Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

No cookies to display.

Connect with us

E-Financial

Ventures Platform Secures First Close of US$40mn Pan-African Fund

Published

on

Kindly share this post

Ventures Platform, the early-stage “discovery” venture capital fund championing the next generation of African entrepreneurs, has announced the first close of its new US$40m Pan-African, early-stage fund to invest in market-creating innovations.

With this close led by the Nigeria Sovereign Investment Authority (NSIA), the new fund features participation from existing investors and some new leading names across Africa’s corporate and tech ecosystems, including UAC Nigeria, VFD Group, Gbenga Oyebode, Shola Akinlade (Paystack), and global investors like; Michael Seibel (Y Combinator) and Adam Draper. A second close of the fund is due to take place in early 2022 and will feature investment from select global Institutional Investors and DFI’s.

Building upon its stellar reputation as one of the most active early-stage investors in African tech, Ventures Platform will significantly deepen its long-standing presence in Nigeria and West Africa while also investing in select opportunities in East, North & Francophone Africa – that have the potential to expand into West Africa’s key markets.

The fund’s latest capital injection also firmly positions it to double down on existing investments in its category-leading portfolio via subsequent rounds.

Since its launch in 2016, Ventures Platform has acted as a key partner and conduit for international funds and stakeholders seeking a reliable and experienced partner to do business in Africa.

With on the ground presence on the continent and its experience with corporate partnerships, talent, growth, regulation and operations – this new fund introduces the benefit of strong local LP participation and strengthens Ventures Platform’s ability to institutionalise its track record of collaborating with LPs and investors from North America, Europe and Asia, who need a reliable partner to work alongside when investing in the African technology space.

As part of a move to further deepen its expertise, Ventures Platform has also onboarded leading figures across African tech as Venture Partners, including; Seni Sulyman (ex-VP at Andela, ex-COO at Bellhop, Founder at Black Ops.)

Kola Aina, Founder and General Partner at Ventures Platform, says, “Over the last six years, we’ve backed close to 70 of Africa’s most compelling tech companies, building a robust portfolio which has featured one of the largest exits our sector witnessed to date through Paystack last year.

“As the incredible momentum in African tech continues to build, it’s attracting unprecedented attention globally amongst traditional and institutional investors, and we’re delighted to welcome aboard some world-class, strategic stakeholders to our fund.”

“As operators ourselves, we know what it takes to build a successful business on the continent, and we’ve spent years partnering with visionary founders effectively tackling some of Africa’s hardest problems – now is the time to go even further.

“We’re fully maximising our deep expertise navigating the nuances of the African market, and as we move ahead, we’re developing a global network of LPs in more established markets like Europe, the USA and Asia, many of whom partner with us due to our track record of backing winners, and they appreciate our on-the-ground experience and access to opportunities, which is vital for generating returns.”

With a ticket size up to $1m+ Ventures Platform is now positioned to fund follow-on rounds of successful startups building market-creating innovations across pre-seed, seed and Series A stages in sectors including Fintech, healthtech, enterprise SAAS, digital infrastructure and more.

Amassing a total of 28 investments to date in 2021 alone, the platform’s portfolio of 69 startups is one of the most elite in African tech with high-profile names including Seamless HR, Piggy Vest, Mono and Paystack – which Stripe acquired in October 2020 for $200m+.

Speaking about the fund, Mr. Uche Orji, MD & CEO, NSIA, said “Participation in this fund hits at the very core of the Authority’s objectives: stimulating growth by enabling new and innovative intramural technology to empower the continent.

To harness and unleash Nigeria and Africa’s potential, we are of the opinion that investment in ventures in the innovation and technology space is essential. In this regard, the Authority is proud to play a role in facilitating what it expects will lead to the rise of Africa”.

To date, Ventures Platform’s portfolio has raised over $500mn in follow-on rounds, and as the investor moves to consolidate its leading market position, this marks its first official institutional fund with previous capital resulting from syndicate and proprietary capital funds.


Kindly share this post

Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

E-Financial

FG Halts FRC’s Turnover-Based Levy, Introduces N25m Cap

Published

on

Kindly share this post

Federal government has halted the implementation of the controversial turnover-based annual dues imposed by the Financial Reporting Council (FRC) and has introduced a N25 million cap for Public Interest Entities (PIEs) in the private sector.

FG Halts FRC’s Turnover-Based Levy, Introduces N25m Cap

This was disclosed on Sunday by Dr Jumoke Oduwole, minister Federal Ministry of Industry, Trade and Investment.

“To provide immediate clarity, the Minister has directed the Financial Reporting Council (FRC) to apply an interim cap on annual dues payable by private sector PIEs at N25m, aligned with the cap already in place for publicly listed entities under the legislation.

“This directive creates a stable environment for compliance for affected companies in the short term and reflects the Ministry’s commitment to prioritizing transparency, investor confidence, and regulatory equity while allowing the Ministry of Justice to appropriately determine the longer-term path for seeking legislative amendments on behalf of the Federal Government, if required,” the ministry announced.

The decision followed sustained pressure and advocacy from leading industry groups, including the Oil Producers Trade Section (OPTS), the Association of Licensed Telecommunications Operators of Nigeria (ALTON), and the Nigeria Employers’ Consultative Association (NECA), who expressed serious concerns about the Financial Reporting Council (Amendment) Act 2023.

