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Maad Secures $3.2 Million Funding to Revolutionize B2B E-commerce in Western Africa

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Maad Secures $3.2 Million Funding to Revolutionize B2B E-commerce in Western Africa

Maad, a rapidly growing B2B e-commerce startup based in Senegal, has announced that it has secured $3.2 million in debt-equity funding from a consortium of investors led by prominent venture capital firms, CDC Group and Proparco, and angel investors. The funding, which was finalized on June 1, 2023, aims to support Maad’s expansion plans across Western Africa. Maad’s platform connects suppliers with businesses, offering a wide range of products, including food, beverages, personal care items, and more. Since its inception in 2020, the startup has made significant strides in Senegal and neighboring countries, with its user base growing exponentially.

The fresh funding will enable Maad to enhance its logistics and technology infra- structure, expand its product offerings, and strengthen its presence in the region. “This investment is a testament to our commitment to revolutionize the B2B e-commerce space in Western Africa,” said Amadou Ba, CEO of Maad. “We’re poised to make a significant impact on the region’s economy by empowering businesses and entrepreneurs.” Maad’s platform has already made a significant impact on the region’s economy by providing businesses with access to a wide range of products, improving supply chain efficiency, and reducing costs. With this funding, Maad plans to expand its operations to other countries in Western Africa, including Nigeria, Ghana, and Côte d’Ivoire. The funding is a significant milestone for Maad, which has been gaining traction in the region’s e-commerce landscape. “We’re thrilled to support Maad’s growth plans,” said CDC Group’s Investment Director, Fatoumata Camara. “Their innovative approach to B2B e-commerce has the potential to trans- form the way businesses operate in Western Africa.” Maad’s success has also attracted the attention of angel investors, who see huge

potential in the startup’s business model. “Maad’s platform has the potential to disrupt the traditional supply chain model in West- ern Africa,” said angel investor, Dr. Abdoulaye Djire. “I’m excited to be part of this journey.” With this funding, Maad is well-positioned to capitalize on the growing demand for e-commerce solutions in Western Africa. The startup’s expansion plans are expected to create jobs, improve economic opportunities, and contribute to the region’s economic growth. In conclusion, Maad’s $3.2 million funding is a significant milestone for the startup and the region’s e-commerce landscape. As Maad continues to innovate and expand, it’s clear that the future of B2B e-commerce in Western Africa looks bright.

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Democracy in Decline: Peter Obi Slams Tinubu’s Two-Year Rule

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Former Anambra State Governor and Labour Party presidential candidate, Peter Obi, has expressed deep concern over the state of democracy in Nigeria under President Bola Tinubu’s administration.

Obi made this assertion in a Democracy Day message titled “Democracy in Decline: Reflecting on Two Years of Tinubu’s Governance,” reacting to the President’s speech to a joint session of the National Assembly.

According to Obi, a comprehensive review of Tinubu’s two-year rule reveals significant shortcomings in governance and policy delivery.

“Democracy has been in recession since President Bola Tinubu took over power two years ago,” Obi stated, adding that the All Progressives Congress (APC)-led administration has performed poorly across various governance indices, including corruption, economic management, insecurity, and politics.

Obi lamented that Nigeria can no longer be classified as a democratic country, citing the absence of vital democratic indicators.

“Democracy is said to be ‘a government of the people, by the people, and for the people,’ yet none of these three measures exist in our democracy today,” he noted.

The Labour Party leader called on President Tinubu to emulate the example of late President Umaru Yar’Adua, who acknowledged the flaws in his election process and took steps to address them.

He also commended former President Goodluck Jonathan for accepting defeat before the announcement of the 2015 election results, describing it as a significant contribution to Nigeria’s nascent democracy.

Obi urged President Tinubu to prioritize domestic engagement over international trips, suggesting that the President should tour the 36 states of Nigeria instead of spending excessive time abroad.

“Governing by remote is not what Nigerians need, you need to go round and get firsthand,” Obi advised, noting that the President’s over 30 international trips in two years have not yielded the desired results.

The former governor emphasized the need to end the current era of impunity, state capture, and disregard for the rule of law, stressing that these issues are essential to the survival of Nigeria’s democracy.

