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Tag: Benson Adenuga

  • Starsight partners BII to advance clean energy growth in West Africa through US$15 million funding

    Starsight partners BII to advance clean energy growth in West Africa through US$15 million funding

    …the funding will drive clean energy growth in Starsight’s existing West African operations, with Nigeria earmarked to receive the majority of the funding

    • Capital will be deployed in Starsight’s existing West African operations to support growth, strengthen operations and scale energy solutions for commercial and industrial users.
    • Majority of the funds will assist in improving power security in Nigeria, where the unstable grid and reliance on diesel self-generation remain key characteristics of the energy sector.
    • The collaboration demonstrates BII’s confidence in Starsight’s long-term commitment to delivering reliable, affordable and sustainable power across the region.

    Starsight Energy Africa Group, a leading provider of clean energy solutions for commercial and industrial (C&I) customers across Sub-Saharan Africa, has secured USD15 million mezzanine debt funding from British International Investment, the UK’s development finance institution and impact investor.

    The funding will drive clean energy growth in Starsight’s existing West African operations, with Nigeria earmarked to receive the majority of the funding. It will finance a substantial growth pipeline of renewable solar energy projects whilst also ensuring best-in-class service is maintained to existing clients including asset replacement.

    The deployment of the funding within Starsight fits well with BII’s strategic objectives to support productive, sustainable and inclusive development. The collaboration between Starsight and BII also underscores a shared commitment to advancing sustainable infrastructure, supporting private sector growth, and driving measurable climate impact across West Africa.

    It has been estimated that up to 40GW of electricity in Nigeria is generated from diesel and petrol generators and Starsight’s funding round with BII is an important stride toward filling this vacuum with clean renewable energy for the C&I sector, says Paul van Zijl, Group CEO at Starsight.

    “Partnering with BII marks a significant milestone for the Starsight Energy Africa Group. This funding strengthens our ability to scale more rapidly in Nigeria and Ghana delivering reliable, clean energy solutions that support economic growth and improve energy resilience for our clients,” says Van Zijl.

    “BII’s mission is to support sustainable socio-economic development in emerging markets. Their decision to partner with us is an endorsement of the role we play in increasing energy access within these markets, delivering affordable, low-carbon solutions while simultaneously uplifting the communities in which we operate,” adds Van Zijl.

    British Deputy High Commissioner in Lagos, Jonny Baxter said: “The UK remains committed to supporting Nigeria’s transition to clean, reliable, and affordable energy. This investment by BII reflects that commitment in action. Expanding access to dependable renewable power for businesses across Nigeria will help unlock growth, strengthen energy resilience, and reduce dependence on costly and polluting diesel and petrol self-generation. It represents a practical step toward a greener, more sustainable future for both our countries.”

    Benson Adenuga, West Africa Regional Director and Head of Office, Nigeria, at BII, says: “Nigeria’s businesses need dependable and affordable power to grow. We identified Starsight’s strong track record, combined with its clean energy model, as a strong fit with BII’s mandate. Starsight’s commercial and industrial solar solutions directly address this challenge by reducing dependence on refined petroleum products and improving reliability. By backing scalable distributed renewable platforms like Starsight, BII is supporting clean energy expansion in West Africa and demonstrating confidence in the region’s potential for sustainable, inclusive growth.”

    Michael Chuchu, Group Commercial Director at Starsight, says that the BII funding will unlock new capacity in countries where energy stability has historically been a barrier to growth.

    “Nigeria remains our second-largest market and a core focus area for expansion. For our West African customers, this investment tangibly proves that Starsight is here to support their operations and provide energy certainty through environmentally responsible solutions.

    “With BII’s support, we’re set to pursue the next chapter of our growth journey,” Chuchu concludes.

  • Lagos hosts 21st Annual AVCA Conference and VC Summit to chart the future of private capital in Africa

    Lagos hosts 21st Annual AVCA Conference and VC Summit to chart the future of private capital in Africa

    …Returning to Nigeria after 11 years, the conference highlights the country’s position as a leading hub for investment, securing US$3bn in private capital deals from 2020-2024. 

