controllers and Data Processors. b) DPCOs may, under certain circumstances, engage in CAR work as a Corporate Social Responsibility (CSR), particularly for start-ups, non-profit organizations, and low-revenue entities, emphasizing the promotion of voluntary compliance. c) CAR serves as an opportunity for practical training of designated Data Protection Officers (DPOs) and staff members, with evidence of training earning CPD credits. d) DPCOs are responsible for disseminating this Guidance Notice to their clients or prospective clients.

3. CAR Focus Areas

a) The audit report should emphasize the following: i. Awareness ii. Capacity Building iii. Privacy Policy iv. Compliance Directives to Employees, Contractors, Agents, etc. v. Availability of Data Protection Officers vi. Categories of Personal Data being processed vii. Technical Measures for ensuring Confidentiality, Integrity, and Availability of Personal Data viii. Grievances Redress Mechanism ix. List of agents or contractors engaged for data processing and their compliance with the NDP Act.

b) For the year 2022, agents or contractors should provide details of their Technical and Organizational Measures (TOM) for data protection in the Digital TOM form provided by the Commission.

4. Compliance Memorandum

a) Data controllers or processors may outline a time-bound intention to regularize data processing activities in line with the NDP Act in a Memorandum. b) The Memorandum, signed by the designated DPO, should be submitted to the Commission as part of the CAR, with a time-bound intention not later than March 31, 2024.

5. Free Induction Training for Designated DPOs

a) Designated DPOs are required to participate in an induction training organized by the Commission in January 2024. b) The training will focus on data subjects’ rights and compliance obligations of data controllers and processors under the NDP Act and its General Application and Implementation Directive (GAID).

6. Default Fee

The deadline for filing under the NDP Act and the NDPR is March. The applicable date for the 2022 CAR under this Guidance is March 15, 2023. A default fee, amounting to 50% of the filing fee, applies if a data controller fails to file on or before the deadline.

Effect of Non-Compliance

Failure to comply with this Guidance Notice may lead to enforcement orders or sanctions under the NDP Act, including penalties or remedial fees, depending on the severity of the violation.

For detailed liabilities and enforcement procedures, refer to Sections 48 and 32 of the Nigeria Data Protection Act.

Rating Compliance Metrics in the National Data Protection Programme (NaDPAP) Whitelist

S/N	METRICS	NDP ACT SECTIONS	POINT
1	Verifiable Evidence of Conformity with Data Protection Principles and Lawful Basis. (Privacy Policies and Notices, Consent forms, Visitors Book, audio visual evidence of compliant data processing, etc may be used)	24 & 25	15
2	Accountability and Prompt Responsiveness to Regulatory Processes. (Timely filing of CAR, Resolution of Complaints, Registration and Data Subjects Access Request are focal areas)	24, 6(d), 24(3) & 61(2) (g)	15
3	Sensitization of Data Subjects on Data Subjects Rights	27 & 34-38	10
4	Appointment of A Verifiably Competent DPO	32	5
5	Engagement of a DPCO	33	5
6	Filing of Compliance Audit Returns	6(d) & 61(2)(g)	10
7	Data Privacy Impact Assessment	28	10
8	Accessible and Functional Internal Remediation Mechanism	40(8)	10
9	Globally Acceptable Information Security Certifications. Privacy by design is pivotal.	24(2) & 39	10
10	Continuous Awareness / Capacity Building Programme for Staff, Contractors, Licensees, etc (This in furtherance of the overall objectives of the Act	1	10
TOTAL			100

Clarification on NaDPAP Whitelist: A Tool for Accountability

The NaDPAP Whitelist serves as a vital instrument for accountability, distinguishing itself from an immunity list or a shield against data subject complaints.

Not an Immunity List or Shield: The Whitelist should not be misconstrued as conferring immunity or acting as a shield against data subject complaints.
Functional Data Repository: It functions as a comprehensive repository of data controllers and processors, providing a clear overview of entities involved in data processing activities.
Rebuttable Presumption of Commitment: Inclusion in the Whitelist creates a rebuttable presumption. It is understood that a data controller or processor on the list is committed to implementing robust technical and organizational measures to safeguard the rights of data subjects.

All enquires about filing data audit returns in Nigeria should be forwarded to info@progressionlawfirm.com.

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Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard.

CEI Africa Invests €1M in InspiraFarms Cooling to Boost Sustainable Cold Storage Solutions in Africa

January 26, 2024

The Foundation for Clean Energy and Energy Inclusion for Africa (CEI Africa) has announced a significant investment of up to EUR 1 million in InspiraFarms Cooling, reinforcing its commitment to advancing sustainable cold storage solutions across the African continent. The investment, facilitated through a convertible note, is in collaboration with existing investors KawiSafi and Factor[e].

This development follows InspiraFarms Cooling’s successful Series-B round in 2020 and a strategic investment agreement with InfraCo Africa in 2023 to pioneer its innovative ‘Cooling-as-a-Service’ model.

InspiraFarms Cooling specializes in designing, developing, and installing efficient precooling and cold chain technology tailored for fresh produce, flowers, and animal protein supply chains in Africa and other emerging markets. The aim is to address the critical challenge of limited cold storage accessibility, with only 5% of African fresh produce entering the cold chain compared to Europe’s 94%.

The company’s cooling solutions play a pivotal role in reducing energy costs, minimizing food losses, extending shelf life, and ensuring compliance with stringent global export standards. InspiraFarms Cooling offers both tailor-made and standardized solutions adaptable to various energy sources, including 100% off-grid options.

The scarcity of cold storage infrastructure in Africa contributes to the alarming loss of 30–50% of fresh produce, making food loss the second-largest emitter of greenhouse gases on the continent. InspiraFarms Cooling’s sustainable approach not only addresses these environmental concerns but also generates high-quality rural jobs through the deployment of cold storage solutions.

Julian Mitchell, CEO of InspiraFarms, expressed his delight at welcoming CEI Africa as an investor, emphasizing the shared commitment to sustainable impact within the fresh produce industry. He stated, “Access to quality cooling is fundamental for clients to reduce post-harvest losses, and sell more, at better prices, with lower costs, bringing both economic and climate benefits.”

CEI Africa’s investment is not just a financial commitment but a strategic move to support InspiraFarms Cooling’s off-grid energy cold storage projects across the continent. Moreover, it is linked to catalyzing additional capital through crowdfunding for energy-efficient cold chain infrastructure.

Steven Evers, Member of the Executive Board of CEI Africa, highlighted the broader impact of the investment. “Our investment in InspiraFarms Cooling will not only support the growth of the off-grid energy cold-storage sector in sub-Saharan Africa but will also catalyze private retail investment into the sector through crowdfunding,” he stated.

InspiraFarms Cooling has already deployed hundreds of units across 15 countries, offering agribusinesses, exporters, third-party logistics, and food distributors the necessary cooling solutions for their perishable products. The company’s ongoing mission is to make cooling solutions more accessible, efficient, and sustainable for businesses of all sizes.

CEI Africa, established by the German development finance institution KfW, manages funds on behalf of the German Federal Ministry for Economic Cooperation and Development (BMZ). The Foundation focuses on improving access to energy for rural and peri-urban households and enterprises in sub-Saharan Africa. This investment aligns with CEI Africa’s mission to support off-grid energy companies and mini-grid project developers.

As the partnership between CEI Africa and InspiraFarms Cooling unfolds, it promises not only to enhance cold storage capabilities but also to contribute significantly to reducing food losses and advancing sustainable practices in the agribusiness sector across Africa.

Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard.