Category: Press Releases

MOFI Real Estate Investment Fund (MREIF) Receives Triple A Rating from Agusto & Co for its ₦100 billion Series 2 (“Commercial Issuance”) Issuance under the ₦1 trillion Program

Lagos, February 2025 – ARM Investment Managers Limited (the Fund Manager) is pleased to announce that the Ministry of Finance Incorporated (MOFI) Real Estate Investment Fund (MREIF) has been granted a AAA rating, the highest possible rating by Agusto & Co, a leading rating agency. This prestigious rating is a testament to MREIF’s Sponsor’s support, robust risk management framework, and commitment to delivering competitive returns to its investors.

The highest possible rating from Agusto reflects the strength of MREIF’s Sponsor, the Fund Manager and the Trustee, its experienced and skilled investment team, and its rigorous investment process.

“We are thrilled to receive this prestigious rating from Agusto,” said Mrs. Kai Orga, Managing Director of ARM Investment Managers. “This recognition is a validation of the entire MREIF team’s hard work and dedication to delivering exceptional results to investors. We will continue to strive for excellence and maintain our commitment to transparency, governance, and investor satisfaction.”

The Agusto rating is a significant milestone for MREIF, as it provides investors with an independent and objective assessment of the Fund’s creditworthiness and investment quality. This rating will enhance MREIF’s reputation and credibility in the market.

About MREIF

MREIF is a closed-end real estate investment fund established as a unit trust scheme, pursuant to the Securities and Exchange Commission’s Rules and Regulations, domiciled in Nigeria and denominated in Naira. The Fund is sponsored by MOFI and managed by ARM Investment Managers.

The mandate of the Fund is to bridge the Nigerian housing deficit, by addressing both the demand and supply side challenges through the provision of low-rate mortgages to intending home buyers through Eligible Financial Institutions (“EFIs”), and offtake guarantees to developers as a credit enhancement for raising construction finance for the development of residential homes.

The Fund will provide financing to EFIs at concessionary interest rates to offer long-term, low-cost, mortgage loans to qualified home buyers, thus creating effective demand for housing supplied within the Scheme and developing the mortgage market.

ARM Holding Company Celebrates the Retirement of Chairman Mr. Felix Ohiwerei and Welcomes Mr. Deji Alli as New Chairman

From Left Standing: Mr. Kofi Sagoe (NED, ARM Hold Co.), Mr. Offong Ambah (Chairman, ARM Harith), Mr. Deji Alli (Incoming Chairman, ARM Hold Co.), Ms. Jumoke Ogundare (CEO, ARM Hold Co.), Mr. Segun Adebanji (INED, ARM Hold Co.) and Mrs. Grace Adebanji. Sitting Center: Mr. Felix Ohiwerei (Outgoing Chairman, ARM Hold Co.)

ARM hosted an exclusive and well-attended retirement dinner on Thursday, 10 October 2024, in honour of the remarkable tenure of its outgoing Chairman, Mr. Felix Ohiwerei. The event celebrated Mr. Ohiwerei’s outstanding leadership and the significant contributions he made during his time as Chairman of ARM.

Mr. Felix Ohiwerei, who was appointed as Chairman of ARM’s Board of Directors in May 2006, played a pivotal role in steering the Company’s growth. His extensive experience, broad network, impeccable reputation, and unwavering dedication to ethical business practices were instrumental in shaping ARM’s success. Under his guidance, ARM expanded its portfolio and solidified its position as a leading force in Nigeria’s financial services industry.

As ARM bids a heartfelt farewell to Mr. Ohiwerei, the Company is poised for a new chapter of growth with the appointment of its founder, Mr. Deji Alli, as Chairman. Mr. Alli brings a deep understanding of ARM’s mission and values, combined with his visionary leadership and profound expertise in capital markets and the Nigerian financial services sector. This leadership transition is expected to ensure the continued success of the Company’s strategic direction, which has been key to ARM’s accomplishments.

Mr. Alli’s appointment underscores ARM’s commitment to maintaining its position as a leader in Nigeria’s financial sector while continuing to pioneer innovative products and services that define the Company’s legacy.

In his remarks on the transition, Mr. Deji Alli said, “It is an honour to step into this role following the distinguished leadership of Mr. Ohiwerei. His legacy is a guiding force for all of us at ARM, and I look forward to building on the strong foundation he established. Together with the Board, we are dedicated to driving ARM forward with a focus on innovation, client satisfaction, and impactful investments.”

