{
  "id": 16875471,
  "title": "Startup funding plunges 96.9% in September, these 9 CEOs still attracted $11.3 million",
  "url": "https://urgent.news/2026/10/28/startup-funding-plunges-96-9-in-september-these-9-ceos-still",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-28T08:49:22.000Z",
  "source": {
    "name": "Nairametrics",
    "slug": "nairametrics",
    "url": "https://nairametrics.com/2026/10/28/startup-funding-plunges-96-9-in-september-these-9-ceos-still-attracted-11-3-million/"
  },
  "original_language": "en",
  "account": "Nine Nigerian startup CEOs collectively secured $11.3 million in funding during September 2026, a marked decline of 96.9% from the $364.1 million raised by 20 companies in August. Despite the funding slowdown, investors remained interested in supporting businesses operating in various sectors, including fintech, mobility, semiconductor technology, cybersecurity, waste management, agriculture and food, and other services. The funding deals encompassed debt facilities, seed investments, pre-seed rounds, and venture investments, demonstrating the diverse ways startups are financing their operations.\n\nAmong the nine startup CEOs who attracted funding in September 2026 are:\n\n1. Yinka Adewale, co-founder and CEO of Nomba, a fintech company based in Lagos, received $3 million in a debt facility from CardinalStone Finance Company Limited. Nomba specializes in payment and financial services infrastructure and has previously raised $30 million in a pre-Series B funding round.\n\n2. Oluwaseyi Adefemi, CEO of Drive45 Mobility, a transportation company operating in Nigeria, secured $3 million in senior debt to bolster its balance sheet and expand into additional markets. Drive45 offers mobility solutions through a vehicle subscription and rent-to-own model.\n\n3. Ola Fadiran, CEO of ChipMango, a semiconductor technology company with operations in Lagos, South Africa, Rwanda, and Malta, raised $2.1 million in a seed round and an additional $200,000 venture investment, totaling $2.1 million. ChipMango focuses on deep-technology semiconductor design and engineering capabilities.\n\n4. Samuel Ogbonyomi, co-founder and CEO of Aeon Cyber Defense, a cybersecurity startup, received $1 million in pre-seed funding led by Terra Industries. Aeon provides cybersecurity solutions, and the investment will support its growth as digital security demand increases.\n\n5. Ayodele Banjo and Lawson Nzekwe, co-CEOs of Ororo Waste Management, a company focused on collecting, tracking, and exporting used cooking oil for biofuel production, secured an investment commitment of up to $1 million from Rising Tide Africa. Ororo operates at the intersection of waste management and clean energy.\n\n6. Daniel Enesi, CEO of Noma Services Consolidated Limited, an Abuja-based agribusiness and commodity trading company, obtained $700,000 in debt financing. Noma Services aggregates and processes various crops, including rice, maize, sorghum, and beans.",
  "summary": "Nine startups raised a combined $11.3 million in September 2026, as funding for Nigerian startups fell sharply from the $364.1 million recorded by 20 companies in August. The post Startup funding plunges 96.9% in September, these 9 CEOs still attracted $11.3 million appeared first on Nairametrics .",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}