PRESIDENT BUHARI RECEIVES THE OUTGOING ZIMBABWE AMB MAZEMO 0A. President Muhammadu Buhari usher in the outgoing Zimbabwe Ambassador to Nigeria, Mr. Lovemore Mazemo during a farewell at the State House Abuja. PHOTO; SUNDAY AGHAEZE. AUGUST 1 2019
PRESIDENT BUHARI RECEIVES THE OUTGOING ZIMBABWE AMB MAZEMO 1. President Muhammadu Buhari Received the outgoing Zimbabwe Ambassador to Nigeria, Mr. Lovemore Mazemo during a farewell at the State House Abuja. PHOTO; SUNDAY AGHAEZE. AUGUST 1 2019
PRESIDENT BUHARI RECEIVES THE OUTGOING ZIMBABWE AMB MAZEMO 3. President Muhammadu Buhari presents a gift to the outgoing Zimbabwe Ambassador to Nigeria, Mr. Lovemore Mazemo during a farewell at the State House Abuja. PHOTO; SUNDAY AGHAEZE. AUGUST 1 2019
PRESIDENT BUHARI RECEIVES THE OUTGOING ZIMBABWE AMB MAZEMO 1. President Muhammadu Buhari Received the outgoing Zimbabwe Ambassador to Nigeria, Mr. Lovemore Mazemo during a farewell at the State House Abuja. PHOTO; SUNDAY AGHAEZE. AUGUST 1 2019
PRESIDENT BUHARI RECEIVES THE OUTGOING ZIMBABWE AMB MAZEMO 3. President Muhammadu Buhari presents a gift to the outgoing Zimbabwe Ambassador to Nigeria, Mr. Lovemore Mazemo during a farewell at the State House Abuja. PHOTO; SUNDAY AGHAEZE. AUGUST 1 2019
SUNDAY AGHAEZE( HND Mass Comm, PGDBA) PERSONAL ASSISTANT TO THE PRESIDENT International Photojournalist +234-803-3031520, 0805-2039160 email; suaghaeze@gmail.com aghaezesun@gmail.com
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry.
We are in an increasingly dire state – overlooked and forgotten by the world at large, which allows our captors to inflict unspeakable violence upon us.
I write to you today from Kondengui Principal Prison, where I am unjustly detained with a sizeable part of my cabinet and with thousands of other Southern Cameroonian prisoners who have run afoul of the repressive regime of Paul Biya, the long-ruling despot of Cameroon.
We are in an increasingly dire state – overlooked and forgotten by the world at large, which allows our captors to inflict unspeakable violence upon us. This, in reality, is indicative of the broader struggle that my people have faced, often in silence and too often disregarded.
Over the past two years, I have the honor of serving as the president of the Southern Cameroons Interim Government. Several months ago, I was illegally abducted, together with part of my cabinet from the Nera Hotel in Abuja, Nigeria, and thereafter illegally transported to Cameroon, in violation of international law. To be sure, I am merely the latest victim of a catastrophe that has been long-simmering, evident today by a growing social fissure that has resulted in countless deaths and destruction.
Historically, The Republic of Cameroon achieved its independence on January 1, 1960, and became a member of United Nations with her own territory clearly defined, sharing a recognized boundary with Southern Cameroons. British Southern Cameroons was later granted its independence on October 1, 1961, with her own territory clearly mapped out as well, sharing common boundaries with the Federal Republic of Nigeria and Cameroon.
As such, the root cause of today’s ongoing crisis is the result of a severely botched decolonization process. And this must be addressed immediately before a lasting solution can be found, one that is built on a foundation of international law and a culture of justice and respect for basic human dignity.
Put simply, international law provides Southern Cameroons the right to self-determination. What is more, the violence and killings that are taking place in Southern Cameroons at this time, has left us with no alternative than to fight, to defend and to liberate ourselves from the shackles of black on black colonialization.
The unjust treatment of Southern Cameroonians is today, an unavoidable and tragic reality. Our people are being killed not for what they have done but for who they are. Our people have indeed been described as “rats” and “dogs” by members of Cameroon’s government. There are calls to exterminate us, and other Ambazonians, with the justification that President Biya has the right to kill everyone on the pretext of “national unity.”
