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Endeavor Nigeria Unveils Inaugural Cohort for its ScaleUp Program

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Endeavor Nigeria has unveiled the inaugural cohort of entrepreneurs for its new 10-week Endeavor ScaleUp Program that aims to support Nigeria’s most promising, high-impact business leaders.

Leveraging Endeavor’s extensive global network, participating entrepreneurs will have access to mentorship, fundraising support, partnerships and a strong peer network of high impact entrepreneurs who have built and run successful businesses.

Seven entrepreneurs from four Nigeria-based start-ups have been selected to participate in the program, which will also provide an opportunity to receive tailored support and fresh, honest, and in-depth feedback that will help them scale to the next level. The entrepreneurs that have been selected to participate in the program are:

.Releaf – Ikenna Nzewi – CEO and co-founder, Uzoma Ayogu – CTO and co-founder

.Bankly – Tomilola Majekodunmi – co-founder and CEO

.wallets.africa – John Oke – CEO

.BFREE – Julian Flosbach – CEO, Moses Nmor – CPO, Chuks Enyi – COO

The new Endeavor ScaleUp Program will provide a subset of the services provided to Endeavor Entrepreneurs and participating entrepreneurs will be given direct, actionable feedback to support their growth as business leaders.

The program will also include group workshops facilitated by Endeavor Entrepreneurs, board members and mentors, as well as access to executives from industry-leading companies for potential business development opportunities.

The group workshops will be led by Bolaji Balogun – CEO of Chapel Hill Denham and Vice Board Chairman at Endeavor Nigeria, Ife Orioke – CIO and co-founder of Flutterwave, and Tosin Eniolorunda – CEO and co-founder of TeamApt. The mentors will include Seni Adetu – former MD/CEO Guiness Nigeria Plc, Adepeju Adebajo – former CEO, Lumos Nigeria, Anders Einarsson – CEO Food Products International, Promasidor Nigeria Limited and Felix Ike – co-founder and CTO, TeamApt.

Speaking on the new program, Tosin Faniro-Dada, Managing Director and CEO of Endeavor Nigeria said, “We are delighted to have these exciting entrepreneurs on our first ScaleUp program, and we have prepared an impactful program that will address their most pressing challenges and support them as they advance to the next stage of their business growth.

“One of our core values at Endeavor is our commitment to paying it forward and our Endeavor Entrepreneurs are also eager to support the next generation of high-impact entrepreneurs with their deep knowledge, experience and functional expertise in their respective industries and markets”.

With a mission to build strong entrepreneurship ecosystems in high-growth markets across the world, Endeavor selects, mentors and supports high-impact entrepreneurs leading some of the world’s most exciting scale-up companies, supporting them to scale their companies as well as drive economic growth and job creation.

Endeavor Nigeria currently supports 24 entrepreneurs who lead 13 companies including Flutterwave, Carbon, Autochek, 54gene, TeamApt, TradeDepot, Helium Health, Paga, Migo, Daystar Power, HealthPlus, Kobo360 and FilmHouse Group.


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EFCC Arraigns Two FSDH Bank Officials Over $307k, €50k Fraud

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Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC), Ikoyi, Lagos, on Tuesday, March 3, 2026, arraigned two bank officials, Bakare Oladimeji Surajudeen and James Olukayode Imokwede, over an alleged $306,667.81 and €50,250 fraud before Justice Ismaila Ijelu of the Lagos State High Court sitting in Ikeja.
EFCC Arraigns Two FSDH Bank Officials Over $307k, €50k Fraud

