Press Release
Endeavor Nigeria unveils inaugural cohort for its ScaleUp program
Entrepreneurs from Releaf, Bankly, wallets.africa and BFREE selected to participate in new Endeavor ScaleUp Program
Endeavor Nigeria has unveiled the inaugural cohort of entrepreneurs for its new 10-week Endeavor ScaleUp Program that aims to support Nigeria’s most promising, high-impact business leaders. Leveraging Endeavor’s extensive global network, participating entrepreneurs will have access to mentorship, fundraising support, partnerships and a strong peer network of high impact entrepreneurs who have built and run successful businesses.
Seven entrepreneurs from four Nigeria-based start-ups have been selected to participate in the program, which will also provide an opportunity to receive tailored support and fresh, honest, and in-depth feedback that will help them scale to the next level. The entrepreneurs that have been selected to participate in the program are:
- Releaf – Ikenna Nzewi – CEO and co-founder, Uzoma Ayogu – CTO and co-founder
- Bankly – Tomilola Majekodunmi – co-founder and CEO
- wallets.africa – John Oke – CEO
- BFREE – Julian Flosbach – CEO, Moses Nmor – CPO, Chuks Enyi – COO
The new Endeavor ScaleUp Program will provide a subset of the services provided to Endeavor Entrepreneurs and participating entrepreneurs will be given direct, actionable feedback to support their growth as business leaders. The program will also include group workshops facilitated by Endeavor Entrepreneurs, board members and mentors, as well as access to executives from industry-leading companies for potential business development opportunities.
The group workshops will be led by Bolaji Balogun – CEO of Chapel Hill Denham and Vice Board Chairman at Endeavor Nigeria, Ife Orioke – CIO and co-founder of Flutterwave, and Tosin Eniolorunda – CEO and co-founder of TeamApt. The mentors will include Seni Adetu – former MD/CEO Guiness Nigeria Plc, Adepeju Adebajo – former CEO, Lumos Nigeria, Anders Einarsson – CEO Food Products International, Promasidor Nigeria Limited and Felix Ike – co-founder and CTO, TeamApt.
Speaking on the new program, Tosin Faniro-Dada, Managing Director and CEO of Endeavor Nigeria said, “We are delighted to have these exciting entrepreneurs on our first ScaleUp program, and we have prepared an impactful program that will address their most pressing challenges and support them as they advance to the next stage of their business growth. One of our core values at Endeavor is our commitment to paying it forward and our Endeavor Entrepreneurs are also eager to support the next generation of high-impact entrepreneurs with their deep knowledge, experience and functional expertise in their respective industries and markets”.
With a mission to build strong entrepreneurship ecosystems in high-growth markets across the world, Endeavor selects, mentors and supports high-impact entrepreneurs leading some of the world’s most exciting scale-up companies, supporting them to scale their companies as well as drive economic growth and job creation. Endeavor Nigeria currently supports 24 entrepreneurs who lead 13 companies including Flutterwave, Carbon, Autochek, 54gene, TeamApt, TradeDepot, Helium Health, Paga, Migo, Daystar Power, HealthPlus, Kobo360 and FilmHouse Group.
Press Release
Pernod Ricard’s CEO for Africa & Middle East Visits Nigeria, Reinforcing Market Commitment
Pernod Ricard’s Africa and Middle East CEO, Selçuk Tümay (center), with Pernod Ricard Nigeria Management Team, MD, Pernod Ricard Africa and CFO, Pernod Ricard Africa and Middle East, Nevzat Akkız, during the recent visit of Selçuk Tümay to Pernod Ricard Nigeria (Photo: Supplied).
Pernod Ricard, the world’s second-largest wine and spirits company, reaffirmed its dedication to Nigeria’s thriving market through a recent visit by Africa and Middle East CEO, Selcuk Tumay, accompanied by Chief Financial Officer Africa, Nevzat Akkiz, and Managing Director Africa, Sola Oke.
The visit began with a business review at Pernod Ricard’s Lagos office, assessing regional performance and strategic planning. A “Meet and Greet” session recognized local employees’ talents, fostering conviviality.