Imagine being told that you are the enemies in the house; imagine your people being told to vacate their ancestral lands and villages or be considered terrorists; imagine the scorched earth policy and military operations in our villages that have spared no one, not even elderly women and young children; just imagine being made to feel like a second class citizen in the country of your birth. These are the stone-cold and brutal facts of today and living conditions in which we are forced to somehow survive.
On the basis of these reprehensible and humiliating conditions, Southern Cameroonian leaders have sought, on multiple occasions over the years, to engage in peaceful dialogue with Cameroonian authorities. We have been consistently refused this opportunity. Over the due course of time, our people – myself included – realized that we were simply victims of another broken promise and the signs of impending disaster were manifest.
Our hopes were dashed and many of our leaders, both political and civic, were thrown illegally into jail. Protests had failed. Attempts at good-faith dialogue also failed. We were stymied. We were beaten. And we were humiliated in the process. We thus came to the realization that collectively we had no other alternative except that of preparing for direct confrontation, whereby we would present our very bodies as a means of laying our case before the conscience of the international community.
Put simply, the people of Southern Cameroons have lost faith in the Cameroon experiment – it is indeed an incurable disease. Paul Biya and his regime have ruthlessly cracked down on our peaceful people – our mothers, fathers and children alike – with a ferocious barbarity. War has been declared on our people. This is all to remind onlookers and readers that we did not move irresponsibly into direct confrontation with authorities in Cameroon. We have always advocated for a peaceful resolution to the root causes of this crisis. However, Biya and his regime thought otherwise, determining that violence can be the solution.
Never again can we, the people of Southern Cameroons, afford to live with the narrow and institutionalized status of second-class citizens – certainly not in the land of our ancestors.
Today, the winds of freedom and liberty beckon to your divine conscience to tell your governments and your elected representatives worldwide: Let my people go! Support our democratic aspirations. This struggle has gone beyond that of individuals like me willing to pay the ultimate price for the freedom of our people. Join our struggle for human decency and the battle for respect of our bodies, hearts and minds, our traditions and values. The struggle for the complete independence of Southern Cameroons is your struggle. Please, stand with us.
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry.
According to the “West Africa Inequality Crisis” report, six of the 10 fastest-growing economies in Africa are in West Africa, with the Ivory Coast, Ghana, and Senegal among the world’s 10 fastest-growing economies. “In most countries, the benefits of this unprecedented economic growth have gone to a tiny few,” the report reads.
“Inequality has reached extreme levels in the region, and today the wealthiest 1% of West Africans own more than everyone else in the region combined.” The report reads the vast majority of West Africans are “denied the most essential elements of a dignified life, such as quality education, healthcare, and decent jobs”.
In Nigeria, for example, the wealth of the five richest Nigerian men combined stands at $29.9bn — more than the country’s entire budget in 2017, the report reads.
Rather than tackle inequality, some of the region’s governments are underfunding public services, such as health and education, and failing to tackle corruption, Oxfam’s regional director Adama Coulibaly said.
The report called on governments to do more to promote progressive taxation, boost social spending, strengthen labour market protection, invest in agriculture and strengthen land rights for smallholders. For example, it said the region loses an estimated $9.6bn annually because of corporate tax incentives offered by governments to attract investors.
But not all governments are tackling inequality the same way. Cape Verde, Mauritania, and Senegal are among the most committed to reducing inequalities, it said, while Nigeria, Niger, and Sierra Leone are among the least.
Ivory Coast farmers expect bigger cocoa crop as rains beat average
Above-average rainfall last week in most of Ivory Coast’s cocoa-growing regions will boost the October-to-March main crop, but more sun is still needed, so says Ivorian Cocoa farmers. The mid-crop, which lasts from April to September in the world’s top cocoa producer, is coming to an end as few beans were leaving farms and producers focus on the main crop.
Farmers said they were happy with the rains, which would bring many pods to be harvested from mid-September to November. But more sun would be needed over the coming weeks to avoid diseases in plantations and help pods grow bigger, they said.
