Good morning
If you know a first-class or exceptional 2:1 graduate in Lagos, Nigeria looking to kickstart their journalism career, you should point them to The TechCabal Journalism Fellowship.
Our promise to our fellows includes hands-on newsroom experience, mentorship from top journalists, a competitive stipend and full-time job opportunities.
Sounds like you or someone you know? Then get started now.
Banking
Zenith Bank raises $226 million from rights and public offer issuance
Ten months after Nigeria’s Central Bank raised minimum capital requirements, commercial banks are sprinting to meet the March 2026 deadline. A bank that will not be named told us about its slice of orange but still fell short of its capital needs, raising only ₦209 billion ($135 million) of its ₦369 billion ($238 million) target.
But Zenith Bank, the tier-1 heavyweight with a market capitalisation of N1.56 Trillion, has no such worries. Per a Monday filing, it raised ₦350.46 billion ($226 million) from a rights issue and public offer that opened in August 2024. The rights issue and public offer were oversubscribed, helping the bank finish this big ask with time to spare. The bank plans to use all that cash to expand further into Africa and Europe because why dream small when you have all that money?
Yet, it’s not the only bank swimming in cash. Access Bank was first to the recapitalisation finish line, raising ₦351 billion ($228 million) in December 2024.
For other tier-1 banks, meeting the ₦500 billion ($321.5 million) target feels like a foregone conclusion, but smaller commercial banks, which need to raise ₦250 billion ($160.7 million) will face an uphill task.
Will we see mergers and acquisitions just like in 2004? If your history is slightly rusty, capital requirements also saw Nigerian banks shrink from 89 to 25.
The deadline might be one year away, but time flies when you’re trying to raise a boatload of money. So, expect to see some action in Nigeria’s banking sector this year.
Collect payments Fincra anytime anywhere
Are you dealing with the complexities of collecting payments in NGN, GHS or KES? Fincra’s payment gateway makes it easy to accept payments via cards, bank transfers, virtual accounts and mobile money. Get started now.
M&As
UK’s Actis sells Java House to two Africa-focused private equity firms
Java House, the largest coffee chain in East Africa, is again changing ownership. London-based private equity firm Actis is selling the business to two Africa-focused investment firms: Alterra Capital and Phatisa Group. This marks the fourth sale of the coffee chain in just 12 years, reflecting its enduring buy value that still appeals to investors. Since 2023, Actis has reportedly been looking for buyers for Java House and several suitors—like Mauritius PE firm Adenia Partners—have long circled around with offers.
The sale finally went to Alterra and Phatisa for an undisclosed amount, with the deal expected to be finalised by the end of January 2025. Alterra will hold the majority stake, while Phatisa will take a smaller share but maintain control rights.
Java House, which began as a single coffee shop in Nairobi in 1999, has grown to over 80 branches across Kenya, Uganda, and Rwanda. The group also operates other well-known brands, including Planet Yogurt and 360 Degrees Pizza. Multiple ownership changes have shaped its journey. Emerging Capital Partners acquired the chain in 2012 and fueled its expansion: it expanded into Uganda in 2014. The following year, there were talks to expand the business to Nigeria, but this didn’t work out.
In 2017, Dubai-based Abraaj Group acquired it in a deal reportedly worth over $100 million. After Abraaj’s financial collapse, Actis took over in 2019—at a time when Actis was actively buying African businesses in growth markets like retail, telecoms, education, and renewable energy.
Actis has raised $25 billion since its inception. It raises money from family offices, development financial institutions (DFIs), sovereign wealth funds, endowments, and pension funds to invest in these growth markets. To date, Actis has invested in 40 ventures and exited 34. The Java House exit is another day in business for the PE firm.
Yet, the sale to Alterra and Phatisa presents a new chapter for the coffee business. Both firms are committed to scaling African businesses, with Alterra focusing on sectors like food and hospitality and Phatisa specialising in the food value chain. Their partnership could breathe fresh life into Java House’s operations and expand its market presence.
As Java House transitions to new hands, its legacy as a pioneer in East Africa’s coffee culture remains intact. The deal could pave the way for further growth, securing its status as a household name in the region.
Cryptocurrency
Meme Coins: Hype, Riches, or Risky Business?
Meme coins like $TRUMP are flooding social media, luring investors with promises of quick riches and skyrocketing gains. But are they worth the gamble, or just fleeting internet trends?
Take $TRUMP, for instance. At its peak, this politically branded meme coin saw trading activity that pushed 20% of its value to $14 billion in a single day. But just a week later, its price plummeted from $75.35 to $42.80, leaving many late investors counting losses.
Driven by internet culture and the fear of missing out (FOMO), meme coins often gain value through buzz rather than substance. One tweet from a celebrity can send prices soaring—or crashing just as fast. Yet the risks are real: some everyday users have watched their savings vanish, while seasoned traders admit to losing hundreds of dollars on coins like Saylor Coin.
With regulatory scrutiny increasing and scams like “rug pulls” becoming more common, navigating the meme coin market requires more than luck. Should you take the plunge, or is the risk too high?
Never miss an update from Paystack
Subscribe to Paystack for a curated dose of product updates, insights, event invites and more. Subscribe here →
CRYPTO TRACKER
The World Wide Web3
Source:
|
Coin Name |
Current Value |
Day |
Month |
|---|---|---|---|
 Bitcoin |
$103,009 |
+ 2.72% |
+ 8.48% |
| Ether |
$3,215 |
+ 2.12% |
– 4.94% |
 XRP |
$3.12 |
+ 5.94% |
+ 42.99% |
| Solana |
$242.12 |
+ 4.81% |
+ 24.6% |
* Data as of 06:35 AM WAT, January 28, 2025.
Events
- GITEX AFRICA 3rd edition is NOW OPEN for registration. Africa’s largest tech and start-up event will be held from 14-16 April 2025 in Marrakech, Morocco. Attend to see the leading brands in tech, and the most innovative startups, and network with tech leaders, investors, speakers and government delegations from across Africa and across the globe. Register here.
- The Lagos Tech Fest is set to hold its fifth edition from February 19–20, 2025 at the Landmark Event Center, VI, Lagos. Lagos Tech Fest gathers startups, innovators, investors, and government representatives to shape Nigeria’s tech future through conferences, exhibitions, networking, and driving ecosystem investments. Get a ticket here.
Written by: Emmanuel Nwosu & Faith Omoniyi
Edited by: Timi Odueso & Olumuyiwa Olowogboyega
Want more of TechCabal?
Sign up for our insightful newsletters on the business and economy of tech in Africa.
- The Next Wave: futuristic analysis of the business of tech in Africa.
- TC Scoops: breaking news from TechCabal
P:S If you’re often missing TC Daily in your inbox, check your Promotions folder and move any edition of TC Daily from “Promotions” to your “Main” or “Primary” folder and TC Daily will always come to you.
from TechCabal https://ift.tt/LkJHB7M
via IFTTT
I am the CEO of 9JAGISTLAND.My name is Adedeji Timothy and my co-owner is Oyekola Damilare.This blog is born out of our passion to educating to people in all aspect of internet life.We are enthusiastic about writing posts and articles online.
Write your views on this post and share it. ConversionConversion EmoticonEmoticon