Home / Funding / TechCabal Daily, 785 – MainOne’s US$69 Million Investment To Digitally Transform Lagos

TechCabal Daily, 785 – MainOne’s US$69 Million Investment To Digitally Transform Lagos

There has been confusion in some quarters since MTN announced a week ago, that it was listing its shares on the Nigerian Stock Exchange (NSE) by way of introduction. Nigeria info in a podcast and CNBC in a report have both tried to break this down but this thread by Neusroom will help put things in clearer perspective. The issue primarily borders on the perceived scarcity of the company’s stock but the numbers indicate a different story. According to Nairametrics, just yesterday, MTN Nigeria Plc was the most actively traded stock, with 93.7 million shares valued at N13.5 billion exchanged in 464 deals.

MainOne is investing over N25 billion (US$69 million) over the next 2-3 years to develop critical fiber optic infrastructure to enable broadband services across Lagos state. the leading provider of connectivity and data service made this known at the launch of its “Digital Lagos: Broadband for All” initiative. Earlier this year, the company invested over N120 billion in expanding and densifying localized fiber networks in Ogun and Edo States. Under this new initiative, MainOne will deploy open-access fiber optic networks across more than 1,000 health centres, 3,000 schools, 300 government agencies, 10,000 CCTV locations and public Wi-Fi hotspots.
Luxembourg-based fintech company Koosmik has raised US$2 million in a second round of seed funding to expand its operations in Togo, its pilot market in West Africa. The company launched its operations in Lome in 2017 after raising over US$1 million to develop its technology in Luxembourg. The funding round was led by Batipart International as they did the previous seed round; Alpharatz, as well as angel investors from France, Belgium, Luxembourg, Turkey and Morocco.
Seedstars and Ivory Coast’s Youth Employment Agency have launched a startup incubation programme to offer entrepreneurs a six-month access to training, mentoring and networks. Entrepreneurs must have a tech-enabled solution, or an idea for one, with growth potential and positive impact. Applications are open till June 2. 
Facebook’s NG_Hub says it has trained 50,800 small and medium scale businesses in digital skills across 20 states in Nigeria directly supporting businesses in 11 different industries since its launch. Launched a year ago in partnership with Co-Creation Hub in Lagos and seven other hubs spread around the country including Ventures Platform in Abuja and Roar Hub in Enugu, the hub is part of Facebook’s commitment and investment in growing the startup scene in Nigeria. The NG_Hub is Facebook’s first community hub space in Africa.
Are you passionate about growing developer communities and ready to share knowledge with your peers as you prepare for the workforce of the future? Apply to be a #DeveloperStudentClub lead in your university. The application deadline has been extended to June 15, click here to apply.
The State of Health Tech in Nigeria is a deeply researched report that profiles 75 active and 15 inactive health tech startups across 12 subsectors. It further examines the challenges these startups face, the opportunities in the space and makes actionable recommendations for entrepreneurs, investors and regulators to consider. Get the report here. Kindly note that we are also accepting bank transfers for purchase of the reports. If you’d like to purchase the report through a bank transfer, send a reply to this mail and we will attend to your request.
Founder and Managing Partner of EchoVC Partners, Eghosa Omoigui, speaks with The Guardian about how well the firm has fared despite the failure of the federal government to disburse a US$10 million ICT fund for startups in the sector in 2014.
Jobberman co-founder, Ayodeji Adewunmi, has joined Rise Capital as Managing Director for Africa and has on their behalf, led a US$5.3 million Series A funding round in motorcycle on-demand company, Gokada. Gokada becomes only the third African (and Nigerian) startup that Rise Capital has invested in, after iROKOtv and PrepClass. In his new role as CO-CEO, he will be responsible for finance, operations, people, and regulatory affairs.
To become a global fintech player, locate your startup in San Francisco and Africa, this recent TechCrunch article advises.
Applications are open till June 2 for the 2019 She Leads Africa Accelerator program. The 4-month program is designed to identify, support and fund the next generation of Nigeria’s brightest female entrepreneurs. Find out if your business is a good fit and apply before the deadline.
From TechCabal +  Can Nigeria’s tech community contribute to solving the country’s energy crisis? +  Meeting the Challenges of Morocco’s Industrial Hub Dream

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