In the center-western region of Daloa, which produces a quarter of Ivory Coast’s cocoa, growers said they were confident the start of the coming main crop harvest would be abundant and of good quality. “Everything is going well on the cocoa trees.
A lot of pods have grown well and within a month and a half we will start harvesting,” said Marcel Kamenan, who farms near Daloa. “We still need good rains and sunshine (in August),” Kamenan said. Data showed rainfall in Daloa, including the region of Bouafle, was 58.2mm last week, which is 35.3mm above average.
In the western region of Soubre, at the heart of the cocoa belt, farmers said they were expecting as healthy a crop as last season’s if the weather remained adequate in August. “We have a lot of big pods on trees, and flowers and cherelles are still proliferating. It’s a good sign,” said Kouassi Kouame, who farms near Soubre. “Sunshine is average,” however, he said.
Data examined by Reuters’ show rainfall in Soubre, which includes the regions of Sassandra and San Pedro, was 33mm last week, 14.5mm above the five-year average. Farmers were optimistic about the main crop in the southern region of Divo, which had 43mm of rain last week, 28.6mm above average.
In the central region of Bongouanou, the rain was at 28.7mm (13.2mm above average) while the central region of Yamoussoukro saw 38.6mm of rain, 22.7 mm above average. In the western region of Man, farmers were concerned heavy rains would bring diseases, after rainfall reached 75.9mm last week, 45.8mm above the five-year average.
“If it keeps raining like this over the coming weeks, we fear insects and diseases will spread on the plantations,” said Moussa Kone, who farms near Man. Rains were below average in the southern region of Agboville and in the eastern region of Abengourou but farmers there reported no damage. Average temperatures ranged between 23.9°C and 26.2°C.
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry.
Nigeria’s Access Bank, which has recently gone into a merger with Diamond Bank has recently announced plans to launch an innovative portal that will allow customers to process their loan application online. The bank granted up to N37 billion loans to its SMEs customers in 2018 alone.
The Bank has also organized a sensitization programme for players in the creative industry with a view to making access to the CBN Creative Sector Intervention Fund, CIFI, more seamless.
The Central Bank of Nigeria, CBN, recently rolled out the CIFI as part of its efforts to open up the creative sector and improve its contribution to the economy.
The CBN has already earmarked N20 billion for disbursement in the first phase of the exercise with three to 10 years payback plan and a maximum of nine percent interest rate per annum.
Fidelity Bank
Fidelity Bank has recently announced a partnership with PwC Nigeria, a tax and advisory services company, to fund SMEs with N12 million grant in its Fidelity Small and Medium Enterprises (SMEs) Funding Connect Series.
The bank also said that, at the final series of the event, three finalists will be rewarded a grand sum of N2 million (1st position) and N1 million each for the 2nd and 3rd positions respectively. The Executive Director Shared Services and Products, Mrs. Chijioke Ugochukwu, disclosed this at the Fidelity SME Forum on Inspiration FM, Lagos.
The event which will kick off in Lagos on August 7, 2019, is focused on funding.
“The event is focused on funding because in the course of our work, we have realised that aside capacity issues, funding is a major issue. So we try to create a platform where the supply and demand sides of the equation would meet. Supply meaning the fund providers while the demand side means the founders/entrepreneurs,’’ she said.
The entire series will be in Lagos, Port-Harcourt, later this year and in Kano early next year and we anticipate that across the three series we will have at least 3,000 participants, 10,000 SMEs, that will come in contact with 60 founders, 60 entrepreneurs and in total we are looking at N12 million in grants and across the entire series of the six breakout session in networking cocktails.
The three capacity building sessions will be with fund providers, founders, on one hand, model entrepreneurs, founders and subject matter experts.
“The five finalists get a chance to pitch the entire forum on August 7. So the five finalists will be live at the event and they will speak to the house about their ideas and three winners will emerge. The first prize will be N2 million and two consolation prizes of N1 million each.”
“To attend the event, you are to register by visiting the dedicated website for the bank which is smeconnect.fidelitybank.ng and of course also via the event app which you can download from Google Play stores for android phone users and the RS app store for Apple users.”
