With capital heavily concentrated in a handful of giants, Nithio’s FUEL vehicle aims to widen the financing pipeline for charging networks and fleet operators.
Black will work closely with Okoudjou, the executive team, and shareholders to steer Onafriq’s growth strategy, with a particular focus on expanding cross-border capabilities and forging global partnerships.
The company recorded impressive growth in 2024, adding over 1 million users who placed more than 15 million investment orders worth approximately EGP 170bn ($3.4bn).
We looked through our data and uncovered a jarring reality: in 2025, Nigerian VCs are eerily quiet—even after some announced headline-making fundraises. For local founders, this isn’t just a data point; it’s a big concern.
In August 2024, Qardy closed a seven-figure pre-seed funding round backed by investors including White Field Ventures, Vastly Valuable Ventures, and a number of angel backers.
The EDFI loan follows a separate $12 million investment last year from Vancouver-based Key Carbon — formerly Carbon Neutral Royalty — with backing from private equity firm Cartesian.
Last year, HAVAÍC — a venture capital firm known for strategic tech investments and a recent exit from fellow emergency-tech startup RapidDeploy — invested $1.1 million in AURA through a bridge round, in partnership with AfricInvest.
Cameroon’s ultimatum comes just weeks after the Central Bank of West African States (BCEAO) initiated a similar regulatory crackdown across the West African Economic and Monetary Union (WAEMU).
With capital heavily concentrated in a handful of giants, Nithio’s FUEL vehicle aims to widen the financing pipeline for charging networks and fleet operators.
Although disputed claims represent less than 3.5% of lifetime originations, one lawsuit for every 15 active borrowers highlights the legal and administrative costs of enforcing unsecured loans in high-inflation markets.
