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8B Education Investments Welcomes the Roots’ Lead Singer and Entrepreneur Tariq “Black Thought” Trotter to Board Position

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8B Education Investments closes $3m seed raise and adds Trotter alongside David Brown, Managing Partner of Impellent Ventures, to board, continuing the momentum for 8B, which announced a historic $30M debt partnership with Nelnet Bank as part of a broader $111.6M commitment at the 2022 Clinton Global Initiative to accelerate African students’ access to global universities

NEW YORK, United States of America, December 13, 2022/APO Group/ — 

8B Education Investments (8B.africa), the first fintech lender to African students attending global universities, announced two additions to its Board of Directors. Following the close of 8B’s $3 m seed round, Tariq Trotter, a general partner at venture capital firm Impellent Ventures, and the lead lyricist and front man of legendary hip hop group The Roots (bit.ly/3VMozkJ) known as “Black Thought”, will join David Brown, Impellent’s Managing Director, as 8B’s two new board members.

8B Education Investments has built a pioneering platform to connect high-potential African students with world-class colleges and universities, a financing marketplace to research scholarships and compare loan financing options; and a career support function to enable students to realize their highest potential.

With more than 100,000 users on the platform and an ambition to 10x the number of African students in global universities, 8B has built a vibrant community where African students engage with peers, mentors and university experts on all aspects of the highly fragmented and often confusing journey of studying abroad. Students currently visit the platform to identify right-fit colleges, financing options, and careers.

The impact of 8B’s work is in providing global universities and employers a gateway to the world’s fastest growing pool of diverse young talent, while creating a critical mass of African innovators equipped to participate, compete, and thrive in the knowledge economy of the 21st. century. The company plans to use the resources to grow its unique, non-cosigner loan program, expand its education finance marketplace, and build additional product capabilities.

Trotter’s appointment as an observer to the Board of Directors continues the artist, actor, writer, producer, creator and GRAMMY award-winning musician’s passion of supporting underserved entrepreneurs. A leader of the Tonight Show Starring Jimmy Fallon’s house band, and a composer and producer of the critically acclaimed off-Broadway musical Black No More, Trotter joined Impellent Ventures in May 2022.  8B is his first board position.

Through 8B’s work, the numbers of African students attending American schools will grow, especially at Historically Black Colleges and Universitie

“I am honored to join 8B’s Board of Directors and continue my passion in helping and investing in underserved communities,” said Trotter. “Brilliance is evenly distributed everywhere around the world, but for too long, the world has acted as though African brilliance is a rare commodity. Through 8B’s work, the numbers of African students attending American schools will grow, especially at Historically Black Colleges and Universities. This will enrich the university experience for everyone, strengthen the US-Africa relations, and change existing perceptions about the African continent and about people of African descent around the world more broadly.”

David Brown, Managing Director of Impellent Ventures, added: “Until now, talented and high-potential youth across the African continent have had limited access to global universities, depending almost exclusively on winning the scholarship lottery. I am proud that our investment in 8B creates the first scalable solution of its kind providing education financing to Africa’s aspiring and talented future leaders that will unequivocally result in long-term impact on Africa and the world.”

The market need 8B is addressing is clear: 8B estimates that less than 30% of African students accepted into American universities can afford to attend, creating a $25b annual financing gap. Scholarships are too few to meet demand and affordable loan programs focusing on African students do not exist. Yet, Africa’s population of 1.2 billion people is the youngest and fastest growing in the world, with a median age of 19. By 2050, Africa is expected to have the largest working-age population in the world.

“8B is thrilled to close our seed financing and have Tariq Trotter and David Brown join our Board,” said Dr. Lydiah Kemunto Bosire, 8B’s founder and CEO.  “This is Africa’s season, and 8B’s mission requires a scale of investment capital – not philanthropy – that has simply not been available to African students to date. That is why we are thrilled to have found like-minded investors to support us with the cutting-edge ideas, guidance and solutions we need to seize this generational opportunity of unlocking African potential.”

In addition to Trotter and Brown joining its Board of Directors, 8B’s investors in the round include New York Ventures, a division of Empire State Development, and Trueventures.org, the social impact initiative launched by venture capital firm True Ventures. The round also includes 11 experienced investors and operators in the education, finance, and impact ecosystems, including Debra Fine of Fine Capital Partners, Seavest Investment Group CEO Rick Segal, Amplify CEO Larry Berger, and Bryan Meehan, former CEO of Blue Bottle Coffee.