About ARM

Asset & Resource Management Holding Company Limited (ARM) is a leading investment management firm with interests across various sectors of the economy. It offers a comprehensive range of asset management services to a diverse clientele, including corporations, foundations and charities, high-net-worth individuals, and small savers. Since its establishment in 1994, ARM has grown into one of Nigeria’s most innovative and respected non-banking financial institutions, specialising in Traditional Asset Management and Specialised Funds.

For more information, please visit www.arm.com.ng or contact our customer support team at [email protected].

Sexual Assault Allegation

Lagos, July 31, 2024 – ARM Pension Managers (PFA) Ltd is aware of a serious allegation of assault involving our employees. We are deeply disturbed by this news and are committed to addressing the situation with the utmost seriousness and sensitivity.

First and foremost, our thoughts are with our colleague who has come forward. We want to express our deepest concern and support for her during this tough time. Sexual assault is a grave matter that has no place in our organization and society at large, and we stand firmly against all forms of harassment or violence.

This incident reportedly took place outside the office premises on the night of July 18, 2024, after an office team bonding event and involved two of our colleagues. We have initiated a thorough and independent investigation into the allegation, and we are fully cooperating with the law enforcement authorities to ensure that the investigation is comprehensive and impartial. The accused employee, an Executive in the Company, has been placed on administrative leave pending the investigation’s outcome. Additionally, we are offering support services to the complainant who has come forward, including counselling and any other resources she may need during this time.

We are committed to fostering a safe and respectful workplace for all employees with zero tolerance for sexual harassment or assault and will continuously strive to maintain a culture of integrity and respect.

We understand the gravity of this situation and the impact it has on all involved. Hence, we will handle this situation with the highest level of integrity and transparency.

ARM Trustees Appointed Sole Trustee for Pioneering Naira Debt Fund

ARM Trustees Limited is proud to have been appointed as Sole Trustee for the FCMB-TLG Private Debt Fund, Nigeria’s first Naira-denominated Private Debt Fund!

The Fund was established in the month of May 2024 with approval from The Securities and Exchange Commission (SEC), managed and sponsored by FCMB Asset Management Limited (FCMBAM) and TLG Capital Investments Limited (TLG Capital), United Kingdom respectively.

The Fund aims to raise N10 billion under Series 1 of its N100 billion program size. The FCMB-TLG Private Debt Fund is targeted at Qualified Institutional Investors (QIIs) and highnet-worth individuals (HNIs). It will invest in commercially viable and impact-oriented activities across key sectors of the Nigerian economy, aligning with the United Nations (UN) Sustainable Development Goals (SDGs).

This offers investors a chance to earn competitive, risk-adjusted returns while supporting sustainable economic growth.

James Ilori, CEO of FCMB Asset Management Limited, highlighted the significance of this Fund at the signing ceremony on Monday, June 3, 2024: “This innovative Fund is a significant milestone in the Nigerian financial landscape. It opens a new avenue for professional investors to participate in the growth of key sectors of the economy while providing essential capital to organisations driving sustainable economic growth and development in Nigeria.”

Aletor Adoghe, representing TLG Capital in Nigeria, shared, “We are delighted to partner with FCMB Asset Management in pioneering this Fund. The Fund aligns with our commitment to investing in untapped markets and will significantly contribute to Nigeria’s broader economic development.”

We at ARM Trustees are excited to be at the forefront of this innovative initiative, poised to play a crucial role in supporting the growth and development of selected sectors and deepening in the Nigerian Capital Market by continuing to support innovations across the market.

DAAYTA 2024: ARM Unveils Winner, Awards ₦12m Grant

ARM Unveils DAAYTA 2024 Winner, Awards ₦12m Grant

Lagos, Nigeria – May 15, 2023

ARM’s Deji Alli ARM Young Talent Award (DAAYTA) program has successfully concluded its sixth edition with a virtual pitch event held on April 19th, 2024. The program was established in honor of ARM’s founding CEO, Deji Alli, to support young entrepreneurs with innovative and sustainable ideas capable of impacting society positively.

After a thorough review of over 750 applications from start-up entrepreneurs across Nigeria, seven outstanding companies were selected to pitch their ideas. The selected startups were Ecobarter Company, Goods and Services 360 Limited, Smokeless Briquettes Limited, 10MG Pharma, OJ Technologies Ltd, Zedit Technologies Limited, and Sanwo Technologies Limited.

