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African Startups Raised $345m in Funding in May

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African startups raised more than $345 million across 65 deals in May, more than double the amount raised in the same period of last year, according to a report by Briter, a research and business intelligence firm.

The report disclosed that both the number of deals and participating companies declined, confirming a growing trend of fewer companies raising funds in larger sizes.

It said fintech attracted the highest share of funding in May, accounting for 34 percent of the total, while cleantech followed closely, driven by a debt deal from Sun King. The company raised $80 million (in local currency) to expand clean energy access in Nigeria.

“Equity remains the primary instrument in terms of total value. There’s no doubt about it; in fact, equity deals with disclosed amounts captured more than half of the total funding volume in May.

“However, debt financing is increasingly proving its weight. Although it accounted for only 8 percent of all deals, it represented 32 percent of the total funding, highlighting the typically larger size of debt transactions. With the rise of specialised vehicles targeting early-stage businesses, debt is becoming an increasingly important part of Africa’s innovation funding landscape,” it said.

Briter’s report added that grants continued to play a vital role in early-stage support, especially in the education technology (EdTech) sector. The Mastercard Foundation led the pack in grant activity, funding a new cohort of EdTech innovators in Nigeria and Kenya. Each selected startup is set to receive $100,000 in grant funding, in addition to mentorship and business development support.

Multilaterals also made a strong showing in May, it said. The Multilateral Investment Guarantee Agency (MIGA), a World Bank Group member, issued a $179.6 million guarantee to CleanTech firm KOKO Networks. The support will help scale its clean energy solutions across Kenya.

“This deal not only demonstrates growing international confidence in African climate ventures but also signals a promising pathway for other asset-intensive startups in clean cooking, agriculture, and renewable energy,” the report said.

From a geographic perspective, Egypt emerged as the continent’s fundraising powerhouse for the month, contributing 51 percent of all funding raised. The country recorded 12 deals across equity, debt, and bond instruments. Notably, FinTech platform MNT-Halan raised $50 million through a bond issuance, further illustrating the diversification of capital-raising mechanisms in the region.

Outside Egypt, funding was distributed across Africa’s three other key markets, which are Egypt, Nigeria, and Kenya, with limited activity recorded in countries such as Ghana, Tunisia, Morocco, and Uganda, each registering between one and three deals.

In terms of exits, the African tech landscape continues to mature. Three companies—Baobab+, Qardy, and Shopa—were acquired in May, bringing the total number of exits this year to 22. This already surpasses last year’s count for the same period. Qardy was acquired by Catalyst Partners Middle East (CPME) in a disclosed deal valued at $23 million, the report added.

 


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Galaxy Backbone Tops FG’s Website Performance Ranking

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Galaxy Backbone Limited (GBB) has been ranked first overall in the 2025 Federal Government Website Performance Scorecard.

Galaxy Backbone Tops FG's Website Performance Ranking

This is a landmark achievement for Nigeria’s digital economy.

The ranking, conducted by the Bureau of Public Service Reforms (BPSR), is the definitive benchmark for digital excellence and transparency across all Ministries, Departments, and Agencies (MDAs).

Professor Ibrahim Adepoju Adeyanju, managing director and CEO of Galaxy Backbone, received the award during a ceremony in Abuja.

He described the feat as a validation of the agency’s“Nigeria First”data sovereignty strategy and its relentless pursuit of service excellence.

This recognition comes as the Federal Government intensifies its push to achieve a fully paperless civil service by December 31, 2025.

GBB has been the primary architect of this transition through its 1Gov Enterprise Content Management (ECM) platform, which now hosts the operations of almost all federal MDAs.

The award adds to a growing list of accolades for Galaxy Backbone in 2025, following its recent win of the “International Standard Excellence Award for Best IT Service Provider.”

As the central hub for government shared services, GBB’s performance serves as a blueprint for other agencies currently undergoing digital transformation.

With its expanded fiber-optic backbone now covering over 13 states and its secure cloud solutions, Galaxy Backbone remains the cornerstone of Nigeria’s vision to become a leading digital nation by the end of the decade.

 


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Nigeria Police Arrest Okitipi, Nigerian Allegedly Linked to Microsoft 365 Hack

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Okitipi Samuel, a Nigerian man, has been taken into custody by the Nigeria Police Force for his alleged role in a global cyberattack on Microsoft 365 users.

