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Africa Internet Group Secures €300M from Goldman Sachs, Others

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Africa Internet Group (AIG), the parent of Jumia, the leading ecommerce platform in Africa, has secured more than Euro 300 million in funding from new and existing investors, including the previously announced funding commitment from AXA, a worldwide leader in insurance and asset management.

This new round of investment is led by existing investors including MTN and Rocket Internet as well as a new investor, Goldman Sachs.

The funds will significantly strengthen the balance sheet of AIG enabling the company to leverage the significant growth of Jumia and to capitalize on the significant opportunities in Africa.

“This investment is recognition of the success that Jumia has already achieved and provides us with a strategic flexibility to further support our efforts to offer the best shopping experience to our customers,”said Sacha Poignonnec and Jeremy Hodara, founders and co-CEOs of Jumia and AIG.

“We are delighted to welcome AXA and Goldman Sachs as new investors and are also grateful for the continued confidence from our existing shareholders. To us, it is a recognition of the quality of our operations across the African continent and an affirmation of the significant growth potential of Jumia.”

Jumia, the leading ecommerce platform in Africa, intends to use the funds to support its continued growth, and to execute on attractive development opportunities in Africa along with AIG’s other ecommerce platforms.

“We have been extremely encouraged by our partnership with the Jumia team, who have built the business into one of the leading ecommerce platforms in Africa/”, said Herman Singh, MTN Group Chief Digital Officer.

“We believe that Jumia strongly reinforces our digital offering and we will continue to support the company with our knowledge of the market”.

 Oliver Samwer, CEO of Rocket Internet: “From the very first investment in Jumia, we have been consistently impressed by both the high-quality management team and growth trajectory. We believe that Jumia is a proven winner and that it will continue to be the leading ecommerce platform in Africa.”

“We are impressed by AIG’s pan-African operations and execution capabilities, and believe the combination of strategic partners and management’s demonstrated expertise uniquely position the company’s ecosystem to play a leading role in the development of Africa’s online economy”, added Jules Frebault of Goldman Sachs.

Jumia, AIG’s main subsidiary, currently present in 11 African markets, provides the platform for local African businesses to sell products to the fast-growing base of African consumers in particular to the rapidly emerging middle class. Other activities of AIG include Kaymu, a leading online shopping community, as well as leading marketplaces in food delivery (Hellofood), travel (Jovago) and leading classifieds operations in real estate (Lamudi), jobs (Everjobs) and cars (Carmudi).

 


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E-Business

FG Shifting Focus to “Meaningful Connectivity” to Drive Inclusion  – Minister

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Bosun Tijani, minister of Communications, Innovation and Digital Economy, has said the government is shifting focus from expanding access to ensuring “meaningful connectivity” that drives economic growth and inclusion.

FG Shifting Focus to “Meaningful Connectivity” to Drive Inclusion  - Minister

Bosun Tijani, minister of Communications, Innovation and Digital Economy

The minister made the statement on Friday while addressing stakeholders at the inauguration of board members of the Universal Service Provision Fund (USPF) in Abuja.

He said that although Nigeria had made significant progress since the introduction of GSM services, millions of people, particularly in rural and underserved communities, remain either unconnected or unable to fully benefit from digital services.

Dr Tijani highlighted ongoing investments in digital infrastructure, including plans to deploy 90,000 kilometres of fibre optic network and nearly 4,000 telecom towers nationwide.

He said initiatives under the USPF had improved access through projects such as rural connectivity and digital facilities in schools but stressed that the next phase must prioritise effective usage.

“It is not enough to connect a community. We must ensure that schools can teach with digital tools and that small businesses can access market opportunities,” he said, citing a pilot project in the Kura community where connectivity has enhanced access to communication, education and healthcare.

Aminu Maida, executive vice chairman, Nigerian Communications Commission (NCC) also called for a shift towards meaningful connectivity, noting that while data usage had grown significantly, it remained concentrated in urban areas.

According to him, recent data shows that telecom usage has increased by about 160% over the past two years, largely driven by urban demand.

“When we drill down, we see that a lot of that growth is actually in urban centres. So, the gap between those who are not connected or not meaningfully connected is growing,” he said.

