Connect with us

Business

Startups Pitch for Investments, Partnerships at ARM’s Initiative

Published

on

Start-up - Investors King

Startups at this year’s Lab by Asset & Resource Management Holding Company Limited (ARM) have pitched to secure investment and partnerships.

Labs by ARM is a 12-week Accelerator programme by ARM in partnership with Ventures Platform designed to fund and support compelling fintech startups solving critical problems in the financial services industry.

The program aims to find and support startups unlocking industry verticals and new markets, thereby changing how users access and consume financial services.

The Demo Day event for this third edition held recently with investors, corporates, tech leaders, and senior executives of the ARM Group in attendance, and had commenced in March 2021, with the objective of helping 5 early and growth-stage startups commercialise and distribute their innovations.

The teams participated in deep-dive sessions and were supported to create unique strategies for solving peculiar challenges. In addition, programme mentors and advisors, who are thought leaders in their various fields, provided support in business growth, product-market fit, distribution and software engineering. These sessions helped the startups navigate specific challenges and, more importantly, become better positioned for growth.

Within the four months, the startups recorded impressive growth.
For instance, a startup providing affordable home financing options for Africans doubled its users and raised over $300k in funding; one of the startups solving for more convenient cross-border payments has processed $20,000 in transactions within a month of operation.

Also, another startup whose solution is making it easier for online shoppers to log in and checkout on digital platforms, recorded 600 merchants and 1200 customers since its launch in the program.

According to a statement, the five startups that pitched at the Demo Day event were Bongalow, Founded by Kelechi Nwokocha, Abdulrahman Atta and Samuel Haruna, Bongalow; Breeze, a payment system that was founded by Chimenem Nnwoka; HouseAfrica, founded by Ndifreke Ikokpu and Nnamdi Uba; Pass which was founded by Eze Samuel, and Plumter that provides instant, multi-currency accounts for easy local and diaspora banking.

Speaking on the program, Director of Programs at Ventures Platform Foundation, Mohamed Felata, said: “The Labs by ARM programme is the leading fintech accelerator in Nigeria. It works because of the special collaboration between ARM and ARM Ventures Platform.

“ARM not just funds the programme but gives the startups access to the market. In this cohort, we have seen startups introduce and develop leading solutions that range from cross-border payments to mortgage financing.”

Also, Jumoke Ogundare CEO, ARM, congratulated all participants for their advancement in the programme, and wished them the best of luck. She specially thanked Ventures Platform for a successful partnership, and Mr. Tomi Davies of Techno Vision for his continued mentorship of the fintech companies even after the investment stage.

The CEO also expressed her gratitude to the Advisory Board of ARM Digital Financial Services for charting the right path for ARM’s digital growth.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

Continue Reading
Comments

Company News

Goya Foods Takes Legal Action to Assert ‘Goya Olive Oil’ Trademark Ownership

Published

on

Goya Foods

“Goya Olive Oil” trademark in Nigeria, Goya Foods Incorporated has initiated legal proceedings against the Registrar of Trademarks under the Federal Ministry of Trade and Investment.

The case, numbered FHC/ABJ/CS/883/2023, was brought before the Federal High Court in Abuja.

Goya Foods, a prominent producer and distributor of foods and beverages across the United States, Spanish-speaking countries, and Nigeria, seeks to enforce a longstanding consent judgment issued by the court in December 2006.

The judgment directed the Registrar to rectify the Trademarks Register to reflect Goya Foods Incorporated as the rightful owner of the “Goya Olive Oil” trademark, without any further formalities.

The lawsuit, exclusively revealed to sources, underscores Goya Foods’ determination to safeguard its intellectual property against alleged infringements.

According to court documents, Goya Foods obtained the consent judgment against Chikason Industries Limited, which was accused of marketing “Goya Olive Oil” in Nigeria, thus infringing on Goya Foods’ registered trademark.

Legal counsel for Goya Foods, Ade Adedeji, SAN, emphasized the necessity of rectifying the Trademarks Register to protect their trademark interests effectively.

Despite appeals to the Registrar, the requested rectification has not been implemented, prompting Goya Foods to escalate the matter through legal channels.