“The opportunity that 8B has identified has been unaddressed for too long,” said Christiaan Vorkink, VP and Director of Trueventures.org. “8B is the kind of world-changing company we are proud to support, and we believe Lydiah and her team have the lived experience and passion to solve an important problem that is too big and complex for charity alone. We look forward to working with the team to help level the playing field for future generations of brilliant young Africans to pursue world-class higher education, changing lives in Africa and beyond.”

This announcement comes a few weeks after the company unveiled a partnership with US-based Nelnet Bank during the 2022 meeting of the Clinton Global Initiative, through which Nelnet will provide $30 million of lending funds over a period of three years to African students looking to receive a higher education at the American universities.  During the Clinton Global Initiative meeting, 8B announced a total of $111.6 million in funding commitments from a range of partners, including the Education Testing Service, the President’s Alliance on Higher Education and Immigration, and World Resources Institute (Africa), unified in their purpose to enable world-class education for the next generation of African innovators, including for the new climate economy.

Distributed by APO Group on behalf of 8B Education Investments.

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African Development Bank Partners with Interpol to Combat Financial Crime and Strengthen Anti-Corruption Efforts in Africa

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According to Interpol’s 2024 Global Financial Fraud Assessment, business email compromise, romance baiting, phishing, and other online frauds pose growing threats to Africa’s digitalized economy

ABIDJAN, Ivory Coast, February 21, 2025/APO Group/ –The African Development Bank Group (www.AfDB.org) has taken a significant step forward in its fight against corruption and financial crime by signing a Letter of Intent with the International Criminal Police Organization (Interpol) today. The Bank Group is the first multilateral development bank to establish such a collaboration with Interpol.

The Letter of Intent was signed on Wednesday by African Development Bank Group President Dr. Akinwumi Adesina and Interpol Secretary General Valdecy Urquiza, who visited the Bank’s headquarters in Abidjan.

The partnership will enhance collaboration between the Bank’s Office of Integrity and Anti-Corruption (https://apo-opa.co/3QrB4ku) and Interpol’s Financial Crime and Anti-Corruption Centre. It will focus on sharing expertise, enhancing investigative capabilities, and developing preventive measures against emerging financial crime threats, including cybercrime, anti-corruption measures, and counter-terrorism financing.

This initiative comes as Africa faces significant challenges of illicit financial flows, estimated at nearly $90 billion annually—a loss of resources that could otherwise be invested in critical development needs including water, sanitation, health, food, and energy infrastructure.

As an institution that deploys approximately $10 billion annually in development financing, with the majority going to government projects, the African Development Bank Group brings crucial insight into regional financial flows and development challenges, Adesina said.

Corruption and financial crime are among the biggest obstacles to economic and social development in Africa and around the world

“This partnership demonstrates our commitment to protecting development resources and ensuring they reach their intended beneficiaries,” said Adesina. “As the world’s most transparent financial institution for two consecutive editions (https://apo-opa.co/41o3TVt) [according to Publish What You Fund’s assessment of sovereign portfolios], we maintain zero tolerance for corruption and terrorism financing. By joining forces with Interpol, we are strengthening our capacity to help African countries build robust systems against money laundering and financial crime.”

Rapid advancements in digital technology have also led to an increase in internet-enabled financial crimes. According to Interpol’s 2024 Global Financial Fraud Assessment, business email compromise, romance baiting, phishing, and other online frauds pose growing threats to Africa’s digitalized economy.

Secretary General Urquiza, who was elected to his position in November 2024, said, “Corruption and financial crime are among the biggest obstacles to economic and social development in Africa and around the world. The evolving nature of financial crime, particularly in the digital environment, requires strong partnerships between law enforcement and financial institutions. Interpol’s closer relationship with the African Development Bank Group will help law enforcement agencies and financial institutions across Africa tackle increasingly sophisticated financial crime threats.”

Adesina said the Bank will continue to tackle these challenges by:

  • Building capacity and supporting African countries in strengthening transparent and accountable governance and strong institutions capable of driving inclusive and sustainable growth and resilient economies.
  • Strengthening Know Your Customer and Due Diligence systems to prevent and to fight fraud and corruption.
  • Ensure that the Bank’s resources are used for their intended purposes in a transparent and accountable manner, a practice that has led to the Bank being recognized for two consecutive editions as the most transparent multilateral development bank in the world by Publish What You Fund.

