General News
British International Investment Commits $20m in Moove a Nigerian Fintech Mobility Firm
British International Investment (“BII”), and Development Finance Institution (DFI), have announced a US $20 million, 4-year structured credit investment in Moove – a mobility fintech democratising access to vehicle ownership in Africa.
L-R: Benson Adenuga, Head of Office and Coverage Director of Nigeria, British International Investment; British High Commissioner, H.E. Catriona Laing CB; Jide Odunsi, co-Founder and CEO, Moove; Nick O’Donohoe CMG, Chief Executive Officer, British International Investment.
The investment reflects BII’s focus on mobilising capital to build self-sufficiency and market resilience in Nigeria, and improve access to inclusive economic opportunities while helping to catalyse the country’s boundless entrepreneurial ambition.
Last night, the British High Commissioner in Nigeria, H.E. Catriona Laing CB and CEO of BII, Nick O’Donohoe, co-hosted a business reception in Lagos to celebrate the launch of BII’s new name and reiterate the DFI’s continued ambition to scale up investment that will boost key economic sectors in Nigeria.
The event was held at the British Deputy High Commissioner’s Residence in Ikoyi, bringing together key leaders in business and BII’s investment partners from across the country. BII’s leadership outlined the organisation’s strategy to deliver productive, sustainable and inclusive investment and pledged to deepen its capital commitments to support the emergence of more breakthrough Nigerian businesses providing progressive solutions to urgent and complex development challenges.
British High Commissioner, H.E. Catriona Laing CB, said: “It’s a pleasure to be in Lagos to mark the launch of British International Investment, and to host Nick O’Donohoe during his visit to Nigeria.”
“BII forms an important part of the UK’s package of tools and expertise to help Nigeria build their pipeline for investment and scale up infrastructure investment, in particular to achieve clean, green growth.”
“The launch of BII marks a continuation of this partnership, and we look forward to seeing BII’s support expand and diversify in Nigeria.”
In his keynote speech, Nick O’Donohoe highlighted BII’s 74-year history in Nigeria, from its first investments in 1949, in West African Fisheries and Cold Store, to the organisation’s pioneering role in supporting Nigeria’s first private equity fund – African Capital Alliance’s Capital Alliance Private Equity Fund I (CAPE I).
On how BII’s new five-year strategy is driving its investment in the world’s first mobility fintech, Moove, O’Donohoe comments: “Investing in the prosperity of Nigeria’s growing population requires innovative new partnerships that can leverage the country’s abundant capabilities and expertise. In Moove, BII has a partner that aligns with our commitment to back dynamic tech-enabled businesses that can help accelerate impact in Nigeria by strengthening the country’s informal transport industry.
“I am delighted that not only will BII’s investment help to create jobs and provide entrepreneurial self-starters with the means to own their vehicles, but Moove’s clear focus on gender diversity will foster inclusive economic opportunities for women, both within the company’s workforce and among its drivers.”
Founded by serial entrepreneurs, Moove is democratising access to vehicle ownership by providing revenue-based vehicle financing and financial services to mobility entrepreneurs. The mobility fintech is creating sustainable employment opportunities to empower those otherwise excluded from financial services by embedding its alternative credit scoring technology onto ride-hailing, e-logistics and instant delivery platforms, and using proprietary performance and revenue analytics to underwrite vehicle loans.
Since its launch in 2020, Moove has rapidly expanded its operations within Nigeria and has entered into new African markets including Ghana, Kenya, Uganda and South Africa, as well as Europe, Middle East and Asia markets. Currently, mobility marketplaces such as Uber face difficulty meeting rising rider demand, due to limited access to car supply and onerous and inflexible auto leasing products for aspiring drivers. The funding from BII will enable Moove to purchase and import brand new fuel-efficient cars into Lagos, which will be leased to drivers who can then earn their way to asset-ownership, over a three to four-year period. This will also alleviate one of the key blockages to the development of ‘ride-hailing’ transportation infrastructure in Nigeria’s commercial capital.
