DealMakers AFRICA

Fintech investor Nithio, has provided financing to Nigerian e-mobility platform MAX, extending its Series B3 funding round to US$29 million. MAX combines OEM vehicle and battery partnerships, solar-PV powered charging and swapping infrastructure, IoT-enabled fleet management, digital payments and financing into a single, vertically integrated platform.

East Africa Foods has raised US$26 million in Series B equity, led by the Private Infrastructure Development Group (PIDG) through its growth equity and project development solution InfraCo, alongside Oikocredit and FMO. The equity round completes a broader capital raise of approximately US$40 million, including investment from existing shareholders, along with debt funding from The Schmidt Family Foundation.

OPay, a Nigerian fintech, has filed for an initial public offering on the New York Stock Exchange, alongside a proposed investment of up to $200 million from Standard Bank Group. The company submitted its registration statement to the U.S. Securities and Exchange Commission on October 9, 2026, and applied to trade American depositary shares under the ticker ‘OPAY’. Its preliminary prospectus did not disclose an offering price, share count, or the confirmed listing date, leaving the amount to be raised and the final valuation undetermined.

Quick Mart PLC announced that it has received the requisite Capital Markets Authority – Kenya and Nairobi Securities Exchange PLC regulatory approvals for its Initial Public Offering and subsequent listing on the Main Investment Market Segment of the NSE. The Offer opened on 5 October 2026 and closes at 5:00 p.m. EAT on 30 October 2026. Two billion existing ordinary shares, representing 50% of Quickmart’s issued share capital, are being offered at KES 7.50 per share. The total Offer size is KES 15 billion, with a minimum application of 500 shares, equivalent to KES 3,750, and in multiples of 100 shares thereafter. The International Finance Corporation has conditionally committed to purchase up to US$15 million, approximately KES 1.94 billion, in Offer Shares. Its participation remains subject to approval by its board of directors and does not constitute an endorsement of Quick Mart or the Offer.

Shell has signed an agreement to sell its full interest in the Shell Nigeria Gas Group, which operates a domestic gas distribution business in the country, to Vaaris Energy. The companies did not disclose the monetary value of the sale. Vaaris Energy is a privately held Nigerian energy company with interests across the oil and gas value chain and an existing operational footprint in the country.

DealMakers AFRICA is the continent’s quarterly M&A publication
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