Moniepoint’s unicorn round made employees billions of naira
When Moniepoint raised $110 million in October 2024 to become a unicorn, not only its early investors made money from selling shares to new investors. At least two senior employees also sold part of their shares in the round, making $20,000 and $850,000 (₦1.3 billion), respectively, according to documents seen by TechCabal.
These employee share sales were the second of their kind for the decade-old company, as senior employees previously sold shares to investors during the company’s last fundraise in 2022. Over time, secondaries have become an integral part of senior employee benefits as Moniepoint continues to attract and retain senior executives from other financial institutions.
“Equity is both a way to acquire staff and a means of staff retention,” Emmanuel Faith, an HR specialist, told TechCabal.
Earlier this year, at Moniepoint town hall meetings, the employee share sale was announced, and qualified employees were notified with criteria, documents, and instructions via mail. The company also educated employees on how to sell shares via Carta, a marketplace for startup equity, according to one of the employees.
Moniepoint declined to comment.
Employee share sales remain rare in Africa’s tech ecosystem. However, as the continent’s largest startups remain private for longer periods and traditional exit paths, such as IPOs or acquisitions, remain scarce, secondary sales have emerged as a preferred way to reward long-term commitment and high-performing employees. Arnergy, a Nigerian solar energy startup, allowed employees to sell their shares to new investors in April.
“This was something we only saw in movies like Silicon Valley and The Social Network,” said one of the Moniepoint employees who asked not to be named for privacy reasons. “I didn’t expect it at first. Paystack did it, but that was later. We weren’t familiar with it locally. Over time, we learnt more and became hopeful.”
When companies raise money from new investors, they can allow employees to sell their shares instead of issuing new shares. The size of the investors’ commitment typically determines how much is set aside for these employee secondaries.
In Moniepoint’s case, the company decided that some money from new investors would be allocated to buying shares from employees, who were then given the option to decide how much they wanted to sell.
Due to the large demand for cash, Moniepoint only allowed employees who had spent three years at the company to sell shares in this round and set a limit on how many shares employees could sell. The employee who made $850,000 only sold a third of their shares. Employee shares become fully vested after four years, with 25% vesting annually.
These shares were not sold at Moniepoint’s unicorn valuation because later-stage investors typically buy shares from earlier investors and employees at a discounted price due to a supply and demand imbalance, as the sellers often have limited options for liquidity.
But that did not dampen the morale of the two employees, who have been with Moniepoint for ten and seven years. They both requested anonymity for privacy reasons. “It came at a great time. I had personal financial plans, and this cash gave me a boost,” one of the employees said.
In May, when TechCabal reported on Arnergy’s employee share sales, a recurring theme among staff was the deep sense of ownership that equity created. That same theme echoed in conversations with Moniepoint employees, who described their equity not just as compensation but as a stake in the company’s journey and success.
“At the beginner stage, companies issue equity because they know that they cannot afford to pay the market value of the talents they are bringing on board,” Faith said.”There is nothing that says ‘we believe in you and we want you to believe in us’ more than giving equity,” Faith said.
While employee equity has long been overlooked in Nigeria’s tech industry, the growing trend of companies like Moniepoint and Arnergy rewarding staff with share ownership is raising hopes that equity compensation will gradually become a standard practice.
Officer Ugochukwu rejects N1Om & iPhone offered to him by Ezeagu Enugu Ritualist to be left to flee
A gallant and upright Immigration Officer, Prince Orji Ugochukwu (on fb Okeosisi Ugo) soundly rejected offers of 10m & iPhone from the fleeing depraved serial Killer to escape Nigeria and avoid answering to his horrific crimes. Ezeani, AKA Ichie Billion, E dey play E dey show, the ritaualist who buried several victims alive in a soakaway in his compound in Umumba, Ezeagu, Enugu. Ezeani and members of his occultic club have murdered many for their okeite and other ritu@ls.
A foIIower who knows Officer Ugochukwu provided us with this exclusive information. He also gave us his FB name. He messaged the Officer on the issue, he told him he was the one who caught the perp, and sent him the message below on what transpired:
“On Wednesday afternoon, while discharging my duty at my checkpoint in gbaji along Seme road, I saw bike carrying a young man, who was wearing a face cap, his face flashed back in me , because I got an information about the man trying to escape plus his picture that has been going viral on social media,so I tried to stop the bike carrying him but he refused to stop, so I quickly jumped another bike and followed him immediately, and I caught him at the other immigration checkpoint in front, so I ordered bike man carrying him to turn back,but this time I entered the bike together with him, on our way back to my checkpoint,he stopped the bike and started asking me what he did I brought out my phone and showed him his pictures and the crime he committed, he denied that the person in the picture was his brother and not him,that he was coming back from bank in agbara and he is not a native doctor.
