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Rocket Internet is $Bn Company, World’s Largest Internet Incubator

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Rocket Internet has announced that it has raised a total of $500 million from partners Investment AB Kinnevik and Access Industries since May 2012, representing the largest investment ever made in an internet incubator and accelerator company.

The funds will be used to further expand Rocket Internet´s world-wide network of successful internet start-ups.

Rocket Internet is the world’s leading internet incubator, bringing together the four elements required to create digital companies on a global basis: team, concept, technology, and capital. To date, Rocket Internet has started over 100 companies developing many of them across five continents.

Rocket Internet’s core team of experts works with outstanding entrepreneurs, establishes new businesses, and then supports the new enterprises to maximize their growth.

Rocket Internet´s engineering work is primarily done in-house through its 250 dedicated IT engineers based in Rocket Internet’s corporate headquarters in Berlin and in various technology development centers throughout the world.

Currently, Rocket Internet holds a significant interest in 75 ventures with 20,000 employees in over 50 countries world-wide.

Rocket Internet´s strategy is to develop and support leading, highly innovative e-commerce companies in the fashion, general merchandise and furniture sectors.

Rocket is targeting Europe, Russia, Latin America, Africa, the Middle East, India, South East Asia and Australia with its ventures – covering in total five billion people and 60% of global GDP.

Since 2010, Rocket Internet has helped to create and grow over a dozen leading e-commerce players including: In the fashion ecommerce sector: Dafiti, the fashion market leader in Latin America; Lamoda, the biggest fashion ecommerce site in Russia; Zalora, the market leader in South East Asia; the Iconic, the market leader in Australia; Namshi, the market leader in the Middle East; Zando, the market leader in Africa; in the general merchandise ecommerce sector; Lazada, the largest ecommerce company in South East Asia; Linio, the largest ecommerce company in Mexico, Colombia, Peru and Venezuela and Jumia, the largest ecommerce company in Africa

In the online furniture and home decoration ecommerce sector: Home 24, the leading online furniture site in Europe; Mobly, the leading online furniture site in Latin America; Westwing, the market leader for home & living in Europe, Russia and Latin America

Other companies recently founded by Rocket Internet include (i) payment service provider and Red Herring award winner Paymill.com, (ii) Foodpanda.com, a fast growing food delivery service company currently available to three billion people in over 20 countries, and (iii) EasyTaxi, the market leader for online taxi booking in Latin America and Asia. Rocket also holds a participation in Zalando, Europe´s largest online fashion company.

Rocket Internet companies are backed by leading global institutional investors and entrepreneurial families. Recent capital raises include (i) $100 million for 18 month old Zalora, market leader in online fashion in South East Asia, (ii) $100 million for year old Lazada, largest general merchandise ecommerce site in South East Asia, (iii) $130 million for two year old Lamoda, market leader in online fashion ecommerce in Russia, and (iv) $25 million for 18 month old The Iconic, market leader in fashion ecommerce in Australia.

The Lamoda capital raise was the largest investment ever made in Russian ecommerce; the Zalora and Lazada investments were the largest ever made in internet companies in South East Asia. The Iconic capital raise was the largest investment ever in Australian ecommerce.

Oliver Samwer, Rocket Internet’s co-founder said: “This is a highly significant investment from our partners Kinnevik and Access Industries.

The additional capital supports our goal to be the world´s largest and most successful creator of high impact companies in the internet space and reaffirms the confidence our investors have in our business. We will use the new capital to further strengthen our global presence while continuing to build successful companies together with great entrepreneurs.”

Rocket Internet was founded in 2007 by Alexander, Marc and Oliver Samwer. Investment AB Kinnevik and Access Industries became Rocket Internet investors and partners in 2008 and 2012, respectively. Rocket Internet is headquartered in Berlin, Germany, and operates 25 international offices in five continents.

Over the past 15 years, Rocket and/or the Samwer Brothers have created, developed, and successfully exited over 25 significant online businesses to leading international companies such as eBay, Groupon, Rakuten, and NBC Universal. They were also early investors in Facebook, LinkedIn, Eventbrite and many other successful internet companies.