Nigerian banks’ lending pattern pointing to financial exclusion of SMEs
First Bank Of Nigeria
If you own micro, small or medium agricultural enterprise, this loan facility is a special intervention fund provided by the CBN to support your business. You get this loan at a low-interest cost and enjoy long-tenured repayment structure; to assist your business in enhancing capacity for employment generation, growth, and economic development.
Trusted customers of FirstBank seeking to expand their agri-businesses using low priced credit facilities as made possible under the scheme can benefit from this loan.
Management experience of at least 3 years in the enterprise to be funded is required.
Benefits
Interest rate: 9% (all-in), no other fee can be charged.
The credit facility is available either as term loan or overdraft.
Required Documents
Formal application for a Credit Facility.
Certificate of Incorporation.
Memorandum and Article of Association (MEMART).
Board Resolution to Borrow.
Feasibility Study/Business Plan.
Who Can Apply
SMEs with at least 3yrs Mgt Experience (Max obligor limit of N50m).
GTB
Fashion Industry Credit
Tailored to your Fashion business, designed for growth. In line with the CBN creative industry loan, the bank has created a single-digit interest rate loan at 9% to provide entrepreneurs in the fashion industry with all the financing they need to grow their business.
The loan can be:
Up to N5 Million for your fashion business.
Single-digit (9% per annum) interest rate at 0.75% per month
No fees
Flexible repayment plan spread over 360 days
Customers can access up to 50% of the average annual turnover
Food Industry
The bank also grants loan to the food industry. Now you can get all the financing you need with the GTBank Food Industry Credit, which offers you a single-digit interest rate loan of just 9% per annum.
The loan can be:
Up to N2 Million
9% per annum interest rate (0.75% monthly)
Flexible repayment plan spread over 180 days
Zero Fees
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based Lawyer with special focus on Business Law, Intellectual Property Rights, Entertainment and Technology Law. He is also an award-winning writer. Working for notable organizations so far has exposed him to some of industry best practices in business, finance strategies, law, dispute resolution, and data analytics both in Nigeria and across the world.
This is an opportunity to invade Nigeria’s retail sector. Mr. Uzoma Dozie, former Group Managing Director of Nigeria’s Diamond Bank, which was recently acquired by Access Bank sees a big gap here. He is sure that launching Sparkle, a startup that hopes to reduce operational risks of small businesses in Nigeria, is the most timely thing around the corner. Whether it is registering your new company or registering for tax or getting forex or domain names for your businesses, you can do all that on Sparkle.
Here Is Why
After seeing off Diamond Bank’s acquisition, Uzoma Dozie floats a new firm, Sparkle, to help reduce operational risks of small businesses in Nigeria.
Sparkle’s target is to tackle how retailers achieve their daily objectives and scale their businesses.
The startup will provide a range of innovative lifestyle services, in addition to typical current and savings accounts that exist in the market.
In particular, Sparkle will deliver customer experience-led support services, ranging from inventory management and invoicing statements to foreign exchange services and a POS-via-mobile function.
Set to launch in 2019, Sparkle will release plug-in APIs for the platform, to enhance convenience & service, whereby outside developers can contribute & build solutions.
Powered by AI and Machine Learning, Sparkle is building a dynamic community around Nigeria’s retailers and consumers, influencing purchasing decisions based on user-generated behavioural purchase data.
This will actively support retailers in navigating a better route to market by directing the right consumers their way.
This Will Be A Game Changer, A Major Disruptor For Many Leeching Onto The Retail Value Chain
Expect jobs to be taken away from Nigeria’s company registration agents, among many others currently reaping from Nigeria’s heavily dispersed retail ecosystem.
Performance of Payment Channels by Value of Transaction in Q3 2016. Source: NBS
Sparkle team is also building a digital framework for retailers to register their companies, register for tax and register domains, as it looks to plug the gap in terms of business advisory and regulatory services for retail SMEs in the country.
