News
Ventures Platform Closes its Pan-African Fund Above the Initial Target at $46M

Ventures Platform, the pan-African VC firm championing the next generation of African technology entrepreneurs, has announced the final close of its early-stage and intercontinental fund, at $46M.

Surpassing its initial $40M target, the oversubscribed fund from one of the continent’s most prolific investors sees new participation from global investors with an array of top-tier commercial banks, corporates, DFIs, global institutional investors and HNIs, including Standard Bank, International Finance Corporation [IFC], British International Investment, A to Z Impact, Proparco with FISEA, AfricaGrow a Fund of Funds backed by BMZ [German Ministry for Economic Cooperation and Development, DEG and Allianz, managed by Allianz Global Investors], and others.
The new fund will see Ventures Platform double down on backing a cohort of category-leading companies across the continent and will also allow for follow-on investments for portfolio companies, up to Series A.
In a bid to better support the companies it invests in, Ventures Platform has also established an innovative “platform and networks” practice that will provide scalable and world-class post-investment support and value creation to its portfolio companies.
Since the first close of the fund late last year, the early-stage “discovery” venture capital fund has deployed new capital and follow-on capital into companies across various verticals and regions on the continent, such as Remedial Health, Moni Notto, and Chargel.
To further consolidate its pan-African reach, Ventures Platform is actively seeking opportunities in regions such as Kenya, Egypt, and French-speaking West Africa.
In addition to the close of the fund, Ventures Platform has made a series of strategic team additions at partnership and senior management level.
The VC firm has added accomplished entrepreneur, investor, and former Principal at pan-African VC firm, Novastar Ventures, Dr. Dotun Olowoporoku, as Managing Partner.
Dotun’s addition to the partnership brings expertise and new opportunities across areas such as investor relations, corporate governance, international expansion, M&A, and growth marketing to the Venture Platform fold.
Prior to joining Ventures Platform, Dotun Olowoporoku had played key roles as a consultant or board observer in Flutterwave, Turaco, TeamApt, among others. He was, up to recently, the Chief Commercial Officer at TeamApt.
In addition, Ventures Platform has appointed another notable new member to further enhance its expert network as it brings onboard renowned technologist and investor, Desigan Chinniah, as a Venture Partner.
Having spent his career as a venture capitalist, serving in leadership and advisory roles across a blue-ribbon range of companies, Chinniah will harness his expertise in product innovation, sales intelligence and developer relations to support Ventures Platform portfolio companies.
Since its launch in 2016, Ventures Platform has leveraged its on-the-ground presence on the continent and expertise in corporate partnerships, talent, growth, regulation and operations to strengthen the venture capital ecosystem in Africa, acting as a key partner and conduit for international funds and stakeholders.
The pan-African VC firm has over 60 active investments, including Nomba (formerly Kudi), Reliance HMO, Brass, MarketForce, Mono and Piggyvest to add to the successful exit of Paystack (acquired by Stripe).
Whilst focussing on funding market-creating innovations that optimise for non-consumption, Ventures Platform has accrued one of the largest technology start-up portfolios on the continent.
Investing from pre-seed stage up to Series A, the fund invests in startups across multiple sectors, ranging from Fintech, Insurtech, Life Science and Health Tech, Edtech and Digital talent accelerators, Enterprise SaaS, Digital Infrastructure Plays, Agritech and Food Security.
Kola Aina, Founder and General Partner at Ventures Platform, stated, ‘We are honoured to have the breadth of both local and global investors who have bought into our vision and who equally are bringing immense value to our portfolio.
“This is a crowning close to an eventful year in which we made substantial advancements both in the tactical and the proprietary interventions that catalyze our portfolio companies.
“Dotun’s hands-on pan-African experience, from working with both start-ups and institutional investors, brings an invaluable perspective that will help with our continued growth.
“We look forward to helping our portfolio companies maximise their full potential whilst also consolidating our position as a key and dependable business partner for investors in Africa.
“We recognize the tougher macroeconomic climate at present, and whilst we remain cautious in terms of market dynamics and remain grounded in our long-standing belief in proper due diligence and corporate governance, we are also acutely aware that with our investment thesis, which is centred on market-creating innovations that thrive when value-chains and markets are restructured, there continues to be incredible opportunities across the market.
“As it’s been said, a true test is not how one handles moments of comfort and convenience but rather moments of adversity, and so we are glad to be partnering with often highly experienced, mission-driven founders who are positively impacting the livelihoods of their local communities even in these trying times.”
William Sonneborn, IFC’s Global Director of Disruptive Technologies and Funds, said: “IFC is the largest global development institution focused on boosting private sector investments in emerging markets. Championing tech innovation, digital talent, and connectivity are key to succeeding in our mission. We are also one of the largest tech investors in Africa.
“Like Ventures Platform, we believe that the power of technology, combined with the scale and reach of entrepreneurship, can help solve some of the most pressing challenges of our time. We are delighted to partner with Ventures Platform to help emerging, talented entrepreneurs scale their innovations across the continent and beyond.”
Babacar Seck, Senior Investment Officer for Venture Capital at PROPARCO, added, “We are thrilled to partner with Ventures Platform in their journey backing early-stage African startups creating new markets and jobs, while accelerating the continent’s digitization.
This ground-breaking partnership reflects the deep commitment of Proparco to African entrepreneurship in line with the Choose Africa initiative, and is being funded through FISEA, an investment fund of the Agence Française de Développement, that finances African startups and small-medium enterprises through innovative fund managers.”
Martin Ewald, Lead Portfolio Manager Allianz Global Investors, Impact Investments, also stated, “The investment strategy of AfricaGrow is funding Private Equity and Venture Capital funds domiciled and active in Africa, which is both challenging and very rewarding.
In Ventures Platform, we have found an excellent partner generating real impact on the ground by building successful companies utilising their deep experience, network and local expertise. We are looking forward to a fruitful cooperation.”
“We feel that start-ups, technology and innovation are central to catalysing Africa’s economic potential. We are particularly excited to be contributing towards building a digital and self-sustaining continent and believe that Ventures Platform is well placed with a great leadership team and a solid investment thesis to help achieve these overarching objectives’ added Akash Maharaj of the Standard Bank Group.
News
Nigeria Spends $470m on AI-powered Surveillance Devices- Report

