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The Sunny Disposition of Private Equity in Today’s COVID-19 World

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Gregory Kronsten

We listened with great interest to four prominent private equity players in Africa in a discussion of prospects during and after COVID-19.

The event took place in early November, and so was before the announcement by Pfizer and Moderna on their vaccines to tackle COVID-19. The panel discussion was part of the Africa Debate, an annual event put together by an established London-based business association.

Private equity houses are generally optimistic and did not disappoint in the discussion.

They had to contend with the great returns available in China and foreign exchange issues in several African markets before COVID-19 struck, yet were able to highlight many positives.

One investor who follows the script of the emerging middle class noted that 70 per cent of their companies qualify as essential businesses and have therefore remained open.

Another said that their investments in both telecoms and financial services had performed well with COVID-19 whereas the record for consumer goods had been mixed.

His experience in Africa was that the crisis has helped large companies more than small operations, mirroring trends in advanced economies.  A third mentioned a successful investment in a remittance business, driven by a shift from sending cash across borders (now often closed) in taxis to digital transactions.

There is the general point, made in the context of infrastructure plays, that the global slowdown has made valuations more attractive.

Without travel, investors have been unable to send specialist outside contractors to factories for fire-fighting purposes. Whenever possible, they have sorted the problems out on Zoom. COVID-19 has accelerated programmes to deepen local expertise on the ground, while traditional due diligence has become highly challenging without travel.

At the other end of the transaction, an exit via Zoom requires good knowledge of the buyers. Nonetheless one investor has concluded two transactions in the past month, one of which is in the fintech space.

In the Q&A session investors were asked about their target Internal Rate of Return (IRR). The first to answer came up with between 15% and 20% net, and the three others were happy to nod their heads in agreement.

Another question covered the integration of ESG considerations into investment decisions. One investor had already said that all their decision-taking incorporated the impact on the climate. He argued that the valuation would suffer on a future exit from a climate-unfriendly holding.

Expectedly, working practices have also had to change. One company has worked hard to keep up morale as its employees work from home rather than network in their office.

Its responses have included organizing a party on Zoom to celebrate the appointment of three new partners. Some of the time saved from travelling has also been used to bring employees up to speed on the world of Environmental, Social and Governance (ESG).

Overall, the momentum has slowed for the industry in Africa in terms of new deals, exits and fund-raising because of COVID-19. It was clear from the discussion, however, that participants were confident about the future post-COVID, which point may well have been brought closer by the news on vaccine trials we have since had from Pfizer and Moderna in the US.

Gregory Kronsten is Head, Macroeconomic and Fixed Income Research, FBNQuest


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General News

NCDC Raises Alarm over Lassa Fever Ravaging 18 States in Nigeria

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Nigeria Centre for Disease Control and Prevention (NCDC) has raised alarm over ravage of Lassa fever cases across 18 states and 67 Local Government Areas (LGAs) of the country.

NCDC Raises Alarm over Lassa Fever Ravaging 18 States in Nigeria

Dr Jide Idris, director-general of NCDC, in statement yesterday, said that Bauchi, Ondo, Taraba, Edo and Benue accounted for more than 80 per cent of confirmed cases recorded during the 2026 peak transmission season.

Idris, described as particularly worrisome the growing infections among healthcare workers, with 28 confirmed cases and three deaths reported so far this season.

NCDC attributed the sustained transmission and rising fatalities to operational gaps at the state level, urging urgent action to strengthen outbreak response and control measures.

According to Idris, field investigations showed most transmissions were occurring in known endemic areas, but weak implementation of established response frameworks had contributed to the continued spread and higher case fatality rate.

He said that gaps identified include infections in general outpatient and maternity settings, poor adherence to Infection Prevention and Control (IPC) protocols, and inadequate pre-positioning of Personal Protective Equipment (PPE).

He added that delayed patient presentation due to financial barriers, inconsistent activation of State Incident Management Systems, weak contact tracing, persistent stigma and poor isolation centre standards were also driving transmission.

Idris emphasised that outbreak response implementation and health service delivery fell primarily under state governments within Nigeria’s federal structure, urging them to strengthen accountability and resource allocation.