The finalists delivered captivating pitches, demonstrating their ingenuity and the potential of their technologies to disrupt various industries. A panel of judges, comprising industry experts, entrepreneurs, venture capitalists, tech enthusiasts, and seasoned professionals, evaluated the pitches and selected the winner.

The winner of DAAYTA 2024, Ecobarter Company by Rita Idehai, received funding of ₦12,000,000 (twelve million naira) spanning over a period of one (1) year. This grant will support the company in developing their business plan, completing an entrepreneurial education at the Pan Atlantic University’s Enterprise Development Centre (EDC) in Lagos, Nigeria, and receiving five-month acceleration support for the development of their venture through a reputable entrepreneurial hub in Lagos, Nigeria.

The DAAYTA program is a proof of ARM’s dedication to empowering entrepreneurs that contribute to the Nigerian economy and are focused on becoming change makers in their communities. The CEO of ARM Group, Jumoke Ogundare, said in her opening remarks, “Our focus this year is on businesses that are solving problems that impact on a large scale. We have many common problems across Africa; we need entrepreneurs who can provide solutions for these problems and improve on the solutions provided, so we can tell an African story ten years from now as a result of what they’re building.”

Collaborator-In-Chief of TVC Labs, Tomi Davies, added that “through DAAYTA 2024, we anticipate the emergence of groundbreaking solutions, and look forward to witnessing entrepreneurial ventures that are not only innovative but also sustainable and scalable, addressing critical societal issues, environmental sustainability, healthcare, and economic exclusivity.”

This year’s competition also celebrated the diversity of talent and highlighted exceptional creativity among entrepreneurs, notably accentuating the remarkable contributions of women entrepreneurs in positions of leadership. The prominence of women-led ventures among the top three positions, emphasizes the indispensable role of women in driving transformation and igniting innovation within the entrepreneurial landscape.

About ARM

ARM is a leading investment management firm that provides diverse asset management services to a broad and diversified client base, including corporations, foundations and charities, high net-worth individuals, and small savers. Established in 1994 as an asset management firm, Asset & Resource Management Holding Company Limited (ARM) has evolved into one of Nigeria’s most innovative and respected non-bank financial institutions focusing on Traditional Asset Management and Specialized Funds.

For more information about ARM or the DAAYTA Program, visit www.arm.com.ng or www.tvcng.com.

Empowering Progress: ARM Labs-backed alphabloQ Breaks Ground in Kenya’s Web 3 Landscape

ARM Labs, the driving force behind groundbreaking innovations and sustainable impacts, proudly announces a historic moment for the Kenyan Web 3 industry. alphabloQ, an ARM Labs Lagos Techstars accelerator-backed startup specializing in tokenized real estate investments, has secured acceptance into the regulatory sandbox of the Capital Markets Authority (CMA) of Kenya. This milestone not only solidifies alphabloQ’s position as the pioneer in blockchain-based investments in Kenya but also marks a significant advancement for the entire Kenyan Web 3 ecosystem.

Launched in 2023 by visionaries Trevor Kimani and John Mbui, alphabloQ has dedicated the past year to constructing a robust infrastructure, forging strategic partnerships, and actively collaborating with regulatory bodies. The culmination of these efforts is the recent approval to operate within the CMA sandbox – a controlled environment tailored for fostering innovation and growth within the financial sector.

Trevor Kimani, Co-founder, and CEO of alphabloQ, expressed his pride, stating, “It’s an honor to be the first blockchain startup accepted into Kenya’s Capital Markets Authority sandbox. This acknowledgment underscores our commitment to pioneering transformative solutions in the real estate investment landscape while adhering to the highest regulatory standards. We believe this milestone not only validates our hard work but also opens exciting possibilities for both our company and the Kenyan Real Estate and Capital Markets ecosystem. alphabloQ is open for business.”

John Mbui, Co-founder, and CTO of alphabloQ, highlighted the crucial aspect of collaboration with regulatory bodies, noting, “Engaging with regulators has been a core focus for us since day one. This acceptance into the CMA sandbox not only allows us to refine our innovative solutions but also contributes to the broader conversation on seamlessly integrating blockchain into traditional financial infrastructure.”

alphabloQ, strives to address the challenges faced by many Africans in accessing real estate investments. The traditional options of saving for years or acquiring expensive mortgages often hinder profitable investment in one of the best asset classes available. However, alphabloQ seeks to democratize access by digitizing real estate assets and breaking their value into fractions called tokens. Through blockchain technology, individuals can now buy portions of a property, earning income through capital gains and monthly cash flows without having to acquire the entire property.