     The 21st Annual AVCA Conference and VC Summit, the world’s largest Africa-focused private capital gathering, has kicked off in Nigeria. The anticipated annual gathering takes place at the Lagos Continental Hotel from 28 April to 2 May 2025. Themed Bold Moves: Powering 10x in Africa, the conference convenes business leaders, policymakers and private capital allocators from all around the world to exchange strategies, collaborate and unlock opportunities to stimulate returns for Africa’s development.

    The conference highlights private capital as a strategic enabler of innovation, economic growth and industrialisation. The convening returns to Nigeria after 11 years and demonstrates the opportunity to diversify African economies, leverage strategic sectors, and showcase the thriving entrepreneurial ecosystem in Nigeria and beyond. Nigeria ranks first in West Africa by deal volume (66%) and value (52%), securing US$3bn in reported private capital deals from 2020-2024, according to AVCA research.

    The 21st Annual AVCA Conference provides a platform to forge progressive partnerships, frame action-oriented discussions, and mobilise new and deep pools of capital from development finance institutions, sovereign wealth funds, pension funds, insurers, and other capital allocators. The conference is a key forum to focus investor activity and reinforces the role of private capital in driving sustainable growth, alongside other global development-focused proceedings, including Financing for Development in Seville, the United Nations General Assembly, and G20 in South Africa later this year.

    Speakers at AVCA’s conference include Dr Jumoke Oduwole MFR, Honourable Minister, Minister of Industry, Trade & Investment, Nigeria; Aliko Dangote GCON, Founder and CEO of Dangote Industries; Olusola Lawson, Co-Managing Director, African Infrastructure Investment Managers (AIIM),  Tope Awotona, Founder and CEO, Calendly; Benson Adenuga, Head of Office and  Coverage Director, Nigeria, British International Investment (BII); Danladi Verheijen, Co-Founder/CEO, Verod Capital Management; Tope Lawani, Co-Founder and Managing Partner, Helios Investment Partners, among others.

    The conference sessions incorporate strategies from industry experts across leading organisations, such as the African Development Bank (AfDB), Africa50, European Bank for Reconstruction and Development (EBRD), FMO, the Dutch entrepreneurial development bank, International Finance Corporation (IFC), Norfund, Public Investment Corporation (PIC), and Rwanda Finance.

    Abi Mustapha-Maduakor, CEO, AVCA, said: “This conference comes at a pivotal time for Nigeria, and it is significant that we are returning to Lagos, a vibrant commercial hub, after 11 years. Despite the macroeconomic headwinds that have rocked global financial markets, Africa has demonstrated resilience and innovation, with Nigeria in particular, leading the continent in the venture landscape. Amid shifting global dynamics, it is more important than ever that capital allocators, fund managers, policymakers, business leaders and industry stakeholders come together to explore how private capital can deliver performance and impact.”

    Temi Popoola, Group Managing Director/Chief Executive Officer, Nigerian Exchange Group, stated “As Nigeria works to deepen its capital markets and drive inclusive economic growth, the role of both local and international capital providers has never been more critical. This conference underscores the critical synergy between public and private markets, with capital markets serving as a vital bridge for unlocking value and providing structured exits for private capital. We commend AVCA’s convening power in fostering dialogue, strengthening market linkages, and advancing a shared vision for sustainable economic development across Nigeria.”

    Background

    • The conference kicked off with a press briefing on 28 April 2025. Photos and Video highlights are linked here.
    • The 2025 conference follows the appointment of Anna Evi-Parker to AVCA’s senior leadership team as Regional Head, West Africa, following AVCA’s strategic merger with PEVCA (here)
    • Previous AVCA conferences have been held in cities including Johannesburg, Abidjan, Accra, Addis Ababa, Cairo, Cape Town, Dakar, London, Marrakech, Nairobi, and Tunis.
    • The conference stimulates the evolving global dialogue on private capital mobilisation, impact investment, and development finance for Africa.
  • Johnvents Group and BII partner to drive sustainability and growth in Nigeria’s cocoa sector with $40.5m investment

    Johnvents Group and BII partner to drive sustainability and growth in Nigeria’s cocoa sector with $40.5m investment

    …The partnership will boost cocoa production, enhance global export capabilities, and create economic opportunities for Nigerian farmers

    Johnvents Group (Johnvents), an agribusiness and manufacturing conglomerate, recognised as a leading player in Nigeria’s cocoa processing and export sector, has announced a landmark partnership with British International Investment (BII), the UK’s development finance institution (DFI) and impact investor. This collaboration will support one of Johnvents Group’s subsidiaries, Premium Cocoa Products, Ile-Oluji to increase production to its installed capacity of 30,000 metric tonnes per year.

