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African startups secured $187m funding in May – Report

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African startups announced a significant surge in funding in May, with a total of $187m raised, ‘Africa: The Big Deal’, a firm that monitors deals announced by startups on the continent, said.

This represents a 149 per cent increase from the $75m raised in April.

The report, which was posted on its website revealed that 64 ventures secured at least $100,000 in funding, with 17 startups raising over $1m.

This marks a notable improvement from previous months, showcasing the growing confidence of investors in African startups.

The funding breakdown included four per cent in grants, 31 per cent in equity, and 65 per cent in debt.

Notable deals included Kenyan financial technology company M-KOPA’s $51m raise and electric vehicle manufacturer Spiro’s $50m funding.

While the year-to-date funding of $729m still lags behind previous periods, the May figures demonstrate a positive trajectory.

The report highlighted the resilience and potential of African startups, attracting increased investment and attention from global investors.

Part of the report highlighted, “However, in terms of the number of ventures raising at least $1m, 2024 so far compares rather well to some previous years: 90 vs. 95 in January to May 2023 and 91 in January to May 2021. 2022 was exceptional, though, with 200 ventures involved in $1m+ deals in January–May.”

The Nigerian startup ecosystem experienced a relatively quiet month in May, with only two major deals totalling less than $7m announced.

That was a significant decline from the first quarter of the year when Nigerian startup Moove led African startup fundraising with a massive $110m raise.

In May, digital identity solutions company Seamfix secured $4.5m in equity funding from Alitheia IDF, a gender lens investing fund.

Meanwhile, logistics startup, Renda, raised $1.9m in a pre-seed round, comprising a combination of equity and debt.

The lack of major deals in Nigeria was a departure from the continent’s overall trend, which saw African startups raise $187m in May, a 149 per cent increase from the previous month.

The total funding raised by African startups in the first quarter of the year stood at $466m, with Moove alone accounting for 24 per cent of the total.

According to the report, the beginning of 2024 experienced a sluggish start for African startups but rebounded in February 2024, with Nigeria topping the fundraisers.

The total startup funding in February reached nearly $217m, marking almost a threefold increase compared to the previous month’s $77m.

The funding levels still fell short of the figures observed in the same period over the past four years.

In February, 38 startups raised at least $100k last month in equity, debt, or grants, the same number as in January.

Local content investments profitable, says NCDMB boss

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The Executive Secretary of the Nigerian Content Development and Monitoring Board has said investments in businesses so far have been profitable.

Speaking recently at the launch of the 300 million standard cubic feet-capacity Kwale Gas Gathering facility and Nedogas plant in Delta State, Ogbe emphasised that different investments of the board had recorded successes, bringing returns.

The According recalled that the Minister of State for Petroleum (Oil), Heineken Lokpobiri, had earlier alleged that the NCDMB made some bad investments in the past.

Lokpobiri recently took a swipe at the former Executive Secretary of the NCDMB, Simbi Wabote, accusing him of wasting billions of dollars on bad and unprofitable investments.

Ogbe explained the rigour involved in verifying investments in any oil and gas business, saying the resources were not being frittered away without commensurate returns.

“First, companies with bankable opportunities invite the board to invest in their opportunities by submitting an investment proposal together with the economics and detailed execution plan for the opportunity.

“The NCDMB, using internal and external experts, analyses the opportunities, and if it is a compelling business case, the board vets the profile and pedigree of companies and conducts detailed risk reviews,” he explained.

According to Ogbe, this rigour is reflected in the phenomenal success the board has recorded with several projects.

He disclosed that NCDMB recently received an interim dividend payment of N450m for 2023 from Waltersmith Refinery and Petrochemical Company Limited.

 “We equally received $1m from Nedogas Development Company Limited being part of the return on investment from our investment. Of course, all our investments are at various stages of execution and have not fully matured,” he added.

He mentioned that a major objective of the NCDMB investment in third-party companies was to support the Federal Government in achieving its job creation mandate, to create value with natural resources and contribute to achieving Nigeria’s flare-out targets.

“In these projects, we target creating many direct and indirect jobs. Our other investments are also creating jobs and supporting the economy,” he noted.

