Start-ups in Africa raised a total of $174m in January 2026 through deals valued at $100,000 and above, including equity, debt and grants, excluding exits, even as the number of deals dropped significantly.

This was disclosed by Africa: The Big Deal, a platform that monitors activities in the continental start-up ecosystem.

According to Africa: The Big Deal, the figure is significantly lower than the $276m raised in January 2025 and below the monthly average of $263m recorded over the previous 12 months. However, it is higher than the totals recorded in January 2023 ($106m) and January 2024 ($85m).

“What is more concerning, however, is the fact that only 26 start-ups announced at least $100k in funding in January. That is very low: just above half of the monthly average over the previous 12 months and of January 2024. As a matter of fact, on this specific metric, this is the lowest monthly tally on record since at least 2020,” the report indicated.

On the month-on-month dip between December and January, Max Giacomelli, who authored the piece, said that the trend is not new to the ecosystem, having occurred in 2023, 2024 and 2025. He maintained that a relatively slow start to the year does not necessarily signal a downward trend.

Among the biggest fundraisers was Nigerian mobility financing start-up MAX, which secured $24m in a mix of equity and asset-backed debt. The raise positions MAX as one of the continent’s top recipients of capital in January and reinforces investor appetite for asset-backed mobility and transport financing models in key African markets.

Egyptian fintech valU led the continent overall with a $64m debt facility from the National Bank. Four additional companies raised equity rounds exceeding $10m: NowPay (Egypt, $20m); Yakeey (Morocco, $15m Series A); Terra Industries (defence, $12m); and the Ivory Coast’s fintech Cauridor.

The sectoral distribution shows fintech continuing to dominate large-ticket funding, with mobility, property technology and defence also attracting significant investor interest.

Although not included in the funding totals, January also saw notable exit activity. Flutterwave acquired Nigerian fintech infrastructure start-up Mono in an all-stock transaction valued at approximately $30m, signalling continued consolidation in the payments and API infrastructure space. Tech talent platform Savannah was acquired by Commit, while Izili Group completed the acquisition of off-grid solar provider Qotto.

The combination of reduced deal flow and ongoing consolidation suggests a maturing funding environment, with capital increasingly flowing to established players and strategic mergers reshaping segments of the ecosystem.

For now, January’s figures may reflect seasonal moderation rather than structural decline. However, the historically low number of funded start-ups could indicate a tougher capital-raising climate ahead, particularly for early-stage ventures seeking their first institutional cheques.

Buying interest in Dangote Cement (+8.81 per cent), Aradel (+2.78 per cent), Nigerian Breweries (+2.66 per cent), International Breweries (+2.00 per cent) and Lafarge Africa (+1.74 per cent) drove the market performance on Monday on the Nigerian Exchange Limited.

The extension of the bullish trend on the local bourse resulted in a 1.29 per cent increase in both the All-Share Index, which rose to 173,946.22, and the market capitalisation, which stood at N111.66tn at the close of trading.

Investor sentiment remained bullish, with 59 gainers emerging compared to 26 laggards. Overall, CAP (+10.00 per cent), MAYBAKER (+10.00 per cent), and DAARCOMM (+10.00 per cent) jointly led the gainers’ log, while EUNISELL (-9.98 per cent), Tripple Gee (-8.90 per cent), and Abbey Mortgage Bank Plc (-8.03 per cent) topped the laggards.

However, trading activity moderated as total volume and value traded fell 18.72 per cent and 35.21 per cent, respectively, to 775.2 million units and N27.9bn, compared to the previous session, whereas deal count increased 29.32 per cent to 65,960 transactions.

Banking stocks topped the volume and value charts, as Access Corp led the volume log with 67.1 million units (8.66 per cent of total volume) traded, while Zenith Bank topped the value log with N3.4bn (12.29 per cent of total value).

