General News
TLcom Secures First Close of $150mn Pan-African Tech Fund

TLcom, the Africa-focused venture capital firm, on Thursday announced a first close of $70mn for its $150mn Africa focused tech fund, firmly positioning the investor to become the largest independent VC firm fully dedicated to the continent.

With a first close in line with the total size of its TIDE Africa Fund closed in 2020, TLcom’s second fund sees participation from Allianz, the world’s largest insurance company, through AfricaGrow, its joint venture with DEG Impact (German Investment Corporation), as well as a host of new and returning investors including Bertelsmann, King Philanthropies, the TLcom team and FBNQuest from the private sector, and major DFIs such as CDC Group (the UK’s development finance institution), IFC, Proparco and Swedfund. A second close of the fund is expected later in 2022.
With its new fund, TLcom will expand its existing focus on fast-growth, tech-enabled African startups to Egypt, as well as strengthen its long-standing presence across East and West Africa.
With ticket sizes ranging from $500,000 – $15mn, TLcom expects to add an additional 20 early-stage startups to its portfolio with an emphasis on Seed and Series A stages and will target entrepreneurs tackling some of the continent’s most complex challenges in sectors including fintech, mobility, agriculture, healthcare, education and ecommerce.
Speaking on the launch of the new fund, Maurizio Caio, Nairobi-based Founder and Managing Partner at TLcom, says, “Since the closing of our previous fund, African tech has secured more high-value financing rounds, exits and M&As than ever before and this is only just the beginning.
“It is becoming increasingly evident that our sector has broken into a new era of maturity driven by very strong business fundamentals that African founders are demonstrating not only in the fintech space, but across a huge number of the continent’s largely underserved markets.”
“As we partner with some of the world’s leading global investors for our new fund, this is not only an endorsement of the massive value generation upside on the continent, but also of our proven track record in identifying and supporting entrepreneurs successfully winning and redefining Africa’s key verticals.
“In order to contribute to unlocking the next phase of Africa’s huge economic upside, we’ll be mobilizing our new fund to strengthen our partnership with African founders, with a special emphasis on female entrepreneurs, as well as our role as the leading local partner of choice for global VCs increasingly looking at Africa.”
The entrepreneurs supported by the TIDE Africa Fund have amassed huge traction in recent years with total revenues across its portfolio growing 3x since investment, over 2,300 jobs created and significant up-rounds secured with participation from leading global investors including Softbank, Owl Ventures and Index Ventures.
To-date, TLcom’s portfolio companies have raised more than half a billion dollars of capital in addition to funding issued by the TIDE Africa Fund and on average, new investments secured from these startups were priced at 5x the valuation of the initial investment received from TLcom. In 2021, the investor also announced the first unicorn in its portfolio following Andela’s $200mn Series E funding at a valuation of $1.5bn.
Abhinav Sinha, Director and Head of Technology and Telecom at CDC (soon to become British International Investment (BII)), says “We are excited to expand our partnership with TLcom.
“The fund’s focus on business fundamentals coupled with deep understanding of local context has been instrumental in identifying market shaping businesses and innovative entrepreneurs in Africa.
“We are confident that our continued relationship will further amplify TLcom’s ambitions to accelerate impact to consumers and businesses across Africa’s diverse markets.”
Martin Ewald, Lead Portfolio Manager Impact Investments, AfricaGrow/Allianz Global Investors, adds “One thing is clear to those who are close to the African VC market: it will grow.
“We at AfricaGrow believe much more is possible in terms of capital influx into the continent especially in the VC space.
“There is considerable upside for everyone if investment activities accelerate even more: African businesses can boost productivity, gain in terms of competitiveness and technological edge and tens of millions more Africans could gain stable employment while generating returns for investors.”
Launched in 1999, TLcom currently has in excess of $350mn worth of funds under management across primary and secondary funds and boasts one of the leading portfolios in African tech featuring 12 startups including Andela, Ajua, Autochek, Ilara Health, Kobo360, Okra, Pula, Seamless HR, Shara, Terragon Group, Twiga Foods and uLesson.
The company’s highly experienced and growing team – which is also 50% female at a senior leadership level – consists of Founder and Managing Partner Maurizio Caio based in Kenya, Senior Partner Dr. Omobola Johnson based in Nigeria, and Partners Andreata Muforo in Kenya, and Ido Sum in the UK. With its offices based in Kenya, Nigeria as well as the UK, TLcom invests across all stages of the venture capital cycle and manages a broad portfolio of tech-enabled startups addressing a range of sectors including agriculture, education, data analytics and logistics.
Ijeoma Agboti, Managing Director at FBNQuest Funds, closes “FBNQuest Funds is pleased to have participated in the first close of TLcom’s 2nd edition pan-African Tech Fund (TIDE Africa Fund II). This follows our first close commitment to the manager’s maiden fund (TIDE Africa Fund I).
“Our decision to back TLcom on its second fund was based on the fund manager’s demonstrated track record of investing in high growth tech companies with strong business fundamentals and implementing value creation strategies that improve the operations and profitability of these companies.
“We remain confident that TLcom is well-positioned to continue to deliver on our shared objective to provide capital, the required operational support and access to international partnerships to technology companies in the Africa region through the TIDE Africa Fund II.
“At FBNQuest Funds, we recognize the transformational role that technology must play in narrowing the gap between industries in Africa and the rest of the world, and we are keen to play a pivotal role in enabling this growth.”
General News
Leo Stan Ekeh: A “Rare Avis”, an Unconquerable Entrepreneur