Ladi Delano, co-founder and co-CEO at Moove, said, “We’re incredibly proud to welcome onboard a world-class partner such as BII, whose strategic support will play a key role in our mission to build the world’s largest integrated vehicle financing platform for mobility entrepreneurs.
With our new funding, we’re now in an even stronger position to use our technology and productivity data in creating a more inclusive financing ecosystem, whilst also tackling the unemployment problem affecting over a third of Nigerians by generating the opportunity for more seamless and sustainable employment.”
Nigeria is the BII’s biggest investment market in Africa, with a portfolio of nearly US $570 million, through more than 100 businesses and 43 funds, which collectively support almost 45,000 jobs across the country in 2020.
The DFI’s investments in Nigeria, both direct and indirect through various impact-led funds and intermediaries, cover a variety of sectors from clean infrastructure and energy to digital infrastructure, food and agriculture, financial services, manufacturing and logistics. A highlight of BII’s key investment activities in Nigerian include:
Backing Nigeria’s private equity industry by investing in Capital Alliance Private Equity Fund I (CAPE I), managed by African Capital Alliance (ACA); CardinalStone Capital Advisors Growth Fund; Nigerian-led Synergy Private Equity Fund II, Fund for Agricultural Finance in Nigeria (FAFIN), Verod Growth Fund III, Uhuru Growth Fund, among others.
– Bolstering Nigeria’s financial institutions to boost financial inclusion through a US $100 million loan to First Bank of Nigeria to support women and small business owners; a US $75 million investment in Stanbic IBTC Bank in 2020 to expand lending to businesses in critical sub-sectors; and helping to fund a $162.5 million syndicated loan package to Nigeria’s Access Bank Plc to increase funding to local micro, small, and medium-sized enterprises.
– Supporting the country’s food and agriculture sector through US $140 million investment in Indorama Eleme Fertilizer and Chemical Limited which is boosting fertilizer production in Nigeria and supporting local jobs.
– Catalysing early-stage innovation and entrepreneurial activities in Nigeria by investing in Venture Capital funds including US $25 million invested in TLcom, US $5 million in TradeDepot and US $5 million in TeamApt.
– Expanding access to clean and affordable clean energy through investments such as Gridworks, a pan-continental equity investment platform; M-KOPA, the world’s largest pay-as-you-go solar energy companies; and Lumos, an off-grid solar company that offers access to affordable and reliable electricity to homes and businesses in Nigeria.
British International Investment has an office in Lagos, Nigeria, which is led by Benson Adenuga.
Socio-Economic Rights and Accountability Project (SERAP) has urged Godswill Akpabio, Senate president, and Tajudeen Abbas, speaker of the House of Representatives, “to immediately withdraw the oppressive bill which contains repressive provisions to jail any Nigerian of voting age for six months and/or impose a fine of N100,000 on them if they fail to vote in national and state elections.”
SERAP urged Akpabio and Abbas to instead “amend the Nigerian Constitution 1999 [as amended] and the Electoral Act 2022 to remove constitutional immunity for state governors and their deputies who commit electoral offences, including vote-buying, to facilitate the investigation and prosecution of perpetrators.”
SERAP also urged Akpabio and Abbas “to amend the Nigerian Constitution and the Electoral Act to explicitly prohibit the appointment of members of any political party as resident electoral commissioners (RECs) of the Independent National Electoral Commission (INEC).”
There is currently in the National Assembly a ‘Bill for an Act to Amend the Electoral Act 2022 to Make It Mandatory for All Nigerians of Majority Age to Vote in All National and State Elections and for Related Matters.’ The bill seeks to make voting compulsory and prescribes a six-month jail term or a fine of N100,000 or both for non-compliance.
In the letter signed by Kolawole Oluwadare, deputy director, SERAP at the weekend, the organisation said: “Jailing eligible Nigerians for deciding not to vote would be entirely inconsistent and incompatible with the letter and spirit of the Nigerian Constitution and the country’s international human rights obligations.”