After some time, he decided to offer me 10 million naria ( bIood money) to let him go, I refuse to collect his blood money, he said that, he never committed those crime, that people set him up, because it was his turn to become the igwe of their community. I refuse to let him go, he further added his iPhone 13 promax and Tecno camon 19 , he said that his iPhone 13 promax worth a million naria and that I should please let him know go, but I refused his offer and force him back to my checkpoint at gbaji Seme road, then I snapped him those pictures going viral online and sent signal to my command which is Seme border patrol command, when I confirmed that he was truly the one I quickly handcuff him and move him to our command head office immediately.even my colleagues were doubting because nobody recognised him except me.“
Heartbreaking: School kids rain curses on Enugu rituaIist for kiIIing their school mate
This is the student of C.S.S Umana ndi-Agu that was ķìðdn̈àapped and found ðĕąd at one of the pits in the house of the ðřěáðèð ŕìtualist Eze-Ani popularly known as E DEY PLAY E DEY SHOW.
And today his fellow students were at the deserted house of Eze-Ani to lay curses upon the ritualist that kìĺĺèð one of them.The student was kidnapped last week on his way home after exam and was found dèád in one of the pits.
No fewer than twelve federal universities will benefit from high-fibre digital infrastructure before the end of the year, Minister of Communications, Innovation, and Digital Economy Dr. Bosun Tijani announced on Wednesday.
In addition, some Nigerian universities are set to begin enjoying 24-hour electricity supply to enhance teaching, research, and learning on campuses, according to the Minister of Education, Dr. Maruf Alausa.
Dr. Tijani disclosed this at the commissioning of a High-Fibre Digital Facility at the University of Abuja’s old Boys Hostel. He said the initiative aims to equip students with digital skills and access needed to explore emerging opportunities in the global tech ecosystem before graduation.
Citing examples of young Nigerians who have successfully built billion-dollar online payment firms, Dr. Tijani urged students to leverage the digital infrastructure being provided by the current administration to develop themselves and build a future in tech.
The project is a collaboration between the federal government, Galaxy Backbone Nigeria Ltd, Huawei Technologies Nigeria, and other tech firms. It will deliver free Wi-Fi services across campuses, serving as a digital equalizer for students.
Present at the inauguration were the Director-General of the National Information Technology Development Agency (NITDA), Kashifu Inuwa; the National Commissioner for the Nigeria Data Protection Commission, Dr. Vincent Olatunji; the Managing Director of NigComSat, Mrs. Jane Egerton-Idehen; and the Postmaster General of the Federation, Mrs. Tola Odeyemi.
Also the Vice chancellor of the University of Abuja, Prof Patricia Lar and the institution’s Registrar and the Managing Director of Huawei Technologies Nigeria, Mr Teorens Wu attended the event.
Dr Tijani further said digital inclusion was necessary especially for the students to navigate contemporary challenges and become successful in the digital space without waiting for white collar jobs on graduation.
He said the University was the first of the seven universities for the first phase of the pilot scheme. And that by the end of June, they would have connected the seven universities for the first phase.
“This initiative we are launching here today is the first of the seven in a pilot scheme, and by the end of July, we will have connected the seven universities”, he said.
Nigeria's digital infrastructures will boost growth and investment in West Africa, says Minister ‘Security will deepen financial inclusion’ “Galaxy Backbone has the infrastructure in place already; all we are doing is to take the fibre to hostels,” the Minister added.
“Your challenge today is what you do with the knowledge that you’re being given. And this is why to actualise the dream of our president, we’ve taught it to be important that Nigerian university students cannot continue to learn without access to meaningful connectivity.
“It is unacceptable because we know when we give you this access that not only are you going to be better in what you’re learning, but you’re actually going to create the future that our president is asking that we create as a nation”, Dr Tijani said.
Dr. Alausa, on his part, noted that the University was a special institution selected by the government to enjoy a 24-hour power supply. And that other special institutions will enjoy 24hrs power before the end of 2026.
“The president is energising institutions. We have special institutions in the country today enjoying 24-hour electricity via the presidential renewable mini-grid project, the solarisation project.
“The University of Abuja is one of the beneficiaries. You have a 3.3 megahertz mini-grid here and everybody can attest to it now that you have a 24-hour electricity supply.
“The president is not stopping there. Before the end of next year, all the special institutions will have a mini-grid. You will all enjoy a 24-hour electricity supply, “Dr Alausa said.
The Acting Vice Chancellor, University of Abuja, Prof. Patricia Lar in her welcome address described the project as a laudable one that would benefit the school community.
“It’s a special initiative that’s going to create opportunities for students of all economic status to access data to be able to use for knowledge and education, and to feed their creativity with ease.
“We are grateful for deploying fibre to our hostels. This also works with the solar power backup that has been installed in our campus,” she said.
