General News
MDaaS Global Closes on Seed Funding of $1 Million
Healthtech company, MDaaS Global, which is building a network of tech-enabled diagnostic facilities in Nigeria, has closed on seed funding totaling US$1 million. Led by Consonance
Investment Managers, with participation from Techstars, FINCA Ventures, an investment initiative of FINCA International, and others, the round will see MDaaS scale and replicate its innovative diagnostic center business model, as the company seeks to open 100 additional centers in Nigeria and West Africa over the next five years.
MDaaS was created to address the lack of high-quality, affordable diagnostic services available for low- and middle-income sub-Saharan Africans, starting with Nigeria’s 130 million low- and middle-income patients. Where available and up-to-date, health services are unaffordable for most of Nigeria’s population, and expensive out-of-pocket costs discourage patients. MDaaS leverages its vertically-integrated supply chain, technology platform, and patient-centered design to provide modern, convenient services at a price point patients can afford.
“It offers a wide array of high-impact diagnostic procedures from simple malaria tests to echocardiograms and pap smears. And MDaaS’ affordability is helping change the healthcare narrative, with basic procedures, like obstetric ultrasounds, starting at just US$4.
Founded in 2016 by Oluwasoga Oni, Opeyemi Ologun, Genevieve Barnard Oni, and Joseph McCord, MDaaS was incubated at MIT’s Legatum Center for Development and Entrepreneurship and was part of the inaugural Techstars Impact class of 2018.
The company launched its flagship diagnostic center in Ibadan, Nigeria’s 3rd most populous city, in November 2017 under its patient- and physician-facing brand BeaconHealth.
To date, the company has served over 9,000 low- and middle-income patients, speedily identifying health issues and connecting them with a variety of medical specialists and affordable treatment options.
Having partnered with over 60 referring health facilities, MDaaS serves as the centralized diagnostic department for surrounding hospitals and clinics within Ibadan. MDaaS also partners globally with corporates, Health Maintenance Organizations (HMOs), and developmental organizations seeking top-tier diagnostics for their employees and beneficiaries.
Speaking on the funding, MDaaS Global’s CEO and Co-Founder Oluwasoga Oni said, “This funding round fuels our next phase of growth, allowing us to continue providing modern, connected healthcare for Africa’s next billion.
“With diagnostics as the bedrock of modern medicine and key to the treatment of diseases like cancer, heart disease, and diabetes – which are on the rise within the continent – unbridled access to quality healthcare is crucial. We are immensely proud of our brick-and-mortar presence; merging physical patient care with state-of-the-art technology enables us to reach morepatients with the care that they deserve.”
It is estimated that 40% of the medical equipment in sub-Saharan Africa is currently obsolete or out of service. On a continent where public healthcare is chronically underfunded – receiving less than 5% of GDP, MDaaS presents the opportunity to bolster poorly-equipped hospitals and clinics in what is evaluated to be a $1.6 billion market in Nigeria alone.
Mobolaji Adeoye, Managing Partner at Consonance Investment Managers, stated, “Africa significantly trails global metrics in affordable and quality healthcare. MDaaS’ mission to build the physical and technological infrastructure required to provide affordable diagnostic services across Africa fits our investment theme: access to essential services. We are very excited to partner with Soga and his team on this journey.”
Zoe Schlag, Managing Director of Techstars Impact, stated, “More than half of global population growth between now and 2050 is expected to occur in Africa, and yet the continent’s healthcare infrastructure is not designed to manage the lifestyle diseases this population will face. Under the leadership of Soga and his team, we’re excited to support MDaaS Global to lead the way delivering on solutions to one of the highest leverage opportunities we see in global health.”
Ami Dalal, Vice President and Managing Director of FINCA Ventures, added, “Through more accurate, affordable, and available diagnostics, MDaaS will help shift the Nigerian health system to more evidence-based medicine, driving improved health and economic outcomes for lower income populations outside of the largest cities. We are proud to be a part of MDaaS’ efforts to connect patients throughout sub-Saharan Africa with critical health infrastructure.”
Nigeria is experiencing a complex cybersecurity landscape where reported fraud incidents have decreased by nearly 46 percent over the past four years, yet financial losses from cybercrime are on the rise, according to Check Point Software.
This trend is attributed to sophisticated schemes developed by cybercriminals who are increasingly targeting the nation’s rapidly digitizing economy, with further coverage provided by Dark Reading.
Nigeria’s digital transformation has made it a prime target for cybercriminals.
In June 2026, organizations in the country faced an average of 4,361 attempted attacks weekly, ranking it second in Africa for cyber threats.
While the volume of detected threats fluctuates, it consistently remains elevated, often double the global average.
The Nigerian government is developing a new cybersecurity framework, expected later this year, which will mandate incident reporting, set minimum cybersecurity investment levels, and foster public-private collaboration.
