Okra to Return Three Years of Runway to Investors

Sunday 6th July 2025

I hope you are having an amazing Sunday! Welcome back to the ONLY newsletter that gives readers a weekly recap of the major events in the Nigerian Business World.

Okra shut down on July 2, 2025, following the departure of CEO Fara Ashiru from the company.

Since then, there has been speculation about how the company will shut down. Speaking with Techpoint Africa, Ashiru shed more light on the company's shutdown and the reasons for it.

According to her, the startup had three years of runway left, which it will now return to its investors. Ashiru declined to comment on the amount to return. While Okra has not disclosed the exact amount they will return to investors, there are estimations.

Given that the company raised a total of $16.5 million and operated for five years, it most likely spent between 60% and 75% of its funding, or approximately $9.75 to $12.25 million, as most early-stage startups typically raise enough for 18 to 24 months of runway.

It would leave an estimated $4 to $5.5 million unspent. Assuming the majority of this balance remained after providing severance and bonuses to employees, investors could have received between $4 million and $5 million back.

GTCO to Become First Bank on the LSE

By 8 a.m. on the 9th July, GTCO Holdings will begin trading on the London Stock Exchange. The group plans to list all of its shares on the London Stock Exchange, becoming the first Nigerian banking entity to do so.

It comes as the group launches a public offering of new ordinary shares on the London Stock Exchange to raise approximately $100 million. The equity offering, an accelerated bookbuild managed by Citigroup, will run from 2nd to 31st July.

The group announced on the 31st July that it would remove its Global Depositary Receipts (GDRs) from the UK Financial Conduct Authority's (FCA) Official List. It will also revoke their trading privileges on the main market of the London Stock Exchange.

Instead of the GDRs, the group will list all of its ordinary shares directly on the exchange. GTCO intends to add all of its shares to the equity shares category for international commercial companies on the FCA's Official List via a secondary listing. The shares will also start trading on the LSE's main market for listed securities.

NGX Group Secures Funding Support from DEG Impulse to Begin N-Zero Programme

The Nigerian Exchange Group (NGX Group) has signed a funding agreement with DEG Impulse gGmbH, a subsidiary of the German Development Finance Institution, DEG - Deutsche Investitions-und Entwicklungsgesellschaft mbH, part of KfW Bankengruppe, to begin implementing its flagship NGX Net-Zero Programme (N-Zero).

The recently signed agreement in Cologne, Germany, is a significant step forward for the NGX Group's efforts to strengthen climate resilience and promote low-carbon development in Nigeria's private sector.

The multibillion-naira funding was secured through DEG Impulse's develoPPP programme, which supports innovative private-sector initiatives with significant development impact.

N-Zero aims to equip businesses with the necessary tools, frameworks, and technical guidance to establish, validate, and achieve science-based emission reduction targets. It aligns with Nigeria's commitment to the Paris Agreement and the global target of limiting temperature rise to 1.5°C.

By bringing together global climate partners, including implementing partner Africa Foresight Group (AFG), NGX Group will assist companies in developing credible transition plans and carbon projects that generate verifiable carbon credits, thereby supporting economic resilience, promoting green investments, and contributing to a decarbonised future.

Aradel, Wema Bank Join NGX 30 Index After Semi-Annual Rebalancing

The Nigerian Exchange Limited (NGX) has announced the removal of Conoil and Julius Berger from the NGX 30 Index. This key benchmark tracks the 30 most capitalised and liquid companies listed on the exchange.

The disclosure came in a half-year market review published on July 1, 2025, titled "Strengthening the Competitiveness of African Economies."

According to the Exchange, Conoil and Julius Berger got dropped during the semi-annual rebalancing based on market capitalisation criteria.

Aradel and Wema Bank joined the index as replacements, maintaining the total number of constituents at 30.

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Thank you for reading! Stay tuned next week to be updated with the latest major events from the Nigerian commercial sector.