“We must end this troubling governance era that is filled with impunity, state capture, and absolute disregard for the rule of law and the checks and balances required of any worthwhile democracy,” Obi declared.

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IAEA Declares Iran in Breach of Nuclear Obligations

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The International Atomic Energy Agency’s (IAEA) Board of Governors has declared Iran in breach of its nuclear non-proliferation obligations.

The resolution, passed on Thursday with 19 votes in favor out of 35 countries, marks the first time in 20 years that such a declaration has been made against Iran.

According to the vote breakdown, 19 countries voted in favor of the motion, submitted by the US, UK, France, and Germany while 3 countries – Russia, China, and Burkina Faso – voted against the resolution with 11 countries abstained and 2 countries did not vote.

The IAEA’s report highlights Iran’s “many failures” to provide full answers about its undeclared nuclear material and activities, constituting non-compliance with its obligations.

The agency is concerned about Iran’s stockpile of enriched uranium, which can be used for both reactor fuel and nuclear weapons.

The report also notes that Iran has enough uranium enriched to 60% purity, near weapons-grade, to potentially make nine nuclear bombs.

Iran’s government condemned the resolution as “political” and announced plans to open a new uranium enrichment facility at a secure location.

They also intend to replace first-generation centrifuges with sixth-generation ones at the underground Fordo facility. “Other measures are also being planned,” the statement added.

This development could further complicate talks between Tehran and Washington on a new nuclear agreement.

US President Donald Trump hopes to see Iran end its enrichment program and prevent it from developing a nuclear weapon.

However, Trump expressed growing skepticism about striking a deal earlier this week.

The move comes amid heightened tensions in the Middle East, with the US advising non-essential staff at some embassies to leave and reports suggesting Israel is preparing to launch strikes on Iranian nuclear facilities.

Iran’s defense minister has warned that any attack would be met with retaliation against US military bases within reach.

Diaspora Watch recalls that the 2015 nuclear deal between Iran and six world powers limited Iran’s nuclear activities in exchange for relief from economic sanctions.

However, the US withdrew from the agreement in 2018, citing concerns about Iran’s nuclear pathway.

Since then, Iran has increasingly breached restrictions on enriched uranium production.

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Air India Flight 171 Crashes in Ahmedabad, Gujarat: Death Toll Mounts

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A devastating air disaster struck Ahmedabad, Gujarat, on Thursday when Air India Flight 171, carrying 242 passengers and crew members, crashed shortly after takeoff from Sardar Vallabhbhai Patel International Airport.

The flight, bound for London’s Gatwick Airport, plummeted to the ground approximately 1.7 kilometers from the airport, leaving a trail of destruction and loss of life.

According to local authorities, at least 204 bodies have been recovered from the crash site, with more feared trapped under the rubble.

City Police Commissioner GS Malik confirmed that there appear to be no survivors from the crash.

“There appears to be no survivor in the crash,” Malik told AFP. “And since the airplane has fallen on an area which was residential and had some offices, there are more casualties as well”.

The airline revealed that among the passengers were: 169 Indian Nationals, 53 British Nationals, 1 Canadian and 7 Portuguese Nationals.

Over 90 emergency response workers have been deployed at the site, with rescue teams working tirelessly to pull rubble and search for survivors.

The Aircraft Accident Investigation Bureau (AAIB) has launched a probe into the crash, while the US Federal Aviation Authority (FAA) has expressed readiness to provide technical support.

Prime Minister Narendra Modi has taken stock of the situation, ordering rescue and relief operations.

Union Home Minister Amit Shah and Civil Aviation Minister Ram Mohan Naidu have rushed to Ahmedabad to assess the situation.

British Prime Minister Keir Starmer has expressed his devastation at the incident, saying, “My thoughts are with the passengers and their families at this deeply distressing time”.

The Ministry of External Affairs has termed the crash a “tragic accident”, extending condolences to the families of the victims.

The High Commission of Canada has also expressed its deepest condolences, with Canadian Prime Minister Mark Carney stating he was “devastated” by the news.

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