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27 - 05 - 2019

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Passion Incubator, a Nigerian-based technology incubator and accelerator with expertise in innovation program design and tech investments has announced the launch of its Future of Work in Nigeria report. This report holistically examines the subject from a practical study of more than 900 stakeholders employed across 20 key sectors. The Future of Work in Nigeria report is completely free of charge and can be downloaded via this link

MTN Nigeria says it is being investigated by the Economic and Financial Crimes Commission following its recent listing on the Nigeria Stock Exchange. According to the telecom, the commission requested for its listing documents which it has provided and has not accused the company of any wrongdoing. MTN listed by introduction on the NSE. And despite the NSE saying that this listing was done by the books, some investors, analysts and stakeholders have expressed concern over the free float accommodation granted to MTN Nigeria by the capital market regulators and alleging share manipulation. Shares have tanked for the first time since the listing on May 16 closing N140 per share.

South Africa's power utility company, Eskom, is looking to fill its topmost position for the 11th time in the last 10 years following the resignation of its current CEO, Phakamani Hadebe. Hadebe has resigned for health reasons only 16 months after resuming office. Replacing the outgoing CEO is an impossible task at this point. Whoever takes his place will have to oversee a fleet of poorly maintained, old plants battling to produce enough power to supply the economy. Eskom supplies more than 90% of the country's electricity and has been embattled by huge debts, failing infrastructure and gross mismanagement.
African tech funding, on a relative basis, is already at Europe's level of 5 years ago.
Nigerian on-demand motorcycle app, Gokada, has secured a US$5.3 million Series A funding. The funding round was led by Rise Capital with participation from Adventure CapitalFirst MidWest GroupIC Global Partners and other unnamed Nigerian investors. The Lagos-based company says the funding will help it to increase the number of drivers on its fleet and acquire staff in Nigeria. The team was recently joined by Jobberman co-founder, Ayodeji Adewunmi, as co-CEO.

She Leads Africa is building Africa's largest female-focused media company. They've just closed a seed round and are hiring. Click here for more details:

The State of Health Tech in Nigeria is a deeply researched report that profiles 75 active and 15 inactive health tech startups across 12 subsectors. It further examines the challenges these startups face, the opportunities in the space and makes actionable recommendations for entrepreneurs, investors and regulators to consider. Get the report here. Kindly note that we are also accepting bank transfers for purchase of the reports. If you'd like to purchase the report through a bank transfer, send a reply to this mail and we will attend to your request.
Senegal is building its first large-scale wind farm and has begun the import of wind turbines from the UK-based and privately-owned renewable energy company, Lekela, for this purpose. When completed, the farm is expected to supply nearly a sixth of the country's power and stop nearly 300,000 tonnes of carbon emissions. The 200 billion CFA franc (US$342 million) farm will be roughly half financed by Lekela, and the other half split between U.S.-based Overseas Private Investment Corp and Danish export credit company EKF.
The Dumb Idea Paradox: Why great ideas often start out sounding dumb.
Looking to meet, connect with and learn from the tech community in your area, here's a list of events to attend this coming week, from Johannesburg, South Africa to Yaounde, Cameroon.

TrepLabs has emerged winner of the maiden edition of HBLabs, by Heritage Bank. They have been awarded US$25,000 in prize money. The HB-Lab Accelerator Program brought together 10 innovative entrepreneurial teams, who for the duration of 12 weeks, were tutored and mentored by business leaders and innovators. TrepLabs is a hardware health company providing low-cost hardware solutions to Africa's healthcare industry. Their winning product, RealDrip, is a device that prevents backflow of blood during drip treatment.

Ex-Google and OLX Nigeria executive, Lola Masha has joined Babban Gona, a Lagos-based agricultural social enterprise as an Executive Director. She is responsible for Finance, Marketing and Business Development in her current role.

From TechCabalOp-Ed: Slow and Steady is the Recommended Course for Healthcare Innovation  +  Can Influencer Marketing Survive Without the “Likes”?

Have a great week,

We'll see you tomorrow.   - Kay
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