SERAP said, “Rather than proposing bills that would severely punish Nigerians who may decide not to exercise their right to vote, the National Assembly ought to propose bills to remove constitutional immunity for governors and their deputies who commit electoral offences and undermine the integrity of the electoral process.”
According to SERAP, “The most effective way to solve the perennial voter apathy is to create a safe and conducive environment, combat the impunity of high-ranking politicians who commit electoral offences, and generally improve the electoral process to encourage the citizens to come out to vote, and not to send them to jail.”
The letter, read in part: “Should the National Assembly fails to drop the bill prescribing a six-month jail term for eligible Nigerians who decide not to vote in national and state elections, and should any such bill be assented to by President Bola Tinubu, SERAP would consider appropriate legal action to challenge the legality of any such law and ensure they are never implemented.”
“The idea of compulsory voting and jailing citizens for not voting is impracticable, unnecessary and unlawful. The right to vote is part of citizens’ right to participate in their own government and the choice of whether to exercise it is personal.”
“The right to vote includes the right not to vote. If the right to participation is a right of the citizen, she/he must be free to decide whether or not to exercise it.”
“Because the notion of a democracy exists by virtue of the consent of the citizens, voters must get to choose how they exercise consent, not be forced to the polls like ‘cattle to the slaughter.’”
“The National Assembly ought to propose bills to reduce the influence of money in politics, and encourage and not compel the exercise of the right to participation.”
“The proposed bill is a blatant violation of the right to political participation, which is guaranteed under section 14(1)(c) of the Nigerian Constitution, article 25 of the International Covenant on Civil and Political Rights and article 13 of the African Charter on Human and Peoples’ Rights to which Nigeria is a state party.”
“SERAP also urges you to amend the Nigerian Constitution and the Electoral Act to include explicit mandatory provisions on internet voter registration, and the use of modern technology, including in casting and counting, voter registration and systems for reporting results.”
“Amending the Nigerian Constitution and the Electoral Act to explicitly include the right of eligible Nigerians to vote and to vote securely would enhance the effective enjoyment of their right political participation and representative democracy.”
“It would rebuild public confidence in the ability of the National Assembly to effectively perform its constitutional responsibilities.”
“Any amendment of the Nigerian Constitution and the Electoral Act must include bills to address and punish governors and their deputies and their agents who commit electoral offences including voter suppression, voter intimidation and the destruction of polling units or theft of election materials.”
“It is important for the National Assembly to introduce and pass bills that would effectively rein politicians who continue to abuse the electoral rules to distort and undermine the right to participation with almost absolute impunity.”
“Removing constitutional immunity for governors and their deputies who commit electoral offences would address the brazen impunity for electoral and human rights crimes which frequently characterise the country’s elections.”
“The major problem facing the country’s democracy is the lack of respect for Nigerians’ right to participation and the concomitant lack of trust in election results. If citizens do not believe in the election process, then the entire system of democratic government becomes a questionable enterprise.”
“The crisis confronting Nigerian elections and lack of public trust and confidence in the electoral process can be addressed if the right of Nigerians to vote and to vote securely is explicitly recognized in the constitution as justiciable right.”
“Nigerians do not currently enjoy explicit right to vote and to vote securely. Although the Nigerian Constitution 1999 [as amended] provides in Section 14(1)(c) that, “the participation by the people in their government shall be ensured in accordance with the provisions of this Constitution”, this is not recognized as legally enforceable human right.”
“Nigerian election laws ought to be such that would give effect to the electorate’s will and uphold the popular mandate through clean, fair, and honest elections. The right to vote in a democracy is important because so many other matters depend upon its exercise.”
Dr. Bosun Tijani, minister of Communication, Innovation, and Digital Economy, has annunced plans to elevate Enugu Tech Festival (ETF), to a national event.
Enugu Tech Festival is scheduled for May this year,
The minister during a working visit to Enugu State, disclosed plans to personally attend the festival and ensure its expansion to attract tech professionals from across the country.
The Enugu Tech Festival would help to strengthen the ongoing collaboration between the state and the federal government in advancing technological innovation, digital infrastructure, and entrepreneurship in the southeast region.