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EFCC Which Handles Sensitive Data, Financial Records has No Privacy Policy on Website- FiJ

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Economic and Financial Crimes Commission (EFCC) does not currently maintain a public privacy policy on www.efcc.gov.ng, its official website.

EFCC Which Handles Sensitive Data, Financial Records has No Privacy Policy on Website- FiJ

Ola Olukoyede, EFCC chairman, EFCC

This is despite partnering with the Nigeria Data Protection Commission (NDPC) to ensure data compliance according to findings by Foundation for Investigative Journalism (FIJ)

As a law enforcement agency, the EFCC handles highly sensitive personal data and financial records, but its main web portal does not currently provide a formal, publicly available privacy policy detailing how user data is collected, stored, or processed.

According to the National Information Technology Development Agency (NITDA), all government websites are mandated to have privacy policies.

Section 10.4 (i, ii) of the NITDA Privacy Policy mandates all government websites to exercise diligence when collecting personal details or information about visitors to their websites.

It equally requires all government websites to incorporate prominently displayed privacy statements clearly stating the purpose for which information is being collected where the government institution seeks to or collects personal information from visitors through its website.

In addition, the Nigeria Data Protection Act (NDPA) 2023 requires every data controller to make a privacy notice available to citizens before or at the point of collecting their personal data.

That notice must state the specific lawful basis of processing, the purposes of the processing, the categories of recipients of the personal data, the existence of data subject rights, and the right to lodge a complaint with the Commission.

The law further states that such information must be contained in a privacy policy and expressed in a clear, concise, transparent, intelligible and easily accessible format, taking into consideration the class of data subjects targeted by the data processing.

However, on Monday, FIJ checked the anti-graft agency’s website and found that it had no privacy policy or privacy notice informing users how their personal data is collected, processed, stored or shared.

FIJ found that Nigerians can submit petitions to the EFCC on the website.

During this process, the website compulsorily collects personal data such as names, National Identification Numbers (NIN), email addresses, local government areas (LGAs), phone numbers and residential addresses.

Also, organizations and financial institutions (such as commercial banks) are legally mandated to share customer information and suspicious transactions with the EFCC to prevent financial crimes.

However, the website collects this information without specifically informing users what happens to the data they provide.

Ironically, in September 2024, the EFCC and the Nigeria Data Protection Commission (NDPC) agreed to forge a partnership and collaboration towards strengthening cyber data protection in the country.

The agreement was reached in Abuja on September 18, 2024, when Vincent Olatunji, national commissioner and chief executive officer of the NDPC, led a delegation of management staff on a courtesy visit to Ola Olukoyede, EFCC chairman, at the commission’s corporate headquarters.

Despite partnering with Nigeria’s data protection regulator, the EFCC still has no privacy policy on its website.

At press time, the EFCC met none of the privacy policy requirements stipulated by both NITDA guidelines and the NDPA 2023.

 


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Moniepoint DreamDevs Bootcamp Second Cohort Set for Demo Day

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Moniepoint is proud to announce that the second cohort of its flagship DreamDevs Bootcamp is set to culminate in a Demo Day celebration on May 26, 2026, at its Ikeja facility. The event, themed “Training Done! Demo Up!”, will showcase the capstone projects built by participants following nine weeks of intensive, industry-grade software engineering training.

The DreamDevs Bootcamp is Moniepoint’s commitment to identifying and developing the brightest engineering talent across Africa. The nine-week intensive programme is designed to immerse participants in real-world, practical software engineering through a curriculum spanning Java OOP Foundations, Data Structures & Algorithms, Testing, MySQL & JDBC, Spring Boot APIs & System Design, Docker & Messaging Queues, Frontend UI & Cloud Infrastructure, and core Practical Software Engineering Concepts. In recognition of their commitment and effort, cohort participants are paid monthly throughout the duration of the programme.

The curriculum was developed by the Engineering Unit at Moniepoint and delivered in partnership with Semicolon, a leading technology education institution. Admission to the DreamDevs Bootcamp is highly competitive, with only top performers advancing through multiple stages of assessment, including a HackerRank technical test and an in-person code challenge, before earning a place in the programme.