We are screaming, "we are shouting that something urgent be done to the incessant robberies going on Ile-Ife, Osun State. We have written countless letters and engaged critical authorities all to NO AVAIL. Something needs to be done urgently, or they face the wrath of students.
Good morning. I want to give a big shoutout to Ile Ife, the Policemen, NDLEA, and EFCC officials who arrest students but can not come out to protect us when there is a robbery. Thank you, goal attained. I'm traumatized forever.
OAU students lament robberies on off-campus residences
The Students’ Union of Obafemi Awolowo University, Ile-Ife, has raised a distress call over what it describes as a terrifying surge in violent robberies targeting students off-campus.
In a press release issued on Wednesday, the Union said the security situation around student-populated areas in Ile-Ife has deteriorated rapidly over the past few weeks, with over 30 robbery cases recorded in just two weeks, all involving students.
“Behind every case is a student who has been traumatised, brutalised, extorted, and left helpless. Phones are being stolen. Monies are being wiped from students’ bank accounts. Hostels are being broken into in the dead of night. And, even worse, students are being severely injured,” the union stated.
A particularly brutal case involved a student who was macheted on the head during a robbery attack at his hostel.
According to the union, the student is currently in critical condition and receiving treatment in a hospital.
The union also stated that only hours before the statement was released, four more robberies were reported in three separate locations across the town.
“One student lost her phone. Another had his car stolen, and all the money in his account transferred, leaving him with nothing,” the Union said.
The statement, signed by Secretary General Babatimehin Kinfeosi and President Omoboriowo Isaac, stated that the students are now constantly afraid in their own homes, unsure whether they will be next.
Despite reaching out to the police after every incident, the Union says the response has been inadequate and ineffective.
“We have visited nearby police stations and even the Osun State Criminal Investigation Department. Yet, there has been no tangible improvement,” it stated.
The Union did not hold back in its demands for action, calling on the Federal Government, the Osun State Government, and local authorities to move quickly and decisively.
It urged the provision of patrol vehicles for police and Amotekun operatives, increased police presence in student areas, urgent intervention from the Ministries of Education to resolve the issue of on-campus accommodation, and more serious involvement from the university administration to protect students off-campus.
“The OAU Management must engage in active dialogue with relevant authorities to ensure better security for her students and consider tightening security arrangements for student hostels even outside campus,” the Union said.
The Union also issued a clear warning: if nothing changes, students will take to the streets.
“If these demands are not treated with the urgency and seriousness they deserve, we, the students of Great Ife, under the leadership of the Students’ Union, will have no choice but to escalate our actions, including but not limited to mass demonstrations and peaceful protests to express our growing frustrations and desperation.
“Students came here to learn, not to be hunted. We can no longer live in fear. We will defend ourselves with every voice and means available to us. We demand action. We demand safety. We demand justice.”
The Union copied the statement to top officials, including President Bola Ahmed Tinubu, the Inspector General of Police, Osun State Governor Ademola Adeleke, the Vice-Chancellor of OAU, and the Ooni of Ife, among others.
However, in response to the rising tension, the university management clarified its position, saying it is not responsible for student safety outside the university premises.
Public Relations Officer of OAU, Mr. Abiodun Olanrewaju said, “I am not aware of any robbery incident that happened on campus. But if there are robbery incidents that happened outside the campus within the residential areas of our students, the school management does not have enough security operatives to cover any student outside the campus.”
He explained that while the university sympathises with affected students, securing off-campus areas is a job for the police, not the institution.
“It is the statutory responsibility of security operatives to police everybody including those on campus but particularly, any student that stays outside campus should be protected and report robbery cases to the Nigerian police. They are the ones that can handle that,” he said.
Mr. Olanrewaju noted that many students live in areas shared with non-students, including local residents and landlords.
“We cannot actually single out students that an area was robbed where students are staying. They are our students, we sympathise with them. The management is incapacitated to extend security within the campus to them there. We can only speak for any incident that happens to them within the campus premises,” he said.
He used the opportunity to appeal directly to the authorities, saying, “I want to use this medium to appeal to the Nigerian police and other security agencies to please help us intensify their patrol towards the areas where most of our students are residing.”
Efforts to reach the Osun Police Spokesperson, Abiodun Ojelabi, proved futile as calls and messages sent to him were not responded to.
As the Gateway Games 2024 enters a crucial phase, the medal standings reveal fierce competition among Nigeria’s top sporting states.
As of 12:00 PM on May 26, 2025, a total of 1,047 medals have been awarded across various events — 318 gold, 307 silver, and 422 bronze.
Top of the Table
Delta State remains firmly in control of the medal table with an impressive 66 gold, 39 silver, and 59 bronze, bringing their total to 164 medals.