The NCDMB executive secretary maintained that the local content board would continue to invest in oil and gas businesses with the Nigerian Content Intervention Fund managed by the Bank of Industries.

Ogbe remarked that the successful completion of the Nedogas Plant and the Kwale Gas Gathering Facility was a testament to the hard work, and close collaboration of all stakeholders involved.

Guard arrested for killing man over phone theft in Ogun

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The security guard suspected of killing a man over a phone theft has been apprehended by the Ogun State Police Command. The suspect, who was initially reported to be on the run, has now been moved to the Igbeba Police Station.

This development was confirmed on Wednesday by the Public Relations Officer of the Ogun State Police Command, Odutola Omolola.

According Metro reported on Tuesday that 26-year-old Muhammed Abubakar, employed by a businessman (name withheld) to guard a building in the Ajaka area of Sagamu, allegedly killed an unidentified man over allegations that he attempted to steal his phone.

Sources close to the incident informed our correspondents that the victim died at Sagamu Hospital around 9 p.m. on Monday.

According to a resident in the area, the fatal injury occurred when the suspect struck the victim’s head with a large plank.

A resident who spoke to According Metro under the condition of anonymity due to the sensitive nature of the matter described the events leading up to the tragic incident. “We heard a terrifying noise from Abubakar’s post, which prompted us to report the incident to the Sagamu Police Division, suspecting foul play.”

The source further explained that the division promptly responded to the distress call and dispatched Inspector Ojo Alasofe to accompany the residents to the scene for an investigation.

Initially, Odutola stated that Abubakar had disappeared, suspecting the victim had died in the hospital where he was rushed for treatment following the incident. However, the PPRO has now confirmed that the suspect has been arrested and taken to the Igbeba Police Station.

She said further details on the investigation and any additional charge are expected to be released soon.

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Police bust Abuja 26-member syndicate trading in stolen jewellery

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No fewer than 26 persons have been arrested in connection with a robbery incident in the Lugbe area of the Federal Capital Territory, Abuja, where jewellery, cash and other valuable items were carted away by the robbers.

The Force Public Relations Officer, Olumuyiwa Adejobi, who disclosed this in a statement on Wednesday, however, dismissed a report that the Inspector General of Police’s residence was robbed.

Adejobi disclosed that the CCTV facility at the scene of the incident revealed the suspected perpetrators of the crime, who attempted to kill a police officer during the incident.

The FPRO added that a careful investigation by the police revealed the suspects operated as a syndicate that allegedly dealt in stolen jewellery worth billions in naira.

Adejobi stressed that upon locating the base of the cartel in the Wuse Market in Abuja, police operatives stormed the market and arrested one Alhaji Auwal who allegedly specialised in buying the stolen items.

Adejobi added, “Despite police warnings to the FCT Gold Dealers Association to avoid purchasing the stolen gold via their joint WhatsApp platform, Alhaji Auwal facilitated its purchase and instructed his associates on how to handle it.

“Further investigations by the Force Intelligence Department revealed that Alhaji Auwal, his sons, and other associates are part of a cartel involved in dealing in stolen jewellery. This group has been linked to previous similar cases under police investigations at various formations within the FCT.

“The 26 suspects arrested in connection with the case and many others, who are currently in custody, are being detained legally under a court order and will be charged to court upon conclusion of the investigations, contrary to the news making rounds.”

Speaking on the alleged robbery incident at the IGP’s residence, Adejobi noted that such a report was untrue and misleading.

He added that the incident being misconstrued by the reports was the one which had happened at the residence of a police officer in the FCT while stressing that the IGP’s residence was secure.

“We wish to place it on record that the robbery or any burglary or theft never took place in the IGP’s residence nor any of the official facilities of the Nigeria Police Force.

“Those purporting the robbery, burglary or theft to have taken place in the residence of the IG do not know what the residence of the IG looks like, otherwise, they would have known that no robber, burglar or thief can get close to the residence of the Inspector General of Police of Nigeria and current chairman of the Committee of West Africa Chiefs of Police.

