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AfricInvest, Cathay Innovation Complete Final Close of €110M Pan-African Venture Fund

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AfricInvest, a multi-asset investment platform in Africa and global venture capital firm Cathay Innovation, have completed the final close of their joint Pan-African Venture fund, Cathay AfricInvest Innovation Fund [CAIF], at €110M.

The fund is backed by LPs such as EIB, AfricaGrow, FMO, Bpifrance, Triodos Investment Management, Proparco, SIFEM, BIO and, among others, as well as a diverse pool of globally renowned investors, including Development finance institutions, leading multinational corporations, and high-net-worth individuals across Europe, Africa and the Middle East.

With the close of the fund, the CAIF team will significantly deepen their focus on investing in the most promising early to growth-stage startups improving African lives with disruptive tech-enabled products and services.

With initial check sizes ranging from €1-10M for growth-stage and up to €1M for select seed-stage tickets, the fund invests in startups across multiple sectors, including Fintech, Mobility, HealthTech, EdTech, AI, Digital Content and AgTech.

Since its inception in October 2019, CAIF has backed ten prominent companies operating across the continent, including 54gene, OZÉ, Migo, PalmPay, Heetch, KaiOS, Boomplay, Aerobotics, and WhereIsMyTransport. Most recently, the fund co-led Tunisia-based EdTech startup GoMyCode’s $8M Series A round.

“AfricInvest’s partnership with Cathay Innovation brings to Africa global expertise in the innovation space combined with a robust network in Europe, the US and Asia, all helping to build bridges between Africa and the rest of the world, allowing the fund’s investees to grow into regional and global champions.” said Yassine Oussaifi, Partner at AfricInvest and co-head of CAIF.

“As technology scales and brings massive upgrades to global populations, startups are critical in building the new digital infrastructure needed for emerging regions like Africa to redefine industries and society in the 21st century.

“We’re proud to partner with the AfricInvest team — connecting the entire African continent with tech hubs around the world — in a shared mission of accelerating the transition to a more digital, sustainable and inclusive economy for Africa and beyond,” added Mingpo Cai, Founder and Chairman of Cathay Capital and Cathay Innovation.

Since its launch in 1994, AfricInvest’s multi-strategy platform has actively contributed to strengthening the private equity and venture capital ecosystem in Africa.

CAIF relies on AfricInvest’s rich investment expertise, its extensive pool of resources from its network and its physical presence across 11 regions through offices including Abidjan, Algier, Cairo, Casablanca, Lagos, Nairobi, and Tunis to provide local hands-on support, create synergies with portfolios and assist with geographic expansion.

With over 200 portfolio companies across 25 African countries in a variety of high-growth sectors, of which 106 have exited, AfricInvest has, to date, raised over $2bn AUM across 21 funds and benefits from strong, long-term support from both African and international investors.

Founded in 2015, Cathay Innovation is a leading venture capital firm providing entrepreneurs with the support of a global ecosystem across North America, Europe, Asia, Latin America and Africa.

The global platform unifies technology investment across continents, investors, entrepreneurs and leading corporations to accelerate startup growth with access to new markets, invaluable industry knowledge and introductions to potential partners from the start.

With over €2bn assets under management and offices across 3 continents, Cathay Innovation has a strong track record of over 120 global investments, including 19 unicorns, in startups accelerating the sustainable and digital transformation of industry and society.

CAIF enables promising ventures to build and scale innovative technologies that drive inclusive socio-economic growth in Africa. To date, the fund has proved tremendous traction and scalability with portfolio companies expanding their global footprint to over 21 markets across the continent.

The Fund’s portfolio companies have also aggregated significant impact at scale in recent years with over 136m Africans reached with inclusive and digital solutions–meaning $1 spent reaches more than one user on the continent. With its current portfolio, the Fund has created and sustained over 1,400 direct jobs, with women representing an average of 35% of the workforce.

Deployed by a team of investment professionals located in the centers of VC innovation across Africa, the fund will continue to support African entrepreneurs to scale their innovative technologies across the continent and beyond, as well as support global entrepreneurs in their expansion into Africa.

“The Cathay AfricInvest Innovation Fund was born out of the idea that innovative and tech-enabled startups in Africa are solving important problems and socio-economic gaps. We see this funding opportunity as a means to deliver strategic support to the outstanding startups looking to innovate and improve lives in Africa.

Already, CAIF has reached over a hundred million people through job creation and inclusion, but there are still millions across the continent with limited economic resources on our radar,” said Khaled Ben Jilani, Senior Partner at AfricInvest and co-head of CAIF.

The venture capital market in Africa has seen exponential growth over the last decade with the acceleration in digital transformation across all sectors. As a result, the industry is becoming the fastest-growing innovation ecosystem globally.

In 2021, the ecosystem reached a new milestone of c.$5 billion in venture capital, more than the preceding two years combined and close to three times more than in 2020.

