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Nigerian Fintechs Secure $243m Funding, Trail Egypt, South Africa, Kenya

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Nigeria’s fintech startups amassed $243 million in funding over the past year, marking the lowest among the “Big Four” African nations, according to data from Afridigest, an African data and research platform….CONTINUE READING....KINDLY READ THE FULL STORY HERE▶

Despite a 16% funding decline in Nigeria for 2023, noteworthy startups like Moove ($66 million) and Lemfi ($33 million) successfully raised substantial amounts.

Among the Big Four nations, Egypt took the lead in 2023, securing the highest fintech funding with $541 million, followed by South Africa ($367 million), Kenya ($301 million), and Nigeria ($243 million).

While Nigeria experienced the highest number of deals reported in one year (60 deals), South Africa had 25 deals, Kenya had 23, and Egypt recorded 17, as outlined in the report. A total of 150 African fintech startups collectively announced raising $1.55 billion in risk capital through 169 transactions.

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Despite an overall 24% decline in fundraising compared to the same period in 2022, the report highlighted a notable disparity when distinguishing between equity and debt financing. Equity funding for African fintech companies dropped by 43% in 2023 compared to the previous year. In contrast, debt financing exhibited robust growth, surging by 34% to $647 million.

The top three fintech sectors that attracted the most funding were the Banking/Lending sector, payments/cards, and financial management solutions.

The rise in debt financing suggests a shift in investment strategies among venture capitalists and private equity firms, who are becoming more discerning in the wake of global economic volatility and inflationary forces.

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Experts believe that this trend reflects a global response to economic uncertainties, prompting investors to reevaluate risk appetite, especially in the tech ecosystem.

In Africa, investors are seeking greater assurances from founders and tech companies before committing to fund their ideas.

The funding landscape indicates a nuanced evolution in the dynamics of fintech investments across African nations, with each country showcasing distinct patterns in fundraising and investor preferences.

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Don’t Burn Tyres On New Roads — FERMA Begs Abia Residents.

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The Federal Road Maintenance Agency (FERMA) has appealed to residents of Abia State and other road users along the Aba–Azumini highway to protect the newly completed road from activities that could damage it.....KINDLY READ THE FULL STORY HERE▶

FERMA’s South-East 2 Zonal Director, Suleiman Mohammed Omonowo, issued the warning during an inspection of the project, cautioning against the burning of tyres during celebrations, which he said could damage the road surface.

He noted that destructive practices by some youths and community members often contribute to the early failure of road projects across the country.

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“Our advice to road users, especially indigenes, is to protect the road from destruction. Let nobody come and destroy it or burn tyres in the name of celebration,” he said.

Omonowo said the Aba–Azumini highway was previously in a very bad condition before FERMA intervened, describing it as a death trap for commuters and residents.

He also expressed satisfaction with the quality of work done on the project, adding that drainage structures such as catch pits would help prevent flooding and extend the lifespan of the road.

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According to him, the highway serves as a major link between Aba, several Abia communities, and Cross River State, carrying heavy traffic daily.

He urged local construction firms to improve on quality delivery to compete effectively with foreign contractors.

Meanwhile, the Federal Roads Maintenance Engineer in Abia State, Festus Okafor, said FERMA workers have not faced harassment or violence from residents during operations in the state.

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Correctional Service Declares Escaped Yobe Inmate Wanted Nationwide.

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The Nigerian Correctional Service (NCS), Yobe State Command, has declared a 30-year-old inmate wanted after he escaped following a road accident involving a prison transport vehicle.....KINDLY READ THE FULL STORY HERE▶

The incident reportedly occurred on April 13, 2026, while inmates were being conveyed from the Medium Security Custodial Centre in Potiskum to Damaturu.

In a statement issued in Damaturu, the Command’s Public Relations Officer, DSC Abdullahi Adamu, said the vehicle conveying the inmates was involved in a crash during the journey.

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He said the accident happened while efforts were ongoing to rescue those affected.

The escaped inmate was identified as Dahiru Mohammed, with prison number J/1539/24, who was admitted into custody on November 29, 2024.

The Correctional Service described him as dangerous and warned members of the public not to have any form of contact with him.

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It urged residents to report any useful information that could lead to his re-arrest to the nearest security agency.

Authorities also cautioned that harbouring a fugitive is a criminal offence punishable under the law.

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Court Orders UI To Reinstate Students Suspended Over Fee Hike Protest.

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The Federal High Court sitting in Ibadan, Oyo State, has ordered the University of Ibadan (UI) to reinstate three students suspended over their participation in a protest against tuition fee hikes.....KINDLY READ THE FULL STORY HERE▶

Delivering judgment on Wednesday, Justice Nkeonye Maha set aside the decision of the university’s Central Student Disciplinary Committee, ruling that the students were denied fair hearing during the disciplinary process.

The court held that the failure to allow the students call witnesses and present evidence violated their constitutional right to fair hearing, rendering the sanctions against them invalid.

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The affected students — Aduwo Ayodele, Mide Gbadegesin, and Nice Linus — were suspended on July 14, 2025, after taking part in a protest against increased school fees approved by the university’s governing council.

Dissatisfied with the suspension, they approached the court, arguing that the disciplinary proceedings breached their fundamental rights and due process.

They asked the court to quash the suspension, reinstate their studentship, and award damages for alleged rights violations.

In her ruling, Justice Maha agreed with their arguments, stating that the university’s actions failed to meet the standards of natural justice.

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Following the judgment, rights group CAPPA hailed the decision, urging the university to comply fully, reinstate the students, and issue an apology.

The group said the ruling reinforces constitutional protections for freedom of expression and serves as a warning against the suppression of student protests in tertiary institutions.

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