Nigeria based fintech Moniepoint has raised $110 million in new funding from investors including Google to scale up digital payments and banking solutions across Africa, the company said on Tuesday.
Moniepoint started operations in 2015 providing infrastructure and payment solutions for banks and financial institutions but has grown to also offer personal banking services.
The latest funding round was supported by existing investors London-based Development Partners International and private equity firm Lightrock. Google's Africa Investment Fund and Verod Capital came in as new investors.
Sources close to the transaction said the new funding valued Moniepoint above $1 billion, giving it "unicorn" status - a term for tech firms with a valuation of a billion dollars or more.
The new capital would be used to speed up Moniepoint's growth across Africa and build an integrated platform for businesses.
"This platform will include services such as digital payments, banking, foreign exchange (FX), credit, and business management tools, making it a one-stop shop for business solutions," Moniepoint said.
Nigeria is the fastest growing fintech market in Africa, driven by its more than 200 million people, many who still lack access to financial services like banking.
Moniepoint started offering personal banking services in August last year.
The fintech says it processes over 800 million transactions, with a monthly value of more than $17 billion.
The Confederation of African Football, CAF, on Saturday awarded three points and three goals to the Super Eagles following the botched 2025 Africa Cup of Nations qualifier against Libya.
The Super Eagles consolidated their top position in the group following the verdict.
The Nigerian side now have 10 points from four matches, four points clear of nearest rivals Benin.
Libya remain bottom of the group with one point.
A draw with Benin in Abidjan next month will qualify the Super Eagles for the 2025 AFCON to be hosted by Morocco in December 2025.
The Confederation of African Football (CAF) also fined the Libya Football Federation $50,000.
The fine is to be paid within 60 days of notification of the decision.
SpaceX-owned Starlink has reversed its decision to double base subscription prices in Nigeria, following a block by the country’s communications regulator three weeks prior.
The company raised the standard residential plan with a 1 TB fair usage policy to ₦75,000 ($48) from ₦38,000 ($24). Roaming customers saw the steepest hikes, with local roaming, allowing Starlink use beyond home or work in Nigeria, rising to ₦167,000 per month from ₦49,000.
International roaming costs were raised to ₦717,000 per month.
The new rates were scheduled to take effect on October 31st.
While Elon Musk posted on X that Starlink’s subscription prices are adjusted for inflation, Nigerian regulators have set pricing guidelines for ISPs and have previously blocked other providers’ requests to raise data prices.
In a statement to TechCabal, the regulator stated that Starlink did not “receive the approval of the Nigerian Communications Commission (NCC).”
The NCC instructed Starlink to reverse the price increase or face sanctions.
The commission added that Starlink’s action contravened “Sections 108 and 111 of the Nigerian Communications Act (NCA), 2003, and Starlink’s Licence Conditions regarding tariffs.”
On 25 October 1993, four teenage boys boarded a Nigeria Airways flight from Lagos to Abuja with a clear agenda: hijack the aircraft, take all 193 passengers hostage and force the government to bend to their demands.
The moment the pilot told passengers they could unfasten their seatbelts, the young men - aged between 16 and 18 - sprung into action.
After entering the cockpit with a fake gun, the second step of their plan was to declare that the commercial aircraft - which had several leading politicians on board - was now being controlled by the Movement for the Advancement of Democracy (MAD).
'Remain calm, we will not harm you,' they reportedly told the terrified travellers. 'You will be told where the plane will land you.'
But despite their claims that there would be no casualties, the teenagers' carefully constructed plan quickly descended into chaos - culminating in the death of a crew member following four days of tense negotiations.
31 years on from the incident, Netflix has dramatised the case in their film Hijack '93, which lands on the streaming platform tomorrow.
Here FEMAIL delves into hijacking that had Nigeria on tenterhooks in October 1993 - and why the men have since been celebrated as heroes.
Political unrest in run-up
The 1980s and 1990s were a particularly turbulent time for politics in the West African country.
In 1983, the Nigerian military staged a coup to overthrow President Shehu Shagri's elected government.
Over the next 10 years, power only passed through the hands of the military, which resulted in internal uprising and power struggles among leaders.
