News
Funding for African Tech Start-ups Drops 54% in Q3

The level of funding for- and value in deals with African tech start-ups fell by 54% and 13% respectively on a quarter-on-quarter basis for the period to the end of September 2022 – this despite continued interest in e-commerce, internet software and Fintech.
New data from CB Insights released this week shows that venture capital flows into African start-ups fell to US$367-million for the third quarter period to September, compared to the June second quarter period.
Funding in the comparable quarter in 2021 amounted to US$1.2-billion.
The number of venture financing deals for African tech start-ups also fell 13% from 135 to 117. In the same quarter last year, deals for regional start-ups topped 140.
Yet VC and African start-up business leaders believe there is still money available for the right tech start-ups across Africa – although funders are now more risk aware, especially at a time when global economies are struggling against high interest rates.
The report identified Launch Africa, with investments in six companies, UM6P Ventures (four companies invested in) and AfricInvest, with three private equity deals as the top investors in African tech ventures during the third quarter 2022 period. Other investors included Entrepreneurs for Entrepreneurs Africa, Huobi Ventures, KuCoin and LoftyInc.,among others.
Egypt, Nigeria and South Africa remain the top three African venture capital markets.
TeamApt (US$50-million), Scorefam (US$25-million and VendEase (US$7-million) were the top venture capital investees in Nigeria.
In Egypt, e-commerce companies Homzmart, with US$23-million, Cartona which raised US$12-million and OneOrder which bagged US$7-million had the highest capital raises for the period under review.
South Africa’s iiDENTIFii, with US$15-million, SweepSouth (US$11-million) and DataProphet which raised US$10-million topped the biggest funding raises list in the country.
According to Africa: The Big Deal, Africa-based venture capitalists are stepping up funding for regional start-ups.
It said this week that “more than half of $1 million+ deals in Africa since 2019 have had at least one Africa-based investor” as one of the main investors.
“Africa-based investors are more active in deals with start-ups headquartered in one of the Big Four (involved as a main investor in 59% of $1m+ deals since 2019) compared to those headquartered elsewhere (37%). They are particularly active in Egypt (67%), South Africa (65%) and Nigeria (59%); less so in Kenya (47%).”
News
Aliko Dangote Signs out @ Dangote Sugar Refinery as Chairman

In a major leadership transition, Dangote Sugar Refinery Plc (DSR) has announced the retirement of Aliko Dangote, its founder and chairman, from the Board, effective June 16, 2025.

Aliko Dangote
The announcement was made in a regulatory filing with the Nigerian Exchange Ltd on June 11, highlighting the company’s commitment to sound corporate governance and structured succession planning.
In a statement signed by Mrs. Temitope Hassan (FCIS), company secretary and legal adviser, the Board praised Dangote’s extraordinary leadership and lasting contributions to the company.
“Alhaji Aliko Dangote is one of the founding Directors of the Company and has served with exceptional leadership, integrity, and vision since 2005,” the statement read.
“Under his stewardship, Dangote Sugar Refinery transformed significantly, navigated industry changes, consistently delivered value to shareholders, and upheld strong governance principles.”
Widely regarded as Africa’s most influential industrialist, Dangote led DSR’s evolution into a dominant player in Nigeria’s sugar value chain.
His strategic initiatives, particularly the Backward Integration Projects (BIPs) across Adamawa, Taraba, and Nasarawa States, advanced the company’s self-sufficiency goals and aligned with the federal government’s national sugar master plan.
While stepping down from DSR, Dangote will continue as President of Dangote Industries Limited.
His legacy at DSR is marked by industrial innovation, strategic foresight, and sustained operational excellence.
To ensure a seamless transition, the Board has appointed Mr. Arnold Ekpe, a seasoned independent non-executive director, as the new chairman, effective June 16.
Ekpe is renowned for his tenure as Group CEO of Ecobank Transnational Incorporated, where he championed pan-African financial inclusion and institutional growth.
His extensive experience in banking and corporate governance is expected to strengthen DSR’s next phase of development.
The leadership change signals continuity of vision, with DSR reaffirming its focus on operational efficiency and long-term value creation in a dynamic market.
For shareholders and industry observers, Dangote’s exit from the Board marks the end of a transformational era—one defined by bold ambition and strategic execution—while opening a new chapter under Ekpe’s leadership.
News
Report Reveals New Malware Posing as an AI Assistant Steals User Data