Sectoral performance was broadly positive. The Industrial Goods sector rose 4.76 per cent, largely due to a price increase in DANGCEM (+8.81 per cent). The Consumer Goods sector climbed 0.74 per cent, driven by gains in NB (+2.66 per cent). Additionally, ARADEL’s rise (+2.78 per cent) helped boost the Oil & Gas sector1.29 per cent and the Commodity Index 0.65 per cent.

On the other hand, the Banking (-0.04 per cent) and Insurance (-0.03 per cent) indices trended lower, pressured by losses in ETI (-5.01 per cent) and AIICO (-4.44 per cent), respectively.

The PUNCH reported that in the past week, the Oil & Gas index drove the NGX to a historic high, with the All-Share Index reaching an unprecedented 171,727.49 points and the market capitalisation boosted to N110.23tn.

Analysts attribute this bullish streak to a “fragile but positive” stabilisation of macroeconomic indicators and a shift toward productivity-led growth. Looking forward, the bullish performance is expected to be sustained in the near term, supported by improving investor sentiment and the continued release of corporate earnings results, though some profit-taking may emerge following the recent rally.

On their outlook for this week, the analysts at Afrinvest said that they expect the “bullish performance to be sustained, supported by improving investor sentiment and the continued release of earnings results”.

The experts at AIICO Capital echoed similar sentiments, saying, “We expect the market to sustain its positive sentiment in mid- to high-cap stocks in relation to released earnings and the bid for dividend season.”

The Central Bank of Nigeria and the Nigerian Communications Commission have proposed that customers must receive refunds within 30 seconds for failed airtime and data purchases to curb persistent billing complaints in the telecommunications sector.

This was indicated in the Exposure Draft of the Joint CBN–NCC Framework for Resolution of Failed Airtime and Data Purchase Transactions, which was published on the website of the CBN on Monday.

The landmark exposure draft, dated 5 February 2026, seeks to “institutionalise clear accountability” and establish a “coordinated approach to consumer redress” across the financial and telecommunications sectors.

The most significant shift in the proposed framework is the introduction of standardised, automated timelines for resolving failed transactions. Currently, Nigerians often face long delays when airtime purchases fail at the bank, aggregator, or Mobile Network Operator level.

To solve this, the regulators have proposed a 30-second window for automated reversals. Section 6.0 (ii) of the draft exposure, which dwelt on failed transactions, especially as it relates to unfulfilled airtime/data delivery, proposes a time to refund the purchaser of 30 seconds “if the transaction failed at the bank level… Failed transaction delivery from NCC Authorised Licensees… Failed transaction delivery from MNO to the NCC Authorised Licensee.”

The draft emphasised that stakeholders must “automate reversal processes across all stakeholders” to ensure that refunds require no human intervention from the customer. The draft exposure also stated that “all parties involved in airtime and data transactions shall take the following actions to ease usage and facilitate consumer satisfaction: a. Stakeholders must immediately connect ONLY to relevant authorised licensees of the NCC and CBN. b. MNOs and banks must only connect to NCC Authorised Licensees/MNO digital channel partners for airtime and data vending… Notifications of failure create final settlement obligations between MNO and NCC-authorised licensees… The NCC and CBN will audit stakeholder compliance jointly or individually at quarterly or other intervals as may be determined.”

From a business and oversight perspective, the regulators are proposing a Central Monitoring Dashboard to be hosted jointly by the CBN and NCC, which will track reversals, Service Level Agreement breaches, and customer complaints in real-time.

“There shall be a Central Monitoring Dashboard hosted by CBN/NCC for tracking reversals, SLA breaches, and customer complaints. This will facilitate the establishment of a real-time national ‘Failed Transactions Dashboard’ with a uniform error code with end-to-end visibility across the value chain’, read the draft exposure.

This is designed to eliminate the “unclear ownership of liability” that often occurs when banks and telcos blame each other for failed recharges. To support this, banks and MNOs will be required to maintain and share daily reports of successful and failed cases.

The proposed framework also addresses the common problem of “lost” money when customers recharge ported phone numbers. The draft mandates that MNOs must validate a phone number against the ported number database before processing any recharge. If the system identifies a number as ported out or invalid, it must “proactively stop recharges” and send a failure code back to the bank to ensure the customer is not debited.

