Catalyzing Investment in Nigerian Energy: Platform Petroleum Limited Joins African Energy Week 2023 as a Silver Sponsor

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Catalyzing Investment in Nigerian Energy: Platform Petroleum Limited Joins African Energy Week (AEW) 2023 as a Silver Sponsor

Platform Petroleum Limited will participate as a silver sponsor at African Energy Week 2023, driving discussions on the role Nigerian-based E&P companies play in driving the next wave of energy developments in the country

JOHANNESBURG, South Africa, September 4, 2023/ -- The devleopment of the country’s 37 billion barrels of proven crude oil reserves and 200 trillion cubic feet of natural gas will position Nigeria as both a regional petroleum hub and major global exporter, creating a wealth of opportunities for economic growth on the back of hydrocarbon revenue. Leading the charge to monetize domestic oil and gas resources are Nigerian-based E&P companies such as Platform Petroleum Limited, a company which remains dedicated to driving investment and development across Nigeria’s oil and gas sector.

Platform Petroleum Limited has joined the African Energy Week (AEW) 2023 conference and exhibition, scheduled for October 16–20 in Cape Town, as a silver sponsor. This strategic sponsorship underscores Platform Petroleum Limited's steadfast commitment to expanding Nigeria’s energy sector. As a wholly Nigerian-owned company, Platform Petroleum Limited stands as a shining example of dedication, aiming to play a pivotal role in reshaping the continent's energy landscape and providing sustainable solutions to fuel Africa's growth.

Platform Petroleum Limited's remarkable journey in Nigeria's energy landscape has yielded triumphs, with the Egbaoma Field as a shining example. Covering 136 square kilometers within OML 38 in the Northern Depo-belt of the Niger Delta Basin, this field has been a significant milestone for the company. Secured in 2003/2004, the field development activities commenced in 2005 in joint venture partnership with Newcross Petroleum, and by 2007, first oil was achieved. Since then, Platform Petroleum Limited has continuously improved and optimized operations, with over nine workover operations, three wells drilled, and two side tracks executed to date. Additionally, the company achieved remarkable milestones in 2018. The year concluded with a cumulative production of over one million barrels and significant revenue growth compared to the previous year.

In the gas sector, the Platform/Newcross Joint Venture executed additional commitments, increasing lean gas supply to 45 million standard cubic feet per day with various third-party off-takers. A pivotal moment in the field's development was the upgrade of the Flow Station in 2013/2014 to include XHP Production and Test Separators, allowing for the optimization of gas condensate Wells and handling 40MMscfd gas production. The company’s commitment to gas commercialization aligns with the Federal Government's zero-flare policy. This journey reflects Platform Petroleum Limited's unwavering dedication to sustainable growth, operational excellence, and a brighter energy future for Nigeria and beyond. The company’s projects in progress include a drilling campaign targeting a minimum of 5,000 barrels of oil per day and the NGC gas monetization, aiming for first commercial lean gas by Q3/Q4. Flowstation upgrade projects for enhanced process and product recovery also take center stage, shaping the company's medium to long-term future.

Meanwhile, Platform Petroleum Limited is dedicated to promoting and adhering to a robust Local Content Policy that exemplifies its commitment to the communities and regions in which it operates. With a strong emphasis on local participation, the company has achieved impressive levels of engagement in various sectors, including engineering services, fabrication and construction, well drilling services, materials and procurement, and subsurface petroleum engineering and seismic. Additional services include transportation supply disposal services, health safety and environment, information systems and information technology, logistics services, and general banking services. These efforts reflect Platform Petroleum Limited's determination to empower local talent, stimulating economic growth and enhancing sustainability within the areas in which the company conducts its operations.

“Platform Petroleum Limited's journey in Nigeria's energy landscape is a testament to the transformative power of commitment and innovation. They have not only achieved remarkable milestones but have also demonstrated a deep dedication to local participation. The company’s accomplishments in the Egbaoma Field, strides in gas commercialization, and unwavering commitment to local content are truly commendable. Platform Petroleum Limited is shaping a brighter energy future for Nigeria and the continent as a whole,” states NJ Ayuk, Executive Chairman of the African Energy Chamber (AEC).

Platform Petroleum Limited joins a strong delegation from Nigeria comprising oil and gas Ministers, service companies and technology providers, and more. An Invest in Nigeria Energies session will further connect foreign companies and capital to Nigerian opportunities, with companies such as Platform Petroleum Limited set to drive the next wave of partnerships.

AEW is the AEC’s annual conference, exhibition and networking event. AEW 2023 will unite African energy policymakers and stakeholders with global investors to discuss and maximize opportunities within the continent’s entire energy industry. For more information about AEW 2023, visit https://AECWeek.com

Distributed by APO Group on behalf of African Energy Chamber.

SOURCE

African Energy Chamber

Minister of State for Gas Hon. Ekperikpe Ekpo To Connect Investors to Nigeria’s Decade of Gas Opportunities at African Energy Week in South Africa

Minister of State for Gas Hon. Ekperikpe Ekpo to Connect Investors to Nigeria’s Decade of Gas Opportunities at African Energy Week (AEW) 2023 (Source: African Energy Chambe.)