The acceptance of alphabloQ into the regulatory sandbox provides a controlled environment to further demonstrate the reliability, security, and compliance of its platform while upholding consumer protection. The company aims to leverage this opportunity to refine its operations, perfect its value proposition, and contribute to the evolution of regulatory frameworks in the rapidly evolving Web 3 landscape.

This groundbreaking development not only propels alphabloQ but also signals Kenya’s active participation in the global web3 and blockchain space. Kenya now stands alongside other African countries, such as Nigeria and South Africa, in taking substantial steps to explore and support blockchain innovation.

As alphabloQ, embarks on this pivotal phase, ARM Labs expresses immense pride and joy in the achievement of this significant milestone. We extend our heartfelt congratulations to the entire alphabloQ team for their dedication and groundbreaking work in the Kenyan Web 3 landscape.

This achievement reaffirms ARM Labs’ commitment to fostering innovation and positive economic impact in Africa. We are honored to stand by alphabloQ as they continue to democratize real estate investments and promote financial inclusion in the Kenyan market and beyond. ARM Labs takes pride in being a dynamic force for positive change and sustainable impact, and this success further motivates our dedication to supporting African startups.

As we celebrate alphabloQ’s success, we look forward to the upcoming launch of the ARM Labs Cohort 6.0. This presents a new opportunity for aspiring startups to join us on a transformative journey, where audacious dreams meet diverse perspectives. ARM Labs remains eager to contribute to the growth of innovative ideas and to leave a lasting legacy of positive economic impact on industries and communities across Africa. We invite all interested startups to stay tuned for the launch of Cohort 6.0 and be part of the dynamic force driving innovation in the African tech ecosystem.

Celebrating the Success of ALIP 5.0: A Recap of Cohort 5

The ARM Labs Innovation Program (ALIP) has been a catalyst for Nigerian startups, equipping them with essential resources and guidance to effectively pitch and secure investments. Since its inception in 2018, ALIP has played a pivotal role in diving innovation and nurturing growth within the startup ecosystem.

ALIP Cohort 5, which commenced on May 15th, 2023, continued the tradition of excellence, bringing together a diverse cohort of promising startups poised to make significant strides in their respective industries. This cohort marked a significant milestone in the program’s journey, showcasing the resilience and ingenuity of Nigerian entrepreneurs.

Among the selected startups for Cohort 5 were Arich, GoNomad, Farmer1st, Periculum, and Wano. Each of these startups showed tremendous potential and embarked on a transformative journey throughout the program.

Investment Outcome

The 5^th Cohort experienced a program overhaul and implemented stricter investment criteria. Startups were mandated to showcase market demand, validate their market, and present a well-defined growth strategy, among other prerequisites. This enhanced selection process aimed to ensure that only the most promising and viable startups were admitted into the program, fostering a culture of excellence and accountability.

Selected Startups in Cohort 5:

Arich is a savings platform designed for local traders, offering them a convenient and secure way to save their daily earnings through the Arich mobile app or their mobile agents. The startup demonstrated remarkable progress during the program, refining its business model and solidifying its market position. They successfully received funding from the ALIP 5.0 program.
GoNomad emerged as a frontrunner in the service sector, leveraging technology to redefine the way startups launch and set up their businesses in the US and UK. With ALIP’s support, GoNomad successfully secured funding, paving the way for its expansion and growth.
Farmer1st specializes in offering banking and micro lending services tailored to smallholder farmers. Despite its promising concept, Farmer1st faced challenges in meeting the investor requirements set forth by ALIP. While the journey may have been challenging, the experience gained through the program undoubtedly provided valuable insights for future endeavors.
Periculum offers customized data analytics solutions to help companies extract deeper insights from their data using their flagship product, Insight. While they successfully completed the ALIP 5.0 program and met all investor criteria, their funding needs exceeded the investment ticket for the program.
Wano is a mobile money operating system that empowers businesses to create financial solutions on WhatsApp, like what they can achieve on USSD infrastructure. Despite its promise, Wano did not meet the investors criteria, underscoring the stringent selection process enforced by ALIP. While not every journey culminates in success, the lessons learned along the way serve as invaluable steppingstones for future growth and development.

After the success of ALIP 5.0, it’s essential to celebrate the successes achieved and reflect on the valuable lessons learned. While some startups, such as Arich and GoNomad, secured funding and forged ahead on their growth trajectory, others faced challenges that underscored the inherent complexities of the startup journey.