As one of the largest early- to growth-stage Pan-African innovation funds, the final round places CAIF in a solid position to double down its efforts to focus on innovative and scalable post-revenue ventures based in, or with a focus on, Africa. As a result, CAIF will continue to firmly stand at the forefront of the continent’s rapidly evolving VC scene.

 


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E-Financial

First Securities Secures Remarkable Position in NGX Performance Report

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First Securities Brokers Limited, the stockbroking subsidiary of First Holdco Plc, recently announced its impressive performance in the latest Nigerian Exchange (NGX) Broker Performance Report. The firm secured first place in terms of trading volume and value of transactions for the month of July, 2025.

According to the report, First Securities Brokers Limited displayed strong trading activity and strategic market positioning, further solidifying its reputation as a significant player in the capital and equities market.

Fiona Ahimie, Chief Executive Officer and Managing Director of First Securities Brokers Limited expressed her pleasure at the firm’s achievement of a trading value of ₦414.457 billion, which accounts for 22.80% of the total trading value reported by the NGX during the review period. This performance highlights the effectiveness of the integrated model promoted by First Holdco Plc.

The Holding Company’s strategic focus on synergy within the Group played a crucial role in enhancing the performance of First Securities Brokers Limited.

“This remarkable achievement reflects the hard work and dedication of our entire workforce, as well as the trust our clients continue to place in us. It underscores our growing influence and effectiveness in the Nigerian equities market,” she added.

“Our focus on providing innovative and seamless trading solutions, coupled with deep market expertise, has been crucial to driving this success. We are not just a brokerage firm; we are strategic partners in our clients’ financial journeys. This recognition further motivates us to deliver exceptional value.”

“We remain committed to creating long-term value for our clients and stakeholders. Building on this momentum, we will continue to enhance our service offerings and further establish our position as a key driver of growth and development in the Nigerian financial market.”

 


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CBN to Prosecute FX Deal Violators after Audit

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Central Bank of Nigeria (CBN) has said that it plans to pursue civil, administrative, or criminal sanctions against parties found to have breached foreign exchange (FX) rules, following the conclusion of a forensic audit into undelivered forward contracts.

CBN to Prosecute FX Deal Violators after Audit

A document titled Frequently Asked Questions (FAQ) on the Settlement of Undelivered Forward Contracts, published on the Bank’s website on Thursday, revealed the development.

The audit, conducted by Deloitte from September 2023, reviewed transactions under the Retail Secondary Market Intervention Sales (RSMIS) window.

The document read, “The Central Bank of Nigeria is reviewing appropriate legal action against parties found to have violated applicable rules and regulations, based on the findings of the forensic audit. The Bank will collaborate with law enforcement and regulatory agencies to pursue civil, administrative, or criminal sanctions, as necessary.”

According to the apex bank, the contracts involved upfront naira payments in exchange for promised US dollar delivery on future dates—many of which went unfulfilled.

The CBN said the audit was necessary to verify the legitimacy of these contracts, protect FX reserves, and uphold regulatory standards.

The findings revealed extensive irregularities, including mismatches in beneficiary identities, exaggerated FX requests, use of incorrect or blank Form M submissions, and approvals for non-permissible imports.

The CBN noted that certain transactions were based on vague or false documentation, while others involved companies that lacked authorisation for the items they sought to import.

In several cases, the approved FX sale value exceeded the declared cost of the imported goods, raising questions of misrepresentation.

According to the CBN, such infractions rendered the contracts void under Nigerian law and ineligible for FX settlement.

Only verified and compliant contracts were honoured.

The Bank clarified that the affected counterparties had been given the opportunity to respond during the audit process before any contract was invalidated.

For those deemed invalid, the naira previously collected was refunded, but no FX was disbursed.

The CBN has declared the audit process closed and not open to appeal, citing the independence and procedural fairness of the review.

“The audit conclusions were based on a rigorous process carried out by an independent forensic expert (Deloitte), acting pursuant to a transparent mandate.

“The auditor contacted the authorized dealer banks concerning those contracts to get their explanations of the infractions before reaching conclusions on them. The findings have therefore met procedural fairness standards. The case of undelivered forward contracts is now concluded and closed,” the document stated.

Earlier in March 2024, the CBN announced the complete clearance of the valid foreign exchange backlog.

This was after Olayemi Cardoso, governor, CBN,  in February, disclosed that about $2.4 billion foreign exchange backlog is not valid for settlement.

Cardoso clarified that out of the initially reported $7 billion FX liabilities of the federal government, about $2.4 billion were identified as invalid following a forensic audit by Deloitte Management Consultants.

Earlier report showed that CBN officially concluded the forensic audit into undelivered forward foreign exchange (FX) transactions and refunded the value of all unfulfilled and unvalidated deals to banks in naira.

The development was contained in a letter dated August 4, 2025, signed by Okey Umeano, acting director of the Financial Markets Department, and addressed to all authorised dealer banks.

The letter noted that all validated transactions had been paid, while the local currency equivalent of outstanding and unverified transactions had been returned to the banks.


