Weekly Investor Update (May-WeekOne-2025)

13 min Read May 2, 2025 at 5:00 PM UTC

Monday

OmniRetail Raises $20M to Expand FMCG Distribution Across West Africa

OmniRetail, a Nigerian B2B commerce platform targeting the informal retail sector, has raised $20 million in a Series A equity round to accelerate expansion in Nigeria, Ghana, and Ivory Coast. The round was co-led by Norfund and Timon Capital, with participation from Ventures Platform, Aruwa Capital, Goodwell Investments, and Flour Mills of Nigeria.Founded in 2019, OmniRetail digitizes supply chain operations for over 150,000 informal retailers, providing inventory management, embedded credit, and digital payments. The company, which became EBITDA positive in 2023 and net profitable in 2024, operates an asset-light model leveraging a network of 1,100 vehicles and 85 logistics partners.The funding marks Norfund’s first direct equity investment in an African startup. OmniRetail plans to expand into new product categories, upgrade credit underwriting tools, and pursue strategic acquisitions. The company processed ₦1.3 trillion ($810 million) in transactions in 2024, with its BNPL product disbursing ₦19 billion ($12 million) monthly.

OmniRetail’s profitable growth highlights a shift in Africa’s B2B commerce landscape. After years of aggressive expansion fueled by venture capital, startups are now prioritizing margin optimization and embedded finance. OmniRetail’s strategy of building scale before offering credit contrasts with earlier models that issued loans prematurely. By capturing retailer-level sales data through its acquisition of Traction Apps, OmniRetail gains critical insights to tailor financial products and reduce defaults. The informal retail sector represents an estimated 90% of consumer goods transactions in Africa. Platforms that digitize order flows, streamline logistics, and embed finance are well-positioned to dominate this massive but fragmented market. OmniRetail’s model also mirrors successful international players, blending commerce and financial infrastructure.

SOGB Posts 263% Profit Jump in Q1 on Strong Rubber Exports

Société des Caoutchoucs de Grand-Béréby (SOGB) reported a net profit of 6.02 billion FCFA ($10.5 million) for Q1 2025, up 263% from 1.66 billion FCFA ($2.9 million) in the same period last year, according to results released April 23.Revenue jumped 63% to 31.21 billion FCFA ($54.2 million) compared to Q1 2024. Operating income reached 6.97 billion FCFA ($12.1 million), a 264% increase. Rubber exports surged 78.5%, driven by higher average selling prices (+41.1%) and increased sales volume (+26.5%).Palm oil business revenue grew 37.7%, with crude palm oil sales volume up 13.7% and average prices rising 25.9%. Palm kernel oil sales decreased 63.8% in volume but saw prices more than double (+115%). Net profit margin improved to 19.3% from 8.7% a year earlier. SOGB, listed on the BRVM regional exchange asSOGC, has a market capitalization of 21.6 billion FCFA ($37.5 million).

SOGB’s strong performance comes amid favorable conditions in global rubber markets. Natural rubber prices have risen on supply constraints in major producing regions and recovering demand from automotive and industrial sectors. The Ivorian agribusiness company operates rubber plantations and processing facilities in southwestern Côte d’Ivoire, along with palm oil production activities. The company exports primarily to European and Asian markets. Agricultural companies have shown resilience on the BRVM exchange compared to other sectors. While the BRVM Composite index fell 3.19% last week, several agricultural stocks posted gains. The significant margin improvement demonstrates the leverage effect of commodity price increases on SOGB’s profitability structure. Palm oil prices remain supportive despite volatility, with the complementary business line providing diversification from rubber market cycles.