“Retailers and consumers in Nigeria are currently disconnected; Sparkle is building the solution around its understanding of the challenges of small businesses, which will help reduce the operational risks small businesses are exposed to in their infancy. Sparkle is a product, a community, born out of necessity for Nigeria’s retail landscape. We will connect millions of retailers on a digital platform, providing a service they can trust, that is seamless, and that allows for frictionless transactions across all activities and business services”.
“Having spent more than 20 years building out the retail arm of Diamond Bank, it is clear that there is a significant gap in the market to incubate and roll out a new approach to services for retailers, and at scale; they need a financial & business services partner, not another finance platform.
This is where we stand out from all others. Sparkle is a collaboration between retailer and customer — a support system that will ensure far greater financial inclusion and much-improved access to market, built for many, built to scale,” says Uzoma Dozie, Founder and CEO, Sparkle.
Succeed? Support Is Already Guaranteed By Major Financial Players
For a man who was until recently Diamond Bank’s MD, the clout is still very much heavy.
The startup has already entered into partnerships with Visa, Network International, as well as PricewaterhouseCoopers. They will also be working with Microsoft.
Retailers contribute 33% to total GDP and 45% of total employment in Nigeria and are a critical part of powering the Nigerian economy, however services available to small businesses have not been best suited.
Sparkle has identified lack of funding, poor access to market/network and lack of business training as the primary challenges for the sector, which is why the new platform will also provide access to mentorship and development.
“Technology adoption is the only way retail can scale in Nigeria.’’
“Technology adoption is the only way retail can scale in Nigeria. We are in a new, digital economy. Retailers, individuals, and businesses need the space and bandwidth to be creative and to build their business; we are building Sparkle as a wrap around for what they are already doing and we are leveling the playing field for all Nigerians, democratizing access and helping SMEs create their own luck. Sparkle is for the many, not for the few and as we continue to build out the platform,’’ Mr Dozie said.
During his tenure at Diamond Bank, Uzoma was responsible for ensuring technological innovation was central to the institution’s growth strategy. From 2014–2018, Diamond Bank’s mobile app adoption rates grew from 206,000 to 3.3 million, and he simultaneously focused on aggressively growing the bank’s retail arm to include 18 million MSME customers.
Keen to pioneer diversity and financial inclusion, the Sparkle team has also identified women as a key demographic to collaborate with, as they play a key role in the new economy, with high adoption of tech to leverage on the flexibility of driving new businesses. Women are also essential in staying in touch and connecting with their millennial families.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based Lawyer with special focus on Business Law, Intellectual Property Rights, Entertainment and Technology Law. He is also an award-winning writer. Working for notable organizations so far has exposed him to some of industry best practices in business, finance strategies, law, dispute resolution, and data analytics both in Nigeria and across the world.
Benjamin Onuoha, Africa’s Regional Consultant for Paxful (Paxful.com), addressed delegates at a Johannesburg event recently to share insights on the bitcoin and cryptocurrency economy as well as present use cases observed from Africa’s consumers.
He commented: “The people of Africa have been the most ingenious and resourceful of our users – they are redefining our understanding of the uses of bitcoin. The world has much to learn from Africa about the future of crypto-economy.”
BITCOIN USE CASES ON THE CONTINENT
Reflecting on Paxful’s experience in Africa and further afield, Onuoha added: “Three developments made the crypto-economy possible. First, the emergence of peer-to-peer electronic currency, bitcoin, that is powered by the blockchain technology. The second and arguably the most important miracle is the human layer, that connects everyone in the world making this peer-to-peer revolution powered by the people. And lastly, the third miracle is the sharing economy.”
Onuoha listed the following as true use cases for bitcoin: grey markets, speculation, payments, e-commerce, remittance, wealth preservation, and social good.
“Historically, much of the news coverage about bitcoin has tracked speculative activity, where 90% of trading volume is currently centered. This toxic phase is in line with expected adoption trends as the crypto economy, still in its infancy, matures. The next focus point of the evolution is the end-user and their opportunity-laden journey in peer-to-peer finance. It’s about wealth generation – and giving people the means to do it.”
He noted that many young Africans see bitcoin as an opportunity to develop entrepreneurship ventures; users set up side-hustles and their own businesses – which include remittance, as well as import and export enterprises, amongst others.