Kaspersky Global Research & Analysis Team researchers have discovered a new malicious campaign which is distributing a Trojan through a fake DeepSeek-R1 Large Language Model (LLM) app for PCs.
The previously unknown malware is delivered via a phishing site pretending to be the official DeepSeek homepage that is promoted via Google Ads.
The goal of the attacks is to install BrowserVenom, a malware that configures web browsers on the victim’s device to channel web traffic through the attackers servers, thus allowing to collect user data – credentials and other sensitive information. Multiple infections have been detected in Brazil, Cuba, Mexico, India, Nepal, South Africa and Egypt.
DeepSeek-R1 is one of the most popular LLMs right now, and Kaspersky has previously reported attacks with malware mimicking it to attract victims. DeepSeek can also be run offline on PCs using tools like Ollama or LM Studio, and attackers used this in their campaign.
Users were directed to a phishing site mimicking the address of the original DeepSeek platform via Google Ads, with the link showing up in the ad when a user searched for “deepseek r1”.
Once the user reached the fake DeepSeek site, a check was performed to identify the victim’s operating system. If it was Windows, the user was presented with a button to download the tools for working with the LLM offline. Other operating systems were not targeted at the time of research.
After clicking on the button and passing the CAPTCHA test, a malicious installer file was downloaded and the user was presented with options to download and install Ollama or LM Studio.
If either option was chosen, along with legitimate Ollama or LM Studio installers, malware got installed in the system bypassing Windows Defender’s protection with a special algorithm.
This procedure also required administrator privileges for the user profile on Windows; if the user profile on Windows did not have these privileges, the infection would not take place.
After the malware was installed, it configured all web browsers in the system to forcefully use a proxy controlled by the attackers, enabling them to spy on sensitive browsing data and monitor the victim’s browsing activity.
Because of its enforcing nature and malicious intent, Kaspersky researchers have dubbed this malware BrowserVenom.
“While running large language models offline offers privacy benefits and reduces reliance on cloud services, it can also come with substantial risks if proper precautions aren’t taken.
Cybercriminals are increasingly exploiting the popularity of open-source AI tools by distributing malicious packages and fake installers that can covertly install keyloggers, cryptominers, or infostealers.
These fake tools compromise a user’s sensitive data and pose a threat, particularly when users have downloaded them from unverified sources,” comments Lisandro Ubiedo, Security Researcher with Kaspersky’s Global Research & Analysis Team.
News
Court Declares Bank’s Withholding of Retirement Benefits Unlawful

National Industrial Court in Lagos has ruled that a deposit money bank must pay over N162 million in outstanding retirement benefits to a group of its former employees.
The judgment, delivered by Justice R.H. Gwandu, criticized the bank’s attempt to withhold entitlements from staff employed through third-party arrangements.
The claimants, represented by Chief Mike Ozekhome, SAN, argued that the bank violated labor laws by refusing to honor their retirement benefits. They sought declarations that the bank’s actions were unlawful and requested immediate payment of their dues.
Justice Gwandu ruled in favor of the employees, stating that the use of third-party employment to evade obligations was unacceptable.
The court acknowledged their long service and dismissed the bank’s argument that they did not meet the required 15 years of uninterrupted service.
Notably, the court upheld the rights of the 10th claimant, who continued working with the bank after its merger with Manny Bank and another commercial institution.
This landmark ruling reinforces workers’ rights and establishes that organizations cannot use outsourcing arrangements to deny employees their legitimate benefits.
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