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Minister of State for Gas Hon. Ekperikpe Ekpo To Connect Investors to Nigeria’s Decade of Gas Opportunities at African Energy Week (AEW) 2023

Nigeria’s Decade of Gas initiative promising lucrative opportunities for foreign investors, and during the African Energy Week conference this October, the country’s Minister of State for Gas Hon. Ekperikpe Ekpo will introduce potential players to the country’s opportunities

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JOHANNESBURG, South Africa, September 2, 2023/ -- Likely to represent a 600 trillion cubic feet (tcf) gas market, Nigeria’s investment opportunities in this field are unparalleled, offering foreign financiers and project developers the chance to make high returns while driving the sustainable growth of Nigeria’s energy industry. Under frameworks such as the Petroleum Industry Act (PIA) and the Decade of Gas initiative, Nigeria has established itself as a highly attractive investment opportunity. During the African Energy Week (AEW) 2023 conference and exhibition – taking place at the Cape Town International Convention Center from October 16-20 -, the country’s Minister of State for Gas Hon. Ekperikpe Ekpo will provide insight into the numerous investment opportunities emerging across Nigeria’s gas market. From upstream exploration to downstream processing to distribution and power generation, Hon. Ekpo joins AEW 2023 with the aim of connecting foreign capital with Nigerian gas projects. Hon. Ekpo joins Nigeria’s Minister of State for Oil Sen. Heineken Lokpobiri at the event this October, and will lead sessions such as Invest in Nigeria Energies.   Nigeria’s strategic position in close proximity to high demand regional markets, largely untapped gas resources and recent regulatory reform agenda have further enhanced its attractiveness as an investment destination. Under the Decade of Gas initiative – an ambitious government program launched in 2021 that aims to advance gas development and utilization by 2030 – the country is paving the way for a series of large-scale project developments. Additionally, in 2022, the government identified 20 critical gas projects under the PIA, all of which require foreign investment to get off the ground.   Nigeria already represents a major gas player in Africa. In the short term, the African Energy Chamber’s (AEC) Q2, 2023 Outlook, the State of African Energy, shows that the country, alongside Algeria and Egypt, is expected to drive the majority of natural gas supply in Africa (80%). Output is largely driven by the Nigeria Liquefied Natural Gas (LNG) project, which has been operating for 20 years. The project is being expanded with the addition of a seventh train, poised to increase national output from 22 million to 30 million tons per annum by 2027. The project showcases the potential for billion-dollar gas endeavors in Nigeria. However, supply concerns further underscore the need to invest in gas-related exploration. While Nigeria’s proven natural gas reserves are currently measured at 200 tcf, ongoing exploration efforts are bound to increase this figure to 600 tcf. Upstream projects currently underway include the Okpokunou/Tuomo West Cluster Development; Hi Field; HA field; the Gbaran Nodal Compression project and many more. These developments barely scratch the surface of Nigeria’s upstream gas prospects, however. Downstream, the Decade of Gas initiative places specific focus on gas-related infrastructure, and is poised to unlock new opportunities for regional energy security and sustainable growth. Kicking off with the 614km Ajaokuta-Kaduna-Kano gas pipeline – connecting southern gas fields with central Nigeria – the initiative calls for the development of LNG and Liquefied Petroleum Gas facilities, incentivizing the commercialization of gas flares, the development of gas-based industrial bases and investment into power generation projects. This, in turn, has opened up significant opportunities for foreign investors and project developers. AEW 2023 will connect potential players with the country’s gas opportunities. “Stepping into the role as Minister of State for Gas in Nigeria, Hon. Ekpo is poised to play an instrumental part in accelerating the pace at which investment is made in the country. His commitment to engaging with regional and foreign players will yield tangible results for the country while his dedication to leveraging policy and public-private partnerships will usher in a new era of project developments in Nigeria’s gas market. Nigeria is well positioned to become the global gas hub of the future, and with the drive of leaders such as Hon. Ekpo, the country is on track to achieve this objective,” states NJ Ayuk, Executive Chairman of the AEC. During AEW 2023, Hon. Ekpo will engage in and lead various panel discussions and investor forums under efforts to attract new investment to the Nigerian gas market. As the biggest gathering of energy stakeholders on the continent, AEW 2023 plays an integral part in connecting capital with African projects, and with Hon. Ekpo’s participation, Nigeria is set to witness a wave of industry-advancing deals signed. AEW is the AEC’s interactive exhibition and networking event uniting African energy stakeholders, driving industry growth and development, and promoting Africa as the destination for African-focused events. For more information about sponsorship, attendance, and partnership opportunities, visit www.AECWeek.com. Distributed by APO Group on behalf of African Energy Chamber. SOURCE African Energy Chamber

RECOMMENDED BOOKS ON AMAZON

12 Growth Stage Startups Selected for 2023 VC4A Venture Showcase Africa

 

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12 Growth Stage Startups Selected for 2023 VC4A Venture Showcase Africa

This annual flagship program brings together the best and brightest startups from across the continent, giving them the opportunity to pitch their ideas to investors and industry experts

