E-Financial
EchoVC Tips Innovation Fund as Disruptive Strategy For Job Creation
EchoVC Pan-African Investments Nigeria Limited, has advocated for the Federal Government to consider injecting more innovation funds in the ICT as catalysts for job creation, economic recovery and growth.
The firm makes investments of $25K-$1.5m per startup with a goal of making 40-50 investments throughout the life of a particular fund,
Eghosa Omoigui, managing partner, EchoVC, gave the advise while addressing journalists on the venture capital firm’s strategy that underpins a disruptive approach to building startup businesses.
He said that the Company is focused on technologies that support the ‘99% bulge’ of underserved populations.
‘Our investments are targeted at high-growth services and scalable products in select markets, with distinct and sustainable competitive advantages, all of which affect daily life and provide essential services in large growing markets,’ he said, listing specific technology sectors of interest to the Firm to include: consumer internet and services, data, mobile, social, digital, media, content, and advertising, electronic/mobile-commerce, software, linguistics, gaming, among others.
In 2012, a national recruitment in search for an independent institution that will act as Fund Manager with the responsibility of overseeing fund-raising, deal sourcing, evaluation and execution, technology business incubation, portfolio management for the ICT sector of the country saw the birth of EchoVc as the pioneering fund manager behalf of the federal government.
As part of the her $50million target fund 1, EchoVC is also the sole manager of the Federal Government\’s pioneering innovation fund, a $10million commitment from the Federal Government to make seed and early-stage investments in high-growth technology startups, where existing investors are a mix of domestic and foreign institutional investors and asset managers.
Omoigu said that aside making investing on four startups in 2015, they anticipate making up to 10 seed-stage investments in 2016.
He however urged technology startups in the country to channel their incubation skills toward economic viable solutions that will avail them international investors capital and seed funding dedicated by the federal government.
“See, there is need for more Nigerians to come up through referral scheme to access the $10million ICT fund for tech startup companies. You should know that there is a forecast of net job growth impact of not less than 35,000 jobs in 2016 through the ICT and this is achievable…,” Omoigu said.
He added that the fund for Information Communication Technology (ICT) Small and Medium Enterprises (SMEs) worth $10million made available by the immediate past Federal Government through the National Information Technology Development Agency (NITDA) can still be leveraged by businesses to deepen their growth after passing through mentorship programmes.
The Managing Partner described EchoVC Partners as an experienced seed and early stage technology-focused Lagos based venture capital firm that seeks ‘to capitalized on Nigeria’s burgeoning period of growth in technology innovation by investing in next generation companies that will lead the technology renaissance across the continent as the fund will also provide investment opportunities in Ghana, Kenya, Uganda, Rwanda, Tanzania and Ethiopia starting from Nigeria.”
Speaking specifically on their plans, he said, ‘EchoVC plans to fill the seed and early stage financing gap by producing mentorship and institutional angel funding to promising entrepreneurs and co-developing and stimulating the existing local angel community; co-invest in first institutional financings of emerging market technology companies with traction and deliver value-add with formal knowledge transfer frameworks that cross-pollinate US/Asia/Africa-based entrepreneurial insight’.
He added that they will work with portfolio companies to enhance enterprise value and exit value.
E-Financial
First Securities Brokers Empowers Nigerians to Trade in the Stock Market with the Launch of FirstInvest App
First Securities Brokers, one of Nigeria’s leading stockbroking firms and a subsidiary of FirstHoldCo Plc, is pleased to announce the official launch of the FirstInvest App, an innovative mobile investment platform designed to make stock market investing simpler, faster, and more accessible for Nigerians.
The FirstInvest App offers investors a seamless digital experience, enabling them to open and manage their investment accounts, monitor their portfolios, and trade equities listed on the Nigerian Exchange (NGX) directly from their mobile devices.
Designed with both new and experienced investors in mind, the platform combines convenience, security, and ease of use to help users make informed investment decisions anytime and anywhere.
As Nigeria continues to embrace digital financial services, the FirstInvest App reinforces First Securities Brokers’ commitment to driving financial inclusion and expanding access to wealth creation opportunities through technology.
Speaking on the launch, Fiona Ahmed Ahimie, Managing Director of First Securities Brokers, said: “The launch of the FirstInvest App represents another significant milestone in our digital transformation journey and our commitment to delivering innovative investment solutions to our clients.
“We understand that today’s investors value convenience, speed, and accessibility. FirstInvest has been developed to provide exactly that: a secure and intuitive platform that empowers individuals to participate confidently in the capital market from wherever they are.”