In 1990, Major Gideon Orkar attempted to overthrow the government through a failed military coup - after General Ibrahim Babangida took power via the same means five years before.
Three years later, the country went to the polls for the first time in over a decade - with Chief Moshood Kashimawo Olawale Abiola, who was the leader of the Social Democratic Party, winning over the National Republican Convention's Alhaji Bashir Tofa.
Although MKO Abiola won in a landslide and secured eight million votes, the military government proceeded to annul the election - citing security threats.
At the time, military leader General Ibrahim Babangida said in a statement that 'these steps were taken to save our judiciary from being ridiculed and politicized locally and internationally'.
However, the decision led to unrest among the population amid growing fears there would be indefinite military rule.
A Western diplomat in West Africa told the New York Times in 1993: 'The military has only themselves to blame for this mess.'
Hijacking plane with a toy gun
After three months of protests, teenagers Richard Ogunderu, Kabir Adenuga, Benneth Oluwadaisi and Kenny Rasaq-Lawal decided to send a message to the Nigerian government.
When they boarded the Nigeria Airways plane, the foursome had already prepared statements demanding MKO Abiola be instated as the country's rightful leader, which they handed out to passengers.
They also demanded the military return embezzled money to the state and reopen a series of closed newspaper companies and universities.
Before the incident, Ogunderu - who grew up in a middle class neighbourhood and was one of five children - told Sahara Reporters that some of them had not even been on a plane before.
Speaking to Neusroom in 2022, Richard Ogunderu's father Yemi described him as 'strong-willed and obstinate'.
He added: '[Richard] would tell me, "you old men just sat there bemoaning your fate, won’t you do something about this country?"
'The relationship between us was beyond father and son. We relate like brothers. I didn’t even know when he became a member of MAD. He had never discussed activism with me even though he knew I’m highly opinionated about socio-political issues.'
Speaking to The Punch, one of the hijackers said they targeted this specific aircraft because it 'flew the calibre of people we wanted to deal with'.
As well as China's vice president Rong Yiren, there were also top Nigerian government officials on board.
Speaking to the Sahara Reporters in 2009, Richard Ogunderu - who was the group's leader - explained: 'We were on a mission.
'We wanted to show the evil [military] regime that young people were prepared to go the extra length to free Nigerians from the yoke of military dictatorship.'
He then revealed how he was the one to enter the cockpit, where he pointed a fake gun at the pilot and told him to redirect the plane. A fellow hijacker later claimed that Ogunderu pretended to be a student who wanted to look at the plane's controls.
Although reports stated that Ogunderu wanted to land in Germany, the plane didn't have enough fuel - as their planned journey should have only taken just over an hour.
As such, the hijacker settled on Niamey in Niger instead - where they were met with armed forces.
While the aircraft was still in the air, the hijackers doused themselves in the six litres of fuel they had smuggled onto the plane and threatened to set themselves on fire if passengers didn't follow orders.
Threatening to blow up plane
After the plane landed, the hijackers began negotiations with the police - with the foursome initially demanding they get more fuel so they could fly to Frankfurt.
When this was denied, they teenagers urged the government to recognise the results of the June Nigerian Presidential election.
If MKO Abiola was not sworn in as President in 78 hours, the teenagers claimed they would set the plane on fire.
In an interview with The Nollywood Reporter in July 2023, Richard explained how he was connected to a BBC journalist to 'tell the world their message'.
He added: 'I said we were going to burn the plane within 78 hours if our requests were not met.
'Of course, that was just a scare tactic. We've decided to let the pleading passengers go the next day.'
In the first two hours, the hijackers released women and children - before releasing a further 129 the following day, including the Chinese vice president.
However, they refused to give up the crew or Nigerian government workers.
At first, the authorities offered not to arrest the hijackers - as long as they released the remaining hostages.
Ogunderu added: 'We were not afraid, at that moment, death meant nothing to us.'
Rescue operation leaves one dead
For four days, authorities held off on entering the aircraft - fearing the hijackers may detonate a bomb.
But on 28 October, police stormed the plane in the middle of the night.