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AMSTERDAM, Netherlands, August 14, 2023/ -- VC4A (https://www.VC4A.com), the leading startup platform in emerging markets, is proud to announce the 12 African startups that have been selected to participate in the 2023 VC4A Venture Showcase Africa. This annual flagship program brings together the best and brightest startups from across the continent, giving them the opportunity to pitch their ideas to investors and industry experts with the objective of raising their Seed or Series A fuding rounds. The 12 startups selected for the 2023 Venture Showcase Africa are: Three ventures from Egypt, which are Rology (https://apo-opa.info/455sUUU), an AI-assisted tele-radiology platform that helps deliver accurate radiology reports on time; FreshSource (https://apo-opa.info/451X5fw), a B2B agri-supply chain platform that uses data and technology to connect producers to businesses, guarantee fair prices, and minimize food loss; and Pharmacy Marts (https://apo-opa.info/47H09zA), a B2B marketplace for pharmacies that provides a one-stop shop for products, financing, and logistics. Four startups from Nigeria namely; Vendy (https://apo-opa.info/3YvNpaP), which helps businesses accept payments from customers without internet access; Treepz (https://apo-opa.info/3OCiBQS), a car-sharing platform for Africa that aims to reduce CO2 emissions; Winich Farms (https://apo-opa.info/3qCT7ee), an application that connects food producers to informal food processors and retailers in Africa; and OmniRetail (https://apo-opa.info/3OAwu21), a B2B e-commerce platform offering supplier & retail software, to connect the informal retail ecosystem across Africa. Three startups from Kenya; Duhqa (https://apo-opa.info/3OBqdDi), a digital supply chain platform that uses AI and automation to help SMEs and manufacturers grow their businesses; MPost (https://apo-opa.info/3KDJtPu) which is a digital platform that turns mobile phone numbers into formal postal addresses, and SympliFi (https://apo-opa.info/3OTghFF), a blockchain-powered credit-as-a-service platform that provides affordable credit to MSMEs in Africa. To close the top 12 list, one startup each from Uganda and Senegal; Emata (https://apo-opa.info/3OW2PC7) is a digital lending platform on a mission to provide loans to millions of farmers in East Africa and Maad (https://apo-opa.info/3KCIizP), is an e-commerce marketplace connecting manufacturers and retailers in Francophone Africa. These high-growth ventures were chosen from a pool of hundreds of applicants, and represent a diverse range of industries and sectors in the Seed and Series A tracks. Each startup will receive mentorship, technical assistance and will have the opportunity to showcase their companies to an audience of investors and industry leaders in the VC4A Deal Room. "We are thrilled to unveil these exceptional startups for our upcoming VC4A Venture Showcase Africa 2023 program. Each is a beacon of innovation and entrepreneurship. These visionary teams have demonstrated remarkable potential and we eagerly anticipate the transformative journey ahead as we accelerate their growth and shape the future together," said an excited Abu Cassim, Lead of the Acceleration Team at VC4A. We thank our 2023 Africa sponsors, the African European Digital Innovation Bridge Network AEDIB|NET and Work in Progress! Alliance, for their commitment to strengthening Africa's startup ecosystem. Their support was essential to the success of this cohort selection process. For more information about the final cohort of the 2023 VC4A Venture Showcase Africa, please visit VentureShowcase.VC4A.com. Distributed by APO Group on behalf of VC4A.   Media Contact: Boyewa Abiodun-Adepoju boyewa@vc4a.com About VC4A: VC4A is an ecosystem builder that leverages its infrastructure, network, and expertise for the programs that contribute to the startup movement in emerging markets. Since 2008, the organization has designed, structured, and implemented successful entrepreneurship programs on the continent. VC4A runs an online platform featuring the world’s largest database of startups in Africa and Latin America, connecting entrepreneurs to resources, networks, and funding. Visit https://VC4A.com/ for more information. About Work in Progress! Alliance: The Work in Progress! Alliance, funded by the Dutch government, aims to enable young people from diverse backgrounds to generate sustainable living wages and create optimism about their future. As a member of the Alliance, VC4A works with partners on the acceleration of start-ups and the offering of business development services (BDS) to impact-driven small and medium-sized enterprises (SMEs) so they can employ more young people. About AEDIB|NET: The African European Digital Innovation Bridge (AEDIB|NET) is an EU/Horizon2020 project that aims to strengthen a common African European digital innovation ecosystem by supporting local digital innovation and startup Ecosystems in Africa, thereby facilitating the collaboration between European and African innovation hubs. The project has a specific focus on Climate Smart Agriculture, Smart Cities, Digital Trade and Cleantech. SOURCE VC4A

International Women’s Month 2023: Abidjan-Based Women Investment Champions Share Their Journeys with Africa Investment Forum

Africa Investment Forum Senior Director Chinelo Anohu ( 5th from left, poses with US Ambassador to Cote d'Ivoire Jessica Davis (fourth from left) and women businesses leaders, March 8 2023 Abidjan.

PRESS RELEASE

International Women’s Month 2023: Abidjan-Based Women Investment Champions Share Their Journeys with Africa Investment Forum

They also opened up about their expectations of AIF as a catalyst and facilitator of financing for women

ABIDJAN, Ivory Coast, March 15, 2023/ -- The Africa Investment Forum (https://www.AfricaInvestmentForum.com/) marked International Women’s Day by hosting a special evening session for African women business leaders and innovators under its “Women as investment Champions pillar”.

Founded in 2019 by the African Development Bank and seven other founding partners, the Forum is a fully transactional, multi-stakeholder, multi-disciplinary platform dedicated to advancing private and public partnership deals to financial close.

The intimate dinner gathering was held March 8, as a prime opportunity to “sit and dine with each other, learn from each other and hear from those who are taking on the world,” Africa Investment Forum Senior Director Chinelo Anohu told the attendees in welcoming remarks.

“I am gratified to see the champions in this room. Women who are doing marvelous things, who are doing big things; women doing small things in a big way, and big things in an even bigger way,” she said.

Chinelo, underlined the support which the Africa Investment Forum has given to women following the launch of the Women as Investment Champions pillar in 2019.

“This pillar seeks financing that will accelerate women’s businesses and discover their particular needs and also encourage their innate strengths to ensure that they do the businesses they do,” Anohu said.

“The AIF stands ready to assist everyone in this room and to learn from everyone in this room. Together we can lift each other up and support each other,” she said.

Expressing support for the AIF women’s pillar, special guest, United States’ Ambassador to Cote d’Ivoire Jessica Davis, said her nation understood the importance of investing in women.

“As for the United States we are there to support women, to encourage them, to form partnerships, to learn from them and also to exchange with them and to see how we can better open US markets to them and to encourage investment into Cote d’Ivoire and the region,” Davis said. “Because investing in women brings empowerment which brings prosperity in families, communities, countries and the world.”