Despite a decrease in the number of reported fraud incidents, financial losses have escalated, with digital payment fraud reaching ₦25.85 billion (US$18.7 million) in 2025.
Insider threats, including SIM swap fraud and account compromise, are significant contributors to these losses. Many organizations, particularly smaller businesses, lack adequate training and resources, making them more vulnerable.
The country’s cybersecurity maturity is ranked at a moderate level, and effective enforcement of existing regulations, such as the Data Protection Act, will be crucial to combatting the growing financial impact of cyberattacks.
TotalEnergies, together with its partners Hydra Storage Holding and Reatile Renewables, inaugurates Hydra project, the largest hybrid renewable energy project in Africa, located in South Africa’s Northern Cape province.
The project combines a 216 MW solar photovoltaic plant with a 500 MWh battery energy storage system, marking a significant contribution to the country’s Just Energy Transition program that aims to decarbonise the economy thanks to renewable energy sources.
The facility will supply 75 MW of dispatchable renewable electricity to the national grid continuously between 5:00 a.m. and 9:30 p.m., under a 20-year power purchase agreement signed with Eskom. This represents more than 400 GWh of electricity per year, equivalent to the consumption of approximately 200,000 South African households.
“We are delighted, together with our partners Reatile Renewables and Hydra Storage Holding, to bring the Hydra project into operation. It enables us to supply dispatchable renewable power to the South African grid, thereby strengthening the country’s energy security while decarbonising its electricity generation.
This project reinforces our renewable production capacity in South Africa, the continent’s largest power market in terms of electricity consumption”, said Magali Pailhé, Managing Director of TotalEnergies Southern Africa.
Hydra project has been developed by a consortium composed of TotalEnergies (35%), Hydra Storage Holding (35%) and Reatile Renewables (30%). It is part of the South Africa’s Risk Mitigation Independent Power Producer Procurement Programme launched by the Department of Mineral Resources and Energy.
General News
BOI Pledges to Drive Nigeria’s Cocoa and Dairy Sectors with 70% of its €85m EIB Facility
Bank of Industry (BOI) has secured a €60 million credit facility from the European Investment Bank to fund Nigeria’s cocoa and dairy value addition drive, with a focus on processing, ingredients and chocolate manufacturing.
Dr. Olasupo Olusi, Managing Director/CEO of BOI, disclosed this on Tuesday, during the Africa Cocoa Summit convened in Abuja by the Federal Ministry of Industry, Trade and Investment with the aim of transitioning Africa from exporting raw beans to local processing and branding.
Also known as the Cocoa Value Addition Summit with the theme: ‘From Bean to Brand,’ it was attended by leaders and stakeholders from Nigeria, Ghana, Côte d’Ivoire, and Cameroon who signed the Abuja Declaration to establish the Cocoa Value Addition Alliance (CVAA).
According to Olusi, the €60 million forms part of the €85 million EIB–BOI facility, backed by the European Union under the Global Gateway initiative, and designed specifically to strengthen these critical sectors in Nigeria.
“This agreement reinforces the Bank of Industry’s commitment to unlocking long-term, affordable finance for priority sectors that drive inclusive growth. Approximately 70% of the €85 million financing facility will be channeled to Nigeria’s cocoa and dairy sectors, which BOI considers among the industries with the greatest potential to create jobs and retain foreign exchange earnings.”
“We are particularly focused on cocoa value chains, which provide livelihoods for thousands of Nigerians. Through this initiative, we aim to enhance productivity, value addition, and market linkages that will directly improve the incomes of farmers and processors,” he said.
The BOI MD said that the bank would prioritise lending to processors, cooperatives, and MSMEs that add value locally, rather than only to traders exporting raw beans, adding that the era of celebrating volume of raw exports must end, as Nigeria loses billions by shipping beans and importing finished chocolate. According to him, the goal is to create factories around cocoa communities so that value, jobs, and taxes remain in Nigeria.
However, Olusi noted that financing alone is not enough, and as such, BOI will complement the loans with technical assistance on compliance, climate standards, and access to the EU market. BOI, he said, will also support farmers and processors to meet the EU Deforestation Regulation and other international environmental and social standards.
Citing BOI’s track record, Olusi said the bank disbursed over ₦164 billion in 2025 to more than 3,500 agro and food-processing businesses. The support financed factories, mills, packhouses, and cold chains, and linked nearly 48,000 smallholder farmers into industrial value chains.
He said the new financing would target the entire ecosystem, from nurseries and farmer cooperatives to grinding plants, ingredient factories, packaging lines, and chocolate manufacturers.
Speaking also at the summit, President Bola Tinubu called for a decisive shift from Africa’s long-standing dependence on exporting raw cocoa beans, urging producing countries to prioritise value addition and capture a larger share of the global chocolate industry’s wealth.
