In this letter, we explore:
- Wema Bank beats the buzzer on CBN’s Capital call
- Nigeria collects ₦600 billion from Facebook, Amazon, and Netflix
- ARISE lands $700m Saudi boost
We also curated updates on startup funding in Africa, weekend reads, and several opportunities.
Wema Bank beats the buzzer on CBN’s Capital call
Wema Bank isn’t waiting for the CBN’s clock to run out. The bank has already crossed the finish line on Nigeria’s recapitalisation race, pulling in a hefty ₦150 billion through a rights issue and pushing its capital to ₦214.7 billion; well above the ₦200 billion bar set for commercial banks with national authorisation.
The Central Bank gave lenders until March 2026 to bulk up, but Wema’s saying, “deadline? never heard of her.” The rights issue, which ran from April to May, was part of a deliberate strategy to shore up its position before regulators start breathing down necks.
And they’re not stopping there. Wema has another ₦50 billion special placement in the works, pending approval, which would give its balance sheet an even fatter cushion. CEO Moruf Oseni says the move proves stakeholders are backing the bank’s growth story and signals that Wema intends to play offence, not just defence, in Nigeria’s banking shakeup.
Click to signupFor context, banks with national licences need to hit ₦200 billion, while those with international authorisation face a steeper ₦500 billion hurdle. With capital strength now secured, Wema Bank has bought itself more than regulatory peace of mind; it has breathing room to push growth strategies while others are still scrambling or merging.
Nigeria collects ₦600 billion from Facebook, Amazon, and Netflix
Turns out your weekend Netflix binge and late-night Amazon checkout aren’t just draining your wallet, they’re topping up Nigeria’s tax purse. The country has raked in more than ₦600 billion in VAT from foreign digital giants like Facebook, Amazon, and Netflix.
Thanks to updates in the VAT Act, non-resident companies must collect and remit tax on services consumed in Nigeria. “These aren’t Nigerian entities, but they are now remitting VAT under Section 10 of the VAT Act,” explained Mathew Osanekwu, Special Adviser on Tax Policy. Every subscription, every click, every purchase counts.
For the record, the government isn’t introducing any new taxes. Taiwo Oyedele, Chairman of the Presidential Committee, clarified that this is about restructuring and improving compliance with existing levies. “It’s not a new tax. No tax is being proposed,” Oyedele emphasised, aiming to dispel widespread speculation.
Bigger picture: Nigeria’s tax-to-GDP ratio sits at just 10.8%, far below the African average of 16%. Pulling global platforms into the net brings the country closer to international standards and helps plug the budget without leaning too heavily on oil.
The taxman may finally be catching up with Big Tech, but for Nigerians, the question remains: if those billions are better utilised?
ARISE lands $700m Saudi boost
Saudi money just clocked in for Africa’s factories. Vision Invest, a Saudi investment firm, is putting down $700 million into ARISE Integrated Industrial Platforms (ARISE IIP), one of the continent’s biggest private infrastructure deals in recent years.
Founded in 2010, ARISE IIP has already poured $2 billion across 14+ African countries, building industrial parks that have spun up over 50,000 jobs. Think factories that turn local wood, cotton, cashew, meat, and pharma into finished goods, instead of shipping raw exports abroad for others to profit from.
The new Saudi cash is meant to fast-track that model: bigger industrial zones, stronger supply chains, and more value staying on the continent. It’s Vision Invest’s first Africa deal, and it joins heavyweights like Africa Finance Corporation and Afreximbank-backed Fund for Export Development in Africa.
Zoom out, and it’s part of a bigger wave of Gulf cash chasing African infrastructure and renewables. For ARISE, though, the play is clear: less raw exports, more homegrown factories, and hopefully, a future where Africa doesn’t just supply the world, but sells to it.
💰 State of Funding in Africa
Here’s a roundup of African startups that secured funding this week:
- Kenyan climate-tech startup SunCulture raised $5 million. The funding comes from WaterEquity, a global asset manager focused on water and sanitation.
- Cairo’s Intella has secured $12.5 million in an oversubscribed Series A. The AI speech tech startup pulled in backing from Prosus Ventures, 500 Global, Wa’ed Ventures, and HearstLab.
- Moroccan cross-border e-commerce startup Justyol raised $1 million in a mix of equity and debt. The package includes $400,000 in equity from an angel investor and $600,000 in inventory financing from Turkey’s Danis Group.
- Rwandan-Kenyan startup Ampersand closed a new funding round. The round brought in fresh capital from British International Investment (BII) and saw participation from Seedstars Africa Ventures, Gaia Impact, Rwanda Green Fund, Raspberry Syndicate, and existing investors, including Acumen, TotalEnergies, and AHL Ventures.
- South African fintech Float raised $2.6 million (ZAR 46 million) in a new funding round. The round was co-led by Invenfin and SAAD Investment Holdings, with additional support from Platform Investment Partners, Lighthouse Venture Partners, and other existing investors.
🍿 Weekend binge
- How 10 tech professionals approach money conversations in their careers (Strongly Recommend)
- The concerning rise of anti-intellectualism among Nigerian youths (Worth your weekend rest’n’ chill)
- What if Nigerian design misses its golden age?
💼 Opportunities
We carefully curate open opportunities in Product & Design, Data & Engineering, and Admin & Growth every week.
Product & Design
- Status — Product Designer, Remote
- Scoutr — Product Manager, Remote
Data & Engineering
- PipeOps — Senior Software Engineer, Remote
- TalentHQ — Backend Developer, Lagos
- SeamlessHR — Mobile App Developer, Lagos
Admin & Growth
- Labile — Senior Social Media Manager, Lagos
- LemFi — Digital Marketing Manager, Nigeria
