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    Nigeria’s Cash Swap Policy: Goals versus Results

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    SmallSmall to Expand to Jos following a $3 Million Seed Raise

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    Flutterwave adds Google Pay to its Payment Options for African Businesses

    Flutterwave adds Google Pay to its Payment Options for African Businesses

    After Receiving Switching and Processing Licence from CBN, Flutterwave includes eNaira to its Payment Options

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    Flutterwave gets Switching and Processing licence from CBN

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    Google Expands its Digital Wallet to South Africa

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    FCCPC Orders Drawdown of Online Credit Companies

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    WorkPay raises $2.7million Pre-series A Funding to Expand its Services across Africa

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    PressOne Africa raises $600,000 Pre-seed Funding to Support Entrepreneurs

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    ThriveAgric selected West African Winners of the AYuTe Africa Challenge, receiving $1 million.

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    Yebo Fresh raises $4.5 million to Supply Fresh Food in South Africa

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    Sky.Garden survives Shutdown, gets New Owners

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    Anchor Secures $2.4 Million Pre-Seed to Expand Product Services

    Anchor Secures $2.4 Million Pre-Seed to Expand Product Services

    Charting a New Era: David Daser’s Induction to Nigerian Protection Act

    Charting a New Era: David Daser’s Induction to Nigerian Protection Act

    iRevolution: What’s New and Exciting in Apple’s Latest Models

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    Elon Musk Rebrands Twitter to @X

    Elon Musk Rebrands Twitter to @X

    Clafiya- Nigerian Health Technology Startup secures $610,000 Venture Capital

    Clafiya- Nigerian Health Technology Startup secures $610,000 Venture Capital

    Top 4 Lucrative Tech Skills in  2023

    Top 4 Lucrative Tech Skills in 2023

  • FEATURED
    Resurgence of Innovation: The Revamp of Tech Startups in Jos, Plateau State.

    Resurgence of Innovation: The Revamp of Tech Startups in Jos, Plateau State.

    Nigeria’s Cash Swap Policy: Goals versus Results

    Nigeria’s Cash Swap Policy: Goals versus Results

    Six Things that could Shape the Northern Nigerian Tech Ecosystem in 2023

    Six Things that could Shape the Northern Nigerian Tech Ecosystem in 2023

    5 Exciting Things That Happened in the Nigerian Tech Ecosystem

    5 Exciting Things That Happened in the Nigerian Tech Ecosystem

    SmallSmall to Expand to Jos following a $3 Million Seed Raise

    SmallSmall to Expand to Jos following a $3 Million Seed Raise

    The Increase in Data Prices is a Big Challenge for Remote Workers in Nigeria

  • BLOCKCHAIN
    Binance now accepts Naira Deposits and Withdrawals

    Binance now accepts Naira Deposits and Withdrawals

    Cardano Accelerator Adaverse Invests in Afriguild’s Mission to Onboard Africans Into Web3

    Cardano Accelerator Adaverse Invests in Afriguild’s Mission to Onboard Africans Into Web3

    Is Africa Ready to Operate a Digital Monetary Policy?

    Is Africa Ready to Operate a Digital Monetary Policy?

    What Binance and TikTok Star, Khaby Lame’s Partnership mean for Crypto and Web3 Adoption

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    PLA2SMART Set to Lead a New Frontier in Nigeria’s Tourism Economy

    Bundle Launches Web App to Give Users More Accessibility to Crypto

    Bundle Launches Web App to Give Users More Accessibility to Crypto

  • FINANCE
    CBN prohibits Foreign Banks from Offering Banking Services

    CBN prohibits Foreign Banks from Offering Banking Services

    Flutterwave adds Google Pay to its Payment Options for African Businesses

    Flutterwave adds Google Pay to its Payment Options for African Businesses

    After Receiving Switching and Processing Licence from CBN, Flutterwave includes eNaira to its Payment Options

    After Receiving Switching and Processing Licence from CBN, Flutterwave includes eNaira to its Payment Options

    Flutterwave gets Switching and Processing licence from CBN

    Flutterwave gets Switching and Processing licence from CBN

    Google Expands its Digital Wallet to South Africa

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    FCCPC Orders Drawdown of Online Credit Companies

    FCCPC Orders Drawdown of Online Credit Companies

  • START UPS
    WorkPay raises $2.7million Pre-series A Funding to Expand its Services across Africa

    WorkPay raises $2.7million Pre-series A Funding to Expand its Services across Africa

    Naked secures $17 Million Series B to Expand its Digital Insurance Company in Africa

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    ThriveAgric selected West African Winners of the AYuTe Africa Challenge, receiving $1 million.