Nigeria has emerged as the largest investor in artificial intelligence-driven surveillance systems on the continent, committing over $470 million to advanced monitoring technologies, according to a new report.

Pic credit…bokysee.com
The study found that Nigeria, alongside 10 other African countries, has collectively spent no less than $2.1 billion on AI-powered surveillance infrastructure.
AI-powered surveillance devices represent a significant shift from passive recording to active, real-time monitoring and threat detection
The study, described as the most comprehensive account of smart city surveillance in Africa, examined deployments in Algeria, Egypt, Kenya, Mauritius, Mozambique, Nigeria, Rwanda, Senegal, Uganda, Zambia and Zimbabwe.
These investments include facial recognition systems and automatic number plate recognition tools aimed at strengthening security and urban monitoring.
The report, titled “Smart City Surveillance in Africa: Mapping Chinese AI Surveillance Across 11 Countries,” was produced by the Institute of Development Studies and released in March 2026.
It highlights Nigeria’s position at the forefront of adopting smart surveillance technologies, reflecting a broader trend across Africa where governments are increasingly turning to AI solutions to address security challenges and improve urban management.
“This level of expenditure translates into an average spend in the region of $240m per country.
“Nigeria alone has documented public expenditure of $470m AI-enabled facial recognition and ANPR, making it the continent’s largest buyer of smart city surveillance technologies,” the report stated.
“In all cases, we know that the real total is significantly higher because surveillance spending is often secret; no figures were available for two of the 11 countries studied; the public accounts for the other nine countries were incomplete; and this study included only 11 of Africa’s 55 countries,” the researchers noted.
The report said most of the surveillance infrastructure deployed across the countries was supplied by Chinese firms and financed through soft loans from Chinese banks.
“The Chinese safe city surveillance package is typically financed by soft loans from Chinese banks.
“A typical package involves a loan of $250m from Eximbank tied to the purchase of surveillance cameras from Hikvision and a command and control centre built and serviced by Huawei or ZTE,” it said.
The report explained that the packages usually include thousands of smart closed-circuit television cameras capable of transmitting geo-located facial recognition and vehicle number plate data in real time.
“The Chinese safe city package typically includes installing thousands of smart CCTV surveillance cameras, which transmit geo-located facial recognition and car number plate data in real time for analysis using artificial intelligence at dedicated data centres that serve as command and control facilities for police and security operatives,” the report added.
The study further revealed that China supplied smart city surveillance technologies to all 11 countries reviewed, while South Korea and Russia supplied three countries each, and the United Arab Emirates supplied two.
It added that the actual spending across the region could be significantly higher due to secrecy around surveillance budgets and incomplete public financial records.
News
Metaverse Collapses, Horizon Worlds Shuts Down on Quest

The metaverse, championed by Meta (formerly Facebook) in 2021, has largely collapsed due to low user adoption, technical limitations, and massive financial losses exceeding $80 billion.