Daba Launches Academy to Drive Investment Education in West Africa

Daba Finance has officially launched Daba Academy—branded in French asL’École du Patrimoine—a comprehensive online platform focused on democratizing investment education in Francophone Africa. Theprogramtargets retail investors across the WAEMU region looking to build wealth through the BRVM, the regional stock exchange.For a limited pre-launch price of 15,000 CFA ($26), learners gain lifetime access to a 24-module curriculum, expert-led instruction, and practical tools, including a 5,000 CFA investment bonus and free account setup on the Daba platform. All students receive a digital certificate upon completion.Daba Academyoffers step-by-step guidance on understanding BRVM markets, selecting stocks, and building investment strategies, with 24/7 accessibility and a peer learning community. Daba has already trained 30,000 learners for free and now expands to premium education, aiming to bridge the gap between financial literacy and real-world investing in Africa.

Daba Academy represents a strategic push by Daba Finance to scale financial inclusion through education. By combining accessible online learning with direct investment tools, the platform empowers individuals to move from learning to action. While many Africans remain excluded from formal financial markets, mobile-first tools and structured education can change that. Daba Academy supports this shift by lowering barriers and connecting knowledge with execution. The WAEMU region’s BRVM exchange has seen growing interest from young and diaspora investors. Through Daba’s integrated model—education, investing, and mobile banking—the company is positioning itself at the forefront of Africa’s retail investment revolution. Daba’s model also supports community growth via referral bonuses and promo discounts, further expanding reach. As economic challenges highlight the need for wealth-building tools, Daba Academy arrives at a critical time to help individuals take control of their financial futures.

Ivorian Rubber Producer SAPH First-Quarter Profit Grows 949%

Société Africaine de Plantations d’Hévéas (BRVM: SPHC), Ivory Coast’s leading rubber producer, reported a 949% jump in first-quarter net profit to 11.8 billion XOF ($20.4 million) compared to 1.1 billion XOF ($1.9 million) a year earlier.Revenue climbed 72% to 94.3 billion XOF ($163.3 million), driven by a 24% increase in sales volume and a 41% rise in average selling prices. The company’s profit margin improved to 13% of revenue, up from 2% in Q1 2024, reflecting better operating margin control and improved financial results following progressive debt reduction.Natural rubber prices averaged $1.93 per kilogram in Q1 2025, 25% higher than the $1.57 per kilogram in the same period last year. However, SAPH warned that recent U.S.-initiated trade tensions could harm global rubber consumption, noting “drastic” drops in SICOM rubber prices and dollar values following April trade measures. The company maintains a cautious outlook for 2025 while focusing on adapting to market conditions to preserve profit margins.

Global natural rubber prices have surged since mid-2024 amid supply constraints in major producing countries, Thailand, Indonesia, and Vietnam. The commodity reached four-year highs in early 2025 due to weather disruptions and growing demand from the automotive sector. Ivory Coast, Africa’s largest rubber producer with approximately 1 million tons annual output, has benefited from this price environment. The country’s rubber exports generate nearly $1 billion in annual revenue. SAPH’s continued focus on sustainable natural rubber aligns with the EU Deforestation Regulation (EUDR) requirements that took effect in December 2024, mandating that rubber imports to European markets be deforestation-free.

High-Yield Stocks for 2025 as BRVM Dividend Season Gets Underway

The dividend season has begun on the BRVM, with multiple West African listed companies releasing their 2025 dividend proposals. Among the top-yielding stocks so far are BOA Burkina (BOABF), BOA Benin (BOAB), and BOA Mali (BOAM).Sonatel (SNTS) announced the highest nominal dividend at 1,655 XOF per share, while SGCI (SGBC) followed closely with 1,639.44 XOF. Orange Côte d’Ivoire (ORAC) proposed a 660 XOF dividend, translating to a 4.70% yield. Ecobank Côte d’Ivoire (ECOC), PALM CI (PALC), and SAPH (SPHC) are also among key dividend payers.See full list here.Dividends offer a steady income stream for investors and are a core component of long-term strategies on the BRVM. Investors can buy shares via the Daba app before the ex-dividend dates to qualify for payouts. Updated as of April 24, the list includes 15 companies and remains subject to change.