By Tim Akano
Leo Stan Ekeh (LSE) is an extraordinary human being. He is extremely hardworking, hugely brave, and massively intelligent. He is a shrewd businessman but with a cathedral-size heart of butterfly

Leo Stan Ekeh
I’m a product of LSE’s generosity. But not only me, I am close enough to know. We are uncountable.
I was always with him after office hours in his office twenty years ago when he was constructing a church in his place of birth. He was so committed to details and beauty that when the church was roofed and he went for inspection and discovered some misalignment, he instructed the contractor to remove the roof and redo it, without minding the extra cost coming from his pocket.
There was this physically challenged fellow that LSE bought a car for, including a driver to make life easier for her.
During one of his birthday celebrations, he told me, Tim, I am not inviting my friends for any birthday party this year, all the money I would have used in buying expensive wine, I am donating everything to charity
LSE & I
He actually looked for me when I started New Horizons. He read my interview in the Vanguard news paper and asked his staff to look for me.
Prayer:
May each of us receive a telephone call before the end of 2025 that will change our life’s trajectory for good for ever in Jesus name, Amen.
I did.!
Our conversation on that fateful Friday went like this:
LSE: Tim, I read your interview in the newspaper. I would like us to meet.
Tim: You are our LEADER in the Technology ecosystem, Sir.
I can come to your house tomorrow Saturday morning for a breakfast.
LSE: Tim, that’s good, I will be expecting you by 8am tomorrow in my house.
By 8am the following day, I was in his massive, intimidating house.
As I entered the premises I said a simple prayer: The God Almighty who is blessing LSE, please Daddy God be kind to me also in my entrepreneurship journey Amen.
That day the breakfast meeting went well. He wanted to see the man behind the ambitious vision of transforming the ICT education in Nigeria.
He saw tomorrow!
1 LSE First Intervention: Two years after I started my company, New Horizons, I ran out of cash, even to pay salary was a prayer item every 30th of the month. That was May, 2007 it remained just 72 hours for Heaven to fall on my head, metaphorically speaking, that is!
I needed N10M to stop HEAVEN FROM CRASHING ON MY HEAD!
Banks in Nigeria are irrelevant to Start-ups, except and until you START WALKING, Banks will not come to your assistance in Nigeria.
It is O.Y.O (On Your Own) for every Start-up. If you don’t have God 100% on your side, don’t dabble into entrepreneurship in Nigeria!
This is why over 80% of Start-ups failed in Nigeria. In America, it is about 50%.
LSE was in Abuja on this particular Thursday. I called him and requested to see him. He told me to come.
Our conversation went like this:
LSE: Tim, I know you are keeping well.
Tim: My chairman, I am strong in faith, but in reality, heaven is hot on my side o! I need help, Chairman.
LSE: What is the matter, Tim?
Tim: I need N10M soft loan to keep afloat. It is urgent, critical and time- bound.
LSE ok, Tim, see me on Monday (that meeting took place on a Thursday).
Tim: My chairman, I am not exaggerating the criticality of my situation. by Monday it would be too late because Heaven would crash on my head in another 72 hours without the N10M! And it would be all over.
LSE adjusted himself, he breathed in , he looked me straight in the eyes. I wouldn’t know what LSE saw in my eyes that day.
But he stood up, went to the inner room and he came out with his cheque book. He gave me an Access Bank cheque for N10M, which I later refunded 3 months later without interest.
I survived, heaven didn’t fall that day, glory be to God and thanks to LSE.
LSE intervention 2:
This time we had grown, having survived the ABIKU YEARS (The first 5 years of Start-up are the ABIKU YEARS, years of premature, sudden death. If you survive the first 5 years, your chances of living to celebrate your 20 years in business are bright). We did, all gratitude to God.
I got a business that required huge capital to execute- very big money, which was beyond my capacity.
I went to my destiny- helper again. He is never tired of seeing me. He picks my calls on the first ring. But I don’t abuse the access too. No frivolous conversations. No irrelevant calls. Every call is about matter and mission critical
This particular day LSE was looking extremely tired, having over flogged his body.
He told me he had been sleeping in the office for about 3 days, busy putting his papers together to enable him close a massive business deal, which he eventually got, after fighting like a lion whose cub was taken by a lone leopard!