For erroneous recharges sent to the wrong person, the framework sets clear protocols: below N20,000, MNOs will request the recipient’s consent before a reversal, and when it is above N20,000, an affidavit of indemnity or notarised letter is required to process the recovery.

The CBN and NCC in the exposure draft signalled they will take a firm stance on compliance. Both agencies will conduct joint quarterly audits of all stakeholders, including banks, payment service providers, and MNOs, to verify compliance with the new rules. The regulators have warned they will “impose penalties for any breach” of the framework’s provisions.

Banks and other financial institutions have until 10 February 2026 to submit their inputs on the draft before it is finalised. Once implemented, the framework is expected to significantly restore “subscriber trust” in Nigeria’s digital financial ecosystem.

The Nigerian National Petroleum Company Limited injected an estimated N13.2tn into the country’s three state-owned refineries in 2023 and 2024, largely to fund turnaround maintenance, operations, and associated bank charges.

This was even as the facilities continued to post heavy losses and failed to operate at commercially sustainable levels.

Recall that the Group Chief Executive Officer of NNPC, Bayo Ojulari, on Wednesday, publicly acknowledged that the refineries had become a major financial drain on the country, operating at what he described as a “monumental loss” to Nigeria.

Ojulari spoke in Abuja during a fireside chat titled ‘Securing Nigeria’s Energy Future’ at the Nigeria International Energy Summit 2026, where he offered rare insight into the commercial realities behind the long-troubled refining assets.

Figures from NNPC’s 2024 financial statements show that the Port Harcourt, Warri, and Kaduna refineries together owed the national oil company about N4.52tn in 2023. The indebtedness of the plants was put at N8.67tn by the end of 2024. The summation of both figures gives about N13.2tn.

NNPC explained in the accounts that the rising balances represented the funding of refinery operations and bank charges, especially as the past GCEO, Mele Kyari, made efforts to revamp the moribund refineries.

But his successor, Ojulari, indicated that these efforts to awaken the refineries were a mere waste of resources. “The first thing that became clear, and I want to say this very clearly, is that we were running at a monumental loss to Nigeria.

We were just wasting money. I can say that confidently now,” Ojulari said.

According to him, public anger over the refineries was justified, given the scale of funds committed to their rehabilitation over the years and the expectations that local refining would ease fuel supply challenges.

The financial statements show that the Port Harcourt refinery absorbed the largest share of funding. Its obligations to NNPC rose from about N1.99tn in 2023 to N4.22tn in 2024, an increase of more than N2.22tn in one year.

Despite the scale of spending, the refinery recorded no receivables in either year, indicating that the funds advanced for maintenance and operations were not offset by refinery revenues during the period.

At the Warri refinery, the amount owed to NNPC climbed from about N1.17tn in 2023 to N2.06tn in 2024. While Warri still recorded N81.64bn in amounts owed to it by other NNPC entities in 2023, suggesting limited internal activity, this disappeared entirely in 2024 as costs rose and operations failed to generate material income.

The Kaduna refinery, which has faced prolonged operational and security challenges, saw its obligations increase from about N1.36tn in 2023 to N2.39tn in 2024, reflecting continued spending on maintenance, staffing, security, and finance costs during the turnaround maintenance phase.

Ojulari revealed that despite the heavy spending, the refineries were being fed with crude oil on a regular basis, yet performance remained weak. “We were pumping crude into the refineries every month. But utilisation was around 50 to 55 per cent. We were spending a lot of money on operations and contractors. But when you look at the net, we were just leaking away value,” he said.

He added that what troubled the new management most was the lack of a credible path to recovery, despite the scale of investment. “Sometimes you make a loss during investment, but you have a line of sight to recovery. That line of sight was not clear here. On the refineries, Nigerians were angry. A lot of money has been spent, and expectations were very high. So we were under extreme pressure, extreme pressure,” Ojulari said.