With rising interest in passive income, dividends are becoming a focal point for retail investors on the BRVM. In a market where price appreciation may be modest, consistent dividend payouts provide tangible returns. Banks remain the top dividend payers, supported by strong earnings and stable regulatory frameworks. BOA subsidiaries across West Africa continue to deliver double-digit or near double-digit yields, making them popular among income-focused investors. However, yield alone doesn’t tell the full story. Investors are advised to consider the sustainability of payouts, earnings coverage, and broader financial health of dividend-paying firms. Through platforms like Daba, investors can access updated dividend calendars, stock research, and automated alerts to time purchases effectively. As dividend investing gains traction, tools that simplify decision-making and execution are becoming key enablers for retail participation across the region’s capital markets.

BIIC Bénin Gains 6.7% on Debut After $173M IPO on BRVM

Shares of Benin’s International Bank for Industry and Commerce (BIIC Bénin) rose 6.7% on their trading debut Monday, closing at XOF 5,600 on the Bourse Régionale des Valeurs Mobilières (BRVM) in Abidjan. The listing follows a successful XOF 105 billion ($173 million) initial public offering.BIIC Bénin, which trades under the symbolBICB, is now the sixth most valuable listed company on the BRVM, with a market capitalization of XOF 323 billion, accounting for roughly 2.93% of the exchange’s total equity value.The stock was listed on April 28, 2025, and opened strong as investors reacted to strong demand for shares in the state-controlled bank. The listing expands the financial sector’s footprint on the regional exchange and marks one of the largest IPOs on the BRVM in recent years.

BIIC Bénin’s IPO adds momentum to the BRVM’s efforts to deepen liquidity and attract new issuers. The $173 million offering is the second-largest on the exchange after Orange Côte d’Ivoire in 2022, signaling strong investor appetite for financial sector listings. The BRVM, which serves eight West African nations using the CFA franc, has seen rising retail participation in recent years, helped by mobile-first investing platforms and increased access to market data. BIIC’s addition boosts Benin’s representation on the exchange and aligns with government efforts to privatize and modernize state assets. The bank’s debut also comes as regional banks are increasingly viewed as defensive plays amid global uncertainty, supported by consistent dividends and robust fundamentals. For investors, BIIC offers a foothold in one of West Africa’s more stable banking markets, with potential upside as Benin’s financial services sector continues to formalize and expand.

Ghana’s Kofa Gets $8.1M to Scale Battery Swapping Network in Africa

Ghanaian energy startup Kofa has raised $8.1 million in a pre-Series A round to expand its AI-powered battery-swapping network across urban Africa. The round includes $3.25 million in equity, $4.315 million in debt, and $590,000 in grants. Equity investment was co-led by E3 Capital and Injaro Investment Advisors, while Shell Foundation and the UK’s Transforming Energy Access platform supported with catalytic debt and grants.Launched in 2022, Kofa operates a swappable battery system designed for motorcycles, small businesses, and households. The system delivers reliable, clean energy in under two minutes per swap. The company currently facilitates over 200 swaps daily with a 99% charge rate.Kofa will use the funds to scale into three cities across West and East Africa and enhance its AI-based battery management system, which tracks usage, predicts demand, and optimizes energy deployment.

Kofa’s fundraising reflects rising investor interest in Africa’s clean energy and electric mobility sectors. With urban congestion and fuel costs driving demand for electric motorcycles and decentralized power, battery-swapping solutions are emerging as scalable, cost-effective alternatives. By integrating AI and IoT, Kofa aims to solve major pain points: battery reliability, charging time, and infrastructure cost. Its platform increases uptime for small businesses and delivery operators, many of whom rely on two-wheel transport. The company’s investor mix—including institutional funds, development finance, and battery-sector angels—positions Kofa to benefit from the convergence of clean tech, fintech, and urban logistics. Local assembly and international hardware partnerships will be central to scaling infrastructure sustainably. As countries like Ghana and Kenya prioritize electrification and carbon reduction, Kofa’s approach could become a blueprint for distributed energy in high-density African cities, where access, affordability, and speed remain non-negotiable.