Going forward, ALIP reaffirms its dedication to nurturing and empowering Nigerian startups, providing them with the necessary tools and support to excel in an ever-changing business environment. As we conclude Cohort 5, we invite aspiring entrepreneurs to apply for ALIP Cohort 6 through our website, where they can access the application and begin their entrepreneurial journey.

ARM Labs Lagos Techstars Accelerator to showcase 12 Innovative Startups at Demo Day

ARM Labs Lagos Techstars Accelerator Demo Day

Lagos, Nigeria – February 1st, 2024 – The ARM Labs Lagos Techstars Accelerator is excited to announce its Demo Day event, set to take place on February 20th, 2024, at 3PM WAT in Lagos, Nigeria.

The invite-only event will showcase the accelerator’s 12 new investments, operational in Ghana, Nigeria, and East Africa. The sectors invested in include FinTech, HealthTech, B2B SaaS, Cleantech, Logistics, E-commerce and Big Data.

This Demo Day concludes a 13-week acceleration program designed to support the next generation of entrepreneurs that are changing Africa and the world, by using technology, data and intelligence to serve a population growing in size, youth, income and digital access.

Since the program commenced on November 13th, 2023, the startups have engaged with over 90 mentors and speakers including, Kevin Simmons, General Partner at LoftyInc Capital; Tingting Peng, Chief Capital & Strategy Officer at Moove; Shola Akinlade, Founder/CEO at Paystack; Kola Aina, Founding Partner at Ventures Platform; Tunde Kehinde, Founder/CEO at Lidya; Olatokunbo Alli, Managing Director at Leadway Health; and Yischai Beinisch, Head of West Africa – Emerging Market Power at Shell Energy Europe & Africa.

One of the founders in the class, Ayodeji Alaran- Founder/CEO, PBR Life Sciences remarked “The ARM Labs Lagos Techstars Accelerator has served as a pivotal moment in our company’s development. In just two months, we’ve made significant strides that would have taken us three to four times as long to accomplish without the program’s support. The guidance and resources provided by the program team, mentors, and ARM have been instrumental in propelling us into a new phase of growth.”

The Program’s Managing Director, Oyin Solebo stated, “In 2023, against a backdrop of declining global VC funding, Techstars increased their investment into African startups, becoming the most active startup investor in Africa. Our continent is a hotbed of talent and innovation. The 12 startups graduating from our latest ARM Labs Lagos Accelerator epitomize this. Having worked closely with the founders to accelerate their businesses over the last 13 weeks, I’m incredibly proud to have the opportunity to showcase them to the world.”

Sadiq Mohammed, Deputy Group CEO, ARM Hold Co, expressed his excitement about the startups stating “At ARM, we believe that collaboration is essential for driving sustainable growth and development in Africa. This is why we are proud to have partnered with Techstars on this accelerator, which is helping to foster a new generation of entrepreneurs. I strongly believe that the startups in this second cohort are poised to revolutionize various industries in Africa.”

Oluwadunni Fanibe, Program Manager added “At Techstars, we believe that innovation and entrepreneurship are critical drivers of economic growth and development, our program is designed to provide the resources, mentorship, and network entrepreneurs need to succeed not just locally but globally as well. We are excited to showcase the startups growth in the last 13 weeks, come February 20th.”

Doors for Demo Day open for registration and networking at 2PM. Event commences at 3PM with an opening address from Oyin Solebo, the program’s Managing Director.

In addition to the pitches from all 12 startups, the event will feature a keynote address from Tayo Bamiduro and Chinedu Azudoh, the founders of Max.ng – Techstars’ first African investment, as well as a fireside chat with one of the most prolific angel investors on the continent, Olumide Soyombo. The event will end with a cocktail reception for key stakeholders and decision-makers in the African tech and VC ecosystem – another opportunity to network and build connections.