EFCC

The defendants, who are both top officials of FSDH Merchant Bank Limited, were arraigned on a 10-count charge bordering on alleged stealing and retention of stolen property to the tune of $306,667.81 and €50,250.
The petitioner, FSDH Merchant Bank Limited, alleged that an internal audit uncovered unauthorized debits totaling $306,667.81 and €50,250, equivalent to N527,406,916.66 (Five Hundred and Twenty-Seven Million, Four Hundred and Six Thousand, Nine Hundred and Sixteen Naira, Sixty Six kobo), from its Letters of Credit (LC) payable accounts.
Investigations revealed that the defendants processed fraudulent transfers through the SWIFT platform to third parties.
One of the counts reads:
“That you, BAKARE OLADIMEJI SURAJUDEEN and JAMES OLUKAYODE IMOKWEDE, sometime in 2021 in Lagos within the jurisdiction of this Honourable Court, dishonestly took the sum of N527,406,916.66 (Five Hundred and Twenty-Seven Million, Four Hundred and Six Thousand, Nine Hundred and Sixteen Naira, Sixty Six kobo), property of FSDH Merchant Bank Limited.”
Another count reads:
“That you BAKARE OLADIMEJI SURAJUDEEN AND JAMES Olukayode Imokwede sometime in 2021 in Lagos within the jurisdiction of this Honourable Court dishonestly took sum of $306,667. 81 (Three Hundred and Six Thousand, Six Hundred and Sixty Seven dollars, Eighty one cents) property of FSDH Merchant Bank Limited”.
The defendants pleaded “not guilty” to all the charges preferred against them.
Following their pleas, prosecution counsel, H. U. Kofarnaisa, asked the court for a trial date and also prayed that the defendants be remanded in a Correctional facility pending trial.
Counsel to the first and second defendants, Oluwaseun Akintunde and Olajide S. Onasanya, informed the court that bail applications had been filed on behalf of the defendants and also urged the court to grant them bail on liberal terms.
They also prayed that the defendants be remanded in the EFCC custody pending the perfection of their bail conditions.
The prosecution counsel, however, opposed the prayers of the defence seeking the remand of the defendants in the EFCC custody, saying that “the EFCC detention facilities are overstretched.”
After listening to both parties, Justice Ijelu granted the defendants bail in the sum of N2 million each, with two sureties in like sum.
The court ordered that one of the sureties must be a relative, who is gainfully employed.
The sureties must provide evidence of tax payment in the last three years and must show proof of livelihood, with their residences verified.
The defendants were ordered to deposit their international passports with the court, and must not travel outside the country without the leave of the court.
The judge subsequently remanded the defendants in a Correctional facility pending the perfection of their bail conditions.
Justice Ijelu adjourned the matter till March 25, 2026, for the commencement of trial.

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AfDB Supports Francophone Africa Start-ups with €6.5M

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The African Development Bank Group last week approved an investment of €6.5 million in the Saviu II fund in order to support technology start-ups through their seed phase and first institutional fundraising, mainly in French-speaking Central and West Africa.

The Bank will invest €4.5 million as equity and €2 million as a first-loss hedging tranche on behalf of the European Commission, under the Boost Africa Programme.

This participation of the Bank Group will enable the Saviu II fund to give priority to companies with a strong technological or digital component.

Saviu II, the second investment vehicle of Saviu Partners, plans to invest between €500,000 and €3 million in about 20 technology or technology-oriented business-to-business start-ups in the seed phase or carrying out first institutional fundraising.

The Saviu II venture capital fund aims to make at least 60% of its commitments in the French-speaking countries of West and Central Africa: Côte d ‘Ivoire, Cameroon, Benin, Senegal, Togo, Burkina Faso and Mali.

The fund can also co-invest in promising technology companies in East Africa that have a strong team and business model, and whose strategy includes entering the market in French-speaking West African countries and establishing a strong presence there.

In addition, the fund will devote a dedicated envelope to pre-seed investments, focusing on minority equity investments, usually in co-investment with studios, incubators or other ecosystem partners.


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Nigeria Inks $1.3bn MoU with AFC for Alumina Refinery, Mining Push

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Nigerian Government has signed a $1.3 billion Memorandum of Understanding (MoU) with Africa Finance Corporation (AFC) via the Solid Minerals Development Fund (SMDF) to fund an alumina refinery, national geoscience mapping, and a strategic investment vehicle for mining growth.

Nigeria Inks $1.3bn MoU with AFC for Alumina Refinery, Mining Push

Special Assistant to the Minister of Solid Minerals Development, Segun Tomori, said the refinery will process one million tonnes of bauxite yearly using a modern Bayer process, powered by an on-site gas-fired cogeneration plant.

Minister Dele Alake called it a transformative milestone boosting GDP, aligning with reforms that improve investment climate, regulations, and licensing to attract private capital. He directed agencies to fast-track permits.

The 20-year project at 95% utilization eyes 19 million tonnes total output, $1.2 billion annual GDP addition, $25 billion economic impact, and $8 billion forex earnings, per feasibility studies.

SMDF Executive Secretary Fatima Shinkafi termed it the agency’s biggest funding deal, supporting value-addition policy.

The partnership extends to geoscience mapping for mineral data, de-risking exploration, and a joint vehicle for mining assets.

Permanent Secretary Engr. Farouk Yabo praised the reforms. Shinkafi signed for government; AFC’s Franklin Edochie for the corporation, witnessed by AFC CEO Samaila Zubairu.

Tomori positioned it as Nigeria’s largest private mining investment and FDI magnet.


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