The President who was represented by the Minister of Agriculture and Food Security, Senator Abubakar Kyari, noted that although Africa accounts for about 70 per cent of global cocoa production, the continent retains only six cents of every dollar generated by the global chocolate industry.
He stressed that Nigeria was committed to processing more of its cocoa locally, expanding chocolate manufacturing, building indigenous brands and competing more effectively in international markets, rather than continuing to export raw cocoa beans.
According to the President, cocoa value addition remains a key component of the Renewed Hope Agenda and the country’s broader industrialisation strategy, and disclosed that investors are developing a 70,000-tonne cocoa processing facility in Shagamu, Ogun State, while Nigeria’s cocoa grinding capacity has already surpassed 120,000 tonnes annually.
Earlier, the Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, said the summit aligns with the Federal Government’s ambition of building a one-trillion-dollar economy by 2030.
She observed that despite Nigeria’s significant contribution to global cocoa production, the country continues to earn only a small fraction of the value created across the cocoa value chain.
According to Oduwole, the Federal Government is promoting greater value addition through manufacturing incentives, investment promotion and stronger collaboration among relevant institutions.
She added that the government would also deepen market access by leveraging existing trade partnerships and opportunities under the African Continental Free Trade Area (AfCFTA), while encouraging investors to take advantage of regional and global value chains to unlock the sector’s full economic potential.
Also speaking, the Minister of State for Industry, Senator John Owan Enoh, described the summit as another milestone in implementing Nigeria’s Industrial Policy, and announced plans for the establishment of the Cocoa Value Addition Alliance, bringing together Nigeria, Ghana, Côte d’Ivoire and Cameroon, countries that collectively account for about 75 percent of global cocoa production.
According to Enoh, the alliance is designed to strengthen regional cooperation, promote local processing, and enable producing countries to capture greater value from the global cocoa market.
“We are not here to disrupt existing partnerships but to expand them,” he said.
Enoh urged African cocoa-producing nations to move beyond exporting raw beans and instead focus on developing branded cocoa products capable of competing successfully in global markets.
On his part, the Chief Executive of the Ghana Cocoa Board (COCOBOD), Dr. Ransford Abbey, urged African cocoa-producing countries to deepen domestic processing.
“I am here to support the effort and commit to a joint effort towards increasing value for our hardworking cocoa farmers and our respective economies,” Abbey said.
He said Africa produced about 75 per cent of the world’s cocoa but earned less than 10 per cent of the global chocolate industry’s wealth.
“This system cannot continue. We must shift the paradigm from exporting raw poverty to creating refined wealth right here on the African continent,” he said, adding that stronger regional collaboration, investment and technology transfer will help African countries capture greater value from the global cocoa economy.
The Head of Cooperation of the European Union Delegation to Nigeria and ECOWAS, Mr. Massimo De Luca, reiterated the importance of value addition in the cocoa value chain. While expressing the support of the EU, he called on governments of the various countries to ensure they play their part in ensuring that proper framework necessary for the success of the initiative was established and clarified.
FAAN to Replace Physical ID Check with V-Pass Biometric Verification
World Bank Says 79 Percent of Nigerians Still Trapped in Poverty despite Reforms
SEC Begins Drive to Recover Unclaimed Dividends
ntel Plays Down Calls and Data Services, Moves to BET Agenda
Nigeria Facing Rising Cybercrime Losses – Report
NRC, Ponzi Scheme Collapses Resulting Loss of Billions of Naira
Nigeria Launches FreeTV Nationwide
NASENI Moves to Digitize CCB’s 5m Assets Declaration and Operations
Lebara Nigeria Launches Lebara Play, Africa’s First Telecom-Owned Micro-Drama Platform
CANAL+ Partners Samsung to Pre-Load DStv Stream on New Samsung TVs In Nigeria, Other African Countries
E-Business2 days agoTD Africa Sponsors Check Point Secure 360 Summit to Boost Cybersecurity in Nigeria
Telecom2 days agoMTN Foundation, MUSON Celebrate Emerging Music Talents at 2026 Graduation Ceremony
Telecom2 days agoNITDA Calls for Digital Infrastructure Expansion to Drive Nigeria’s Industrialisation
E-Financial2 days agoNext Currency Crisis May Turn $300Bn in Stablecoins into National Currencies
News2 days agoGuinness Rolls Out Nationwide Consumer Rewards Promotion
General News2 days agoFirst Trustees Advocates Estate Planning as an Essential Tool in Every Wealth Creation Strategy
E-Financial2 days agoGigbanc Nigerian Fintech Startup Closes Shop after 3 Years
Broadcasting2 days agoMbunabo, Nigerian Filmmaker Accuses Ghana TV Stations of Pirating Nollywood Films