    This strategic collaboration comes at a pivotal time when Nigeria’s agricultural sector is poised to play a more prominent role in the global supply chain for sustainably sourced products. The $40.5 million investment from BII will enable Johnvents Group to optimise production efficiencies as well as strengthen its sustainability and traceability programme. This will advance the company’s ambitious goal to achieve 100 per cent traceable cocoa, with at least 90 per cent certified, by 2027.

    Underlining the UK’s commitment to work with Nigeria to strengthen its agricultural sector and drive inclusive growth, Jonny Baxter, British Deputy High Commissioner in Lagos, said: “The UK is proud to back first-class sustainable investment that is creating jobs and mutually beneficial partnerships across Nigeria. Through this landmark agreement between the UK’s development finance institution, British International Investment, and Johnvents Group, we look forward to further growth of Nigeria’s cocoa industry and increased export markets.” 

    Benson Adenuga, Coverage Director and Head of Nigeria Office at BII, said: “We are delighted to partner with Johnvents Group to address critical barriers to the growth of Nigeria’s cocoa industry. Not only will this benefit local farmers, but also improve Nigeria’s trade balance and global competitiveness through increased exports. The investment underlines BII’s commitment to back ambitious Black-owned and led domestic champions that provide innovative solutions to key bottlenecks in strategic sectors.”

    As the world’s fourth-largest cocoa producer, Nigeria holds immense potential, yet the country’s export capacity remains underutilised. This investment will enable Johnvents Group to scale up its processing capabilities, meet growing global demand, and position Nigeria as a competitive player in the international cocoa market.

    John Alamu, Group Managing Director of Johnvents Group, emphasised the importance of this milestone, stating: “At Johnvents Group, we are dedicated to building a sustainable and globally competitive agribusiness industry in Nigeria. The investment into the Premium Cocoa Products Ile-Oluji facility – one of our cocoa processing subsidiaries, coupled with our partnership with BII, represents a significant step forward in achieving this goal. This investment will not only boost our processing capabilities but also empower thousands of farmers and contribute to the overall economic development of Nigeria.”

    BII’s partnership with Johnvents reinforces the DFI’s commitment to increase investment in Black-owned and led business in Africa, who often face challenges in accessing capital compared to other ethnicities in the region.

  • British International Investment supports Nigeria’s agricultural sector with commitment to Valency International

    British International Investment supports Nigeria’s agricultural sector with commitment to Valency International

    …It will also provide market access indirectly to a further 60,000 smallholder farmers and boost agricultural output and export.

    British International Investment (BII), the UK’s development finance institution (DFI) and impact investor, today announced it has signed legally binding documents to invest US$15m in equity into a Singapore-headquartered agricultural commodities trading house, Valency International (Valency), to fund their expansion of processing and warehouse infrastructure in Nigeria. The transaction is subject to regulatory approval and is expected to close in early 2024.

    In addition to its commitment of $15m, BII has an option to invest a further $35m in equity into Valency within two years of completion of its initial investment.

    Agriculture is a key contributor to Nigeria’s economy, accounting for a quarter of total gross domestic product, and employs more than one in three Nigerians. Crop production[1] is the largest segment within agriculture, accounting for about 87.6 per cent of the sector’s total output. However, food processing and manufacturing remains underdeveloped in the local agricultural sector.

    The new Valency facilities, funded by BII will strengthen partnerships with local farmers and processing centres to maximise their output and provide a more stable supply of premium-quality products. The projects are expected to reach at least an extra 60,000 farmers and create up to 2,800 jobs among low-income communities in Nigeria.

    BII, as the first institutional investor in Valency, will provide value-added support to the company in developing best practices in business integrity and Environmental and Social Management System (ESMS). Both parties will work closely to improve job quality and gender inclusion and enhance value creation.