Commending the leadership of Governor Peter Mbah, Tijani praised his vision for fostering innovation and technological development in Enugu.
He lauded the governor’s achievements in critical sectors such as infrastructure, education, and industry, highlighting how the advancements lay the foundation for a vibrant digital economy that will empower the state’s youth.
The minister outlined a series of groundbreaking initiatives aimed at further transforming Enugu’s technological landscape.
One of the most significant announcements was the launch of the Project 774 Connectivity Initiative, a project designed to bring internet access to all 17 local government secretariats across the state.
Powered by Galaxy Backbone and NIGCOMSAT, the initiative will ensure seamless connectivity for government offices and the public, facilitating efficient governance and service delivery.
The collaboration between Galaxy Backbone and Enugu State will lead to the establishment of a Digital Innovation Complex.
The complex will serve as a hub for technological growth, digital innovation, training, and entrepreneurial support.
It will also connect over 200 state-owned institutions, including schools, healthcare centers, and government offices, to reliable internet services, further enhancing the state’s digital infrastructure.
Tijani announced the federal government’s plan to extend internet access to underserved areas in the state through the Universal Service Provision Fund (USPF).
“This effort will include the installation of a new base station and the laying of 15 kilometers of fiber optic cable to provide high-speed internet.
“As part of this initiative, computer laboratories will be set up in one secondary school and one tertiary institution in Enugu,” he said.
He also announced plans to establish an Artificial Intelligence (AI) Regional Centre at the University of Nigeria, Nsukka.
“This centre will become a focal point for AI research and development in the South East, offering state-of-the-art facilities to foster innovation in artificial intelligence”, he added.
“As part of this initiative, we plan to train 100 cybersecurity professionals in Enugu, boosting the state’s cybersecurity capabilities as part of a nationwide effort.
“The Digital Literacy for All (DL4ALL) initiative, will train 1.155 million Enugu residents in essential digital skills by 2027.
“This program will prioritise underserved groups, including artisans, market women, civil servants, and students, ensuring that everyone has the opportunity to engage with the digital economy,” he said.
The minister also expressed satisfaction with the success of the 3MTT Programme in Enugu, which has already received over 14,000 applications, adding that the program aims to empower the youth by equipping them with the skills necessary to thrive in the digital economy, to train over 150,000 fellows in the state.
Other key projects unveiled included the establishment of a Tier III Data Centre, a Co-working Space for tech entrepreneurs and SMEs, and an Incubation Hub to support innovation and provide mentorship and funding to tech startups.
Nigeria Customs Service (NCS) is set to introduce an electronic declaration system to streamline and enhance compliance for travelers carrying cash into or out of Nigeria.
Speaking in an interview with the News Agency of Nigeria (NAN) in Abuja, Abdullahi Maiwada, NCS spokesperson, emphasized that the initiative aligns with efforts to strengthen Nigeria’s anti-money laundering framework and reinforce financial regulations.
“The Nigeria Customs Service (NCS) has announced the deployment of an Electronic-Currency (E-Currency) declaration form as part of its anti-money laundering measures for travelers carrying cash into and out of Nigeria,” NAN reported. The system will require travelers carrying amounts exceeding the legal threshold to declare them before arrival or departure.
Maiwada further explained the process, stating, “We have developed a system where, even before leaving your point of origin, you can scan a QR code, access the form, fill it out, and we will be able to see it from here.”
He noted that the initiative, set for rollout soon, will enhance monitoring and facilitate information sharing with relevant authorities.
Under the Anti-Money Laundering (Prevention and Prohibition) Act 2022 and the NCS Act 2023, travelers carrying over $10,000 (about N15.4 million) or its equivalent in negotiable instruments must declare the funds to Customs authorities.
To boost awareness, the NCS is working with airline operators to inform travelers through onboard announcements and plans to reinstate signage at airports and border points in English and French.
The move comes as part of broader efforts to tighten financial controls following a recent case at the Murtala Muhammed International Airport (MMIA), where Customs officials seized $578,000 from a passenger attempting to evade currency declaration regulations.
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