“The Nigeria Police Force remains firmly committed to ensuring justice and upholding the rule of law. All suspects are being treated according to due process. The general public is hereby urged to disregard the falsehood being peddled by the publisher and its agents, whose duty is to constantly attack and malign the reputation of the Nigeria Police Force,” Adejobi concluded.

Two feared trapped as five-storey building collapses in Anambra school

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No fewer than two construction workers were feared trapped as a five-storey building collapsed at the premises of Dennis Memorial Grammar School in Onitsha, the commercial nerve centre of Anambra State.

According Metro gathered that the building being constructed by the school had reached the finishing stages when it collapsed at about 7.15 am on Wednesday.

The building, started two years ago, was said to have been initiated by the international old boys’ chapter of the school to commemorate its forthcoming centenary event.

A source in the school who witnessed the collapse but pleaded for anonymity said, “The building started caving in from the last floor until it came down to the rubbles. The failed structure did not pose any danger as the students’ hostel was far from the building site. This helped to avoid any casualty on the part of the students.

“But we learnt that some construction workers were already at the site when it collapsed but we don’t know the number of the workers.”

When our correspondent visited the site, on Wednesday evening, he gathered that three persons were initially trapped, but one person was later rescued at about 5:35 pm, as the rescue team from the Anambra State officials and Nigeria  Red Cross Society were doing their best to rescue the trapped workers who were heard still speaking from the debris.

The rescue workers used an excavator to bring out iron and debris, under the watch of security operatives, a task force from the Council for the Regulation of Engineering in Nigeria and officials of the state Physical Board led by its Managing Director, Chief Chike Madukwe and other government agencies.

The state Deputy Governor, Dr Onyekachi Ibezim, who visited the site, called for calm and assured the residents that those still trapped would be rescued.

Ibezim ordered the rescue workers to provide more excavators and water tankers at the site to douse the intensity of the heat.

He commended the rescue team for their efforts and prompt intervention and urged them to sustain their zeal to rescue those trapped.

The Chairman of the COREN Technical/Expatriate Committee of Anambra State, Victor Metu, who spoke to our correspondent, said the team of engineers handling the project were qualified and registered.

Meju said he and his team were on the ground to ascertain various factors involved in the building collapse.

He said the cause of the collapsed building might be substandard materials, stressing that until full investigation and analysis were done, the society could not ascertain the main cause of the collapse

“I was at the scene right away to get the various factors involved. We are still excavating. I learnt that there may be some people trapped, but I will give full information later.”

Also, the Public Relations Officer of the Anambra State Emergency Management Agency, Chinyere Nwoye, said its personnel were immediately deployed to the site when the news broke.

As of the time of filing this report at about 5:35 pm, the two persons were still trapped as rescue operations were still going on in the presence of heavy security operatives.

Family protests Fasehun’s exclusion from democracy heroes list

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The family of the late founder of the Oodua Peoples Congress, Dr Frederick Fasehun, have protested President Bola Tinubu’s exclusion of their son from the list of June 12 heroes contained in the Democracy Day address on Wednesday.

In a statement issued by Fasehun’s son, Remi, the family said excluding the OPC founder’s name from the list was uncharitable, ungrateful and unpardonable.

In his presidential address, Tinubu said Nigeria lost great heroes and heroines in the struggle for democracy.

“They bravely surrendered their futures, so that our nation might have a better one.

“Let us honour the memories of Chief Anthony Enahoro, Chief Abraham Adesanya, Commodore Dan Suleiman, Chief Arthur Nwankwo, Chief Chukwuemeka Ezeife, Admiral Ndubuisi Kanu, Chief Frank Kokori, Chief Bola Ige, Chief Adekunle Ajasin, Chief Ganiyu Dawodu, Chief Ayo Fasanmi, Chief Gani Fawehinmi, Chief Olabiyi Durojaiye, Dr. Beko Ransome-Kuti, Chima Ubani, and others who have transited to the higher realm,” the president said, mentioning other living heroes as well.

However, Remi noted that Tinubu was a beneficiary of his father’s activism and sacrifice for democracy, adding that his father helped the President escape into exile.