Uniwax Posts First Net Profit in Three Years After Asset Sale

Ivorian textile company UniWax (BRVM: UNXC) reported a net profit of 8.2 billion CFA francs ($13.8 million) for Q1 2025, reversing three consecutive years of losses. The turnaround was driven by a capital gain of 8.54 billion CFA francs from the sale of its industrial land in Yopougon under a sale-leaseback agreement. The company continues operations on the premises.Revenue rose 14% year-on-year to 7.84 billion CFA francs, buoyed by a recovery in Nigerian and Guinean markets and reinforced distribution networks. Despite this, ordinary operations still posted a loss of 329 million CFA francs, though it marks a 72% improvement from Q1 2024.The asset disposal and optimization in logistics and production helped clean up the balance sheet, following a challenging 2023 when UniWax recorded a loss of 2.03 billion CFA francs. Shares are currently trading at 395 CFA francs, having declined over 10% in the past six months.

While the Q1 profit offers temporary relief, analysts remain cautious due to its reliance on a one-time asset sale. The improvement in operational losses is encouraging, yet UniWax must demonstrate sustained revenue growth and cost efficiency for a durable recovery. The company’s cultural brand equity in Côte d’Ivoire and signs of demand recovery in key West African markets provide some support. However, regional consumption remains fragile, and sociopolitical instability in West Africa continues to weigh on outlooks. Operational discipline and strategic asset reallocation are now central to UniWax’s turnaround strategy. Still, market sentiment remains tentative, with the stock showing limited upside amid earnings uncertainty.

Aruwa Capital Nears $40M Target for Second Gender-Lens Fund

Lagos-based Aruwa Capital Management has closed 90% of its targeted $40 million Aruwa Capital Fund II, with plans to upsize the fund to $50 million by year-end amid strong investor interest. The gender-lens investment firm, founded by Adesuwa Okunbo Rhodes, focuses on early-stage growth equity investments in Nigeria and Ghana.The fund targets small to lower mid-market companies providing essential goods and services for Africa’s next billion consumers. Sectors of focus include healthcare, financial services, energy access, and consumer staples. Initial ticket sizes range from $1 million to $3 million.Aruwa has secured backing from returning LPs such as Mastercard Foundation Africa Growth Fund and Visa Foundation, along with new investors including the Bank of Industry (BOI), British International Investment (BII), and EDFI’s ElectriFI facility. Fund II has already deployed capital into two companies: Yikodeen, a safety boot manufacturer, and a fast-casual dining chain in Nigeria.

Aruwa Capital’s second fund highlights growing momentum for gender-lens investing in African private equity. As one of the continent’s few women-led fund managers, Aruwa is addressing capital gaps in a segment often underserved by traditional financiers. The firm’s strategy targets resilient, impact-driven sectors where women are both key consumers and participants in the workforce. Its early investments—such as in protective equipment manufacturing and affordable dining—demonstrate its focus on inclusive growth and local value chains. Support from development finance institutions and global impact investors reflects increasing appetite for funds that blend commercial returns with measurable social outcomes. With Aruwa on track to exceed its $40 million target, its fundraise signals broader institutional confidence in small-cap, impact-oriented strategies—especially those driven by diverse fund managers in emerging markets.

This material has been presented for informational and educational purposes only. The views expressed in the articles above are generalized and may not be appropriate for all investors. The information contained in this article should not be construed as, and may not be used in connection with, an offer to sell, or a solicitation of an offer to buy or hold, an interest in any security or investment product. There is no guarantee that past performance will recur or result in a positive outcome. Carefully consider your financial situation, including investment objective, time horizon, risk tolerance, and fees prior to making any investment decisions. No level of diversification or asset allocation can ensure profits or guarantee against losses. Articles do not reflect the views of DABA ADVISORS LLC and do not provide investment advice to Daba’s clients. Daba is not engaged in rendering tax, legal or accounting advice. Please consult a qualified professional for this type of service.