Business

The Nigerian Entrepreneur Tolu Alabi Secures $1.5 Million Funding for Her Startup, Cleva Banking

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The Nigerian entrepreneur Tolu Alabi recently successfully led a pre-seed funding round of $1.5 million for her San Francisco-based fintech startup, Cleva Banking. This achievement in fundraising was made possible with the support of major investors such as 1984 Ventures and renowned venture capital firms including The Raba Partnership, Byld Ventures, FirstCheck Africa, and several angel investors. This significant capital injection comes just ten months after the establishment of Cleva Banking, underscoring investors’ confidence in the ambitious project spearheaded by Alabi.

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Good news for Dangote amid controversy

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The Dangote Group, a giant in the Nigerian industry, is navigating through a period mixed with challenges and successes. Recently, Dangote Petroleum Refinery received its fifth shipment of crude oil, a cargo of one million barrels of Bonny Light, supplied by the Nigerian National Petroleum Corporation Limited. This delivery marks a significant milestone for the refinery as it gears up to commence operations.

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How Nigeria Shapes Its Billionaires

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Nigeria, often referred to as the “Giant of Africa“, stands out for its dynamic and diverse economy. As Africa’s largest economy, it benefits significantly from its large population and extensive natural resources. The petroleum sector plays a pivotal role, accounting for a substantial portion of government revenues and exports. However, Nigeria is also characterized by its economic diversity, with booming sectors like telecommunications, film (Nollywood), and agriculture.

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U.S. national debt hits record high

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The United States has reached a daunting fiscal milestone with its national debt surpassing $34 trillion for the first time, as per the latest data from the Treasury Department. This record-breaking figure reflects the cumulative borrowing by the federal government and highlights a concerning trend in the nation’s fiscal health, especially considering it comes just three months after the debt exceeded $33 trillion.

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