An immersion into Nigeria’s vibrant retail landscape followed with an open market visit to Oke-Arin Market, guiding discussions on adapting marketing strategies. Retail partnerships were reinforced by visits to top stores, enhancing in-store experiences. At night-time, On-trade visits showcased Pernod Ricard’s premium offerings. The Key Distributors were not left out during the visits. These visits underscored collaborative relationships for a brighter future.
Selcuk Tumay stated, “Despite Nigeria’s complexities, especially foreign exchange volatility, we are optimistic. Adapting strategies will drive growth, support local partners and deliver exceptional consumer experiences.”
Building on success in Turkey and the Middle East, where innovative marketing and strategic partnerships fuelled double-digit growth, Pernod Ricard applies these learnings to Nigeria.
“We can leverage Turkey’s and the Middle East’s successes and best practices to navigate Nigeria’s challenges and unlock opportunities,” added Selcuk.
Press Release
AFEX Release 2024 Crop Production Report, Forecasting A Decline In Commodity Production Levels
L-R: Ify Umunna, Head, Strategy, AFEX, Dr. Audu Grema, Senior Programme Officer, Agriculture, Nigeria, Gates Foundation, Khadija Othman, Lead, Production Pillar, PFSCU, Ade Adefeko, Director, Corporate & Regulatory Affairs, Olam, Esiri Ojo, Senior TA on Coordination and Special Projects, Office of the Statistician General, NBS (Photo: AFEX)
Africa’s leading commodities player, AFEX, launched its 2024 Wet Season Crop Production report at a hybrid event held at their Abuja office on the 31st of October. The report provides key insights into the underlying factors influencing the commodities landscape such as production levels, price performance and market outlook for the coming season. This year marks a significant milestone as AFEX expands its research to include Kenya asides just Nigeria, providing critical intel into the agricultural sectors of both nations across key commodities value chains such as Maize, Paddy rice, Soybean, Sesame, Ginger, Cocoa and Sorghum. The report features data gathered from over 51,000 farmers across Nigeria and key producing counties in Kenya. It provides the agriculture ecosystem and key stakeholders with reliable intel as a guide for policy development and data-driven trading decisions.
The Nigeria Report reveals huge agricultural potential for the nation that unfortunately, remains largely untapped by producers struggling to keep up with growing demands. This is owing to factors such as high cost of inputs, lack of financing, growing climate change concerns across dry spells and harsh rainfalls, pest infestation amongst other concerns. Amidst the general downward trend in commodity production, commodities such as sorghum, ginger, cocoa and sesame, however, present an upward trend primarily due to expanded cultivation and strong recovery and response efforts to last year’s price surges.
On the other hand, the Kenya agricultural sector remains reliant on rainfed farming, with average farm sizes ranging from 0.2 to 3 hectares, this heavily impacts on the production levels falling below potential. Challenges such as inadequate infrastructure, insufficient investment, post-harvest losses, and climate change continue to impede progress in enhancing local production. This decline, coupled with Kenya’s significant reliance on imports, poses a significant threat to national food security, highlighting the need for targeted intervention to enhance local production.
Paddy rice, a key dietary staple in Nigeria is projected to decrease by 2.6%, resulting in a total output of approximately 8.1 million metric tons. This decline is primarily driven by the high cost of fertilizers, leading to reduced yields while prompting many farmers to shift to alternative crops like sesame and sorghum that require less fertilizer and are more cost-effective to cultivate. Additionally, widespread insecurity in major rice-producing states have disrupted farming activities, with severe flooding in several regions further compounding the issue. As a result of these factors, the availability and price of paddy rice is expected to be significantly affected in the coming year, raising concerns about food security and affordability for consumers across the country.
Kenya is also set to see a modest decline in maize production by 1% due to decreased fertilizer usage as input prices increase. Amidst numerous government interventions, the nation is yet to receive yields but maize prices have experienced a 29% decline, primarily driven by sustained imports from neighboring countries, which offset anticipated yield gains. This has led to concerns around even reduced output by local farmers in the coming season. Nigeria on the other hand has similar trends with maize production set to decline by 5.6% attributed to a reduction in cultivated land due to rising costs, limited fertilizer usage, and adverse climatic conditions expected to negatively impact crop yields. Consequently, maize prices are expected to surge significantly during the 2024/2025 season, impacting both farmers and consumers.
