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Awabah Accepted Into Techstars London Accelerator Programme

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Awabah Nigeria- Investors King

Awabah, a digital platform that provides African self-employed people with access to pensions, has announced its inclusion in Techstars London’s accelerator program.

The startup provides micro-pension services for people in the informal sector and for those whose employers are not legally obliged to withdraw and transfer a pension. It will join nine other startups in the 2021 class and secure funding from the Accelerator when it has its sights on African expansion.

The Lagos-based company founded by Tunji Andrews, Tina Ajishebiyawo and Gboyega Olatunde builds wealth for the informal, especially self-employed, the population of Africa by ensuring that they can plan a decent life after retirement.

Founded in November 2020, Awabah gained over 700 customers in the first two months and has since committed to advancing the cause of future financial inclusion and security in Africa.

The company’s motto is “Those who know better can do better”. This means that building financial literacy is a big part of the customer acquisition strategy. It relied heavily on digital town hall meetings to meet, train and attract customers.

In July 2021, the company raised $ 200,000 in angel support from early-stage investors such as ODBA and Co Ventures and Correlation Capital. This new funding helped Awabah launch its services in Lagos and Ibadan. The startup plans to offer services in 5 additional Nigerian cities over the next 6 months.

Andrews believes the company is gaining a lot of acceptance because of its approach to customer acquisition. They operate out of Lagos and Ibadan and are in the process of establishing a presence in Ghana. Awabah already sees itself as the solution to Africa’s wealth redistribution challenges. The company has teamed up with 3 Pension Fund Administrators (PFAs) in Nigeria and hopes to increase these to 5 by the end of 2021. The partnerships will coincide with the launch in multiple cities to give millions more access to the AWABAH benefit.

“To put it simply, Awabah is an aggregate of tools for wealth creation that is sorely lacking on the continent. We bind the financial service providers on board, break their products into bite-sized pieces, sprinkle a bit of the Awabah magic on them and give this leverage for our customers. What’s even bigger is that our services are completely free to the customer. Financial services should liberate, not enslave, “said Tunji Andrews.

On the back, the Awabah model has many advantages. Nigeria has 70 million people in its workforce (people who are ready and able to work). Of these 70 million, 23 million are unemployed and a further 11 million are employed in formal occupations; This leaves 36 million Nigerians in some form of self-employment or entrepreneurship without a pension. Given the sharp decline in economic growth and the increasing scarcity of resources, we believe that Africa’s current job market will be extremely tough in old age if they don’t take retirement provision seriously.

Nigerians in the informal sector can see the real value by paying N100 weekly into a pension fund that brings in real returns of 4.5% per year for the rest of their working lives.

According to the Africa Asset Management 2020 report by PricewaterhouseCoopers (PWC), total assets under management in 12 selected African countries were US $ 293 billion in 2008, which has more than doubled to the US $ 634 billion by 2014. For 2020 US $ 1.1 trillion is expected 12 countries are: South Africa, Morocco, Mauritius, Namibia; Egypt, Kenya, Botswana, Ghana, Nigeria; Angola, Algeria, Tunisia).

Ajishebiyawo firmly believes that reducing poverty depends on helping people in the informal sector manage and increase their wealth. She insists that the reduction depends heavily on having access to various tools to generate income that is either infrequent or so frequently spent on everyday consumables.

“It’s not that people in informal jobs are too illiterate to control their finances; on the contrary, they manage highly complicated budgets with fragile margins. Effective retirement provision and savings help our customers to deal more effectively with the problems they are stuck in an inefficient cycle. ” Nigerians and Africans alike have money – but their income is unpredictable and uncertain; Awabah will fix that. “

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Former Konga CEO Nick Imudia Dies by Suicide in Lagos Home

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Nick Imudia

The Nigerian business community was rocked by tragedy as Nick Imudia, former CEO of e-commerce giant Konga and current CEO of solar energy solutions innovator D.light, died by suicide in his Lekki apartment.

Imudia’s death, confirmed on the night of Tuesday, June 25, has left friends, family, and colleagues in a state of shock and sorrow.

According to sources, Imudia reportedly took his own life by jumping from the balcony of his home. In the moments leading up to the tragic incident, he made a series of distressing phone calls.

He reached out to his brother in the United States, giving detailed instructions on how to distribute his wealth should anything happen to him.

Imudia also spoke to his young daughter from a previous relationship, offering her comforting words and telling her to look to the sky to see him.

Imudia’s sudden death has raised many questions among those who knew him. Described by colleagues as a visionary leader, Imudia was instrumental in the growth of Konga, one of Nigeria’s largest e-commerce platforms.