Only in December last year, the Africa Investment Forum garnered strong support in the U.S. during the US-Africa Business Summit convened by President Biden to help advance key infrastructure projects for the continent. Three founding members of the Forum signed memoranda of understanding worth over $1 billion with the Export-Import Bank of the United States (EXIM) to expand American trade and investment in Africa.

Swazi Tshabalala, Senior Vice President of the African Development Bank Group said the occasion was opportune for her to “talk to women entrepreneurs, hear their stories, understand their needs which I think will help us to better support them in growing their own businesses and pursuing their own passions.”

At the end of the evening, she expressed admiration for women involved in training other women for entrepreneurship and leadership roles. “I think that’s a very underrated part of the work that we need to do for women and as women,” she said.

As the businesswomen shared their journeys, triumphs and challenges, they also opened up about their expectations of AIF as a catalyst and facilitator of financing for women. They voiced their optimism and expectations of how much further women can go with more resources.

Kadi Fadika, CEO& partner, Hudson &Cie, a financial company specialized in intermediation, the stock market industry, brokerage and investment management spoke of the firm’s new project which enables it to support women-owned small businesses. “It’s not our only goal, but we offer women financing customized to their current size and growth,” she added.

Young women leading a new generation of female entrepreneurship

Three outstanding young female entrepreneurs spoke passionately about their businesses, which have raised the bar in innovation for Cote d’Ivoire: Salimata Toh, CEO of Agribana, which transforms banana tree trunks into biodegradable bags, Edith Kouassi, CEO, EcoPlast Innov  a recycling plant which turns plastic waste and used tires into granules and building materials and Ahoua Touré, CEO Maison Manjou, founder of a gastronomic company which celebrates African heritage through culinary works to “highlight the richness of the continent.”

Other guests at the event included, Laure Gondout, former minister of Foreign Affairs in Gabon, Patrica Pokou-Diaby , Founder and CEO of Plot Enterprise Ghana Limited, a major cocoa processor, Oumou Coulibaly, CEO of Ivoire Win, Jane Feehan, head of West and Central Africa, European Investment Bank, Massogbé Touré, Founder and CEO of the SITA Group which produces, processes and exports Cashew nuts and Roselyne Chambrier Chalobah, Country Representative, Arise RCI. The veteran manager of infrastructure and logistics projects, is also owner of the San Pedro Multipurpose Industrial Terminal Project and Manon Karamoko, President of WIC Capital an investment fund dedicated to financing women-owned businesses.

Also in attendance from the African Development Bank were Vice President for Agriculture, Human and Social Development Beth Dunford and Esther Dassanou, Coordinator of the Affirmative Finance Action for Women in Africa (AFAWA), which is bridging the finance gap for women in Africa.

The Africa Investment Forum’s partners are the African Development Bank together with seven other founding partners, namely Africa 50; the Africa Finance Corporation; the African Export-Import Bank; the Development Bank of Southern Africa; the Trade and Development Bank; the European Investment Bank; and the Islamic Development Bank.

To learn more about the Women as Investment Champions pillar of the Africa Investment Forum, click here (https://apo-opa.info/40azztS).

Distributed by APO Group on behalf of African Development Bank Group (AfDB).

Contact:

Amba Mpoke-Bigg,
Communication and External Relations Department,
Email: media@afdb.org

About the African Development Bank Group:

The African Development Bank Group is Africa’s premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 41 African countries with an external office in Japan, the Bank contributes to the economic development and the social progress of its 54 regional member states. For more information: www.AfDB.org.

SOURCE

African Development Bank Group (AfDB)

Partech Africa Report: Resilient African Tech Ecosystem Still Growing with $6.5 Billion Raised in 2022

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Presenting the 2022 Partech Africa Report: Resilient African Tech Ecosystem Still Growing with $6.5 Billion Raised in 2022

Partech Africa, the VC fund dedicated to technology startups in Africa, has issued its annual report on Africa Tech Venture Capital

DAKAR, Senegal, January 24, 2023/ -- Amid the drastic pullback in global VC funding, the African tech ecosystem stands out with +8% growth from 2021. Debt funding doubled in volume to $1.5B, accounting for nearly a quarter of the total funding. Fintech, still leading, attracted 39% of the total equity volume; Nigeria retained the top spot with 23%

Partech Africa, the VC fund dedicated to technology startups in Africa, has issued its annual report on Africa Tech Venture Capital. The report, which aims to provide a practical picture of the state of the ecosystem, revealed that despite the global VC downturn, the African tech ecosystem grew faster than all other markets globally. 

Total funding invested into tech startups on the continent reached $6.5B, an increase of 8% vs 2021, spread across 764 deals - compared to 724 rounds in 2021. The report, consisting of disclosed and confidential deals, saw debt funding more than double in volume, reaching $1.55 billion through 71 deals [65% YoY growth]. In comparison, equity rounds showed a slight decline, as 653 African tech startups raised $4.9B [-6%] in 693 equity rounds [2% YoY growth].

Focusing on the equity funding, the report revealed the ecosystem was still accelerating during Q1 and Q2 of 2022 compared to 2021, with the YoY comparison showing Q1 and Q2 at +127% YoY and +83% YoY, respectively. However, the global VC slowdown stifled growth in activity in Q3 [-65% YoY] and Q4 [-35% YoY]. In 2022, fundraising activities remained flat across all stages. At $1.4M, Seed+ ticket sizes averaged higher in 2022 [+12% YoY], while Series A remained the same at $8.5M. Later stages reverted to 2019 levels, as Series B and Growth round sizes dropped by -23% and -50% YoY, respectively. In addition, 2022 witnessed a significant reduction in the number of megadeals [over 100M], with only seven deals compared to 14 in 2021.

Speaking on the launch of the annual report, Tidjane Deme, General Partner at Partech, said: "2022 was a particularly challenging year for the venture ecosystem worldwide, as venture and growth investors scaled back their investment by a third. However, by comparison, our report revealed the African tech ecosystem showed great resilience, as more investors have doubled their commitment to the continent by investing in local teams and funds dedicated to the market, which is proving to be the best way forward.”

Overall, Nigeria, South Africa, Egypt and Kenya remain the top investment destinations in Africa, with a share of total volume staying relatively steady at 72%. Nigeria retained the top rank, bringing in  $1.2B in capital, despite a decline of 36% from 2021; South Africa, Egypt, and Kenya each attracted over $0.7B in funding, with Ghana completing the top 5 with just over $0.2B. Overall, 28 countries attracted equity funding in 2022, 13 of them in Francophone Africa..

In light of the market downturn, the report’s findings also revealed that Fintech, which has historically attracted sizable investments, was the most impacted by the slowdown in the number of large rounds. However, fintech remains the most funded sector in Africa, and this across all sources of capital, with 39% of the total equity volume [$1.9B] and 45% of the total debt volume [$691M]. Other sectors have experienced substantial growth and gained a meaningful share of the equity funding activity this year, most notably Cleantech, which made a big comeback with 18% of total equity funding at $863M [+347% YoY] but also 39% of the total debt funding at $605M. 

The report's findings also show:

Female-founded startups raised 22% of all equity rounds in 2022, up 2 percentage points from 20% in 2021. They also contributed $644 Million or 13% of the total equity funding, down 3 percentage points from 16% in 2021.

Outside of the top 4 countries, Ghana ($202 million), Algeria ($150 million), Tunisia ($117 million) and Senegal ($105 million) were the only other countries that broke the $100M funding mark.

Despite a slowdown in the growth rate of equity investors, Africa’s tech ecosystem attracted 1,149 unique investors for the first time [+29% YoY in 2021]. African tech has seen more investors committed, with 89 participating in 5 or more deals (compared to 65 investors in 2021).

The number of debt investors active on the continent is growing 2.5x YoY, with a good mix of local debt institutions, international lenders with emerging market vehicles and Development Finance Institutions.

Cyril Collon, General Partner at Partech, added: “Much of our methodology has remained the same over the years, and we, therefore, can provide a snapshot of how the African continent has evolved over the years. Nigerian and the fintech vertical have remained at the top spot; however, in an environment where equity funding is more challenging, debt has proved to be a solid alternative source of African tech startups in 2022, which signals a maturity within each sector.”

Headquartered in Dakar, Partech Africa is the largest VC fund dedicated to technology startups in Africa. With a focus on Late Seed, Series A and B equity rounds in startups which are changing the way technology is used across multiple sectors, including education, mobility, finance and healthcare, the VC has, to date, invested in 17 African startups, such as Wave (http://bit.ly/3J9lGqy) and TradeDepot (http://bit.ly/3R2IgD9). Using the same methodology as previous years, the seventh Partech Africa annual report on African tech start-ups only includes equity rounds where the total amount is higher than US$200K.

To download the full ‘2022 Africa Tech Venture Capital’ report, click here (https://bit.ly/3R5mChF).

Distributed by APO Group on behalf of Partech Partners.

For media inquiries:

Isabelle Tresson: +33 7 86 08 85 85

itresson@partechpartners.com

About Partech Africa:

Headquartered in Dakar, Senegal, Partech Africa is the largest VC fund dedicated to technology startups in Africa. Partech Africa focuses on series A and B equity rounds in startups which are changing the way technology is used in education, mobility, finance, healthcare, delivery, energy, etc.

About Partech:

Born in San Francisco 40 years ago and now headquartered in Paris, Partech is one of the most active tech investors in the world, bringing together capital, operational experience, and strategic support for entrepreneurs at seed, venture and growth stages. The company manages more than €2.5B and its current portfolio includes 210 companies in 40 countries in Africa, Asia, Europe and the US.

www.PartechPartners.com

SOURCE

Partech Partners

I will iPost you soon!

 I will iPost you soon!

It is incredible that since I have been investing in the development of my iPost, not a single member of my family or relations and none of my  friends and none among those who claim to know me has asked me for the status update on it. They are totally clueless about the present status and this clearly shows how ignorant they are of my state of mind and stream of consciousness, including those who have slept in the same bed with me. Their intellectual ignorance of my preoccupation is shocking.

They only talk about the critical situation of my current lack of money and debts of owing over N280, 000 which is less than US$500 for the first time since I was born and I am 59, with a debt free duly Incorporated digital media company with a corporate bank account with Access Bank Plc.

As I speak I have become homeless and surviving by the grace of Almighty God through the kindness of few people, including members of my family, confidants and well wishers. 

No greatness comes without great trials.

Only key members of the Nigerian tech community and global tech startups community are asking for updates and setting up both physical and virtual meetings for me with funders and investors such as Techstars. 