At the heart of the outcry was the reclassification of large private companies as PIEs, which subjected them to annual dues ranging from 0.02 per cent to 0.05 per cent of turnover—without any upper limit.

This was in stark contrast to the fixed ₦25m levy applied to publicly listed companies, regardless of their size or market value.

Responding to these concerns, the Federal Ministry of Industry, Trade and Investment convened a high-level stakeholder engagement in March 2025, aimed at addressing the implications of the amended Act and preserving a fair regulatory environment.

Following a formal public consultation held on March 26, 2025, the Ministry announced an administrative pause on the implementation of the turnover-based levies.

The ministry explained, “In line with this commitment, the Technical Working Group coordinated by the Ministry, comprising NECA, MAN, ALTON, NACCIMA, PFPTRC, CAC, and SEC, along with a robust team from the FRCN, met six times over a three-week period for stakeholder consultations.”

The ministry narrated that after six rounds of stakeholder meetings over a three-week period, the Working Group submitted a detailed report to the Minister of Industry, Trade and Investment on April 17, 2025.

The Minister subsequently briefed President Bola Tinubu, highlighting the disproportionate burden the policy placed on affected companies and its potential to harm investor confidence.

It added, “These engagements culminated in a report assessing the implications of Section 33D of the FRC (Amendment) Act 2023 submitted to the Honourable Minister on April 17, 2025, the Minister of industry trade and investment provided a detailed briefing to Mr. President on the critical concerns raised by organized private sector stakeholders prior to the implementation of the administrative pause and made recommendations based on the submitted report and affirms that the administrative pause will be maintained in the mid- to long-term, pending a broader legislative review.”

 

 

 

 

 


Kindly share this post
Continue Reading

E-Financial

GTBank to Close Branches Early Today for Half-Year Audit

Published

on

Kindly share this post

Guaranty Trust Bank Ltd. (GTBank) will close all its branches across Nigeria earlier than usual on today (Monday, June 30), according to email sent to customers at the weekend.

GTBank to Close Branches Early Today for Half-Year Audit

According to the message, the early closure allows for the bank’s scheduled half-year audit activities.

The statement read, “Please be informed that our branches nationwide will close to customers early on Monday, June 30, 2025, for our half-year audit.”

It also specified different closure times for locations based on geographical locations in the country.

“Kindly note the early closure time below: Upcountry Branches – 2.00 pm; Lagos Branches – 3.00 pm,” the bank stated.

GTBank advised customers to use its digital banking channels for transactions during the period of early closure.

GTBank assured that its branches will resume operations at regular business hours on Tuesday, July 1.

It appreciated customers for their understanding and continued patronage during the audit period.

 

 

 


Kindly share this post
Continue Reading

E-Financial

Shareholders Oppose Transfer of Unclaimed Dividend to CBN

Published

on

Kindly share this post

Shareholders have condemned the recent decision by the National Assembly to pass legislation requiring the transfer of all unclaimed dividends from company registrars to accounts managed by the Securities and Exchange Commission (SEC), as opened by the Debt Management Office at the Central Bank of Nigeria (CBN).

Shareholders Oppose Transfer of Unclaimed Dividend to CBN

In a statement issued under the aegis of the Independent Shareholders Association of Nigeria (ISAN), shareholders strongly rejected the position of the National Assembly, describing the move as an unconstitutional transfer of unclaimed dividends to the CBN.

They noted that this action constitutes a gross violation of shareholders’ rights, a betrayal of investor trust, and a dangerous precedent that threatens the sanctity of private property and the integrity of the capital market.

Giving reasons for their rejection, the shareholders emphasized that unclaimed dividends are not government revenue; they remain the legal property of individual investors and their heirs, regardless of the time elapsed.

They argued that the attempt to centralize and manage these funds under SEC control amounts to indirect expropriation.

They added that this law would erode investor confidence in Nigeria’s capital markets, as both local and international investors require assurance that their returns will be protected—not seized under the guise of state policy.

The statement, jointly signed by Moses Igbrude and Mr. Eke Chibuzor, national coordinator and general secretary respectively of ISAN, criticized the passage of the law without broad consultations with shareholders, registrars, and capital market stakeholders, calling it a troubling disregard for participatory governance and due process.

“There are no clear frameworks for how the SEC intends to manage these funds, what returns will be offered to rightful owners, or how and when claims will be honored. This is a recipe for bureaucratic mismanagement and corruption,” the statement read. It added that instead of simplifying the process for claiming unclaimed dividends, the law introduces additional layers of opacity and complexity—especially for rural and aging investors who already face significant challenges.

Shareholders, therefore, demanded the immediate suspension of the law’s implementation and urged President Bola Ahmed Tinubu not to assent to the bill. If already signed, they called for its immediate suspension pending judicial review.

They also noted that the association is mobilizing legal resources to challenge the law in court, describing it as unconstitutional, unjust, and economically harmful.

Instead, they proposed that efforts should focus on reforming the claims process at the registrar level through technology, public education, and standardization—not through centralization and state appropriation.

The group concluded that the future of Nigeria’s investment climate must be built on fairness, property protection, and inclusive growth—not arbitrary power grabs. They called on all shareholders to unite in rejecting this injustice.


Kindly share this post
Continue Reading

Trending