He said, “The President was a beneficiary of our father’s activism and sacrifice for democracy. Not only were they in the trenches together, but Fasehun helped Tinubu to escape into exile. In fact, it is on record that, when General Sani Abacha’s squad surrounded Senator Abraham Adesanya’s residence, where they held a meeting, Tinubu mounted the back of Fasehun and jumped the fence to flee into hiding and subsequently into exile.

 “Several people, who escaped from the country into exile and joined NADECO-Abroad, including Pa Anthony Enahoro, were personally taken by boat and bush paths, through the NADECO Route, by Dr. Fasehun. He was at a point the link between Pa Enahoro-NADECO and NUPENG, the union that played a pivotal role in that struggle.

 “He was thrown into prison several times by the General Sani Abacha junta, in Kirikiri, Ilorin and Kuje. At the infamous Inter Centre in Ikoyi Cemetery, he was held incommunicado for several months, an experience that inflicted immense damage on him physically and psychologically, to the extent of leaving his vision impaired for life.

 “His family and businesses paid dearly for his struggle for democracy. Today, his wife and children still pay the price of their father’s sacrifice to birth the democracy Nigeria has today.”

The statement said Fasehun’s businesses, Century Hotel and Besthope Hospital in Lagos, had become a shadow of the flourishing enterprises they used to be before he threw himself into the struggle for June 12.

It added that Fasehun specifically founded the socio-cultural group, Oodua People’s Congress, in 1994, as a vehicle for wresting democracy from the sit-tight military junta.

 “To ignore such an inimitable icon as Dr. Frederick Fasehun from any so-called list of June 12 and Democratic Heroes smacks of crass injustice and inexplicable vendetta,” it added.

The family recalled that in the struggle for June 12, hundreds of OPC members paid the supreme price, through extra-judicial killings by overzealous and ill-advised security agents.

While acknowledging that leading a huge nation like Nigeria could be a Herculean task, the Fasehuns urged Tinubu to put welfare packages in place to ameliorate the unprecedented poverty, inflation and insecurity bedevilling citizens.

 “We only hope that in the name of fairness and justice, the President will correct this anomaly and place Dr. Fasehun in Nigeria’s democratic Hall of Fame as he very well deserves.

 “Truth should not be sacrificed on the altar of politics, however. Dr. Fasehun should be given his well-deserved historical recognition as a true Nigerian Hero of Democracy,” it added.

Four die, 25 rescued from Enugu-Onitsha multiple crash

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The Federal Road Safety Corps said four passengers died while it rescued 25 individuals from a road accident on the Enugu-Onitsha expressway at Ugwu Onyeama, which occurred on Tuesday.

The Corps Marshal of the FRSC Shehu Mohammed, in a statement signed by the corps spokesperson, Olusegun Ogungbemide, on Wednesday ordered a comprehensive investigation into the incident and swift legal action against the responsible driver.

Initial reports suggested that excessive speeding was the root cause of the crash, involving a total of seven vehicles.

“The Federal Road Safety Corps has rescued 25 road traffic crash victims alive from the avoidable road traffic crash that occurred at Ugwu Onyeama on the Enugu-Onitsha Expressway on June 11, 2024, at 19:00hrs; as Corps Marshal Shehu Mohammed directs full investigation and speedy prosecution of the driver responsible for the fatal crash.

“The preliminary crash investigation report revealed that the crash which was caused by a speed violation involved seven vehicles comprising a black Toyota Matrix bearing the following registration details ENU742NL, a white Suzuki Hijet mini bus ENU982XY, a Custom Toyota Highlander jeep JRV247HK, and a blue Toyota Corolla with registration number UWN16AP.

“Others are; a Toyota Rav 4, a Red Mack Tanker and a Mazda vehicle,” the statement read in part.

According Metro gathered that of the 29 individuals involved in the collision, 10 sustained various injuries, while tragically, four lost their lives.

The injured victims received urgent medical attention at the Orthopaedic Hospital in Enugu, while the deceased were taken to the Park Lane Hospital morgue.

The spokesperson said, “Meanwhile, the FRSC emergency rescue teams deployed to carry out rescue operations reported that the crash involved a total of  29 people comprising 20 male adults and nine female adults. Of the number, 10 victims comprising eight male adults and two females sustained different degrees of injuries.