#God #grace #support #kindness #great #development

#ipost #Tech #mobileapp #Startups #corporate #digital #homeless #funding #investors #investment #Techstars #greatness #virtual #Nigeria #global #friends #family #members #ignorance #debts #bank #depression #trauma

PalmPay Hits 10 Million User Milestone in Nigeria

 

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PalmPay Hits 10 Million User Milestone in Nigeria

The fintech has gained significant traction with its payment’s app and nationwide agency banking network

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LAGOS, Nigeria, August 31, 2022/ -- PalmPay (https://PalmPay.com/), a fintech innovator aiming to make digital payment more accessible and flexible, announced that it has reached 10 million users in Nigeria. This represents a doubling in its user base within just six months and puts its customer numbers in the same league as major institutions only 3 years after the company launched in the market. The fintech, which operates under a Mobile Money Operator license from the Central Bank of Nigeria, has gained significant traction with its payment’s app and nationwide agency banking network. Its proposition of instant financial account creation, fee-free bank transfers and cashback rewards on airtime and bill payments has appealed to Millennial and Gen-Z consumers, who are looking for more affordable banking options and prefer the convenience of a digital-first service. Nowadays PalmPay is processing millions of transactions a day. And around 20% of the company’s customer base report that the PalmPay app was their first financial account, demonstrating that the Mobile Money Operator is contributing to driving progress towards financial inclusion targets in Nigeria, where 36% of the population remains unbanked. Nigerians without smartphones can visit one of PalmPay’s 200,000 mobile money agents across the country, who can transact on their behalf or issue an innovative QR card that can be used to hold a balance. Consumers can also use PalmPay agents to deposit cash to their PalmPay accounts and to withdraw money using their debit cards through PalmPay-branded POS machines. “We are delighted to be able to celebrate this growth milestone and are proud of PalmPay’s track record of making cutting-edge financial services accessible to every Nigerian - including the unbanked.”, said Mr Chika Nwosu, Managing Director, PalmPay Nigeria, "The pandemic has accelerated the shift from cash to digital payments and we are looking forward to continuing to work together with regulators and our partners to innovate to meet the financial needs of consumers." “Our significant growth in Nigeria demonstrates PalmPay’s ability to innovate to meet the financial needs of consumers, and we are looking forward to replicating this success as we scale in more markets across Africa.” said Sofia Zab, PalmPay Global CMO. Distributed by APO Group on behalf of PalmPay.   Media Contact: PalmPay Global Communications press@palmpay-inc.com About PalmPay: PalmPay is a fintech innovator that aims to make digital payment more accessible and flexible for consumers and merchants. We improve users' digital payment experiences by offering instant financial account creation, money transfers, and bill payments. Since launching in 2019, PalmPay has quickly established itself as one of the continent's leading and fastest-growing payment providers with 10 million users and a mobile money agent network of 200,000. PalmPay raised a US$100 million Series A round of funding in August 2021, with US$140 million raised in total. The company is now operating in Nigeria and Tanzania, and will be scaling its proposition in other African markets in 2022. Learn more about PalmPay at https://www.PalmPay.com/ SOURCE PalmPay

Nollywood Must Stop Producing Many Crappy Movies

Nollywood Must Stop Producing Many Crappy Movies

The popularity of the phenomenon of Nollywood was based on overproduction of cheap home videos widely distributed and pirated in Nigeria and neighbouring countries in West Africa from VHS tapes to DVDs on the streets before the launching of cable TV channels between 2001 and 2004 and then uploaded by several authorized and unauthtorized people on YouTube from 2005 ; followed by the launching of Ibaka TV and iROKOtv in 2011.

The proliferation of low budget home videos in Nigeria made Nollywood the second largest producer of movies in the world after the Bollywood of India;  making news headlines all over the world and attracting both International vendors and investors. 

The biggest video streaming services in the world led by Netflix and Amazon are now competing for the best of the film and TV productions in Nollywood which compelled the producers to improve the quality of their movies to satisfy the criteria for international acquisition and distribution. But quantity is still the focus of the majority of producers and the production of substandard movies is doing more harm than good to the sustainable development of Nollywood and the Nigerian film industry.

The productions of cheap movies have left the few cable TV channels and streaming services saturated with movies which subsequently reduced the market value of Nigerian movies in comparison to South African, South Korean, Mexican and Indian movies in international acquisition and distribution. 

The frequency of productions in Nigeria is increasing the crappy movies in both Nollywood and Kannywood that I am ashamed to watch many of the movies with even top A-List actors. 
Did the highly esteemed actors read the screenplays before acting their idiotic roles? Or the temptations of being paid hundreds of thousands of naira made them to skip and waive professional standards?

We have submissions of hundreds of Nigerian movies and yet international buyers can only accept less than 20 movies every quarter. 

Many producers are now selling their movies for less than the costs of the productions. 

Is it not embarrassing to spend more than N3 million naira to produce a movie in Lagos, Asaba or Kano and you end up selling it for less than N500, 000 for two years on a local TV channel?
The local TV stations are now rejecting many movies, because they are saturated with dozens of movies and series submitted to them.
The local TV stations don't need to produce original movies and series, because they are cheaper to acquire from hundreds of unsolicited movies and series sent to them. 

It is not good to produce more than 1, 000 movies every year, but we can only count the best on our fingertips.

- By Ekenyerengozi Michael Chima,
Publisher/Editor, 

NOLLYWOOD MIRROR® Series,
Tuesday, July 12, 2022.

247 Nigeria (@247nigeria) / Twitter

https://mobile.twitter.com/247nigeria

https://www.amazon.com/author/ekenyerengozimichaelchima

Buy books by Ekenyerengozi Michael Chima on 

https://www.amazon.com/author/ekenyerengozimichaelchima

PanAfrican Capital Holdings Sets Up The Catalyst Project To Promote African Entrepreneurship

The Catalyst

PRESS RELEASE

PanAfrican Capital Holdings Sets Up The Catalyst Project To Promote African Entrepreneurship

LAGOS, Nigeria, December 13, 2021/ -- In commitment to its vision to deliver exceptional services in chosen markets and create value for stakeholders, PanAfrican Capital Holdings ‘PAC Holdings’ has set up a venture capital project, to be known as The Catalyst (www.TheCatalystAfrica.com), to identify and invest in growth to product-expansion stage companies with convincing business models and market opportunities.