According to him, the gravity of the losses informed one of the first major decisions of his administration: halting refinery operations to prevent further erosion of value and allow for a comprehensive reassessment of the assets.

As of the end of 2024, the three refineries still carried N8.67tn in outstanding obligations to NNPC, underscoring the financial weight of the turnaround maintenance programme and the challenge of translating years of spending into viable, self-sustaining refinery operations.

For the two years, N13.2tn went into operating the refineries and paying bank charges: N4.5tn in 2023 and N8.6tn in 2024. These funds were categorised as debt owed to the NNPC by its subsidiaries.

The figures suggest that while turnaround maintenance was ongoing in both years, the refineries remained net cost centres, relying entirely on NNPC’s balance sheet.

The PUNCH recalls that the 60,000 bpd-capacity Port Harcourt refinery resumed operations in November 2024 after years of inactivity. The NNPC’s former GCEO, Kyari, said the newly rehabilitated complex of the old Port Harcourt refinery, which had reportedly been revamped and upgraded with modern equipment, was operating at a refining capacity of 70 per cent of its installed capacity.

He added that diesel and fuel oil would be the highest outputs from the refinery, with a daily capacity of 1.5 million litres and 2.1 million litres, respectively.

This would be followed by a daily output of straight-run gasoline (naphtha) blended into 1.4 million litres of premium motor spirit (petrol), 900,000 litres of kerosene, and 2.1 million litres of low-pour fuel oil. It was stated then that about 200 trucks of petrol would be released into the Nigerian market daily from the refinery.

However, the facility was shut down again in May 2024, a month after Kyari left office.

Similarly, the Warri refinery, which was declared open in December, also went comatose again barely a month after the Kyari-claimed reopening. The former GCEO promised to reopen the Kaduna refinery and the new Port Harcourt refinery complex, but this could not be achieved until he was asked to go by President Bola Tinubu.

Last year, the President of the Dangote Group, Alhaji Aliko Dangote, said the government refineries may never work again despite $18bn spent on the facilities. Former President Olusegun Obasanjo shared similar sentiments, wondering why the NNPC kept pushing that it could revamp the plants when it knew it could not.

Consequently, the organised private sector advised the NNPC to sell off the refineries instead of retaining them as drainpipes to the country’s resources.

Reacting, Ojulari rejected the advice, boasting that the refineries would work again.

Nigerians are waiting to see what becomes of the three refineries under Ojulari’s watch.

The World Bank has reduced the size of a planned grant to the Central Bank of Nigeria from $10.50m to $6.80m, with board consideration for the project now scheduled for March 27, according to updated project information reviewed by The PUNCH.

The funding, which remains a grant and not a loan, is for the CBN Technical Assistance Facility, a project designed to strengthen the apex bank’s technology-enabled, data-driven supervision of the banking sector and to improve oversight of domestic payment and remittance systems.

Updated information from the World Bank website indicates that the project has reached the decision meeting stage, the final internal stage before approval by the World Bank Group’s board.

This marks a clear advancement from its earlier concept review stage, when The PUNCH first reported the project in April 2025.

The approval date is now listed as March 27, 2026, a shift from the earlier June 12, 2025, timeline associated with the initial $10.50m grant proposal.

The revised commitment amount of $6.80m will be financed entirely through the Finance for Development Multi-Donor Trust Fund, with no involvement of the International Development Association or the International Bank for Reconstruction and Development, confirming that the project does not add to Nigeria’s external debt.

The Central Bank of Nigeria is listed as the implementing agency. According to the project overview, the facility is designed to integrate advanced tools and data science into the CBN’s regulatory and supervisory processes, addressing both long-standing and emerging risks in Nigeria’s evolving financial system.

The development objective is “to strengthen CBN’s technology-enabled and data-driven oversight of the banking sector and deepen understanding of payment and remittance systems in Nigeria,” the World Bank noted on its website.

The project carries a moderate environmental and social risk rating and is expected to close on February 28, 2029. While the updated information does not state why the grant size was cut, the progression from concept review to decision meeting suggests that the project has been refined, even as its financing envelope has been adjusted.