Demonstrating how the cryptocurrency community can contribute to social good, Paxful recently completed the building of the second school in Rwanda, as part of the group’s strategic commitment to education. Through its #BuiltWithBitcoin initiative, the group is in pursuit to build 100 schools across the continent.
EDUCATION, EDUCATION, EDUCATION
With over 2,5 million users globally and Africa is the fastest-growing region, in 2018, Paxful disclosed it had seen a 200%+ increase in users in Africa over the previous 12 months. Paxful is observing a new generation of young African graduates and professionals making use of peer-to-peer finance as a way to better engage the global financial system.
Co-Founded by Egyptian entrepreneur Ray Youseff, who is passionate about empowering fellow African youth, Paxful is committed to reaching as many young people as possible to help them better understand the opportunities presented by the cryptocurrency economy. To this end, Paxful launched its first university education drive to expose youth to the true use cases of bitcoin, highlight how to avoid falling prey to bad actors in the crypto-space, and counter the over-emphasis on bitcoin speculation.
Launched at universities in South Africa and Kenya, the Paxful workshops provide key, practical insights, with each attendee also receiving free bitcoin to start them on their journey. Over 1000 youths have attended the events across SA/Kenya.
CHARITIES COULD BENEFIT FROM THE CRYPTO-ECONOMY
To date, Paxful’s #BuiltWithBitcoin initiative has raised over R3 million for charities across Africa and the Middle East. Paxful – has donated over 13,000 Rands worth of bitcoin to GROW with Educare Centres. The donation forms part of Paxful’s #BuiltWithBitcoin initiative and is its first South African charitable contribution.
As a non-profit organization, GROW with Educare Centres empowers qualified, passionate women to own and run successful high-quality Early Childhood Development (ECD) centers, such as daycares and pre-schools, in low-income communities using the principles of social enterprise and micro franchising. With reading being an integral part of the Educare programme, the donation from Paxful will be used to purchase books for their various centers’ mini-libraries.
The GROW with Educare Centres project was incubated by a partnership between The Clothing Bank and Grow Learning Company and currently has 31 ECD centers running across Cape Town, KwaZulu-Natal and Gauteng.
“This donation opens new opportunities for our organization to engage the crypto-community in charitable giving. An investment in Early Learning is one of the greatest investments you can make since one teacher influences a generation of learners. We hope that Paxful will inspire others to do the same,” says Helene Brand, Marketing and Fundraising Manager for GROW Educare Centres.
Paxful launched #BuiltWithBitcoin in 2017 to encourage the cryptocurrency sector to contribute funds for humanitarian projects.
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry.
More investment in the Gambian startup ecosystem is expected. A new angel investors network is currently in place in the Gambia. So, expect more funding for Gambia startups.
Here Is The Deal
The Gambia Angel Investors Network (GAIN) launched on July 20 with a pitch session and a masterclass on angel investing delivered by its new managing director Adrame Ndione and Tomi Davies, president of the African Business Angel Network (ABAN).
In the latest West African angel investor network launch, following those in the likes of Mali, Benin, and Senegal, GAIN is bringing together between 10 and 15 local investors who have committed to providing funding to between eight and 12 early and growth-stage startups and in The Gambia each year.
The network aims to provide ticket sizes of between US$20,000 to US$300,000 and help develop the nascent Gambian startup and investment ecosystem by empowering hubs, incubators, and accelerators and providing an entry point for international investors and diaspora interested in investing the country.
Most Active Seed Stage Investors
When pitching, an important point is to be pitching so as to reach to those who are most likely to fund your type of round. The most active investors in seed rounds during the past 3 months are:
Startup-Chile
Hiventures
Crowdcube
Plug and Play
Innovation Works
500 Startups
Innova Memphis
Entrepreneurs Roundtable
Berkeley SkyDeck Fund
Quake Capital Partners
Top Early Stage Investors
For those, going for early-stage funding, consider these active players:
IDG Capital
New Enterprise Associates
Sequoia Capital China
Accel
Y Combinator
ZhenFund
Sequoia Capital
Matrix Partners China
Intel Capital
Index Ventures
Most Active Late-Stage Investors
Interested in looking for a Series B or anything above for a growth stage round, the following firms have been the most active globally.
