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.

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.

Despite challenges in the global economy and a slowdown in funding across Africa, Nigerian startups have demonstrated resilience by securing $160 million in funding during the first quarter of this year.

This shows Nigeria’s position as a key player in the continent’s vibrant startup ecosystem and highlights the potential for continued growth and innovation in the Nigerian tech sector.

A new report by Africa: the Big Deal noted that Nigeria, alongside Kenya, South Africa, and Egypt, accounted for 87 percent of all startup investments in Africa during this period.

The breakdown of funding among these four countries showed Nigeria leading the pack with $160 million, followed by Kenya with $108 million, South Africa with $72 million, and Egypt with $53 million.

This data underscores Nigeria’s dominance in attracting investment within the African startup landscape, cementing its status as a hub for innovation and entrepreneurship on the continent.

According to the report, the majority of investments were channeled to startups headquartered in these four countries, with Nigeria and Kenya capturing the lion’s share of funding.

Only a handful of other African nations managed to secure more than $5 million in funding during the first quarter, highlighting the concentrated nature of startup investment activity in Africa.

Despite the challenges posed by the COVID-19 pandemic and economic uncertainties, African startups have continued to demonstrate resilience and adaptability. Many entrepreneurs have innovated and created new business models to navigate the evolving landscape, driving growth and attracting investor interest.

Prashant Matta, SP of Panache Venture, acknowledged the decline in funding as a global issue exacerbated by economic challenges. However, he expressed optimism about Nigerian startups, citing mega-deals such as the $100 million investment into Nigerian mobility fintech startup Moove. These mega-deals, fueled by investments from outside Africa, show the confidence of international investors in the Nigerian tech ecosystem.

The report highlighted that the logistics and transport sector emerged as the top recipient of funding in the first quarter, totaling $151 million from 14 deals. Nigerian startup Moove raised a significant $110 million during this period.

Following closely behind, fintech attracted the second-highest funding with $105 million, followed by agric and food with $50 million, energy with $49 million, and healthcare with $45 million. These sectors reflect the diverse range of opportunities and innovations driving growth in the Nigerian startup ecosystem.