“Unfortunately, four victims were killed as a result of the crash.  The FRSC investigation report indicates that of the four fatalities recorded, two victims were killed on the spot while the remaining two died in the hospital.

 “The injured victims were rescued to the Orthopaedic Hospital, Enugu while the dead bodies have been deposited in Park Lane Hospital morgue.”

Mohammed reiterated the FRSC’s unwavering commitment to holding those responsible for road accidents accountable.

 He called upon the judiciary, transport unions, and other stakeholders to collaborate to ensure prompt and effective prosecution of traffic offenders.

 “Expectedly, as a result, that the Corps Marshal had earlier emphasised the need for the maximum penalty for these drivers. Mohammed reaffirmed the position  of the Corps on deepening its ongoing prosecution of drivers who by their  actions cause road traffic crashes in Nigeria, noting that the driver responsible for the Ugwu Onyeama crash will not be spared.

 “As such, he called on the judiciary, leadership of transport unions and other relevant stakeholders in the road transportation sector to join hands with the Corps towards restoring sanity through speedy and effective prosecution of traffic violators, especially those who cause crashes on our roads,” Ogungbemide noted.

Atiku, Obi sympathise with Tinubu over parade ground slip

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Former Vice President Atiku Abubakar and the 2023 presidential candidate of the Labour Party, Peter Obi, on Wednesday, sympathised with President Bola Tinubu, following his slip at the Eagles Square in Abuja on Wednesday,

The President slipped while attempting to board the presidential parade vehicle at the Eagles Square in Abuja.

Tinubu had approached the vehicle shortly after he arrived for the June 12 or Democracy Day celebration and the 25th anniversary of the country’s unbroken democratic governance.

The President, 72, lost his footing momentarily as he was about to step unto the vehicle.

However, despite the slip, the President was quickly lifted up by his security details and continued with the proceedings.

The Presidency described the incident as a “mild misstep”.

In a post on X, the President’s Special Adviser on Social Media, Dada Olusegun, said, “ Mr President missed his step while climbing into the truck at the June 12 Democracy Day celebration and tripped. It was a mild misstep. He immediately went on with the ceremonial rounds. No issues.”

Also, Tinubu himself joked about the incident later during the Democracy Day Dinner  at the Banquet Hall in the State House, Abuja.

He stated “In the morning I skipped, it is all over social media. They are confused whether I was doing buga or babariga, but it is a day to celebrate democracy while doing Idobale (Yoruba cultural way of greeting).

“I am a traditionally Yoruba boy, and I did my Idobale. It is a day that is worthy of falling for. We aren’t going to move an inch. I have heard excellent comments and very touching remarks about myself and about the past. I thank you all.

“My sincere gratitude to all of you for standing by me. I promise you I won’t fall. Nigeria is a great country.”

Reacting to the incident, Atiku, on his X handle, sympathised with Tinubu, who is his political rival.

 “I sincerely sympathise with President Bola Tinubu, @officialABAT, over this unfortunate incident as he was set to review the parade on Democracy Day. I do hope that all is well with him,“ Atiku wrote on X.

Similarly,  Obi, in a series of posts on X, said the incident was nothing to gloat about.

Obi also asked Nigerians to remember their common human frailty and stay focused on the issues that will lead to a new Nigeria

Obi berated those mocking the President over the incident, adding that such could happen to anyone.

He wrote: “I was saddened to learn of President Tinubu’s unfortunate fall today. I wish him well. We achieve nothing by gloating about an accident that could well happen to any of us.

“We are all human beings, and, while we profoundly disagree on how to move Nigeria forward, we must remember our common human frailty. Let us stay focused on the issues that will lead to a new Nigeria.

“May this moment serve as a poignant reminder of our shared humanity and the need for compassion, empathy, and unity in our pursuit of a brighter future for our great nation.”

However, the presidential candidate of the African Action Congress in last year’s election, Omoyele Sowore, described Tinubu as an ailing man using Nigeria as health insurance.

He said, “Tinubu is sick and there is no country in the world that should allow a sick person to lead them.

“He (Tinubu) is just using Nigeria as health insurance. “

Meanwhile, at the Eagles Square celebration, the National Troupe unveiled a large portrait painting of the President.