LSE overwhelmed every opposition. He fought like Mohammed Alli, the world’s greatest boxer of all time. LSE won.
And that changed everything for him, too, forever. Fortune favours the Brave
Our conversation that day went like this:
LSE: Tim, congrats you are doing well, I can see. Indeed I instructed all my staff to make sure they read any article you published (“I felt flattered”).
Tim: Chairman, I need your help, KONGA is not ready to give me the products I needed on credit and I don’t have cash to pay and the client will not pay me until after 9 months.
Tough one, indeed.
LSE: Tim, I will be honest with you, there is no way KONGA would give you products worth N500M (10 years ago money!) on credit.
Indeed, we held a meeting on Monday over your matter, the resolution of the Zinox Group is that you must look for cash before you can get the products. Let me tell you, my staff made me to sign-off on our resolution that as the Chairman of Zinox , I, LSE will not go behind to do the opposite of what we all agreed to, and I signed. Tim, I am sorry, my hands are tied!
As of that time, some of the young people LSE helped disappointed him badly. So bad, some souls are ungrateful.
Tim: Chairman, I know some of the people you helped even went to the extent of wrongfully blackmailing you in the media. I know that for a fact.
But Chairman, I am different. I am Tim Akano, I won’t disappoint you.
I will remain eternally grateful if you can still think out- of -the box and help me out.
I added: Chairman, you recall you were the one who looked for me that you would give me a helping hand in life.
I think my last statement touched him.
LSE Tim, I will give you my personal cheque. Here is the cheque for you, take it to KONGA and pay for your goods to meet your deadline.
Tim On getting to KONGA, from my steps and tone, the staff knew something positive had happened.
I confidently presented my cheque to Loretta & Co, the lady managing our account in KONGA then
They were shell shocked that God pulled it through for me another time, using Leo Stan Ekeh.
There were many more positive interventions, which I will reserve for my memoir.
Lessons: The reason behind the rise and rise of Leo Stan Ekeh (LSE) has to do partly because of his massive generosity, most of them are done silently.
Yes, LSE is a shrewd businessman, but he has a heart of a butterfly.
2 LSE is unconquerable and himself and his lineage will remain so because of several lives he has impacted positively
3 We are all products of people’s generosity. No one is a self-made man. In my own corner, through the TIM AKANO FOUNDATION, I am giving back in thousands folds all the kindness I am enjoying from people like LSE & others. I’m not withholding any kindness from people who need it when it’s within my capacity. God saw my heart, too, that when he must have helped me to stand, I will light thousands of candles.
It was William Shakespeare who admonished his followers to tell him all the good things they wanted to tell him while he was still alive because tributes written in beautiful prose means nothing to a dead person.
I congratulate LSE children, they have a great father in and his legendary generosity will always speak for them up to the 4th generation., as the Holy Bible said. LSE children should be proud of their father, he is a Lion, an Eagle and a butterfly, (LEB) all together at the same time.
@LSE: Sir, if you manage to read this short public appreciation, which I was inspired to write in a wedding event (the couple is taking over one hour to come out, instead of joining people who are anxious, I decided to use my idle time to pay you this tribute today), I want you to feel proud of yourself; what you have achieved will take an average person 10 lifetimes to achieve.
Your positive numerous interventions in my entrepreneurship journey have germinated and I am also touching lives- like you- in thousands across Africa, not only in Nigeria, especially with regards to Youth Empowerment.
I am eternally grateful, my chairman, my destiny-helper.
My prayer for you my Chairman, LSE: The Lion, the Eagle, the Butterfly (LEB) is for God to keep you continuously in sound, divine health, peace and happiness- that you will still remain strong at 120 years of age like the Biblical Moses who miraculously escaped physical depreciation in his eyes, strength and mental magnitude.🙏
Gratitude!
Gratitude!!
Gratitude!!!
General News
NITDA Wins Triple SERVICOM Honours for Citizen-Centred Service Delivery

