Startup financing in Nigeria continues to evolve as the country remains one of Africa's four major startup markets, yet early-stage fundraising presents persistent challenges around valuation, particularly for companies without established revenue or market comparables. This analysis examines how hybrid instruments like SAFEs can address the practical and legal complexities founders face when raising capital before achieving operational maturity.

The Tony Elumelu Entrepreneurship Programme was established by The Tony Elumelu Foundation in 2015 with funding of US$100million over a 10-year period to promote entrepreneurship across multiple sectors in Africa.

A Nigerian tech start-up was preparing to close a Series A funding round with a venture capital investor, who had provided successive Term Sheets for review. Unfortunately, the founders only engaged legal counsel after signing the Term Sheet and after receiving drafts of the definitive documentation...

In the dynamic world of startup financing, various instruments play crucial roles in raising capital and supporting innovative ventures.

The client is a technology startup, founded by three co-founders.Each co-founder held an equal share of the company (33.33%) and initially agreed informally on their roles and responsibilities.

Recent reports by the Securities and Exchange Commission show that there has been an increase in the total net asset value of CIS in Nigeria, from N782.64 billion in May 2019, to N1.322 trillion in May 2020.

U.S Venture Capital firms and foreign investors prefer to have their portfolio companies in a state in the United States called Delaware.

There are different structures of venture capital funding and the structure to be adopted depends on industry and stage in the life of the entity at which the equity is injected.

As a founder looking to secure funding for your startup, navigating the legal landscape is a critical aspect of your journey.

As a start-up founder, you need funds to grow and sustain the start-up. Hence, you plan to go on the next funding round.

Despite their significant economic contribution, a large proportion of Nigerian Micro, Small, and Medium Enterprises (MSMEs) continue to operate largely informally, often lacking structured corporate governance frameworks.

Consortium Agreements remain one of the crucial ways to win and execute public private partnerships and high-stakes public and private contracts.

On April 2, 2025, the President of the Federal Republic of Nigeria exercised his powers under Section 59(2) of the Petroleum Industry Act (PIA) 2021 to appoint Mr. Bayo Ojulari...

As a tech founder, there are generally two types of company valuations that you would be involved with during the life of your tech startup. The first and the more common one is the venture investment valuation.

Startups require funding for their operations and to scale.This is where venture capital companies (VCs) come in. VCs (as a subset of private equity) provide early ...

On 16 January 2026, the Securities and Exchange Commission (SEC) issued Circular No. 26‑1, raising the minimum share capital for venture capital (VC) fund managers in Nigeria from ₦20 million to ₦200 million.

Starting a business in Nigeria is an exciting venture, but it comes with its own set of challenges. One of the most critical aspects of running a successful startup is having the right contractual agreements in place.

In 2016, the Nigerian Film Industry was recognised as the largest film producer in the world with an estimated contribution of 2.3% (NGN239 billion) to the nation's Gross Domestic Product (GDP).

Funding of Startups globally hit an all-time high in 2021 with a total investments of approximately $454 billion recorded in just the 1st to 3rd quarter; as compared to investments recorded by Startups in 2020.

Other than fund domicile, perhaps the most important consideration when setting up a venture capital fund in Nigeria is tax planning and tax leakage avoidance. For angel investors, venture capital funds, private equity...