The high-level Interpol delegation that accompanied Secretary General Urquiza included Mr. Silvino Schlickmann, Director of Governance and Ms. Paule Ouedraogo, Head of Interpol’s Regional Bureau.

The African Development Bank Group was represented by members of President Adesina’s senior management team including the director of the Office of Integrity and Anti-Corruption, Ms. Paula da Costa.

Distributed by APO Group on behalf of African Development Bank Group (AfDB).

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World-leading Crypto Event Launches APAC’s Largest Debut with Consensus Hong Kong 2025

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Over 350 side events transformed mega digital assets event to mega festivities
HONG KONG SAR – Media OutReach Newswire – 21 February 2025 – Regarded as the “Super Bowl of Blockchain” and “the World Cup of Web3”, Consensus, the most influential and longest-running event of the crypto world, picked Hong Kong as a destination to expand beyond North America, with a record-setting debut of nearly 10,000 from over 100 countries and regions converging at the Hong Kong Convention and Exhibition Centre from 18-20 February.

Phoebe Shing, Director, Business Development Team Lead, MICE • MICE-Business Development of the Hong Kong Tourism Board (HKTB), said, “The tremendous success of Consensus’s Hong Kong debut marked the city as one of the most conducive destinations to expand the global footprint of proven events. More than a world’s meeting place, Hong Kong is also a super-connector in the world of finance, innovation and technology (I&T) and global cultures. This mega crypto event also puts Hong Kong on the forefront of accelerating the region’s advancement, while generating high-yield tourism spending and business activities to fuel Hong Kong’s economy.”

A convergence of who’s who in the world of blockchain, digital assets and web3

Asia’s top financial policymakers, crypto thought-leaders and investors shared the main stage with Mainland and world pioneers in blockchain, digital assets and web3 fields, defining what’s next and mapping the way forward for greater impact. The cast of stellar speakers notably included Richard Teng, CEO of Binance, the largest crypto exchange by trading volume; Adam Back, CEO and co-founder of Blockstream, a global leader in Bitcoin and blockchain technologies; Yat Siu, Co-Founder & Chairman Animoca Brands, a global leader in blockchain and gaming; Hong Fang, President of OKX, a leading Web3 technology company and leading crypto exchange, and many more.

Sara Stratoberdha, CEO of CoinDesk said, “Consensus has been running for over 10 years and is one of the longest-running and comprehensive digital assets events in the world. Hong Kong, a Fintech hub in Asia serves as a global center for crypto and web3 technologies, with favourable policies and a large pool of talent for blockchain, digital assets and web3 to thrive. We are thrilled to see that over 75% of attendees are coming from outside Hong Kong. A truly international event! The city has proven the ideal choice for expanding Consensus beyond North America.”

A strong line-up of over 350 side events, delivering huge commercial value

Consensus Hong Kong 2025 was embellished with more than 350 side events, giving the energetic global crypto community diverse opportunities to showcase their expertise, create and renew partnerships and party to the heart’s content.

Michael Lau, Chairman of Consensus Hong Kong, added, “The scale of the inaugural Hong Kong event has surpassed our expectations, with nearly 10,000 attendees and what truly surprised us is that the community and industry were eager to participate and the fact that we ended up hosting over 350 side events is a strong testament to Hong Kong as a leading global FinTech hub where we have a vibrant ecosystem, entrepreneurial spirits, innovative cultures that nowhere else can replicate. I am also appreciative of the support from the HKTB in securing the event for the city I call home.”

Transforming business events into mega festivals

Consensus Hong Kong also spectacularly transformed a leading business event into a mega festival, kicking off with its Opening Party – Rooftop Revelry, held at Cloud 39, the ultra-luxury rooftop ballroom of iconic landmark in Central The Henderson that set the tone for the event’s sophisticated networking occasions. Action continued all the way to its long-established tradition of Music Festival and Crypto Fight Night, extending to Hong Kong’s unique horse-racing and night party at Lan Kwai Fong. The conference concluded with a bang with the Consensus Closing Party in Lan Kwai Fong, where participants were treated to an open bar, live music and fun networking.

Brad Spies, Vice President of Consensus, said, “Hong Kong has a long legacy of finance, banking and some of the deepest capital markets in the world; but it’s also such a vibrant and diverse city with the best restaurants, fantastic venues and unique experiences. The city simply fulfilled the promises of delivering the best of business and fun. Hong Kong is such a world-class city for people to come and transform business events into mega festivals.”