Sequoia Capital
Tencent Holdings
Insight Venture Partners
Bpifrance
Goldman Sachs
Bessemer Venture Partners
New Enterprise Associates
Khosla Ventures
Andreessen Horowitz
Sequoia Capital China
These Investors Have Been The Most Active In Africa, Whether Early, Middle Or Late Funding
Click here to view the list of good investors in African startups.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based Lawyer with special focus on Business Law, Intellectual Property Rights, Entertainment and Technology Law. He is also an award-winning writer. Working for notable organizations so far has exposed him to some of industry best practices in business, finance strategies, law, dispute resolution, and data analytics both in Nigeria and across the world.
Following an open tender and a highly competitive international bidding process, the African Development Bank through its African Legal Support Facility (“ALSF”) and the National Petroleum and Gas Commission, representing the government of the Republic of South Sudan, selected the Centurion Law Group to build capacity in the Republic of South Sudan’s oil and gas sector.
The project is a result of the ALSF’s commitment to foster legal and technical best practices and transparency across South Sudan’s oil & gas value chain. It will focus on providing specialized capacity building training to officials from the National Petroleum and Gas Commission, including the development of best practice procedures for the negotiation, evaluation, and monitoring of contracts in the oil and gas sector.
As South Sudan continues to increase oil production – its most important export commodity – and attract foreign investment into its oil & gas sector, this project will enhance the National Petroleum and Gas Commission’s ability to fully exercise its functions as a regulator and a facilitator in the oil sector.
As per the South Sudan Petroleum Act of 2012, the National Petroleum and Gas Commission notably provides general policy direction with respect to petroleum resources, acts as a supervisory body in matters relating to petroleum resource management, approves all petroleum agreements on behalf of the Government and ensures that they are consistent with the Act.
“The National Petroleum and Gas Commission is a key institutional pillar of South Sudan’s oil & gas sector,” declared Hon. Caesar Oliha Marko, Chairperson of the Commission. “We are delighted to be working with a reputable firm like Centurion to enable our country’s oil industry to meet its obligation to our citizens and investors. Building capacity is key to us ensuring that we deliver on the promise of making oil work for everyone in South Sudan”.
The project will notably focus on reviewing South Sudan’s existing legal and fiscal framework and ensure the transfer of skills and know-how to the government’s representatives and experts.
“It is a real honor to have been selected for this project with the Petroleum Commission,” declared Nj Ayuk, CEO of the Centurion Law Group. “Local content development and domestic capacity building are at the core of everything we do as a firm. We take this project as a unique opportunity to contribute to the development of South Sudan and Africa’s oil industry in general. We are grateful to the African Development Bank and the Republic of South Sudan for entrusting us with this responsibility.”
“As a team, we truly believe in the role the National Petroleum and Gas Commission has in shaping the future of South Sudan’s oil & gas sector,” said Glenda Irvine-Smith Centurion’s Director of Business Development & International Relations, who will coordinate the project on behalf of Centurion.
“South Sudan in East Africa’s most mature petroleum province with the potential to double its current output of over 150,000 b/d in the next five years. Through CenturionPlus, our lawyers and experts on-demand platform, we will mobilize the best African and international experts for the benefit of South Sudan. We are honored to have been entrusted by the Commission and the African Development Bank to accompany South Sudan in this journey.”
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry.
We understand that security is a top priority for every business, that’s why we’ve teamed up with cyber-security experts McAfee to bring you, not only protection against today’s security threats but those of the future.
Protecting your printers should be as easy as pushing a button. That’s why our image RUNNER ADVANCE devices are secure by design. But we understand the risks of being connected in a modern world. Malware is advancing faster than ever and that’s why we constantly look to bring our customers the latest in security and innovation.
Our new partnership with leading security experts, McAfee, makes sure you have the very best in print security. As threats evolve, so too does the McAfee Embedded Control Software, meaning your business will always be protected.
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In today’s modern-day threat landscape, we consider this alignment with Canon to be a win and one that can help provide companies with the necessary assurance that their confidential business data will remain protected, even as office document workflows evolve.”