Felix Ike, Co-Founder and CTO of Moniepoint, reflected on what the programme means to the company and the country, “Engineering excellence is a curated and intentionally built process that requires the right systems, resources, and time. The DreamDevs Bootcamp is our way of taking that responsibility seriously.

“We designed a programme that does not just teach syntax or frameworks, but develops engineers who can think, solve, and build at the highest level. Seeing graduates from our first cohort already thriving within our engineering team tells us we are on the right track, and we are excited to see what this second group brings to Demo Day.”

Some of the first cohort’s successful graduates are now active members of the Moniepoint engineering team, a testament to the programme’s effectiveness and its role as a genuine pipeline for world-class engineering talent.

The DreamDevs Bootcamp reflects Moniepoint’s broader mission to invest in Nigeria’s talent and build engineering capacity that can compete and lead on a global stage. Moniepoint looks forward to welcoming the second cohort to the fold and witnessing the innovative solutions they have built.


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FG Unveils Free Tax Dispute Resolution Platforms for Nigerians

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Federal Government on Monday unveiled digital platforms under the Office of the Tax Ombud, enabling Nigerian taxpayers to resolve tax-related disputes free of charge as part of efforts to improve fairness, transparency and accountability in tax administration.

FG unveils free tax dispute resolution platforms for Nigerians

Taiwo Oyedele

Taiwo Oyedele, minister of finance and coordinating minister of the economy, disclosed this during the launch of the Tax Ombud website, toll-free call centre and case management system at Stratton Hotel, Abuja.

Oyedele described the initiative as a major milestone in Nigeria’s fiscal reform agenda, saying the platforms would make tax dispute resolution more accessible to taxpayers nationwide.

“Taxpayers, regardless of location, can now engage more easily with the dispute resolution process without unnecessary administrative bottlenecks or delays, and the good news is that it is entirely free,” he said.

According to him, the Office of the Tax Ombud was established to strengthen taxpayer protection and boost confidence in Nigeria’s tax administration system.

He said the institution would serve as an independent and impartial platform for resolving complaints, mediating disputes and addressing systemic tax issues across the country.

Oyedele added that the initiative aligns with the Federal Government’s broader tax reforms aimed at simplifying tax administration, reducing arbitrariness, protecting taxpayer rights, encouraging voluntary compliance and building a globally competitive fiscal system.

“As we unveil these platforms today, let this mark a new era in tax administration in Nigeria, where taxpayers are treated not as adversaries but as partners in national development,” he said.

Minister of Information and National Orientation, Mohammed Idris, said Nigerians needed more awareness about the role of the Tax Ombud in supporting the economic reforms of President Bola Tinubu’s administration.

Idris said the government’s economic reforms were beginning to yield positive results, citing improvements in revenue performance and investment inflows.

Also speaking, Head of the Civil Service of the Federation, Didi Walson-Jack, described the platforms as citizen-centred reforms designed to improve public access to tax complaint resolution.

She said tax administration should not only focus on revenue generation but also on strengthening trust and confidence in public institutions.

Nigeria’s first Tax Ombudsman and Chief Executive of the Office of the Tax Ombud, John Nwabueze, said the office was established under Part Six of the Joint Revenue Board of Nigeria Establishment Act 2025 to promote fairness, transparency and efficiency in tax administration.

He said the digital platforms would allow taxpayers to lodge complaints online or through the toll-free centre, track cases in real time and access mediation services without resorting to prolonged litigation.

Executive Secretary of the Joint Revenue Board, Olusegun Adesokan, said the office was created to protect taxpayer rights and mediate disputes between citizens and revenue authorities at no cost.

Special Adviser to the President on Economic Affairs in the Office of the Vice President, Tope Fasua, said the Tax Ombud forms part of the broader tax reform agenda initiated by the Presidential Fiscal Policy and Tax Reform Committee.

He noted that the reforms are aimed at widening the tax net while exempting small businesses and low-income earners from additional tax burdens.

In June 2025, President Tinubu signed four major tax reform bills into law, including the Nigeria Tax Act, in what government officials described as a comprehensive overhaul of the country’s tax system.


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