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Saudi Arabia Expands Energy Ties with Africa: A Look at Key Investments, Partnerships

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Following Saudi Arabia’s latest energy efficiency cooperation agreement with Egypt, the African Energy Week: Invest in African Energies 2025 conference will provide a vital platform to accelerate partnerships and secure new deals between Saudi Arabia and African countries

CAPE TOWN, South Africa, February 21, 2025/APO Group/ –Earlier this week, Egypt’s Minister of Petroleum and Mineral Resources Karim Badawi and Saudi Arabia’s Minister of Energy Abdulaziz bin Salman Al Saud signed an agreement to develop an executive plan for energy efficiency cooperation, strengthening bilateral ties in the energy sector and fostering sustainable development. This follows another significant development in September, in which Egyptian Prime Minister Mostafa Madbouly secured a $5 billion pledge from Saudi Arabia’s PIF, representing the “first phase” of a larger investment strategy.

As a leading global energy giant, Saudi Arabia has been actively investing in Africa’s energy sector, aiming to expand its energy reserves, advance energy diplomacy and compete with other global superpowers. This strategic push not only strengthens Saudi Arabia’s influence in the region, but also paves the way for deeper economic and political ties with African nations.

To date, the lion’s share of investment in Africa’s energy sector has focused on clean energy advancements. With total project costs reaching $7 billion across the continent, Saudi developer ACWA Power stands as the leading private-sector investor in African renewable energy. In October 2024, the company announced that its Redstone solar plant in South Africa was set to achieve its full 100 MW capacity, while its Kom Ombo solar PV plant in Egypt successfully reached its full capacity of 200 MW. ACWA Power is also leading Project DAO, South Africa’s largest hybrid renewable power plant, with an $800 million investment. The project is expected to come online by 2026 and aligns with the Kingdom’s broader Vision 2030 goals.

In addition to renewable energy, Saudi Arabia is diversifying its investments to secure critical minerals for clean energy technologies. In October, Saudi Arabia’s Manara Minerals, a joint venture between Ma’aden and the Public Investment Fund (PIF), entered advanced talks to acquire a minority stake in First Quantum Minerals’ Zambian copper and nickel assets. The potential investment, valued between $1.5 billion and $2 billion, underscores Saudi Arabia’s strategy to secure critical minerals that are vital for the global clean energy transition.

Turning to broader regional commitments, Saudi Arabia’s financial support for Africa’s energy infrastructure has grown. In October, the Kingdom announced a major funding initiative, pledging at least $41 billion for sub-Saharan African nations. This includes $1 billion for development, $5 billion for startups, $10 billion in financing from the Saudi Export-Import Bank and $25 billion in private sector investments over the next decade.

Meanwhile, the Saudi Ministry of Energy has established the “Empowering Africa” initiative as part of its broader commitment to supporting sustainable development across the continent. In collaboration with the Ministries of Communications and Information Technology and Health, the initiative aims to deliver clean energy, connectivity, e-health and e-learning solutions to enhance lives and promote long-term growth in Africa. Building upon the Clean Fuel Solutions for Cooking Program, it focuses on providing cleaner cooking solutions to vulnerable populations, aiming to reduce reliance on traditional biomass fuels and improve health outcomes for millions of households. Minister bin Salman Al Saud has emphasized energy as a fundamental human right and is spearheading efforts to improve access to clean cooking technologies across the continent.

Additionally, state-owned petroleum company Saudi Aramco is strengthening its partnerships with African nations to support energy investments and mobilization. These collaborations are expected to drive infrastructure development, enhance oil and gas production capacity and facilitate knowledge transfer between Saudi and African energy stakeholders, while aligning with broader energy security and sustainability goals.

In the multilateral arena, the African Energy Chamber is working with Saudi Arabia to support South Africa’s G20 energy investments and mobilization. This partnership is set to facilitate greater financing and policy coordination, ensuring Africa’s energy priorities are well-represented in global energy discussions. The upcoming African Energy Week: Invest in African Energies conference in Cape Town serves as a key platform to facilitate and support these investments, bringing together Saudi stakeholders, African governments and global energy leaders to advance new projects, strengthen partnerships and accelerate the continent’s energy transition. These collaborations are essential in addressing energy challenges, driving economic growth and fostering long-term sustainability. As Saudi investments expand – alongside those of other G20 nations – their impact on Africa’s energy landscape will only deepen.

AEW: Invest in African Energies is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit www.AECWeek.com for more information about this exciting event. 

Distributed by APO Group on behalf of African Energy Chamber.

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