She added: “Our goal is to remove the traditional barriers associated with investing by placing the power of timely investment and decision making in the stock market directly in the hands of Nigerians. Whether you are taking your first investment step, actively managing your portfolio or just evaluating your investment, FirstInvest provides the tools and flexibility needed to support your financial aspirations.”
The app delivers a range of features designed to enhance your investing experience, including: Secure digital account opening and onboarding, Real-time access to investment portfolios, Buy and sell Nigerian equities with ease, User-friendly trading interface, Secure transaction processing, Convenient access to market information and investment opportunities.
The launch of FirstInvest aligns with First Securities Brokers’ broader strategy of leveraging technology to improve customer experience while supporting the growth of retail participation in Nigeria’s capital market.
First Securities Brokers remains committed to providing trusted investment advisory services, innovative financial solutions, and exceptional customer service, helping clients build and preserve wealth across generations. The FirstInvest App is now available for download on the Google Play Store and the Apple App Store.
The next currency crisis could accelerate the shift of the roughly $315 billion global stablecoin market into a digital-dollar alternative for citizens in emerging economies, notably in regions like sub-Saharan Africa and Latin America.
As local fiat currencies face devaluation and high inflation, citizens and businesses are increasingly utilizing smartphone-based stablecoins (such as USDT and USDC) as hedges and primary mediums of exchange.
According to the International Monetary Fund (IMF), the rapid adoption of dollar-linked digital assets—particularly in countries heavily affected by inflation like Nigeria—poses significant risks to monetary sovereignty.
With up to 95% of surveyed individuals in some African markets preferring to receive payments in stablecoins over local fiat, the rising volume of these decentralized, cross-border channels weakens domestic currency demand and dilutes the effectiveness of local monetary policy.
IMF observed in a report titled “Stablecoins in Nigeria: A Growing Cross-Border Channel” noted that the widespread use of stablecoins poses risks to monetary sovereignty, particularly as more individuals and businesses turn to digital dollar-linked assets for savings and transactions.
Nodding in agreement is Future Investment Initiative Institute (FII Institute), a non-profit organisation run by the Public Investment Fund, Saudi Arabia’s main sovereign wealth fund.
FII Institute said that central banks face structural challenges.
And according to the institute, when citizens move savings out of national banks and into private digital wallets, conventional capital controls lose their grip.
Institutions like the Bank for International Settlements warn that interest-bearing stablecoins compete directly with domestic-currency deposits, complicating financial oversight and making smartphone-based transfers incredibly difficult for authorities to monitor.
In Nigeria, Naira depreciation has pushed users toward dollar-stablecoins, according to report by Gino Matos in cryptoslate.com.
A stablecoin is a type of cryptocurrency designed to maintain a steady value by pegging its price to a reserve asset, such as a fiat currency (e.g., the U.S. dollar) or a commodity (e.g., gold).
They act as a bridge between traditional money and the digital asset world, providing the speed of crypto without the extreme price swings of assets like Bitcoin.
Federal government has reopened three federal government of Nigeria (FGN) bond issues valued at N1.2 trillion for subscription as part of efforts to raise long-term funds from the domestic debt market.
The Debt Management Office (DMO), which announced the offer on Tuesday, said the three reopened bond issues are each valued at N400 billion.
According to the DMO, the first offer is the January 2035 FGN Bond, a 10-year reopening, carrying an interest rate of 22.60 per cent per annum.
The second is the May 2028 FGN Bond, a 15-year reopening, with a coupon rate of 15.45 per cent per annum, while the third is the June 2037 FGN Bond, a 20-year reopening, also valued at N400 billion.
The office said the bond auction is scheduled for July 20, while successful subscriptions will be settled on July 22.
It explained that the bonds are offered at N1,000 per unit, with a minimum subscription of N50 million and additional investments in multiples of N1,000.
For the reopened bonds, the DMO said successful bidders would pay a price based on the yield-to-maturity that clears the auction, in addition to any accrued interest on the instruments.
Interest on the bonds will be paid every six months, while the principal will be repaid in full on the respective maturity dates.
The DMO reaffirmed that FGN bonds are backed by the full faith and credit of the Federal Government and constitute obligations chargeable on the general assets of the federation.
It added that the bonds qualify as trustee investment securities under the Trustee Investment Act and enjoy tax exemptions for eligible investors, including pension funds, under the Company Income Tax Act and Personal Income Tax Act.
The bonds are listed on the Nigerian Exchange (NGX) and FMDQ Securities Exchange and also qualify as liquid assets for banks in computing their liquidity ratios.
FGN bonds are long-term debt instruments through which investors lend money to the Federal Government in exchange for periodic interest payments and repayment of the principal at maturity.
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