Overall, commodity pricing trends in Nigeria and Kenya reveal significant variations both influenced by production challenges and market dynamics. In Nigeria, the report forecasts a notable increase in ginger prices by over 90% due to heightened demand and lingering effects of the fungal attack from last season. Both reports underscore the urgent need for policy development aimed at enhancing agricultural productivity and food security as well as increased investment into agro-processing and infrastructure to mitigate these challenges.
Speaking at the launch event, President/CEO of AFEX Nigeria, Akinyinka Akintunde, stated, “each year, we conduct this extensive survey involving over 40,000 farmers to gain deeper insights into the challenges facing our agricultural sector. The findings of the survey underscore the urgent need for targeted interventions to enhance productivity, particularly in staples like maize and rice. More importantly, the report helps us see the critical areas that need intervention and that is a plus. By addressing critical issues such as access to quality inputs, climate resilience, and market stability, we can significantly improve food security and empower our farmers, ultimately driving economic growth and sustainability in Nigeria.”
The report is now available for download on afex.africa.
Press Release
ETAP Secures Ghana’s First Insurtech Operational License
ETAP, an insurtech that creates solutions and incentives to deepen insurance penetration across Africa, has acquired an operational license from the National Insurance Commission (NIC) of Ghana – the first of its kind in Ghana – enabling the startup to process claims, collect premiums and provide other innovative auto insurance products and services to consumers and businesses in the Ghanaian market.
In collaboration with Hollard Insurance Ghana, a leading provider of non-life insurance products, ETAP is poised to transform the insurance landscape in Ghana by introducing fast, fair and rewarding auto insurance for cars, trucks, motorcycles, tricycles and other vehicles. Taking advantage of Hollard’s extensive experience and deep local knowledge of the market, the two companies will join forces as ETAP-Hollard to deliver a range of innovative insurance products and services that leverage cutting-edge technology to deliver seamless user experiences, instant claims processing, and personalized policy management.
Insurance penetration in Ghana currently stands at approximately 2 percent. However, despite this relatively low penetration rate, Ghana’s insurance market is viewed as having substantial growth potential. Factors such as increasing financial literacy, economic growth and regulatory reforms are expected to drive higher insurance adoption in the coming years. The National Insurance Commission (NIC) of Ghana has also been active in promoting insurance awareness and enforcing regulations aimed at improving the credibility and stability of the insurance sector, which is expected to boost penetration over time.
ETAP’s entry into the Ghanaian market means consumers will now be able to buy insurance in 90 seconds, complete claims in 3 minutes or less and get rewarded for good driving and avoiding accidents via the startup’s game-changing app. Drivers also have flexible coverage options, including daily, weekly, monthly, quarterly and annual plans depending on their needs. Businesses can manage up to 1,000 vehicles in their fleet, enabling them to streamline insurance processes, oversee driver performance rewards and monitor driver behaviour in real-time on one seamless platform. Since launching in 2022, thousands of individuals and businesses have trusted ETAP to manage the insurance of their vehicles.
Ibraheem Babalola, CEO and Founder of ETAP, said, “Ghana represents a key market for us, and this license allows us to bring our innovative mobility insurance solutions to a country where insurance penetration is still low, yet the potential for growth is immense. With this expansion, we are not just launching a product; we are creating new opportunities, fostering financial inclusion, and contributing to the development of a more secure future for Ghanaians.”
Commenting on the announcement, Daniel Boi Addo, Managing Director of Hollard Insurance, described the partnership as a significant step forward, underlining its potential to promote sustainable and inclusive growth in the insurance sector. “Receiving the operational license from our regulator is a testament to our commitment to innovation and customer satisfaction. Partnering with ETAP allows us to deliver tailored insurance solutions while rewarding responsible driving. Together, we are building a better future for mobility insurance in Ghana, with endless possibilities for sustainable growth.”