As a proprietary investment company with the focus to offer strategic investment solutions and unlock value across emerging and frontier markets across Africa, PAC Holdings acknowledges the vital role of technology in driving economic growth in Africa.

According to the Venture Capital in Africa Report, “90% of all reported VC deals between 2014 and 2020 were in technology-enabled companies operating across a variety of sectors. Financials accounted for the largest share of VC deals by both volume (22%) and value (26%) from 2014 - 2020, with Information Technology (18%) and Consumer Discretionary (16%) accounting for the second and third largest share of VC deals by volume within the same timeframe.” This trend is expected to continue with more opportunities for technology solutions arising in a post covid world.

Toluwalope Oni, the Global Coordinator of The Catalyst, said, “The Catalyst Project has been set up to facilitate and finance the delivery of technology enabled solutions, as well as promote African entrepreneurship. Our industries of primary focus are pivotal gears of a digital African economy, and these include finance, education, health, agriculture and logistic.”

Some of the objectives for the initiative include driving a culture of innovation and contributing to the delivery of forward-thinking market value across Africa.

“The project’s target is to inject an initial sum of $1,000,000 into ‘growth stage’ businesses that meet its criteria of; a clearly defined minimum viable product, solving a need/gap either on the demand or supply side in Africa, generating revenue enough to cover direct costs, seeking capital to boost expansion required to achieve exponential scale and little or no debt balances in the company’s balance sheet,” the Global coordinator added.

The identified sectors, given current macro-economic realities, represent the key underlying catalyst for Sustainable Economic Growth in emerging and frontier economies. Selected businesses that become successful would benefit from PAC Holdings access to an ecosystem of strategic investors & mentors, and enjoy product/service synergies.

Distributed by APO Group on behalf of The Catalyst.

Media Contact:
On behalf of PanAfrican Capital Holdings Limited
Omolola Ojo
Email: omolola.ojo@panafricancapitalholdings.com

Follow us on:
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About PanAfrican Capital Holdings:
PanAfrican Capital Holdings “PAC Holdings” is a Proprietary Investment Company with special focus on Key Sectors across Africa including Financial Services, Hospitality & Entertainment, Real Estate & Infrastructure, Agro-Allied & FMCG, Healthcare, Renewable Energy, and ICT & Media.

With specialist subsidiary companies across chosen sectors. PAC Holdings is geared towards offering strategic investment solutions and unlocking value across emerging and frontier markets. The company’s corporate Head Office is in Lagos, with presence in Accra, Nairobi and Mauritius.  With Over the years, we have created strong strategic alliances with multilateral financial institutions such as African Export-Import bank, Africa Development Bank, Africa Finance Corporation, Development Bank of South Africa, Bank of Industry, Nigerian Export-Import bank and other banks across the continent.

For more information, visit www.thecatalystafrica.com

SOURCE
The Catalyst

Google, Apple, and Netflix Top List of Companies Generation Z Wants To Work For

The Rise of the Gen Z VC

“The barriers to entrepreneurship and investing have never been lower, and our generation is very aware of the opportunity we have.”

Generation Z is growing up and getting a tech job.

The oldest members of the world’s first truly digital native generation—folks born from the mid-1990s to 2010—are starting their careers, and they overwhelmingly want to work in tech.

Google, Apple, and Netflix top list of companies they want to work for, and 72% fancy the idea of becoming founders themselves.

Which raises a question: Who’s going to fund all those new startups?

According to a new report from AngelList, a new crop of Gen Z investors is emerging. They’re 10k strong and launching VC funds from their dorm rooms.

Click here to read the report

Microfinance: The end of the El Dorado for Investors?

5 Mar 2010 09:00 Africa/Lagos

Microfinance: The end of the El Dorado for Investors?

PARIS, March 5, 2010/PRNewswire/ -- PlaNIS, an entity of PlaNet Finance Group dedicated to advising SRI (Socially Responsible Investment) funds, has noticed that during the last decade, the microfinance sector has benefited from a sustained growth due to an increased interest from many international investors. In 2008, European funds assets dedicated to microfinance have grown by 31% thanks to private investors and public entities.


In 2009, in a very tough economic environment damaged by the crisis, SRI funds dedicated to microfinance have continued to increase their fundraising, with a 16% volume growth, (an excellent rate compared to the asset management market). Today, SRI European funds represent more than 6 billion USD.


Nevertheless, in 2009 and contrary to the previous years, the earning rates for SRI funds dedicated to microfinance have strongly decreased to reach rates between 1.74% and 2.31% which used to be at an average of 4%.


These results can be explained by:


- An increasing credit-related risk: Outstanding payments linked to high-risk-portfolio, generated by credit repayment default reaching up to 20% in certain areas.


All this, has led some funds to settle very significant provisions.


- The growing over-liquidity of numerous microfinance funds leading to the drop of their revenues: Slowdown of MFIs' development, combined to a more regulated credit policy, has drawn to the decrease of their financing demand. At the present time, PlaNIS estimates the total non-used liquidity to 1 billion USD which represents about 20% of the asset under management.


- Local currencies volatility


Therefore, SRI funds in microfinance have to be careful before investing and need to work with specialists in order to mitigate the risks.


Despite hard market conditions, PlaNIS managed to maintain good results for 2009. Its portfolio has increased by about 30% (from 119M USD to 153M USD), and the average return of the financing programs proposed to advised funds has come about 9%.


These results proceed from its big ability in terms of sourcing, its high level of expertise of the market and its portfolio composed by promising MFIs.


NEWS :


PlaNIS is a partner of MicroFinancial Services World. Organised by Hanson Wade and chaired by Xavier Reille of CGAP MicroFinancial Services World is the largest gathering of Microfinance Practitioners and Socially Responsible Investors in Europe. The conference will take place from the 10th to the 12th of May 2010 in Amsterdam.


