👨🏿🚀TechCabal Daily – IPO gold rush, fintech gridlock
In today's edition: Dangote Refinery’s IPO proves too hot to handle || Twiga Foods enters administration || Egypt's Beltone VC eyes LNKO exit || Spiro and Yadea partner to co-build e-bikes
TechCabal Daily brings you the latest in Nigeria's thriving tech sector, as the country's defense-tech giant Terra Industries expands its horizons. The company has just secured a $1 million contract to provide autonomous surveillance and site protection for a multi-million dollar gold, lithium, copper and nickel project in Kaduna.
This comes on the heels of securing two contracts worth $2 million each to safeguard two Nigerian lithium mining operations. The shift toward mining security appears to be a significant growth area for Terra Industries. For those interested in the broader landscape of Nigerian tech companies, the latest episode of Headlines by TechCabal features Abiodun Adetona, founder of Nigerian AI startup Decide, discussing the company's AI spreadsheet analyst, the process of building AI products in Nigeria, and how technology is transforming everyday data work.
Meanwhile, Dangote Refinery's IPO has proven to be a double-edged sword for Nigeria's fintech sector. The initial public offering, dubbed 'IPO for the people' by its owner Aliko Dangote, has caused a ripple effect in the digital investment space. Two leading fintech apps, Bamboo and Cowrywise, experienced significant disruptions as users attempted to subscribe to the IPO.
Reports indicate issues with logging in, slow-loading apps, and error messages. Despite acknowledging the problem, the fintechs revealed that their engineering teams are racing to restore normalcy.
Written by urgent.news from TechCabal's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