Nigeria Police Arrest Okitipi, Nigerian Allegedly Linked to Microsoft 365 Hack

Benjamin Hundeyin, Force public relations officer, disclosed this on Thursday in Abuja while briefing journalists on the outcome of investigations carried out by the National Cybercrime Centre of the Nigeria Police Force.

Hundeyin said the centre, under the leadership of Ifeanyi Uche, its director and Commissioner of Police, commenced investigations in collaboration with Microsoft, the Federal Bureau of Investigation, the United States Secret Service, and the United Kingdom’s National Crime Agency.

According to him, investigations revealed that a phishing toolkit known as “Raccoon 0365” was used to create fake Microsoft login portals to harvest user credentials and unlawfully access email accounts belonging to corporate organisations, financial institutions, and educational institutions in several countries.

“This investigation commenced following credible intelligence received from Microsoft USA through the FBI, indicating that a malicious phishing toolkit known as Raccoon0365 was being used to create fake Microsoft login portals, harvest user credentials, and unlawfully access the email accounts of corporate organisations, financial institutions, and educational establishments,” Hundeyin said.

He added that between January and September 2025, several reports of unauthorised access to Microsoft 365 accounts were traced to phishing emails designed to mimic legitimate Microsoft login pages, enabling business email compromise, internal phishing, data breaches, and other cyber-enabled fraud.

Hundeyin said digital forensic analysis and cryptocurrency tracing identified wallets connected to the illegal operation.

He noted that operatives were deployed to Lagos and Edo states, leading to the arrest of three suspects identified as Joshua, James, and Okitipi Samuel between September 20 and October 4, 2025.

“Following extensive digital forensic and technical intelligence analysis, the centre conducted cryptocurrency tracing that identified suspicious wallets connected to cash-out schemes.

“Acting on actionable intelligence, operational teams were deployed to Lagos and Edo states, resulting in the arrest of Joshua, James, and Okitipi Samuel. Searches at their residences led to the recovery of mobile devices, laptops, and other digital exhibits linked to the fraudulent scheme,” he said.

Hundeyin identified Okitipi Samuel, also known as “0365” and Moses Felix as the principal suspect and developer of the phishing infrastructure.

“The primary suspect, Okitipi Samuel, also known as Moses Felix, has been identified as the developer and operator of the phishing infrastructure. Investigations revealed that he managed a Telegram channel used to sell phishing links in exchange for cryptocurrency and hosted fake login pages on Cloudflare using stolen or fraudulently obtained email addresses,” he said.

He added that investigations confirmed Samuel unlawfully used the email details of one of the arrested individuals without consent to register some of the accounts used in the operation.

The police spokesperson said further investigations revealed that the identities of Joshua and James were used without their consent.

“There was no evidence linking them to the creation or operation of the phishing scheme. They were victims of identity theft,” Hundeyin said.

He said a prima facie case had been established against Samuel for identity theft, unlawful access to computer systems, creation and distribution of malicious software, unauthorised interference with network data, and aiding and abetting fraud.

Hundeyin added that the suspect would be charged under relevant provisions of the Cybercrimes (Prohibition, Prevention, etc.) Act, 2024.

He said the suspect would be prosecuted in Nigeria, noting that the country has the capacity to enforce its cybercrime laws, although extradition could be considered if formally requested through due process.

Hundeyin assured Nigerians that the police, under the leadership of Kayode Egbetokun, inspector-general of Police,  would continue to protect the country’s digital ecosystem and urged citizens to practise good cyber hygiene by being cautious when clicking links and sharing personal information online.

Speaking separately, Ifeanyi Uche, director of the National Cybercrime Centre,  urged Nigerians to exercise caution online.

Uche advised members of the public to avoid clicking on links from unknown or unexpected sources, noting that such links often contain malware or phishing tools designed to compromise devices and personal data.

He warned that indiscriminate clicking of links or responding to unsolicited emails could lead to unauthorised access to personal and corporate accounts, urging citizens to “wash their cyber hands” by verifying sources before taking action online.


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Nigeria Takes the Lead in the Global WSIS+20 Digital Agenda

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Nigeria has unveiled a comprehensive, multi-pronged strategy designed to localise WSIS+20 commitments. This roadmap accelerates national transformation by prioritising robust infrastructure, transparent internet governance, and advanced cybersecurity through deep stakeholder collaboration.