The 12 startups presenting at Demo Day include:

24Seven – 24Seven is an asset-light marketplace that enables small businesses and convenience stores to order inventory on credit with one-hour doorstep delivery; founded by Olufemi Idowu.
BeautyHut – Beauty Hut leverages technology to bridge the gap between beauty brands and consumers through efficient product distribution and marketing channels, via their e-commerce web-store and mobile app; founded by Subuola Oyeleye.
Eight Medical – Eight Medical is an end-to-end platform that connects users in need to emergency medical resources (such as hospitals, ambulances, personnel, information & credit), reducing waiting times from an average of 3 hours to 10 minutes or less; founded by Dr. Ibukun Tunde-Oni.
GetEquity – GetEquity facilitates access to investment opportunities by SEC-accredited providers, reducing entry barriers through investment aggregation across various asset classes; founded by Jude Dike, Temitope Ekundayo and Chigozirim Ugochukwu.
Jump n Pass – Jump n Pass is a mobile self-checkout platform and wallet that improves shopping experiences for shoppers, whilst enabling retailers to access inventory financing, and brands to sell more; founded by Tunde Ademuyiwa and Qudus Quadry.
One Plan – Through One Plan, workers in Africa’s informal economy can create affordable financial plans, making it easier to start a retirement plan, access low-interest credit, and access health plus life insurance cover; founded by Harold Awuah-Darko.
PBR Life Sciences – PBR Life Sciences offers pharmaceutical, consumer healthcare and medical device companies fast and easy access to high-quality market data and insights, helping them make objective decisions on product pricing, volumes and company strategy; founded by Ayodeji Alaran.
PressOne Africa – PressOne Africa provides African businesses with deeper insights into phone conversations with customers through a communication platform that provides conversation intelligence and call monitoring; founded by Mayowa Okegbenle, Opeyemi Shokunbi and Unoma Adeyemi.
Rana Energy – For critical-sector businesses and communities, Rana democratizes access to clean and reliable power by connecting affordable financing to impactful and bankable projects through a B2B energy-as-a-service platform; founded by Abraham Mohammed and Mubarak Popoola.
Surge Africa – Surge Africa allows individuals, micro-entrepreneurs and MSMEs in Africa to make instant cross-border transfers and pay up to 80% less in fees; founded by Kumar Shourav and Ebrahim Essop.
Swoove – Swoove is building an operating system to enable delivery businesses in emerging markets to digitize and scale their operations. With Swoove’s platform, businesses can efficiently hire & manage drivers, automate operations, and access an ecosystem of logistics-focused financial services; founded by Kwaku Tabiri, Kingsley Amponsah, Gloria Pascucci, Robert Quainoo and Kevin Blankson.
Veend – Veend provides access to on-demand funds for consumers and businesses with verifiable income, offering an innovative ecosystem approach to lending. This approach enables the verification of creditworthiness and collection of repayments from a single source; founded by Olufemi Olanipekun and Ebenezer Ajayi.

The in-person event is invite-only for investors, mentors, press, alumni founders, senior operators and ecosystem leaders. If you would like to attend virtually, or express your interest in attending in-person, please register here.

About Techstars

The Techstars worldwide network helps entrepreneurs succeed. Founded in 2006, Techstars began with three simple ideas – entrepreneurs create a better future for everyone, collaboration drives innovation, and great ideas can come from anywhere. Now we are on a mission to enable every person on the planet to contribute to, and benefit from, the success of entrepreneurs. In addition to operating accelerator programs and venture capital funds, we do this by connecting startups, investors, corporations, and cities to help build thriving startup communities. Techstars has invested in more than 4,000 companies with a combined market cap of more than $105B. www.techstars.com

About ARM

Established in 1994 as an asset management firm, ARM offers wealth creation opportunities through a unique blend of traditional asset management and alternative investment services. ARM enables businesses to thrive, and helps its clients to maximise their returns and realise their most important goals. For almost three decades, ARM has built a firm uniquely equipped to achieve these objectives and its reputation for quality research, investment expertise and value-added services has endeared it to clients both locally and internationally.

ARM-Harith Infrastructure Investments Ltd Designates Mrs. Rachel More-Oshodi as CEO

ARM-Harith Infrastructure Investments Ltd is pleased to announce the designation of Mrs. Rachel More-Oshodi as its Chief Executive Officer, effective March 2024. This follows the recent appointment of Mrs. Tariye Gbadegesin to the role of CEO at the Climate Investment Funds in Washington DC, United States.

Mrs. More-Oshodi, a seasoned executive with over two decades of extensive expertise in finance, infrastructure and energy, steps into this role after her successful tenure as Deputy Vice President Commercial Sales & Specialties at Africa Total Energies. Previously, she held significant positions, including Head of Infrastructure Finance, West Africa at Rand Merchant Bank and roles at the International Finance Corporation (IFC) and the Inter-American Development Bank (IaDB) in Washington D.C. Mrs. More-Oshodi, who holds dual French and U.S. citizenship, is originally from Cameroon, further strengthening ARM-Harith’s commitment to diverse leadership and Pan-African development.