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry.
Expect investors who invest in Africa’s fintech sector to cash out big. Investment deals in Africa’s fintech sector shot to a record $357 million in 2018. This is partly because more people are using mobile money services in Sub-Saharan Africa (SSA) than in any other sub-regions in the world. In fact, over the last 12 to 18 months, Sub-Saharan Africa (SSA) has now emerged as one of the fastest-growing financial technology (Fintech) hubs in the world in terms of investments, albeit from a low base.
Here Is All You Need To Know
In 2018 alone, investment in African fintechs nearly quadrupled to $357 million, with startups in Kenya, Nigeria, and South Africa accounting for the largest share. This trend continued into 2019, with a number of high-profile deals.
For example, three Nigerian fintech start-ups — Kudi, OneFi and TeamApt, each raised around $5 million in funding during the first half of the year.
GSMA said huge opportunities await Fintech’s investors, with emerging markets including Nigeria, Kenya, and South Africa holding huge potential for fintech innovations.
The Numbers
GSMA further added that 395.7 million registered mobile money accounts now exist in the region and that nearly nine in 10 registered mobile money accounts are in East and West Africa.
According to the body, which is in charge of over 800 telecoms companies globally, over the past year, several underserved markets in the region have taken steps to accelerate mobile money adoption and, by extension, financial inclusion among citizens.
The body noted that in Nigeria, regulatory reforms introduced in October 2018 allow mobile operators to obtain licenses to operate payment service banks (PSBs), while in Ethiopia, an ambitious financial inclusion strategy has been attracting investment into mobile money services.
Indeed, reforms in Nigeria have seen MTN getting Super Agent license on Tuesday from the Central Bank of Nigeria, with other telecoms to follow suit.
Integration of Mobile Money Platforms With Broader Financial Ecosystem Will Change The Game
GSMA noted that Angola’s national bank plans to submit new laws governing payment systems, including mobile payments, to parliament for approval in 2019.
The telecoms body said these developments notwithstanding, future growth of mobile money services in the region will be largely driven by the interoperability of mobile money services.
Account-to-account (A2A) interoperability gives users the ability to transfer between customer accounts held with different mobile money providers and other financial system players.
It also disclosed that Tanzania led the way in 2014, but several countries across the region, including Kenya, Rwanda, Nigeria, and Ghana, have now launched interoperability projects and use cases.
According to GSMA, mobile money providers’ integration with banks is one particular use case that has significantly increased volumes moving between mobile money and banking systems.
The body, while charging Nigeria and other countries, informed that a next step in the interoperability journey will be the implementation of innovative solutions to integrate mobile money platforms with the broader financial ecosystem.
“A number of options exist around central switching infrastructure for the industry to enable nascent use cases to scale, including merchant payments and efficient connections to domestic and international financial system players. This is already happening at sub-regional levels.
“For example, the eight countries 11 of the West African Economic Monetary Union (WAEMU) are building an interoperable system that will connect 110 million people to more than 125 banks, dozens of e-money issuers, and more than 600 microfinance institutions.
“However, much of the existing bank-focused infrastructure is not optimal for mobile money. In an effort to solve this, MTN and Orange, with the support of the GSMA, launched a joint venture to enable interoperable payments across Africa.
“Known as Mowali (‘mobile wallet interoperability’), the service is open to any mobile money provider in Africa, as well as banks, money transfer operators and other financial services providers.
“With its pan- African footprint allowing for economies of scale and a cost-recovery commercial model, Mowali has the potential to drive down the price of services offered to lower-income customers.
“Additionally, Mowali could shape the future of the mobile money ecosystem in the region by creating a common mobile money acceptance brand with the potential to connect fintechs, banks, merchants and other ecosystem players to nearly 400 million mobile money accounts across Africa,” GSMA stated.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based Lawyer with special focus on Business Law, Intellectual Property Rights, Entertainment and Technology Law. He is also an award-winning writer. Working for notable organizations so far has exposed him to some of industry best practices in business, finance strategies, law, dispute resolution, and data analytics both in Nigeria and across the world.