Unveiled in New York at the Nigerian high-level side event titled “Re-Imagining Digital Cooperation for Sustainable Development: From WSIS+20 Vision to Local Action,” the strategy cements Nigeria’s position as a primary architect of the world’s digital future.

Speaking at the event, the Director General of the National Information Technology Development Agency (NITDA), Kashifu Inuwa, CCIE represented by Director, Corporate Planning and Strategy, Dr. Dimie Shively Wariowei said Nigeria’s approach is deliberately aligned with the four core activity areas identified under the ongoing WSIS+20 review process.

According to him, the focus areas provide a practical framework for translating global digital commitments into measurable national outcomes, ensuring that international resolutions drive inclusive growth and sustainable digital development at the country level.

Inuwa identified digital infrastructure as the foundation of effective localisation, noting persistent challenges in extending connectivity to underserved and remote communities. Beyond infrastructure gaps, he highlighted affordability constraints and digital literacy deficits, stressing that addressing these issues remains central to Nigeria’s digital inclusion drive.

He explained that government alone cannot shoulder the burden of nationwide digital infrastructure deployment, given Nigeria’s vast geographical spread, hence the adoption of collaborative Public-Private Partnership (PPP) models. He disclosed that Nigeria, in collaboration with the World Bank, is implementing a major fibre-optic project spanning about 90,000 kilometres nationwide to boost connectivity.

The NITDA DG also revealed that the current National Broadband Plan, which has guided broadband expansion in recent years, is nearing completion, with plans underway to renew and reposition it for the next five years. The renewed plan, he said, will strategically target increased broadband penetration as a catalyst for digital access and economic growth.

On internet governance, Inuwa referenced Nigeria’s active participation in the Internet Governance Forum (IGF), noting that the country successfully hosted its annual national IGF. He said the forum operates on a multi-stakeholder model that brings together government, the private sector, civil society and the technical community to foster cooperation and informed policy dialogue.

Cybersecurity, he added, remains a critical pillar of Nigeria’s localisation efforts. He cited the existing Cybersecurity Act and ongoing efforts to strengthen the legal framework through a reviewed version currently awaiting parliamentary approval. These measures, he said, are designed to mitigate risks associated with increased internet use and to protect users and critical digital infrastructure.

Inuwa further stressed Nigeria’s ambition to play a leadership role in advancing digital cooperation across Africa through inclusive, multi-stakeholder engagement. He underscored the importance of coordinated national data collection, noting that reliable, country-specific data is essential for tracking progress and presenting Africa’s digital development story on the global stage.

He concluded that sustained engagement and follow-up actions arising from the WSIS+20 review would strengthen digital cooperation among African countries and ensure that global digital commitments translate into tangible national and regional impact.

Stakeholders commended Nigeria’s efforts in the digital space, acknowledging the country’s growing role in shaping Africa’s digital future.

Earlier, Ms. Jennifer Chung, Co-Convener of the Informal Multi-Stakeholder Sounding Board (IMSB), praised Nigeria for convening a broad-based, multi-stakeholder delegation and for its commitment to the meaningful implementation of WSIS+20 outcomes.

Chung stressed the growing demand for localised WSIS follow-up mechanisms, noting that platforms such as the annual IGF, National and Regional IGF Initiatives (NRIs), and youth-led forums are vital for tracking progress towards the 2030 Agenda and Africa’s Agenda 2063.

She described the WSIS+20 review as a critical step toward effective monitoring, reliable data collection and evidence-based evaluation, particularly for developing countries in the Global South. According to her, these measures are essential to achieving WSIS targets and ensuring that no region is left behind.

Drawing parallels with the Asia-Pacific region, Chung noted that challenges around affordable and meaningful connectivity remain widespread across developing economies. She emphasised that expanding broadband penetration and reducing the cost of access are crucial to closing digital divides in Africa, Asia-Pacific and other parts of the Global South.

She also highlighted the need to enable active citizen participation in emerging technologies, including artificial intelligence and future innovations such as quantum technologies, stressing that inclusive digital access is key to maximising the benefits of digital transformation.

Reflecting on the WSIS+20 review process, Chung praised the innovative and inclusive approach adopted through the informal multi-stakeholder sounding board, describing it as one of the first of its kind in global digital governance. She called for sustained collaboration among governments, the private sector, civil society and the technical community to carry the WSIS vision from global commitments to local action.


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