'They thought we were asleep, so they came under the cover of the night and fired several shots,' Ogunderu said. 'They bombarded the plane.'
The rescue operation claimed the life of crew member Ethel Igwe while Richard was also injured. One of the hijackers later said over 300 shots were fired during the mission.
Richard told the Nollywood Reporter: 'I am deeply sorry about [Ethel's] death, and that in itself was one of the reasons we were clamouring for democracy.
The military government was notorious for wanton killing and abuse of human rights. That should never have happened.'
Following this, the hijackers were arrested and were sentenced to over nine months in prison in Niger. They claim to have served their sentence in one small cell, which also served as a toilet.
Remembered as 'heroes'
Despite the teenagers' efforts, the interim military government was replaced by General Sani Abacha's dictatorship.
The late dictator was in power from 1993 to 1998 and was the last successful military coup in the country's history.
Although they were unsuccessful in achieving their goal, Richard Ogunderu, Kabir Adenuga, Benneth Oluwadaisi and Kenny Rasaq-Lawal are seen by some as modern-day 'heroes'.
Speaking to The Punch in 2023, Benneth Oluwadaisi said he wanted to 'fight for the stability of democracy in Nigeria'.
In response to the report, one X user wrote: 'These guys are heroes, honestly. The way they went about it, though, wasn't plausible, but they have earned my respect for their courage and brevity.'
Another added: 'In as much as this is a wrong thing to do, I'm proud of them. They fought for freedom, democracy and what they believed in.'
Nigeria has officially joined the BRICS economic bloc as a partner country, alongside 12 other nations, marking a significant step in deepening its global economic relations.
The announcement was made at the BRICS summit held in Kazan, Russia, from October 22 to 24, 2024, further consolidating Nigeria’s economic ties with emerging markets.
In addition to Nigeria, the countries now recognized as BRICS partner nations include Algeria, Belarus, Bolivia, Cuba, Indonesia, Kazakhstan, Malaysia, Thailand, Turkey, Uganda, Uzbekistan, and Vietnam.
While these nations have not attained full membership status, their inclusion represents a pivotal moment for the bloc as it continues to expand its influence.
A statement on the BRICS official X (formerly Twitter) handle on Wednesday confirmed, “BRICS officially adds 13 new nations to the alliance as partner countries (not full members).”
This decision reflects the bloc’s commitment to fostering cooperation and growth among diverse global economies.
Nigeria’s inclusion comes on the heels of a notable surge in foreign capital inflows from BRICS nations, which soared by 189% in the first half of 2024.
The inflows reached $1.27 billion, compared to $438.72 million during the same period in 2023.
This significant economic boost signals the growing economic synergy between Nigeria and BRICS member states.
The Kazan summit, themed “Strengthening Multilateralism for Fair Global Development and Security,” is the sixteenth annual BRICS meeting and comes at a time of increased global interest in multilateral cooperation. Nigeria’s addition to the bloc as a partner country aligns with its strategic ambitions to deepen economic integration and foster trade with key emerging nations.
The BRICS bloc, originally formed by Brazil, Russia, India, and China (BRIC) in 2009, welcomed South Africa as a full member in 2010, rebranding the group to BRICS. Since then, the organisation has emerged as a powerful coalition of developing economies with an emphasis on fostering trade, investment, development, and security.
This year’s summit was attended by new full members Iran, Egypt, Ethiopia, and the United Arab Emirates, who officially joined BRICS in January 2024.
The inclusion of partner countries like Nigeria and the aforementioned 12 nations highlights BRICS’ ongoing efforts to expand its global reach and strengthen economic ties across continents.
The prospect of Nigeria becoming a full member of BRICS has been a topic of discussion for some time. In November 2023, Nigeria’s Minister of Foreign Affairs, Yusuf Tuggar, indicated the country’s ambition to join BRICS and the G20 group of nations within two years. He emphasized that Nigeria’s large economy and substantial population made it a suitable candidate for such organizations.
Tuggar’s statement reflected the growing recognition of Nigeria’s importance on the global economic stage and its potential to contribute to multilateral organizations like BRICS. As a partner country, Nigeria is now positioned to further leverage its economic strengths and continue building its international partnerships.