    Jonny Baxter, UK Deputy High Commissioner said: “The UK’s sustainable agriculture work in Nigeria helps to not only mitigate greenhouse gas emissions and adapt to a changing climate, but strengthens livelihoods and improves nutrition, supporting food security and poverty alleviation. 

    “I am excited to welcome this new UK investment to help enhance Nigeria’s food processing capabilities, which will create jobs across the nation. We look forward to continuing to support Nigeria’s agriculture sector and the opportunities this provides for its economic growth.”

    Benson Adenuga, Head of Office and Coverage Director, Nigeria for BII said: “The strategic opportunity to catalyse growth in Nigeria’s food and agricultural sector should be seized and offers the chance to leverage its immense food export potential. We are proud to deepen our commitment to food security and smallholder farmers in Nigeria while creating jobs that enable industrialisation and facilitate regional and international trade.

    “We are delighted to partner with Valency, and we look forward to the significant impact and economic development that our catalytic capital will support.”

    Speaking on the signing, Mr. Sumit Jain, CEO of Valency International commented: “We have been careful and deliberate in our choice of partners for the next phase of our growth. While we have been approached by a variety of investor groups, we chose to partner with BII as we have been impressed by BII’s engagement to the regions where we have committed to invest substantially over the medium term. Equally we are privileged that BII has chosen Valency to drive its impact agenda in Nigeria in the growing food and agriculture sector.”

    Roman Frenkel, Head of Food and Agriculture at BII will join the Board of Valency as part of the transaction.

    BII’s commitment contributes to UN Sustainable Development Goal 8 on Decent work and economic growth.

  • British International Investment partners with Access Bank Plc to extend US$60 million trade finance facility across five African countries

    British International Investment partners with Access Bank Plc to extend US$60 million trade finance facility across five African countries

    –          Programme aims to stimulate African trade volumes by US$90 million and will contribute to SDGs 8 and 9.

    –          BII’s second commitment to one of Nigeria’s leading multinational banks.

    British International Investment (BII), the UK’s Development Finance Institution (DFI) and impact investor, has announced a $60 million trade finance facility for Access Bank Plc in Nigeria and five of its pan-African subsidiaries. This will strengthen import and export capabilities amongst local businesses and plug the foreign currency supply gap. The programme deepens BII’s commitment to bolstering financing environments in fragile economies and supports Access Bank’s strategy to enable continental trade. BII estimates the loan programme will stimulate African trade volumes by US$90 million.

    The agreement reinforces BII’s ongoing relationship with Nigeria’s largest commercial bank by assets and facilitates the provision of systemic liquidity during a period characterised by a challenging macroeconomic environment. Higher inflation and rising cost of capital have placed downward pressure on currency performance, both domestically and in the programme’s target markets of the Democratic Republic of Congo, Mozambique, Rwanda, Sierra Leone and Zambia. Intervention at this critical juncture underlines the key role of BII, and development finance institutions in general, in extending countercyclical support to build economic resilience.

    Between 80 and 90% of world trade is estimated to rely on the availability of trade credit, according to the World Trade Organization. Prior to the COVID-19 pandemic, that financing gap stood at US$82 billion in Africa, and it is increasing. Recognising the positive ripple effects of robust trade flows on economies and livelihoods, Access Bank is aiming to provide 15% of trade finance across Africa, by growing the trade books of its subsidiaries.

    Currency instability in Nigeria can hinder the wider proliferation of dollar-denominated trade loans across African markets, constraining countries’ ability to capitalise on opportunities opening up under the African Continental Free Trade Agreement. By specifically targeting import dependent economies – many of which will mark the first engagement with BII’s Trade programme – the improved availability of US dollar denominated trade loans will ensure availability of key commodities and manufacturing inputs for the production and export of goods. The key outcome will be improving livelihoods and preserving jobs for the employees of importers and exporters with limited access to foreign exchange trade loans.

    With the loans channelled into companies in construction, manufacturing and FMCG, the programme will directly contribute to the UN Sustainable Development Goals 8 (Decent work and economic growth) and 9 (Industry, innovation and infrastructure).

