Focused on strengthening local capital participation across the continent, the partnership is designed to bridge long-standing gaps between early-stage startups and local investors, focusing on three critical areas, including pipeline sharing, market knowledge exchange, and ecosystem development. 

Together, both organisations aim to build a stronger foundation for sustainable startup growth driven by African investors and African capital.

Speaking at the signing ceremony, Yemi Keri, president of ABAN, said, “The future of Africa’s innovation economy depends on how effectively we can mobilise local capital and empower local investors. Our collaboration with Madica helps bridge the gap between angel investors and institutional capital, ensuring that more funding comes from within the continent, and that startups everywhere in Africa can access the right type of support to scale.”

Under the new MoU, ABAN and Madica Ventures will share access to curated, investment-ready startups, focusing on underserved regions that usually fall outside major investment hubs. 

Both parties will also facilitate direct learning between African angel investors and Madica’s global investment experts, a move expected to boost investor trust and improve deal quality across the board.

Emmanuel Adegboye, head of Madica, reinforced the partnership’s mission to go beyond funding:

“Early-stage founders in Africa need more than just capital. They need a community of investors who understand their context and champion their growth. We have seen firsthand that remarkable founders exist in every corner of the continent, yet too many remain disconnected from the capital and networks they need to thrive. 

“Through this collaboration with ABAN, we are closing that gap, aligning angels and institutional investors to work in sync, expand early funding pathways, and ensure that high-potential startups, wherever they are in Africa, have a real shot at scale.”

The agreement, which will remain active for two years, sets a foundation for more collaborative initiatives aimed at aligning local wealth with Africa’s rapidly growing startup scene.

Fadilah Tchoumba, CEO of ABAN, noted, “This collaboration reinforces our belief that Africans must finance Africa’s growth. By working with Madica, we are amplifying local capital participation and creating new pathways for investors to engage more meaningfully with the continent’s most promising ventures.”

Beyond the signatures and formalities, the ABAN–Madica partnership goes beyond capital mobilisation, it focuses on ownership, influence, and redefining the flow of investment power back to the continent.

In merging ABAN’s extensive angel network with Madica’s venture-building expertise, both organisations are bolstering how Africa’s startup ecosystem can evolve, prioritising sustainability, inclusivity, and local empowerment over dependency on foreign capital.

Africa’s next wave of innovation will be financed by Africans themselves.

This is an important step in boosting government–ecosystem collaboration as part of the broader rollout of the Nigeria Startup Act (NSA). 

The Act, signed into law on 19 October 2022, seeks to provide a legal and institutional framework to ensure startup growth, providing incentives such as a startup seed fund, tax reliefs, and simplified regulatory procedures for eligible companies.

Beyond a ceremonial launch, the Startup Consultative Forum by NITDA aims to connect startup founders, angel investors, venture capitalists, and innovation support organisations into one space directly with policymakers to shape national decisions, from policy design to long-term investment strategies.

It also opens the door to electing members of the National Council for Digital Innovation and Entrepreneurship — the top advisory group for Nigeria’s startup sector. 

The goal includes handing over part of the policymaking reins to those who are actively building the country’s digital economy.

The government is relying on this group to recommend who will sit on the National Council for Digital Innovation and Entrepreneurship — the top advisory body for startups in Nigeria. 

This council, created by the Nigeria Startup Act (NSA), has the power to influence where funding goes, what policies stay, and which ones die on paper.

NITDA says this forum will prioritise representation. That means no empty panels and no one-size-fits-all solutions. It wants those building real products and running real businesses to be in charge of the future. 

“Join us in shaping the future of digital innovation in Nigeria. Together, we can build a thriving ecosystem that supports and celebrates the pioneering spirit of Nigerian startups.”

What makes this meeting different from previous tech gatherings is the emphasis on nomination and voting. Every participant is expected to contribute to selecting who will represent startups at the highest level of policymaking. 

NITDA is calling on “all Labelled Startups, Verified Entrepreneurial and Innovation Support Organisations, Angel Investors, Venture Capitalists, and other relevant stakeholders” to show up, contribute, and make decisions.

For more information, interested parties can reach NITDA via email at info@nitda.gov.ng, visit the website, or follow them on social media @nitdanigeria.

The press statement was signed by Mrs Hadiza Umar, fnipr, f.apra, mcipr, director of Corporate Communications and Media Relations at NITDA.