According to the National Troupe, the portrait of the President is the world’s largest painting portrait on canvas.

Military will continue to protect democracy – Defence chief

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The Chief of Defence Staff, Gen. Christopher Musa, has urged Nigerians to remain optimistic in the face of ongoing challenges and to support the Armed Forces of Nigeria in combating terrorism and criminal activities.

He also pledged his loyalty and that of his personnel to the President and Commander-in-Chief of the Armed Forces, Bola Tinubu, noting that the military, under him, would work to strengthen democracy in the country.

Despite the military’s acclaimed accomplishments over the past year in its fight against terrorism and other vices, many regions of the country have continued to experience insecurity.

For instance, in the first year of the incumbent administration, no fewer than 4,416 people were killed and 4,334 others abducted, according to the data by some civil society organisations in the country.

Against this backdrop, Musa assured Nigerians that victory was in sight against terrorism and other acts of criminality.

The acting Director, Defence Information, Brig. Gen. Tukur Gusau, quoted the CDS to have stated this in a statement issued to commemorate the Democracy Day celebration on Wednesday.

“Gen. Musa also appealed to all Nigerians to remain positive towards the challenges being faced and to support the AFN in the fight against all acts of terrorism and criminality.

“He assured them that victory is in sight. The CDS wishes President Bola Tinubu and all Nigerians a happy and peaceful Democracy Day celebration.

“Gen. Musa reaffirms the unwavering commitment and loyalty of the Armed Forces of Nigeria to the Constitution of the Federal Republic of Nigeria and the President, Commander-in-Chief.

“Accordingly,  the AFN remains dedicated to supporting and strengthening democracy for the benefit of all Nigerians, as we shall continue to collaborate with national and sub-national institutions to entrench constitutional governance,” the statement read.

Musa commended the sacrifice of troops across the country, urging them to uphold the tenet of democracy.

“The CDS acknowledges the sacrifices made by members of the Armed Forces in various theatres of operation across the country, which is evidence of their commitment to the unity and growth of Nigeria.

“He urges personnel to uphold the tenets of democracy, safeguard citizens’ rights, and ensure a peaceful and secure environment for all,” the statement noted.

Jonathan slams govs breeding criminals to rig elections

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Former President Goodluck Jonathan, on Wednesday, slammed state governors recruiting criminals for the purpose of unleashing them on unsuspecting public during elections.

He urged them to emulate the Edo State governor, Godwin Obaseki, who is promoting and encouraging the best brains through his automatic employment to first class graduates in the state.

Jonathan spoke at the inauguration of the renovated Edo State Civil Service Secretariat Complex in Benin City.

He said, “Let me also join the Head of Service, the young first class graduate you employed, we thank you. When the Head of Service mentioned that in his speech, I was quite pleased. In fact, if you go to some states, governors are busy encouraging criminals because of politics, people that will rig elections for them, carry ballot boxes, carry knives and cutlasses to pursue people but you are encouraging the brains.

“The brains don’t come from one political party. The brains come from all political parties. The brains come from those who are supporting all candidates. So, you are not supporting these brains because you want to win election but because you want to build a state and for you to build a state, you have to build the people.”

He also commended Obaseki for improving workers’ welfare and providing a conducive working environment for the civil servants in the state

He added, “Let me also join the civil servants to thank you for improving their welfare. Of course, before this time, civil servants had been going home with salaries that cannot take them home, now, you are paying them salaries that can take them home.

“When I read on the newspapers that he is going to start paying N70,000 minimum wage. I was worried and expressed hope that he could pay. A political leader must be somebody who has a vision and not someone who just wants to get to office and doesn’t know what to do when he gets there.

“If you have a vision, no matter the challenges, you must find a way to perform,” Jonathan added.

On the part, Obaseki said the Civil Service Secretariat Complex was the first place he visited when he assumed office as the governor of the state.

He said he met the complex was in a very sorry state and promised to revamp it and make it conducive for workers.

Also speaking the state Head of Service, Mr. Anthony Okungbowa, thanked Obaseki for revolutionising and digitalising the state civil service.