Author: Staff Writer

FriendyM, an Egypt-based autotech company, has secured a $2 million investment to extend its car management and maintenance services across the Middle East and North Africa (MENA). Founded in 2016 by Abdelrahman Elgamal, FriendyM offers, through its platform, several car services like maintenance, tracking car expenses, and concierge services, among…

Global Infrastructure Partners (GIP), a leading infrastructure investor with over $100 billion in assets under management, has agreed to be acquired by BlackRock for $12.5 billion in cash and stock. BlackRock has committed to paying $3 billion in cash and issuing 12 million of its own shares to GIP’s six…

Hertz is making waves in the automotive world by offloading 20,000 electric vehicles, primarily comprised of Teslas, and funneling the proceeds into the purchase of gasoline-powered cars. Citing diminished demand for EVs and unexpectedly high repair costs, the company initiated the sell-off last month, set to extend throughout 2024. Notably,…

Alphabet Inc.’s Google is undergoing substantial layoffs, affecting hundreds of employees across various teams, including the digital assistant, hardware, and engineering units. The restructuring effort is part of Google’s ongoing cost-cutting initiative, as the tech giant faces increased competition in the artificial intelligence (AI) space from rivals like Microsoft Corp.…

The Central Bank of Nigeria (CBN) has dissolved the boards of three banks – Union Bank, Keystone Bank and Polaris bank with immediate effect. According to the apex regulatory bank via a press release seen on X and signed by acting Director, Corporate Communications Mrs Hakama Sidi Ali, the “action…

In a press release titled “Transforming the Global Town Square,” X, formerly known as Twitter, outlines its ambitious plans for 2024, emphasizing a transformational year ahead. Building upon the foundational work laid in 2023, the company aims to bring its vision for the global town square to life, positioning itself…

As anticipation builds around Amazon’s imminent entry into South Africa’s burgeoning e-commerce sector, Naspers Ltd., the continent’s largest company by market value, is doubling down on its investment in the South African online retail landscape. The move is strategically aimed at fortifying its position against the global e-commerce giant’s foray…

Seedstars Africa Ventures, a venture capital fund focusing on early-stage investments in high-growth companies operating throughout Sub-Saharan Africa, has secured a capital commitment of $30 million from EIB Global, a subsidiary of the European Investment Bank. This substantial funding comes on the heels of an $8 million investment from French…

While chatbots are commonly used in assisting customers with routine inquiries, the genuine capabilities of Artificial Intelligence for African banks extend well beyond automated greetings and menu options. Though they have indeed paved the way for digital interactions, the horizon holds promises of personalized services, financial ecosystems, cross-border networks, gamified…

MTN Nigeria has been granted approval by the Nigerian Communications Commission (NCC) to partially disconnect Globacom due to non-settlement of interconnect charges. The approval was contained in a public notice issued by the apex regulatory body dated January 8 2024 and signed by Reuben Mouka, Director Public Affairs department. Even…

In a bid to revolutionise the international passport application process, the Nigerian government launched a new online portal for automated passport application in Abuja today. The new application process will make it convenient for applicants to book appointments, make payments and get a date for biometric data cpature from the…

Nigerian Fintech Cleva announced that it has raised $1.5 million in a pre-seed funding round led by 1984 Ventures, a San Francisco-based early-stage venture capital firm. Other participants in the round include The Raba Partnership, Byld Ventures, FirstCheck Africa, Y Combinator and several angel investors. Cleva joins Y Combinator’s winter…

Twiga Foods’ founder and longstanding CEO, Peter Njonjo, has resigned from the company’s board a month after his dramatic departure as chief executive, concluding a decade-long tenure at the forefront of one of Kenya’s prominent agritech firms. This development unfolds against the backdrop of Twiga navigating a series of operational…

In a strategic move, ride-hailing trailblazer inDrive is delving into the realm of financial services, aiming to provide a safety net for drivers navigating the challenges of developing markets. Mark Loughran, the dynamic president and deputy CEO who joined inDrive last summer, envisions this venture as a catalyst for enhanced…

In 2023, the top ten funding deals by Nigerian tech startups amounted to $253.15 million. Despite the decline in funding compared with the previous year, these 10 startups were able to raise these funds to scale their businesses. The list includes startups across different sectors of the ecosystem, from fintech…

As of December 2023, the National Identity Management Commission (NIMC) has reported a noteworthy increase in the number of Nigerians with National Identification Numbers (NINs), reaching a total of 104.16 million. This marks a 10.77% growth from the end of December 2022, where the recorded figure stood at 94.03 million.…

To enhance security, streamline law enforcement, and combat the evolving challenges of vehicular crimes, the Nigeria Police Force (NPF) has embarked on a transformative journey—digitizing the Central Motor Registry (CMR). Established over 60 years ago to manage motor vehicle information, the CMR is undergoing a modernization that aligns with the…

Elon Musk’s SpaceX announced that it has launched its first ever set of Starlink direct-to-cell satellites to provide cell phone service anywhere in the world. On Wednesday, T-Mobile US announced that SpaceX successfully launched a Falcon 9 rocket on Tuesday, carrying the initial set of Starlink satellites designed to transmit…

Mmobuosi Odogwu Banye, also known as Dozy Mmobuosi, the founder of Tingo Group, a financial technology company, has been charged with securities fraud in New York; accused of masterminding an extensive scheme to artificially inflate the company’s financial health. He allegedly manipulated financial statements to present Tingo and its subsidiaries…

Airtel Africa plc, a leading telecommunications and mobile money company, has officially communicated the retirement of its Chief Executive Officer, Segun Ogunsanya, effective from July 1, 2024. Mr. Ogunsanya, who has been at the helm since 2021, played a pivotal role in the company’s success, notably leading the Nigeria Operations…