He called on affected and high-risk states to urgently activate and closely monitor their Incident Management Systems, ensuring timely coordination and efficient outbreak response at all levels of healthcare delivery.

He also urged the immediate release of response funds, strict enforcement of Infection Prevention and Control (IPC) compliance in public and private health facilities, and continuous availability of PPE and other critical supplies.

The NCDC boss also advocated accelerated financial protection mechanisms to reduce late presentation and high fatality rates, alongside institutionalised rodent control and environmental sanitation measures under a One Health approach.

He advised healthcare workers to maintain a high index of suspicion and adhere strictly to IPC guidelines.

He also urged the public to keep environments clean, prevent rodent entry into homes, store food safely and seek early medical care when symptoms appeared.

Idris noted that Lassa fever was treatable, with improved outcomes when detected early, adding that Nigeria was also responding to other epidemic-prone diseases including Cerebrospinal Meningitis, Diphtheria, Mpox and Cholera.

He reiterated NCDC’s toll-free emergency line, 6232, for reporting suspected cases and obtaining further information


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Lagos Deploys Drones, AI to Boost Traffic Response

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The Lagos State Traffic Management Authority (LASTMA) has deployed a number of real-time digital solutions, including surveillance drones, GPS-enabled patrol vehicles, and automatic incident detection software.

The agency has also established a central command and control centre to reduce emergency response times and improve traffic safety throughout Lagos.

According to the agency, the digital transition will replace manual reporting and fragmented coordination with an integrated, data-driven platform capable of instantaneously detecting, verifying, and dispatching responders to crashes and breakdowns.

According to general manager Olalekan Bakare-Oki, LASTMA, body cameras, mobile data terminals, and toll-free hotlines now feed into a unified operations hub that gives real-time visibility of traffic situations across the state.

Incidents detected by digital surveillance are validated in real time and dispatched to the nearest patrol team using GPS tracking, while officers are instructed via modern communication devices.

According to the agency, the system has eliminated delays caused by poor event reporting and logistical constraints, enabling faster diversions, quicker clearance of accident scenes, and better coordination with medical and security agencies.

Field commanders and rescue teams now operate on synchronised data networks, allowing immediate decisions that reduce secondary crashes and prolonged congestion.

According to LASTMA’s 2025 operational summary, the agency rescued 1,075 people from crash scenes, and impounded 17,169 vehicles for various traffic violations across Lagos through its toll-free hotline.

These figures reflect how timely reporting and coordinated response have already reduced secondary accidents and eased congestion, according to the agency.

It went on to it achieved this with the toll-free reporting system, body cameras, and field coordination networks but with the newly deployed suite of smart technologies, the agency’s impact is poised to multiply.

Bakare-Oki said the upgrade aligns with the state’s smart-city agenda, positioning LASTMA as a technology-enabled public safety agency and laying the groundwork for faster, more reliable mobility management on Lagos roads.

 


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Purple Woman 3.0 Is Back, to Empower Women in Tech this IWD 2026

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This International Women’s Day 2026, the world is saying “Give to Gain.” PalmPay is turning this message into action by empowering young women with the skills and resources to thrive in today’s fast evolving economy.

The PalmPay Purple Woman 3.0 is a 3-Day Digital Financial & Technology Masterclass created to bridge the gender gap in tech. The program is designed to equip women with practical, job  ready skills while also providing job opportunities for career growth.

Launched in 2024, the Purple Woman initiative has impacted 150 women in specialized fields, including Data Analysis, Software Engineering, and Product Management, with learning resources and hands-on skills to launch them into the competitive job market.

From March 5–7, 2026, 100 women aged 18–30 will be selected through a competitive application process to participate in this year’s cohort. Over three immersive days, participants will receive hands-on training from industry experts in digital finance and technology.

And it doesn’t end there.

Ten outstanding participants will secure a 3-6month internship with PalmPay, gaining practical fintech experience that can shape their professional journey.

For participants of this initiative, the Purple Woman Program isn’t just about learning new skills, it’s about building networks, gaining confidence and unlocking bigger opportunities that will positively impact the trajectory of their careers.

For more information about the Purple Woman initiative, visit @PalmPayappng


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