Mark Zuckerberg
Meta is shutting down its flagship VR platform, Horizon Worlds, in June 2026, marking a major shift toward AI and mobile-first strategies.
The app will be removed from the Quest store on March 31 and discontinued in VR by June 15, continuing only as a mobile service.
Horizon Worlds, launched in 2021, was central to Meta’s rebranding from Facebook and its vision of a fully immersive virtual environment.
Despite billions in investment and high-profile partnerships, the platform failed to attract a large user base and struggled with design limitations and weak engagement.
Reality Labs, the division behind the metaverse push, has accumulated nearly$80 billion in losses since 2020, including more than$6 billion in a single quarter.
Recent layoffs affecting around 10 percent of the VR workforce, along with the shutdown of related projects, underscore a broader pullback.
Competition and shifting priorities have accelerated the decline.
Rival platforms such as VRChat maintained stronger communities, while Meta increasingly redirected resources toward AI and hardware, including its Ray-Ban smart glasses.
Although Meta says it remains committed to VR, the closure of Horizon Worlds signals a strategic reset.
The company is repositioning its future around AI-driven products, marking a decisive shift away from its earlier metaverse vision.
News
FG Plans New HIV Prevention Injection in 8 States, FCT

Federal government has commenced is to roll out a new long-acting HIV prevention drug, Lenacapavir, in selected states as part of efforts to reduce new infections and end AIDS as a public health threat by 2030.

Dr Iziaq Salako, minister of State for Health and Social Welfare, who disclosed this during a media briefing in Abuja, on Monday said the injectable drug will be deployed in eight states and the FCT.
The states are Anambra, Ebonyi, Gombe, Kwara, Akwa Ibom, Cross River and Benue.
Lenacapavir, a twice-yearly injectable pre-exposure prophylaxis (PrEP), is designed for HIV-negative individuals at substantial risk of infection.
Dr Salako said its introduction marks a significant shift from daily oral prevention options, particularly for individuals who struggle with adherence.
The Minister explained that Nigeria’s adoption of the drug followed its selection by the Global Fund as one of nine early adopter countries, after expressing interest in 2025.
He further said about 52,000 doses have already been secured to support the initial phase, with the first batch delivered and preparations underway for facility-level deployment.
He, however, stressed that the drug is strictly preventive and not a treatment for people living with HIV, warning against misconceptions that could encourage risky behaviour.
“This is not a cure or a licence for unsafe practices. It is an additional layer of protection for those at higher risk,” he said.
The minister explained that the rollout would begin on a controlled scale to allow close monitoring of safety outcomes and effectiveness before expanding nationwide.
He noted that implementation would be guided by the National Pre-Exposure Prophylaxis Implementation Plan covering 2025 to 2028, with focus on service delivery, supply chain management, financing and community engagement.
Adebobola Bashorun, national coordinator of the National AIDS, Viral Hepatitis and Sexually Transmitted Infections Control Programme, said the rollout strategy was informed by data and stakeholder collaboration.
He added that the injectable would complement, not replace, existing prevention methods such as oral PrEP and other long-acting options.
According to him, early observations show minimal side effects, mostly mild pain at the injection site.
Dr Temitope Ilori, director-general, National Agency for the Control of AIDS, described the development as a major boost to HIV prevention strategy, especially among high-risk populations.
She cautioned that the drug does not protect against other sexually transmitted infections or unintended pregnancies and is not recommended for pregnant women.
Similarly, Charles Nzelu, director of Public Health, said the innovation could significantly improve adherence to prevention programmes, given its twice-yearly dosage, but emphasised the need to sustain other preventive measures.
International partners also expressed support for the initiative while Josephine Aseme, chairperson of the Nigeria Key Population Health and Rights Network, described the injectable as long-awaited and potentially transformative for vulnerable groups.
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