In addition, the Board has appointed Mr. Jobalo Oshikanlu as Deputy CEO of the Fund Manager, effective January 1, 2024. A foundational member of the Fund Management Team at ARM-Harith, Mr. Oshikanlu brings over 25 years of experience in commercial legal, infrastructure finance, and private equity. Prior to this appointment, he served as the Executive Director for Legal & Investments. Mr. Oshikanlu’s deep expertise and Nigerian heritage further reinforce the Fund’s commitment to nurturing African talent and expertise.

Mr. Offong Ambah, Chairman of the Board of Directors, said: “We are thrilled to have Mrs. More-Oshodi lead ARM-Harith. Her remarkable track record in managing multi-country, multi-business platforms, and her profound understanding of energy and infrastructure investment across Nigeria, Africa, and globally, uniquely position her to drive our next growth phase.”

Mrs. More-Oshodi added: “Joining ARM-Harith as CEO is not just another occupation, it is a vocation. Together with the exceptional team at ARM-Harith, I am dedicated to unlocking the transformative power of infrastructure and renewable energy to catalyze economic growth and enhance the quality of life across the continent. It is truly a unique opportunity to enact meaningful change, leverage our collective expertise and resources to create a thriving, resilient Africa – one that stands as a testament to what is possible when passion aligns with purpose.”

The appointment is subject to concluding the regulatory requirements with the Securities and Exchange Commission and relevant authorities.

About ARM-Harith Infrastructure Investments Ltd.

ARM-Harith Infrastructure Investments Ltd is a leading pan-African infrastructure private equity fund management company that invests in sustainable infrastructure projects which support economic growth and development in Africa. The Fund is committed to investing in projects that have a positive impact on local communities and the economies in which it operates.

ARM Empowers Tech Innovators: Unveils 12 New Investments in Partnership with Techstars

Lagos, Nigeria – December 14, 2023: ARM Labs, the prominent Lagos-based financial services and asset management company, proudly unveils its second cohort in partnership with Techstars, acknowledged as one of Africa’s most active startup investors. Announcing the participation of 12 companies in its pan-African accelerator program, this milestone follows the triumph of the inaugural program and signifies the continued commitment of ARM Labs Lagos Techstars Accelerator to empower entrepreneurs shaping the future of Africa and global innovation.

The 2023 cohort, selected from over a thousand applications, delivers tech-enabled solutions across various verticals in Sub-Saharan Africa. The sourcing and selection was led by Managing Director for the accelerator, Oyin Solebo. It culminated in a screening committee joined by fellow directors at Techstars, executive leaders at ARM – Jumoke Ogundare, Sadiq Mohammed, Wale Odutola, Uche Azubuike and Ina Alogwu; as well as selected invited seasoned investors – Nneka Eze of Vested World, Maya Horgan Famodu of Ingressive Capital, Olumide Soyombo of Voltron Capital and Dotun Olowoporuku of Ventures Platform.

For its first cohort, the program had initially focused on companies operating in FinTech and PropTech, but this year expanded to focus more broadly on entrepreneurs that are changing Africa and the world, by using technology, data and intelligence to serve a population growing in size, youth, income and digital access. Sectors invested in include FinTech, Logistics, E-commerce, HealthTech, Renewable Energy, and Future of Work. The cohort comprises startups operating in Ghana, Nigeria and East Africa, and has four teams with at least one female co-founder.

The 14-week immersive program will see Techstars invest up to $120,000 in funding in each startup as well as provide them with access to over $400,000 in cash equivalent hosting, accounting and legal support and other benefits worth more than $5M. The selected startups will also receive tailored mentorship, world-class company-building support, lifetime access to the Techstars worldwide network and targeted interactions with prospective investors to ensure that the continuum of follow-up capital is available as they grow. By partnering with ARM Labs, founders are also exposed to ARM’s local network, research and insights and decades long financial advisory expertise.

The selected companies are, in alphabetical order:

24Seven, founded by Olufemi Idowu, is an asset-light marketplace that enables small businesses and convenience stores to order inventory on credit with one-hour doorstep delivery.

Beauty Hut leverages technology to bridge the gap between beauty brands and consumers through efficient product distribution and marketing channels, via their e-commerce web-store and mobile app. It is founded by Subuola Oyeleye.