    Simultaneously, the facility will improve inclusion. Qualifying under the 2X Challenge, aimed at strengthening female participation and leadership in business, Access Bank will ensure the allocation of loans is designed deliberately to advance its gender commitments. In addition, the facility will contribute to BII’s BOLD programme, dedicated to enhancing the availability of finance at more affordable rates to Black, African-owned businesses. 

    Seyi Kumapayi, Executive Director, African Subsidiaries at Access Bank, remarked: “Access Bank is on a purposeful mission to scale intra-African trade and position the continent as a viable market for global trade. Hence, we are thrilled about the tremendous potential that this trade finance facility with the BII affords us across our pan-African subsidiaries. This strategic collaboration not only strengthens our import and export capabilities but also expands our resources to support local industries – especially women-owned businesses – and ultimately drive economic growth. By stimulating trade volumes, we will be playing a key role in fostering long-term economic resilience for the continent, while increasing its attractiveness for increased foreign investments.”

    Admir Imami, Director and Head of Trade and Supply Chain Finance at BII, noted: “Access Bank is a long-standing partner of BII’s and our new partnership is a significant step closer to narrowing the trade finance gap in Africa, particularly in countries such as the DRC and Rwanda.   

    Access to finance in fragile states is hugely constrained, often these countries are buffeted by macroeconomic events far beyond their control. BII and Access Bank share a conviction that building the resilience of these businesses by ensuring affordable access to foreign exchange is vital to keep intra-African trade moving and support the growth of inclusive economies.”  

    Benson Adenuga, Head of Office & Coverage Director for Nigeria, BII said: “Our latest commitment to Access Bank reiterates our assurance to this leading multinational institution and to Nigeria. It comes at a time when Nigeria’s fragile economic situation needs additional funding, particularly from counter cyclical investors like development finance institutions. Our funding will help bolster the economy and ensure the availability of staple goods, medicines and food across Africa.”

  • British International Investment launches new name in Nigeria with US $20m commitment to mobility fintech Moove

    British International Investment launches new name in Nigeria with US $20m commitment to mobility fintech Moove

    British International Investment (“BII”), the UK government’s Development Finance Institution (DFI), formerly known as CDC Group, introduced its new name and announced a US $20 million, 4-year structured credit investment in Moove – a mobility fintech democratising access to vehicle ownership in Africa.

    The investment reflects BII’s focus on mobilising capital to build self-sufficiency and market resilience in Nigeria, and improve access to inclusive economic opportunities while helping to catalyse the country’s boundless entrepreneurial ambition.

    Last night, the British High Commissioner in Nigeria, H.E. Catriona Laing CB and CEO of BII, Nick O’Donohoe, co-hosted a business reception in Lagos to celebrate the launch of BII’s new name and reiterate the DFI’s continued ambition to scale up investment that will boost key economic sectors in Nigeria.

    The event was held at the British Deputy High Commissioner’s Residence in Ikoyi, bringing together key leaders in business and BII’s investment partners from across the country. BII’s leadership outlined the organisation’s strategy to deliver productive, sustainable and inclusive investment and pledged to deepen its capital commitments to support the emergence of more breakthrough Nigerian businesses providing progressive solutions to urgent and complex development challenges.

    British High Commissioner, H.E. Catriona Laing CB, said: “It’s a pleasure to be in Lagos to mark the launch of British International Investment, and to host Nick O’Donohoe during his visit to Nigeria.”

    “BII forms an important part of the UK’s package of tools and expertise to help Nigeria build their pipeline for investment and scale up infrastructure investment, in particular to achieve clean, green growth.”

    “The launch of BII marks a continuation of this partnership, and we look forward to seeing BII’s support expand and diversify in Nigeria.”

    In his keynote speech, Nick O’Donohoe highlighted BII’s 74-year history in Nigeria, from its first investments in 1949, in West African Fisheries and Cold Store, to the organisation’s pioneering role in supporting Nigeria’s first private equity fund – African Capital Alliance’s Capital Alliance Private Equity Fund I (CAPE I).