Dr Maida added that the trend underscored the need for the USPF board to intensify efforts to bridge both access and usage gaps across the country.

Both officials emphasised the importance of collaboration, sustainable investment models and improved digital literacy to ensure that connectivity translates into real economic benefits for Nigerians.

 

 


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Jury Finds Meta, Google Liable for Woman’s Social Media Addiction

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A jury in Los Angeles has found technology companies, Meta and Google liable for contributing to a young woman’s social media addiction, in a case being described as a landmark ruling.

Jury Finds Meta, Google Liable for Woman’s Social Media Addiction

The 20-year-old woman, identified only as Kaley, argued that she became addicted to Google’s YouTube and Meta’s Instagram from an early age due to their attention-driven design features.

According to her testimony, she began using YouTube at the age of six after downloading the app on her iPod Touch to watch videos about lip gloss and online games.

Kaley told the court that she joined Instagram at nine, bypassing parental restrictions put in place by her mother, and spent extended periods on social media.

The trial, which lasted about a month, with arguments and evidence from both sides.

Jurors also heard testimony from Mark Zuckerberg, chief executive, Meta and Adam Mosseri, Instagram head.

However, Neal Mohan, YouTube chief executive, did not testify.

The jury found that the companies were negligent in the design of their platforms and failed to adequately warn users about potential harms. Meta and Google were ordered to pay the woman $3 million in damages.

Jurors also recommended additional punitive damages, including $900,000 against YouTube and $2.1 million against Meta, according to company spokespersons.

The jury apportioned 70 per cent of the responsibility to Meta and 30 per cent to YouTube.

Kaley was present in the courtroom when the verdict was delivered, alongside parents of other teenagers who say they were harmed by social media use. Both companies said they plan to appeal the decision.

“We respectfully disagree with the verdict and will appeal. Teen mental health is profoundly complex and cannot be linked to a single app. We will continue to defend ourselves vigorously as every case is different, and we remain confident in our record of protecting teens online”, a Meta spokesperson said.

José Castañeda, Google spokesperson, said the case misunderstands YouTube, which is a responsibly built streaming platform, not a social media site.


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Nigeria, Finland Sign Cybersecurity Pact

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Nigeria and Finland have signed a Memorandum of Understanding (MoU) on digitalisation and innovation, prioritising stronger cybersecurity cooperation amid a surge in cyberattacks targeting Nigerian institutions.

The agreement was formalised in Abuja on Monday between Dr Bosun Tijani, Nigeria’s minister of communications, innovation and digital economy, and Jarno Syrjälä, Finland’s under-secretary of state for international trade.

The MoU focuses on cooperation in digital governance, technology infrastructure, and cybersecurity to drive economic growth and improve public services, says a statement issued on Monday by Isime Esene, special assistant to the minister.

The agreement is a significant step in strengthening bilateral relations and advancing Nigeria’s digital economy agenda, says Tijani.

He notes the MoU builds on engagements in Helsinki in February, which centred on Nigeria’s Data Exchange Platform and Finnish participation in Project BRIDGE (Building Resilient Infrastructure for Digital Growth and Empowerment).

The talks also involved key Finnish finance institutions, including Finnvera and Finnfund.

The partnership is expected to unlock new opportunities for innovation and investment, positioning digital technology as a catalyst for shared prosperity, says Tijani.

Finland is committed to supporting the development of resilient, secure, and human-centric digital systems in Nigeria, says Syrjälä. He adds that digitalisation should enhance public trust and empower citizens, noting that Nigeria remains a strategic partner for Finland in Africa.

The agreement complements Finland’s lead role in a €23 million Team Europe Initiative aimed at strengthening Nigeria’s digital public services.

This programme is implemented by Finland’s development agency, HAUS, in collaboration with Estonia’s ESTDEV, and supports the 3 Million Technical Talent (3MTT) programme.

The deal comes as Nigerian organisations record the highest number of cyberattacks in Africa. In January 2026, organisations experienced an average of 4 701 attacks per week, a 12% year-on-year increase, according to Check Point Research.

In response, authorities are developing the 2026 National Cybersecurity Policy and Strategy update.

Expected later this year, the framework will mandate minimum cybersecurity investment requirements for organisations operating critical national information infrastructure, notes the ministry.


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