Commenting on the reduction and changes reflected on the project page, a top source at the World Bank office in Nigeria told The PUNCH that such revisions were normal at this stage.

“Please note that projects or operations under preparation, as indicated on the World Bank website, can be subject to changes,” the source said. “Until the World Bank Board approves them, elements such as design, components, and financing envelopes may be revised or adjusted. This is normal for projects in the preparation stage.”

If approved next month, the grant will formalise a partnership focused on strengthening the CBN’s supervisory capacity through technology, data analytics, and improved oversight of the payment system in Africa’s largest economy.

The World Bank Group remains Nigeria’s largest single creditor, accounting for $19.39bn of the country’s total external debt, comprising $18.04bn from the IDA and $1.35bn from the IBRD. This represents 41.3 per cent of the country’s external debt, underscoring the bank’s dominant role in financing Nigeria’s development initiatives.

The PUNCH earlier reported that World Bank loans to Nigeria between 2023 and 2025 are projected to reach $9.65bn by the end of this year as fresh approvals, ongoing negotiations, and disbursements gather pace across key sectors.

The amount covers International Bank for Reconstruction and Development and International Development Association loans, according to an analysis of data on the bank’s website by The PUNCH. When grants are added, total World Bank support rises to about $9.77bn within the three-year window.

The Nigerian Aviation Handling Company Plc has deepened its diversification drive with the launch of a 20-room luxury airport hotel at the Murtala Muhammed International Airport, Lagos. The move underscores its transition from a traditional ground handling firm to an integrated aviation services group.

The new facility, Sapphire Hotel, located directly within the Terminal II departure area, comes as the company delivers a 2025 financial performance that saw its profit rise 40 per cent to N18bn.

The company’s unaudited results for the year ended 31 December 2025, released on the Nigerian Exchange, showed that revenue increased 21.8 per cent from N53.54bn in 2024 to N65.21bn in 2025. Gross profit climbed to N38.61bn from N33.08bn, while operating profit rose 25 per cent to N24.84bn.

Profit before tax grew 30 per cent to N24.26bn, compared to N18.70bn in the previous year. After-tax profit rose 39.91 per cent to N17.99bn from N12.87bn, pushing earnings per share up 40 per cent from N6.60 to N9.24.

The performance, achieved despite inflationary pressures, reflects improved operational efficiency and cost management, with administrative expenses largely flat at N13.89bn.

Speaking at the hotel launch, NAHCO’s Group Executive Director, Commercial and Business Development, Prince Saheed Lasisi, described the hotel as a strategic expansion of the company’s footprint within the aviation value chain.

He said the project, operated by NAHCO Travel and Hospitality Limited, represents a deliberate move to build a comprehensive travel ecosystem beyond ground handling.

“As one of Nigeria’s most reliable travel management organisations, NAHCO continues to position itself as a trusted partner for hassle-free movement. We guarantee that the guest experience at Sapphire Hotel will be second to none in the country,” Lasisi said.

According to him, the hotel was designed to provide premium comfort for international travellers, transit passengers on layovers and business executives, offering round‑the‑clock services just steps away from check‑in and boarding gates.

The Chief Executive Officer of NAHCO Travel and Hospitality Limited, Ms Ruky Ogbetuo, said the facility features high‑end furnished rooms, an on‑site business office, a workout area, laundry services and complimentary breakfast, alongside diverse lunch and dinner options.

She added that the hotel’s proximity to the 127‑seat Sapphire Lounge, which includes a VVIP section and a dedicated prayer area, enhances its appeal to premium passengers seeking convenience and exclusivity.

Industry stakeholders who attended the launch, including officials of the Federal Airports Authority of Nigeria and representatives of international airlines, described the initiative as a significant private‑sector investment within Nigeria’s airport infrastructure.

Analysts say the move could strengthen NAHCO’s non‑aeronautical revenue stream and improve earnings stability.