    On how BII’s new five-year strategy is driving its investment in the world’s first mobility fintech, Moove, O’Donohoe comments: “Investing in the prosperity of Nigeria’s growing population requires innovative new partnerships that can leverage the country’s abundant capabilities and expertise. In Moove, BII has a partner that aligns with our commitment to back dynamic tech-enabled businesses that can help accelerate impact in Nigeria by strengthening the country’s informal transport industry.

    “I am delighted that not only will BII’s investment help to create jobs and provide entrepreneurial self-starters with the means to own their vehicles, but Moove’s clear focus on gender diversity will foster inclusive economic opportunities for women, both within the company’s workforce and among its drivers.”

    Founded by serial entrepreneurs, Moove is democratising access to vehicle ownership by providing revenue-based vehicle financing and financial services to mobility entrepreneurs. The mobility fintech is creating sustainable employment opportunities to empower those otherwise excluded from financial services by embedding its alternative credit scoring technology onto ride-hailing, e-logistics and instant delivery platforms, and using proprietary performance and revenue analytics to underwrite vehicle loans.

    Since its launch in 2020, Moove has rapidly expanded its operations within Nigeria and has entered into new African markets including Ghana, Kenya, Uganda and South Africa, as well as Europe, Middle East and Asia markets. Currently, mobility marketplaces such as Uber face difficulty meeting rising rider demand, due to limited access to car supply and onerous and inflexible auto leasing products for aspiring drivers. The funding from BII will enable Moove to purchase and import brand new fuel-efficient cars into Lagos, which will be leased to drivers who can then earn their way to asset-ownership, over a three to four-year period. This will also alleviate one of the key blockages to the development of ‘ride-hailing’ transportation infrastructure in Nigeria’s commercial capital.

    Ladi Delano, co-founder and co-CEO at Moove, said, “We’re incredibly proud to welcome onboard a world-class partner such as BII, whose strategic support will play a key role in our mission to build the world’s largest integrated vehicle financing platform for mobility entrepreneurs.

    With our new funding, we’re now in an even stronger position to use our technology and productivity data in creating a more inclusive financing ecosystem, whilst also tackling the unemployment problem affecting over a third of Nigerians by generating the opportunity for more seamless and sustainable employment.”

    Nigeria is the BII’s biggest investment market in Africa, with a portfolio of nearly US $570 million, through more than 100 businesses and 43 funds, which collectively support almost 45,000 jobs across the country in 2020.

    The DFI’s investments in Nigeria, both direct and indirect through various impact-led funds and intermediaries, cover a variety of sectors from clean infrastructure and energy to digital infrastructure, food and agriculture, financial services, manufacturing and logistics. A highlight of BII’s key investment activities in Nigerian include:

    Backing Nigeria’s private equity industry by investing in Capital Alliance Private Equity Fund I (CAPE I), managed by African Capital Alliance (ACA); CardinalStone Capital Advisors Growth Fund; Nigerian-led Synergy Private Equity Fund II, Fund for Agricultural Finance in Nigeria (FAFIN), Verod Growth Fund III, Uhuru Growth Fund, among others.

    –       Bolstering Nigeria’s financial institutions to boost financial inclusion through a US $100 million loan to First Bank of Nigeria to support women and small business owners; a US $75 million investment in Stanbic IBTC Bank in 2020 to expand lending to businesses in critical sub-sectors; and helping to fund a $162.5 million syndicated loan package to Nigeria’s Access Bank Plc to increase funding to local micro, small, and medium-sized enterprises.

    –       Supporting the country’s food and agriculture sector through US $140 million investment in Indorama Eleme Fertilizer and Chemical Limited which is boosting fertilizer production in Nigeria and supporting local jobs. 

    –       Catalysing early-stage innovation and entrepreneurial activities in Nigeria by investing in Venture Capital funds including US $25 million invested in TLcom, US $5 million in TradeDepot and US $5 million in TeamApt.

    –       Expanding access to clean and affordable clean energy through investments such as Gridworks, a pan-continental equity investment platform; M-KOPA, the world’s largest pay-as-you-go solar energy companies; and Lumos, an off-grid solar company that offers access to affordable and reliable electricity to homes and businesses in Nigeria.

    British International Investment has an office in Lagos, Nigeria, which is led by Benson Adenuga.