Website: http://www.mfs-world.com


About PlaNIS:


In 2009, PlaNIS' met 300 MFIs in 40 countries. 70 investment proposals were drawn up and close to 50 million USD were lent out to MFIs. PLANIS currently advises 9 microfinance funds and manages a 153-million-USD portfolio distributed among 75 MFIs across 30 countries, 4 of these funds are managed by responsAbility; PLANIS main partner.


PlaNIS is part of PlaNet Finance group and has the chance to benefit from its 13 years of expertise concerning microfinance.


http://www.planetfinancegroup.org



MicroFinancial Services World
Charlotte Whewell
charlotte.whewell@hansonwade.com
+44(0)20-3141-8700




Source: PlaNIS

Press Contacts: PlaNet Finance, Marlène Biard, mbiard@planetfinance.org, +33-1-49-21-26-15; Audrey Le Blanc, aleblanc@planetfinance.org, +33-1-49-21-26--5; MicroFinancial Services World, Charlotte Whewell, charlotte.whewell@hansonwade.com, +44(0)20-3141-8700

Obama More Popular With Investors Outside U.S.: Bloomberg Poll

23 Jul 2009 14:32 Africa/Lagos

Obama More Popular With Investors Outside U.S.: Bloomberg Poll

NEW YORK, July 23 /PRNewswire/ -- President Barack Obama has overwhelming support among the world's most influential investors outside of his own country, according to the first-ever Bloomberg Global Poll, a quarterly survey of economic, financial and political attitudes among Bloomberg users around the world.


The first Bloomberg Global Poll interviewed a random sample of 1,076 subscribers to the BLOOMBERG PROFESSIONAL(R) service, a universe of more than 300,000 decision makers in finance, the markets and economics. The survey provides a window on how this valuable community of investors views the prospects for economic recovery, investment opportunities and risks in the wake of the worst financial crisis since the Great Depression.


87 percent of investors surveyed in Europe and Asia say they approve of Obama, compared to just 49 percent in the U.S. Obama's standing among American investors is even lower on economic matters: Only a quarter of respondents rate his policies favorably, compared with more than half in Europe and Asia. Climate change also ranked differently for investors in the U.S. than investors elsewhere. 61 percent in Asia said higher global temperatures and sea levels are a major problem and 56 percent in Europe agreed, while almost two-thirds in the U.S. say climate change is a minor danger or no real threat, according to survey results, which are available at www.bloomberg.com.


The Bloomberg Global Poll was conducted by Selzer & Company, whose survey of Iowa Caucus voters in 2008 was the only one to accurately predict Barack Obama's victory. The firm has conducted surveys for more than two dozen major newspapers in the U.S., and was named the best of 32 polling firms ranked by polling Web site FiveThirtyEight.com.


About Bloomberg


Bloomberg is the source of critical information and tools with which to analyze, customize and use it. The BLOOMBERG PROFESSIONAL service and Bloomberg's media services deliver data, news and analytics that create transparency and allow users to transform knowledge into success.


The BLOOMBERG PROFESSIONAL Service


The BLOOMBERG PROFESSIONAL service combines the best market intelligence and powerful analytics, allowing users to view, compare and contrast information in a way that they can tailor to their needs. The all-inclusive BLOOMBERG PROFESSIONAL service delivers instantaneous data, prices, charting, searchable documents, workflow utilities and critical news integrated with analytics, trading, communication and order management tools. Subscribers can access their BLOOMBERG PROFESSIONAL service from their desktops, laptops and mobile devices.


Bloomberg Media Services


Bloomberg's media services cover the world with more than 2,200 news and multimedia professionals at 145 bureaus in 68 countries. Five hundred media organizations subscribe to BLOOMBERG NEWS content, which is integrated onto the BLOOMBERG PROFESSIONAL service. The BLOOMBERG TELEVISION 24-hour network reaches more than 200 million homes around the world. BLOOMBERG RADIO services broadcast via XM, Sirius and WorldSpace satellite radio globally and on WBBR 1130AM in New York. The award-winning monthly BLOOMBERG MARKETS magazine, the BLOOMBERG.COM financial news and information Web site and BLOOMBERG PRESS books provide news and insight to investors. For more information, please visit http://www.bloomberg.com/.


The BLOOMBERG PROFESSIONAL service and data products are owned and distributed by Bloomberg Finance L.P. (BFLP) except that Bloomberg L.P. and its subsidiaries (BLP) distribute these products in Argentina, Bermuda, China, India, Japan and Korea. BFLP owns and distributes Bloomberg Markets Magazine. BLP provides BFLP with global marketing and operational support and services. Bloomberg Tradebook is distributed by Bloomberg Tradebook LLC and its subsidiaries. BLP owns and distributes Bloomberg Television, Bloomberg Radio, the Bloomberg Website and Bloomberg Press.


BLOOMBERG, BLOOMBERG PROFESSIONAL, BLOOMBERG MARKETS, BLOOMBERG NEWS, BLOOMBERG ANYWHERE, BLOOMBERG TRADEBOOK, BLOOMBERG BONDTRADER, BLOOMBERG TELEVISION, BLOOMBERG RADIO, BLOOMBERG PRESS and BLOOMBERG.COM are trademarks and service marks of Bloomberg Finance L.P., a Delaware limited partnership, or its subsidiaries. BTV is a trademark and service mark of Bloomberg L.P., a Delaware limited partnership. All rights reserved.


Source: Bloomberg

CONTACT: Angela Martin of Bloomberg LP, +1-212-617-1211,
angelamartin@bloomberg.net


Web Site: http://www.bloomberg.com/


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