Bayelsa State holds second place with 109 medals, including 45 gold, while host state Ogun is not far behind, securing 38 gold among 96 total medals, thanks to strong showings in athletics, golf, and martial arts.
Hot on Their Heels Rivers State continues to make a strong push, climbing to 101 medals (37 gold) while Edo State, despite lower gold numbers, stands out with 67 silver medals — the highest of the tournament so far — contributing to their overall tally of 154.
Battle for the Top 8 Other states showing grit and consistency include: Lagos State Oyo State Osun State Each has carved out a place in the top eight, thanks to depth across multiple disciplines.
States with Breakthrough Moments Smaller contingents from Plateau, Cross River, Kwara, and the Invited Junior Athletes (IJA) have delivered standout performances in select events, proving that big moments don’t always come from big teams.
Meanwhile, Anambra, Imo, and Kano have steadily accumulated medals despite limited representation.
Slow Starters A few states are still waiting to make their mark. Kebbi, Jigawa, and Taraba have yet to see significant results, with only minimal medal returns so far. However, with more competitions ahead, the standings remain far from settled.
Current Medal Count Summary 🥇 Gold: 318 🥈 Silver: 307 🥉 Bronze: 422 🏅 Total: 1,047 Medals Awarded
As the Gateway Games 2024 rolls on, the energy remains electric in Abeokuta and across host venues. Athletes continue to chase glory, with every match, jump, and throw potentially shifting the balance at the top.
Stay tuned. The race for the crown is far from over!
Elysee plays down apparent shove on Macron from wife in Vietnam
HANOI, May 26 (Reuters) - French President Emmanuel Macron's office on Monday played down an incident in which his wife, Brigitte, appeared to push him in the face as the couple arrived in Vietnam at the start of a Southeast Asia tour.
In a video, Brigitte Macron appeared to shove her husband before he descended from the presidential plane late on Sunday, causing him to step back before he recovered and waved to the cameras at the foot of the stairs of the aircraft.
She remained momentarily hidden behind the plane's fuselage, blocking any view of her body language. The couple then descended the steps together.
An Elysee official played down the moment, denying it showed an argument between the couple, who have been married since 2007: "It was a moment when the president and his wife were relaxing one last time before the start of the trip by having a laugh."
"It was a moment of closeness," the official said.
Macron's visit to Vietnam, the first by a French president in almost a decade, comes as he aims to boost France's influence in its former colony.
Vietnam, which has a heavily export-driven economy, has made concessions to the U.S. in trade talks in a bid to avoid 46% tariffs. But Brussels has concerns that Vietnam's efforts to buy more American goods could come at Europe's expense.
U.S. President Donald Trump threatened on Friday to impose 50% tariffs on imports from the European Union, but softened his stance two days later, restoring a July 9 deadline for talks between Washington and Brussels.
"Nigeria Finally Happened To Me" - US based man who visited Nigeria shares his experience with the Nigeria police.
He said the police stopped their car because he was rocking dreadlocks and later said the police wanted money, bribe.
He revealed he was stopped by officers who searched his belongings and vehicle, allegedly because of his dreadlocks. The officers insisted on taking him to the station, despite finding nothing incriminating.
He claimed the situation escalated when he refused to pay a bribe, noting that the officers appeared determined to waste his time and pressure him into offering money.
The man said he contacted the U.S. embassy during the encounter, after which he was eventually allowed to leave.
Junior Pope's wife, Jennifer Odonwodo has announced the death of her father-in-law, Jnr Pope's father, Ozor Luke Odonwodo.
Barely One Month Ago,,I Was With You In Enugu…Some Days Later,,Reme (My Mother In Love) Called,,Asked How I And Her Boys Are Doing And Further Went To Say That Her Husband Has Gone To Meet My Husband 😢 😭
I Screamed But Had To Quickly Pull Myself Together As She Started Crying After I Screamed
Ozor Luke Odonwodo Is One Man That Genuinely Loved Me…And I’m So Thankful I Got To Spend Time With Him Even Though Short Unknowingly In His Last Days…
He Passed An Octogerian Who Lived A Good Life,,Paid His Dues,,Sacrificed A Lot For His Family And Loved Ones And Happily Reaped The Fruits Of His Labour…
Reme,,Nwanyiomam,,This Is Actually A Lot Within One Year But I Pray God Gives You And Us All The Strength We Need To Keep Pushing No Matter How Hard It Seems….
Adieu Father And Son…You Are Sorely Missed But We Hold Onto The Resurrection Promises In John 5:28,29 And Acts 24:15
Ozor Luke Odonwodo Jnr Pope Odonwodo,,May Your Gentle Souls Rest In Perfect Peace Till We Meet To Part No More
Investment › Moniepoint Employees Make $20,000 And $850,000 From Unicorn Round by nlfpmod(mod): 9:41pm On Jun 04, 2025