The case has been adjourned to September 27, 2024, for further proceedings, highlighting the complexity and significance of trademark disputes in the global marketplace.

Goya Foods remains committed to upholding its brand integrity and securing its proprietary interests amidst the evolving landscape of international trademark law.

Continue Reading

Company News

IOCs Accused of Blocking Direct Crude Sales to Dangote Refinery

Published

on

Dangote Refinery

Dangote Industries Limited (DIL) has accused International Oil Companies (IOCs) of obstructing direct crude oil sales to its refinery and forcing the company to use costly middlemen.

This development comes after a statement by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) suggested a “willing buyer-willing seller” dynamic was in place as mandated by the Petroleum Industry Act (PIA).

Devakumar Edwin, Vice President of DIL, countered NUPRC CEO Gbenga Komolafe’s claims, stating that IOCs consistently make it difficult for local refiners by pushing sales through international trading arms, which inflate prices and bypass Nigerian laws.

“These middlemen earn unjustified margins on crude produced and consumed within Nigeria,” Edwin stated.

He noted that only one local producer, Sapetro, has sold directly to DIL, while others insist on using trading arms abroad.

Edwin detailed the financial impact, citing instances where DIL was charged a $2-$4 premium per barrel above the official price.

In April, DIL paid $96.23 per barrel for Bonga crude, which included significant premiums, compared to a much lower premium for West Texas Intermediate (WTI) crude.

While acknowledging NUPRC’s support in resolving some supply issues, Edwin urged the regulatory body to revisit pricing policies to ensure fair market practices.

“Market liquidity is essential for fair pricing. We hope NUPRC addresses these issues to prevent price gouging,” he stated.

This dispute highlights ongoing challenges in Nigeria’s oil sector, where domestic refiners struggle to secure local crude amidst complex market dynamics.

The outcome of these negotiations could significantly impact the refinery’s operations and broader industry practices.

The situation underscores the need for transparent and efficient crude supply systems to bolster Nigeria’s refining capacity and economic growth.

Continue Reading

Company News

Dangote’s $20 Billion Refinery to Begin Petrol Sales Next Month

Published

on

Petrol - Investors King

Aliko Dangote announced on Monday that his long-awaited $20 billion refinery complex will commence petrol sales starting next month.

The announcement came during a press briefing held at the refinery site in Lagos, where Aliko Dangote, Africa’s richest man, detailed the project’s progress and future plans.

“We are proud to announce that the Dangote Refinery will begin selling petrol from August,” Dangote stated confidently.

“This milestone marks the culmination of years of meticulous planning, construction, and overcoming numerous challenges.”

Dangote’s refinery, touted as the largest single-train refinery in the world, is designed to process 650,000 barrels of crude oil per day once fully operational.

The facility aims to not only meet Nigeria’s domestic demand for refined petroleum products but also contribute significantly to export markets across West Africa.

“We have entered the steady-state production phase earlier this year, and now we are ready to begin commercial sales,” Dangote explained. “Initially, we will focus on petrol production, with plans to expand our product range as we ramp up to full capacity.”

The refinery’s launch is expected to alleviate Nigeria’s longstanding dependence on imported refined products, thereby boosting the country’s energy security and reducing foreign exchange outflows associated with fuel imports.

Beyond petrol sales, Dangote revealed ambitious plans to list both the refinery and its associated fertilizer plant on the Nigerian Exchange Group (NGX) by the first quarter of 2025.

This move aims to attract broader investor participation and unlock additional value for shareholders.

“We are committed to transparency and accountability in our operations,” Dangote emphasized. “Listing these subsidiaries on the NGX will not only strengthen our corporate governance framework but also enhance the refinery’s financial sustainability.”

Challenges and Future Prospects

Despite celebrating the imminent commencement of petrol sales, Dangote acknowledged challenges encountered during the project’s execution, including delays in securing land for a petrochemical facility in Ogun State, which incurred substantial costs.

“We faced bureaucratic hurdles that resulted in significant delays and financial losses,” Dangote lamented. “Nevertheless, we remain steadfast in our commitment to advancing Nigeria’s industrial capabilities and contributing to economic growth.”

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending