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WHO REALLY OWNS MONIEPOINT? The $290 Million Deal That Sold Nigeria’s Top Fintech to Foreign Interests
In a recent announcement that sent ripples across Africa’s fintech landscape, Moniepoint Inc. confirmed it had secured an additional $90 million to close its Series C funding round at a staggering $200 million (Source: Techpoint Africa; Serrari Group; Ecofin Agency, Oct 2025).
While the company, formerly TeamApt – touts the deal as a major vote of confidence, the influx of capital, led by heavyweight institutional investors like Development Partners International (DPI) and LeapFrog Investments, and including global players like Visa, Google’s Africa Investment Fund, and the International Finance Corporation (IFC) (Source: Multiple, Oct 2025), raises fundamental questions about who truly controls Africa’s “leading profitable fintech.”
The Founder’s Dilution: CEO or Steward?
The unprecedented scale of external capital implies a massive, unspoken cost: a significant transfer of power from the original founders and local interests to foreign boardrooms.
The narrative is shifting from a local entrepreneur building a pan-African dream to a highly competent CEO appointed by a global consortium.
Industry speculation, fueled by the sheer volume of institutional money now dominating the cap table, alleges that Co-founder and Group CEO Tosin Eniolorunda’s personal equity stake may have been diluted to a non-controlling percentage, a common outcome where founders become figureheads for their international backers, holding minimal control despite remaining the public face (Controversy derived from: African Law & Business, Nov 2025; DPI Partner Adefolarin Ogunsanya, Oct 2025).
When institutional giants anchor a round of this size, the company’s ultimate financial destiny is often decided far from its Nigerian headquarters. The founder, in essence, becomes an incentivized steward for foreign capital, undermining the narrative of a fully Nigerian-owned tech success story.
The Irony of ‘Commitment’: A Campaign Built on Borrowed Loyalty
Moniepoint frequently uses its “Made for Your Progress” campaign to declare its commitment to financial inclusion and “powering the dreams” of millions of Nigerians. However, this rhetoric is being used as a shield against the truth of its ownership:
The audacity of Moniepoint’s “Made for Your Progress” campaign rings hollow: how can a company whose ultimate ownership and controlling decisions reside in the boardrooms of US and European private equity firms genuinely claim to be “powering the dreams” of Nigeria’s people? Their commitment is not to the progress of the Nigerian economy, but to the return on investment (ROI) demanded by foreign shareholders who now hold the majority stake in the parent entity, Moniepoint Inc.
By positioning Nigerian success stories as mere fuel for their foreign-controlled growth machine, Moniepoint risks betraying the very local entrepreneurs they claim to champion, transforming their powerful campaign slogan into a thinly veiled sales pitch designed to keep Nigerian users generating profits for their non-Nigerian masters.
The Veil of Profitability: Lawsuits and International Losses
The controversial funding news is further complicated by signs of internal instability and financial vulnerability outside its core market:
Struggling UK Expansion: Despite claims of “sustained profitability” in Nigeria, recent reports indicate Moniepoint posted a $1.2 million operating loss tied to its ambitious and rapid expansion into the United Kingdom (Source: Fintech Magazine Africa; Techpoint Africa, Oct 2025). This international stumble reveals a delicate balancing act where the core profitable business is being leveraged to subsidize risky global ventures demanded by demanding international investors.
Internal Equity Battle: The company’s internal equity practices have been drawn into sharp public controversy. A former top executive is currently locked in a high-profile lawsuit against Moniepoint, alleging the wrongful denial of nearly $1 million in vested stock options (Source: Startup Researcher, Jun 2025). This legal battle casts a long shadow over the company’s integrity and its commitment to those who helped build the business, the very individuals it credits with its success.
The question for Moniepoint, its customers, and the Nigerian tech ecosystem is unavoidable: If the local founder holds minimal control due to massive dilution, if the company struggles with international expansion, and if its own executives are fighting for their promised equity, what exactly is being celebrated? Is this a victory for African fintech, or a carefully orchestrated asset acquisition by global private equity and institutional funds who now own the overwhelming majority of Nigeria’s most critical payment infrastructure?
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Olukare of Ikare, Oba Akadri Momoh, and Council Endorse Balogun ATM for Senate 2027
His Royal Majesty, Oba Akadri Momoh, The Olukare of Ikare Land, alongside his Oba-in-Council of chiefs and elders, has endorsed Chief Abdul Tunji Mohammed (ATM), the Balogun of Ikare, for the Ondo North Senatorial seat in 2027.
The endorsement was announced on Monday at the Olukare’s Palace during Chief ATM’s courtesy visit. Oba Akadri Momoh described ATM as “a true son of Ikare” with the character and competence to represent Ondo North. “He respects tradition and has never turned his back on our people. He has our royal blessing,” the Olukare said.
Chiefs present echoed the monarch, citing ATM’s consistent support for education, healthcare, and empowerment in Akoko land as proof of his readiness.
Chief ATM thanked the Olukare and Council for the “sacred mandate,” pledging to make the welfare of Ikare and Ondo North his priority in the Senate. “In Abuja, the voice of Ikare will be loud, clear, and respected,” he said.
*Signed:*
ATM Campaign Media Team
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Ondo North Youth Alliance (ONYA) Endorses Chief Abdul Tunji Mohammed (ATM) for Senate, Cites Youth Capacity to Lead
The Ondo North Youth Alliance (ONYA), under the leadership of its President, Comrade Ojo Bright Eniafe, has formally endorsed Chief Abdul Tunji Mohammed (ATM) as its consensus candidate for the Ondo North Senatorial District in the 2027 elections.
The endorsement was announced at the Alliance’s expanded executive meeting held in Ikare-Akoko, with youth leaders drawn from all six Local Government Areas of Ondo North in attendance.
Speaking at the event, Comrade Ojo Bright Eniafe declared that the decision was driven by ATM’s clear vision for youth empowerment and economic transformation. “Chief Abdul Tunji Mohammed is not just another politician. He understands that the youth are not leaders of tomorrow – we are leaders today. He has the capacity, the network, and the will to convert our energy into productivity,” Eniafe said.
*Youth Capacity to Lead, Not Just to Clap*
ONYA praised ATM’s blueprint for tackling youth unemployment and rural-urban migration. Central to his agenda is the establishment of *skill acquisition and ICT training centers* across Akoko land, Owo and Ose to equip young people with 21st-century skills in tech, agriculture, fashion, welding, and digital enterprise.
The Alliance also highlighted ATM’s plan to *attract and facilitate factories and agro-processing zones* in Ondo North. “For too long, our brothers from the North have moved to Lagos and other states in search of jobs that don’t exist. With factories here, we keep our youth here. We build our economy here,” Comrade Eniafe stated. “ATM’s background in Finance, Real Estate, and Infrastructure Development gives us confidence that this is not empty talk.”
ONYA further noted that ATM’s track record of quietly supporting student groups, artisans, and young entrepreneurs proves he is youth-friendly and results-oriented. “He doesn’t wait for elections to show up. He has been doing the work,” the President added.
In his response, Chief ATM expressed deep appreciation to ONYA, describing the endorsement as “a call to greater service.” He pledged to sponsor bills and attract federal interventions that will prioritize youth employment, technical education, and industrial growth. “We will build the training centers. We will bring the factories. We will stop the forced migration of our youth. Ondo North will work, and our young people will lead that transformation,” ATM assured.
The Ondo North Youth Alliance called on all youth groups, student unions, and first-time voters across the senatorial district to unite behind ATM, describing him as “the candidate with the brain, the heart, and the blueprint for the youth.”
*Signed:*
Comrade Ojo Bright Eniafe
President, Ondo North Youth Alliance (ONYA)
*For ATM Campaign:*
[08038554184]
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Former Ondo Deputy Governor Ali Olanusi Endorses Chief Abdul Tunji Mohammed (ATM) for Ondo North Senate
*Akure, Ondo State* — In a major boost to his senatorial ambition, Chief Abdul Tunji Mohammed, popularly known as ATM, has received the endorsement of His Excellency, Alhaji Ali Olanusi, former Deputy Governor of Ondo State.
The elder statesman formally adopted ATM’s bid to represent Ondo North Senatorial District during a courtesy visit to his Akure residence last week. The meeting, described by attendees as “warm and strategic,” saw Olanusi throw his political weight behind ATM ahead of the 2027 general elections.
Alhaji Olanusi is a towering figure in Ondo politics and a respected APC chieftain from Akoko, Ondo North. His political résumé spans decades: former Member of the House of Representatives, former State Chairman of the Peoples Democratic Party (PDP), and former member of the All Progressives Congress (APC) Board of Trustees. His voice carries weight across party lines and within grassroots structures in Ondo North.
Speaking during the visit, Olanusi commended ATM’s character, capacity, and commitment to the people. He also paid glowing tribute to the legacy of ATM’s late father, Alhaji Kunle Abdul, whose philanthropy and community development efforts remain reference points in Akoko land and Ondo State.
“The good work of your late father is still speaking well for you,” Olanusi said. “You have shown the same heart for service. Ondo North needs a Senator who understands the people and has the competence to deliver. I believe you are that person.”
Responding, Chief Abdul Tunji Mohammed expressed gratitude for the endorsement, describing Olanusi as “a father, a leader, and a compass for many of us in Ondo politics.”
“This endorsement is humbling. It strengthens our resolve to offer Ondo North a new model of representation — one that is accessible, developmental, and people-driven,” ATM said. “We will not betray this trust.”
Political observers say Olanusi’s endorsement is significant. As a bridge between the old guard and the new generation, his backing is expected to galvanize support across Akoko, Owo, and Ose — the key blocs in Ondo North.
With endorsements now coming from traditional leaders, youth groups, and elder statesmen, ATM’s senatorial ambition continues to gather momentum as the 2027 political calendar draws closer.
Signed
ATM Media Team
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