CBO capital, British Council donate $2500 to 3 IT entrepreneurs

The three IT startups emerged as winners and finalists at the Entrepreneurs Pitching Contest organized as part of the recently held British Council Creative Industries Expo in Lagos, Nigeria.Speaking during the presentation of the cheques to the finalists, at the company’s head office in Lagos, the Director, CBO Investment Management, Chuka Mordi said the seed-funding […]

The three IT startups emerged as winners and finalists at the Entrepreneurs Pitching Contest organized as part of the recently held British Council Creative Industries Expo in Lagos, Nigeria.
Speaking during the presentation of the cheques to the finalists, at the company’s head office in Lagos, the Director, CBO Investment Management, Chuka Mordi said the seed-funding is in furtherance of CBO’s vision to provide funding and growth capital for small businesses in Nigeria and West Africa.
According to him, the early stages of any business are absolutely crucial for entrepreneurs and this why capital is key to business survival.
He said, “By supporting these start-ups during their formative years, we are relieving them of the financial concerns, so they can focus on other key areas that contribute to the overall success and growth of their businesses.”
He explained that CBO Investment Management is a West Africa focused Investment Manager that advises on investments, and manages funds on behalf of institutions, private clients, African diaspora and retail investors.
Mordi informed that CBO has invested over USD$49m and returned over USD$70m to investors.
He said, “The Company is focused on recycling ‘African Funding for African Business’ and using such to generate further foreign direct investment. In line with this mission, CBO is actively investing and raising a USD$150m Growth PE Fund, that is focused on SME investments within the West African sub region.”
Sulaiman Teslim Olalekan, founder of Shopinfo.com.ng, a mobile application that helps shoppers source goods in local shops, check stock availability and compare prices, was the overall winner at the contest.
The two runners-up were David Ugoagbara of Priceleakers.com, an online marketplace for building materials, and Ayodele Elegba ofComicpanel.org, an online hub for comics and related industries.