    ThriveAgric selected West African Winners of the AYuTe Africa Challenge, receiving $1 million.

    Yebo Fresh raises $4.5 million to Supply Fresh Food in South Africa

    Yebo Fresh raises $4.5 million to Supply Fresh Food in South Africa

    Sky.Garden survives Shutdown, gets New Owners

    Sky.Garden survives Shutdown, gets New Owners

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What Happened to The Jos Angel Network?

by Nuel Umahi
September 9, 2022
in Featured
Reading Time: 6 mins read
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What Happened to The Jos Angel Network?
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Until 2019, the Jos startup ecosystem had lacked the presence of an angel network.

An angel network is made up of high-networth individuals who fund startups from their early stages, particularly in the pre-seed and seed stages, in exchange for equity or shares in the company.

The consequences of their absence were evident in the collapse of unfunded startups in Plateau state that either crashed or froze in the ideation stage.

nHub’s Jos Angel Network

In August 2019, Northern Nigeria’s pioneer hub, nHub launched the Jos Angel Network. The network was aimed at helping startups scale by providing funding, mentorship and support; As well as change the framework of the ecosystem in Plateau and drive more investment and growth into the state.

In September 2019 at an explainer event hosted at the Hub, Theodore Longji, CEO of nHub stated that the Jos Angel Network was designed like every other angel network. He added that the network was to create a bridge between angel investors and startups in a situation where most investors are not ready to back them up.

Highlights of that event included the presentation of three startups who pitched their business ideas to the audience in exchange for an equity share.

The startups presented were Interna, a startup aiding companies in their recruitment services, Orange Credit – a micro lending platform, and Funky Big Farm.

By the end of the event, a fee was offered to purchase Interna and Orange Credit received a partnership from one of the founders.

In a chat with CRESTHUB, Nanle Philemon, Founder, Orange Credit, revealed that his startup was the first to acquire a lending license in Plateau under the Northern act of micro lending in Nigeria. The license granted his startup the opportunity to provide soft loans to small and medium enterprises (SMEs) in the state and by extension the north.

According to Philemon, “Orange Credit in its first three months of operations processed transactions and mobilized funding close to 100 million naira”.

“The company prospered but due to the regulatory policies of the Central Bank, its operations shifted, resulting in the use of a microfinance bank license from the CBN”, he added.

The startup eventually ceased operations due to more regulatory protocols.

Challenges around the Network

Three years after its launch, the Jos Angel Network has been silent. Questions have been asked in regards to the network’s existence.

Answering the streams of questions, Theodore Longji, CEO, nHub on our bimonthly Twitter space chat, #CrestHubChats said that the network was a “pilot test”.

Longji explained that the pilot test was intended to assess the number of startups to incubate, educate prospective angels and also test the strength of the ecosystem; With these, it would validate the network’s growth, and bolster ways to grow the startups incubated.

“The Jos angel network was to replicate what the Lagos angel network was to the Jos ecosystem. The three major activities of the angel network was to educate prospective angels – give reasons as to why they should be investors, run a selection process through pitch events and finally, onboard startups”, he said.

After its launch, the network didn’t do as much as required of it as a result of weak responses from the public in in regards to its goals. This also portrayed the qualitative nature of startups as many were not as valuable as they appeared to be.

Also, the challenge of having very little angels to support the network was present–since its launch.

A notable feature of interest stated by Longji revealed that most angels would prefer to invest in agriculture than a tech company. This causes a shift in the spotlight of the ecosystem to what may be a more “lucrative and profitable” venture.

Moving Forward

The Jos Angel Network wants to redeem itself and bring its operations back in better shape.

“Examining the reasons as to why the first launch didn’t work as planned, we are currently building structures and education for both startups and angel investors”, he said.

The education process is currently done under the Build Back Better Strategy of Mr. Bashir Sheidu. This process would provide a vibrant and sustainable incubation program which would introduce digital social innovators (DSIs) for founders.

The DSIs would see that tech entrepreneurs and innovators operate for the benefit of the civil society and develop digital solutions to social challenges for a growing movement towards achieving said goals.

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