National Information Technology Development Agency (NITDA) has clinched three prestigious Service Compact with All Nigerians (SERVICOM) awards at the annual Ministry, Departments and Agencies (MDAs) Awards ceremony, earning acclaim for its outstanding citizen-centred service delivery.

NITDA
The honours spotlight NITDA’s leadership in digital transformation and efficient public service, as evaluated by SERVICOM on key benchmarks of timeliness, transparency, and customer satisfaction.
NITDA Director General, Kashifu Inuwa Abdullahi, received a personal commendation plaque during the event, recognising his unwavering support and commitment to prioritising citizens in agency operations.
The agency also secured a Special Recognition Award from the SERVICOM Office, celebrating its sustained initiatives to bridge government and citizens through high-quality service delivery.
In a further mark of excellence, NITDA was named the 2nd Best Performing Public Service Unit (PSU) Team B within the competitive MDAs category.
SERVICOM Framework Drives Public Service Reforms
SERVICOM, established to enhance service quality across Nigerian public institutions, assesses MDAs based on rigorous standards that ensure responsiveness to public needs.
NITDA’s triple honours reflect its strategic focus on leveraging technology to streamline services, foster accountability, and promote inclusive digital governance.
The awards align with broader federal efforts to reposition public service delivery amid Nigeria’s push for digital economy growth.
NITDA’s Digital Leadership Under Spotlight
Since its establishment, NITDA has spearheaded national ICT policies, infrastructure development, and capacity building, positioning Nigeria as an emerging digital hub.
The agency’s SERVICOM success underscores effective implementation of the National Digital Economy Policy and Strategy (2020-2030), enhancing e-government services and citizen engagement.
Kashifu Inuwa Abdullahi’s leadership has been pivotal in initiatives like the National Centre for Artificial Intelligence and Robotics, alongside partnerships driving broadband expansion and cybersecurity.
These recognitions come amid NITDA’s ongoing campaigns for data localisation, digital skills training, and startup ecosystem support.
General News
FCCPC Forces Ikeja Electric Into Compliance, Unseals Headquarters After Rights Breach

Federal Competition and Consumer Protection Commission (FCCPC) has secured enforceable compliance from Ikeja Electric Plc, leading to the unsealing of the electricity distributor’s headquarters after regulatory intervention over consumer rights violations.

Ikeja Electric
The Commission had sealed the company’s headquarters on December 11, 2025, following its failure to comply with a directive of the Nigerian Electricity Regulatory Commission (NERC) to unbundle a Maximum Demand account into 20 individual accounts for a customer who had remained without electricity for more than two and a half years.
Following the enforcement action, Ikeja Electric entered into a binding undertaking with the FCCPC, committing to resolve all consumer complaints referred to it by the Commission within agreed timelines.
The FCCPC warned that any breach of the undertaking would trigger renewed and escalated enforcement under the Federal Competition and Consumer Protection Act (FCCPA).
The Executive Vice Chairman and Chief Executive Officer of the FCCPC, Mr. Tunji Bello, said the intervention underscores the Commission’s resolve to protect consumers and enforce regulatory decisions.
“Our responsibility is to ensure that consumers are treated fairly and that service providers comply with lawful decisions and directives. Enforcement is not an end in itself. Where compliance is achieved and credible commitments are made, the Commission will respond appropriately,” Bello said.
He added that the resolution reflects a firm but balanced regulatory approach.
“We intervene decisively where consumer harm persists, and we de-escalate where enforceable compliance is secured. What remains constant is our duty to protect consumers and uphold regulatory accountability,” he said.
The FCCPC said the outcome sends a clear signal that consumer rights violations will attract decisive regulatory action, while companies that demonstrate genuine compliance will receive proportionate responses.
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