Eight Medical, by Dr. Ibukun Tunde-Oni, is an end-to-end platform that connects users in need to emergency medical resources (such as hospitals, ambulances, personnel, information & credit), reducing waiting times from an average of 3 hours to 10 minutes or less.

GetEquity facilitates access to investment opportunities by SEC-accredited providers, reducing entry barriers through investment aggregation across various asset classes. It is founded by Jude Dike, Temitope Ekundayo and Chigozirim Ugochukwu.

JumpnPass, by Tunde Ademuyiwa and Qudus Quadry, is a mobile self-checkout platform for modern retail in Africa. They enable shoppers to use their smartphones to effortlessly scan product barcodes, pay for items, and skip long queues.

One Plan helps workers in Africa’s informal economy create affordable financial plans, making it easier to start a retirement plan, access low-interest credit, and access health + life insurance cover. It is founded by Harold Awuah-Darko.

PBR Life Sciences offers pharmaceutical, consumer healthcare and medical device companies fast and easy access to high-quality market data and insights, helping them make objective decisions on product pricing, volumes and company strategy. The company is founded by Ayodeji Alaran.

PressOne Africa provides African businesses with deeper insights into phone conversations with customers through a communication platform that provides conversation intelligence and call monitoring. It is led by Mayowa Okegbenle, Opeyemi Shokunbi and Unoma Adeyemi.

Rana democratises access to clean and reliable solar systems for SMEs and residential customers through affordable long-term solar subscriptions, replacing the need for expensive, unreliable, and toxic backup generators. The company is founded by Abraham Mohammed and Mubarak Popoola.

Surge Africa, founded by Kumar Shourav and Ebrahim Essop, allows individuals, micro-entrepreneurs and MSMEs in Africa to make instant cross-border transfers and pay up to 80% less in fees.

Swoove empowers logistics companies in emerging markets to digitise and scale their businesses with dispatch automation, fleet management, tracking and telematics, and a wide delivery network. It is led by Kwaku Tabiri, Kingsley Amponsah, Gloria Pascucci, Robert Quainoo and Kevin Blankson

Veend, founded by Olufemi Olanipekun and Ebenezer Ajayi, enables individuals and businesses with verifiable income to access funds on-demand, addressing their needs for emergency funds or working capital.

Expert Guidance from Industry Leaders

The selected companies will benefit from mentorship sessions led by notable experts in the African tech ecosystem, including Tunde Kehinde (Founder/CEO, Lidya), Bode Abifarin (COO, Flutterwave), Tingting Peng (Chief Capital & Strategy Officer, Moove), Kevin Simmons (Partner, LoftyInc), Lola Esan (Partner, EY), and Yischai Beinisch (Head, West Africa – Emerging Market Power, Shell Energy Europe & Africa).

A Wealth of Opportunity

Oyin Solebo, Managing Director, ARM Labs Lagos Techstars Accelerator commented, ‘Our second cohort truly showcases, and perhaps also epitomises, the wealth of talent, innovation and ingenuity that can be found within the African tech ecosystem. Supporting this group in reaching their full potential feels like the perfect segway following the close and success of the inaugural cohort. The current market dynamics means that founders need a combination of financial support as well as technical assistance and access to networks in order to build resilient businesses. We are glad to be able to provide comprehensive support that covers this entire spectrum.’

Ina Alogwu, Group Director, Digital Transformation, ARM noted ‘Programs like the ARM Labs Lagos Techstars Accelerator enable us to comprehend, champion, and actively contribute to the growth of technology-driven solutions emerging throughout Africa, and we are thrilled to be on this journey for the second year running in collaboration with our valued partners.’

For additional information or interview requests with Managing Director, Oyin Solebo, please contact [email protected].

Demo Day and Beyond

The program concludes with an invite-only Demo Day on February 22, 2024, where founders will showcase their progress. Register here to attend.

The ARM Labs Lagos Techstars Accelerator continues to champion technology-driven solutions in collaboration with valued partners, contributing actively to Africa’s growth.

ARM and Techstars

ARM Labs Lagos Techstars Accelerator Program, powered by the collaboration between ARM and Techstars, aims to empower entrepreneurs for growth and success. Established in 1994, ARM provides wealth creation opportunities through asset management and alternative investments, while Techstars, founded in 2006, connects startups, investors, and cities, empowering entrepreneurs globally with investments in over 3,700 companies.

For more information, visit www.arm.com.ng and www.techstars.com.