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Zenith Bank Slammed with ₦85m Fine for Freezing Account on Invalid Court Order

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A High Court in Abuja has awarded a fine of N85 million against Zenith Bank Plc for freezing a customer’s bank account by relying on an invalid court order.

Justice S. U. Bature, in a judgment, also ordered the bank to immediately unfreeze the account domicile in its branch at 63, Usuma Street, Maitama, opposite Transcorp Hilton Hotel, Abuja.

Justice Bature directed the bank to publish a public apology to the customer, Abhulimen & Co, in two national newspapers and on its website.

The judge held that the bank acted on an invalid order made by a Magistrate Court that lacked the requisite jurisdiction.

Justice Bature further held that the decision of the bank and the Nigeria Police Force (NPF), the 2nd defendant in the suit, to freeze the customer’s account, based on a supposed order by the Magistrate Court, without notifying the said customer, was illogical and a betrayal of the banker-customers’ relationship between parties.

The judge said it was unfortunate that a major financial institution like Zenith Bank, with a Legal Department, supposedly manned by lawyers, would claim to have acted based on an invalid order by a Magistrate Court that lacked the jurisdiction to entertain any banking related case, including issuing orders for the freezing of a bank account.

The judgement was delivered on July 16 but its certified true copy (CTC) made available to newsmen on Thursday in Abuja.

Paulyn O. Abhulimen, SAN, trading under the name and style of Abhulimen & Co, had, in the suit marked: FCT/HC/CV/2194/2024, sued the Zenith Bank and NPF as 1st and 2nd defendants.

Abhulimen sued through the law firm of Kehinde & Partners LP, claiming that, in early 2024, after being unable to access the account of her firm, Abhulimen & Co, and make transactions with it, she discovered that the bank placed a post-no-debt (PND) on it.

She claimed to have subsequently contacted an official of the bank, who is in charge of the account, Obi Okafor.

She said Okafor told her about the development, following which the bank, in March 13, 2024 claimed to have frozen the account based on an order obtained by the NPF from a Chief Magistrates Court in Mararaba Gurku, Nasarawa State.

Delivering the judgment, Justice Bature said: “The said account was opened at the first defendant’s (Zenith Bank’s) Transcorp Hilton branch, here in Abuja, and the 2nd defendant (NPF) is also domiciled in Abuja.

“The rationale behind seeking the said order at a Magistrate Court under the Nasarawa State jurisdiction cannot be understood, and the 2nd defendant did not appear, to be able to give any explanation or reason as to why they decided to follow this line of action.

“The said Magistrate Court lacked the territorial jurisdiction to entertain the application.

“Regarding the substantive jurisdiction of the court to make the order, it is clear from the provisions of Section 251 of the Constitution of the Federal Republic of Nigeria (1999 as amended), that matters relating to banks and banking transactions are within the exclusive jurisdiction of the Federal High Court, and matters relating to banker-customer disputes are jointly under the jurisdiction of the Federal High Court, State High Courts and High Court of the FCT,” Justice Bature said.

According to the judge, from the foregoing, it is clear that Magistrate Courts lack the jurisdiction to entertain an application for an order to freeze a bank account of a person, and should not have entertained the said application in its entirety.

“The legal department of the first defendant (Zenith Bank), being lawyers, should have been aware of this position of the law and taken the appropriate action in this situation, as they ought not to have obeyed the court order in the first place.

“Thus, the 1st defendant was wrong to have placed a PND on the account of the claimant based on the order of a court lacking the requisite jurisdiction to do so. I so hold,” the judge held.

The judge faulted the failure of the bank to inform the claimant about its decision to freeze her company’s account, describing it as a breach of the duty of care it owed to its customers.

Justice Bature said: “It is the humble opinion of this honourable court that, the first defendant owed the claimant a duty of care of duly informing her that her account had been frozen.

“The 1st defendant placed a post-no-debit on the account of the claimant’s firm, but same was not communicated to the claimant until she encountered difficulties in the use of the said account.

“It is the humble opinion of this honourable court that, the 1st defendant owed the claimant a duty of care of duly informing her that her account had been frozen

“The failure of the 1st defendant to inform the claimant of the state of affairs on her account amounts to negligence on the part of the 1st defendant and hence, a breach of duty of care and due diligence owed to the claimant. I so hold,” Justice Bature said.

Having found that the bank and the NPF acted unlawfully, the judge proceeded to declare among others, that an order to freeze a bank account cannot validly be granted ex-parte to last indefinitely.

He also declared that the Chief Magistrate Court of Nasarawa State, sitting at Mararaba Gurku, lacked the requisite jurisdiction to make an order to freeze the claimant’s Zenith Bank Plc’s account number: 1012272348, based on an ex-parte application.

“The defendants are hereby ordered to jointly and severally pay the sum of N60 million to the claimant as general damages for the embarrassment, psychological trauma, financial distress, emotional stress and grave inconveniences suffered by the claimant due to the defendants’ actions.

“The defendants are hereby ordered to jointly and severally pay the sum of N25 million to the claimant as cost of this action,” Justice Bature declared.

 


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