After his tenure at Konga, he continued to make significant contributions to the tech industry as the CEO of D.light, a company known for its innovative residential solar energy solutions.

Imudia hailed from Ika South Local Government Area of Delta State and had a young daughter from a previous marriage that ended due to irreconcilable differences.

Despite the end of his marriage, those close to him said he maintained a strong bond with his daughter, often expressing his deep affection for her.

The reasons behind Imudia’s decision to end his life remain unclear. As news of his death spread, messages of condolence and tributes poured in from friends, family, and business associates.

Many have expressed their profound sadness and confusion as Imudia was widely seen as a successful and driven individual.

“Nick was a brilliant mind and a compassionate leader,” said a former colleague. “His death is a huge loss to the tech community in Nigeria and beyond. We are all struggling to understand why this happened.”

Authorities are investigating the circumstances surrounding Imudia’s death. Meanwhile, his family has asked for privacy as they navigate this difficult time.

Nick Imudia’s death is a stark reminder of the unseen struggles many face, even those who appear successful and accomplished.

His passing has sparked conversations about mental health awareness, urging individuals to seek help and support when needed.

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Gokada CEO’s Former Assistant Found Guilty of Gruesome Murder and Embezzlement

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Tyrese Haspil, the former executive assistant of Fahim Saleh, CEO of Gokada, has been found guilty of first-degree murder and multiple counts of embezzlement.

The verdict, delivered by a Manhattan jury on Monday, marks the end of a harrowing legal saga that unfolded over accusations of financial betrayal and a brutal homicide.

Prosecutors detailed how Haspil, 25, meticulously planned and executed the murder of his boss in July 2020 to cover up a complex embezzlement scheme.

Haspil, entrusted with managing Saleh’s financial affairs, reportedly siphoned approximately $400,000 from the tech entrepreneur’s accounts over several months using fraudulent transactions and hidden accounts.

The trial revealed that tensions escalated when Saleh discovered the embezzlement and confronted Haspil earlier in 2020.

Instead of facing the consequences, Haspil opted to silence Saleh permanently, fearing exposure and legal repercussions.

On July 13, 2020, Haspil followed Saleh into his Lower East Side condominium, where he incapacitated him with a taser and fatally stabbed him multiple times.

Following the heinous act, Haspil returned the next day to dismember Saleh’s body in an attempt to conceal the crime.

However, he abandoned the cleanup midway upon discovering police presence outside Saleh’s apartment.

Saleh’s cousin, checking on him after being unable to reach him, made the gruesome discovery of the dismembered body.

Throughout the trial, the prosecution painted a chilling portrait of Haspil’s calculated actions, describing how he methodically planned the murder to prevent Saleh from reporting him to authorities.

Manhattan District Attorney Alvin Bragg emphasized the tragedy of Saleh’s untimely death, highlighting his entrepreneurial success and contributions to the tech industry.

“I hope the accountability delivered by today’s verdict can provide a measure of comfort to Mr. Saleh’s loved ones as they continue to mourn his loss,” Bragg stated in a post-verdict statement.

Haspil, represented by Sam Roberts of The Legal Aid Society, faces a sentencing hearing scheduled for September.

The case has drawn widespread attention for its grisly details and the betrayal of trust between a CEO and his assistant, underscoring the vulnerabilities within corporate settings and the drastic consequences of financial malfeasance.

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Madica Empowers African Startups with $200,000 Investments Each

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Start-up - Investors King

Madica, a structured investment program dedicated to nurturing pre-seed stage startups in Africa, has announced its inaugural investments in three innovative ventures.

Each of these startups is set to receive up to $200,000 in funding from Madica and will participate in the program’s comprehensive 18-month company-building support initiative.

The investment program provides a personalized curriculum, hands-on mentorship, founder immersion trips, executive coaching, and access to Madica’s extensive global network of investors for follow-on funding.

The primary objective of this support is to drive growth and ensure the long-term success of the startups.

Emmanuel Adegboye, Head of Madica, expressed his excitement regarding the investments, highlighting the abundant talent and innovation present in the African tech ecosystem.

He said Madica is committed to supporting African founders who often face challenges in accessing necessary support due to perceptions of risk among global investors.

Madica employs an open application process, collaborating closely with local ecosystem players such as incubators, accelerators, and angel networks to identify and support promising entrepreneurs.

The selection process remains rigorous, with investments made on a rolling basis throughout the year.

With plans to invest in up to 10 additional startups this year, Madica aims to expand the reach of venture capital and founder mentorship across Africa, addressing the existing imbalances in funding availability.

The announcement of these investments marks a significant milestone for the selected startups, providing them with vital financial support as well as access to invaluable resources and networks to propel their growth and success in the competitive landscape of the African startup ecosystem.

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