M&A advisory services in Nigeria
Nigeria's M&A market for tech and internet businesses is the most active in Sub-Saharan Africa, driven by Lagos-anchored acquirers, pan-African PE houses and global strategic buyers seeking access to the continent's largest consumer market.
Notable exits include Paystack's acquisition by Stripe and a growing pipeline of venture-backed and bootstrapped trade sales across fintech, B2B commerce and logistics, with ThriveAgric and Nestcoin representing the breadth of acquirer interest.
Flow advises both bootstrapped and venture-backed Nigerian founders on sell-side M&A, drawing on a strong PE and strategic acquirer network, rigorous KPI-driven preparation, and a lean end-to-end process designed to protect founder value through to close.
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Nigeria tech M&A deals in the last 12 months
$520M
Nigeria median tech M&A valuation
-
Nigeria median tech M&A revenue multiple
$1.0B
Nigeria biggest tech acquisition in the last 12 months
Selling your tech company in Nigeria
Nigerian M&A involves significant cross-border, regulatory and FX-structuring complexity. Most material Nigerian tech exits involve offshore holding entities; FCCPC merger control and the SEC oversight create the regulatory framework.
Completion accounts dominate
Nigerian private M&A is predominantly completion-accounts based, with detailed working-capital target and adjustment mechanics. Locked-box has limited adoption. FX volatility adds complexity to cash adjustments.
W&I insurance is growing
Warranty & indemnity insurance is becoming more common in Nigerian deals above roughly USD 25M, particularly in cross-border transactions. Premiums (2-4% of cover) typically split between buyer and seller; coverage tailored to Nigerian regulatory and FX risks.
FCCPC and SEC review
Federal Competition and Consumer Protection Commission (FCCPC) reviews transactions above the relevant turnover thresholds. The Nigerian Securities and Exchange Commission has jurisdiction over listed-target transactions. Both add notification time to closing.
Capital gains for founders
Nigerian individuals are taxed on share disposal gains at 10% (Capital Gains Tax). Offshore holding structures (Delaware, Mauritius) materially shape the post-tax exit outcome for Nigerian-resident founders.
FX and repatriation considerations
Repatriation of proceeds from Nigeria is subject to CBN FX regulations and Capital Importation Certificates (CCIs). Offshore exit structures (Delaware sale via parent) typically avoid Nigerian FX restrictions but can trigger Nigerian indirect transfer source taxation.
Cross-border tax considerations
Most material Nigerian tech exits involve offshore (Delaware/Mauritius) holding entities. Nigerian indirect transfer rules can apply to sales of foreign entities deriving substantial value from Nigerian assets. Requires careful pre-sale planning.
Recently acquired tech companies in Nigeria
Biggest M&A recently in Nigeria was a $1.0B acquisition of KCSG STUDIO ENTERTAINMENT LIMITED by KCSG TEAM LIMITED in December 2025.
See all M&A deals in Nigeria| Logo | HQ | Description | Buyer | ||||
|---|---|---|---|---|---|---|---|
Dec-25 | K | KCSG STUDIO ENTERTAINMENT LIMITED | | KCSG Studio Entertainment Limited creates music under the direction of founder Kenneth Chidinma Sarah Gnambie through its dedicated team. | KCSG TEAM LIMITED | $1.0B | - |
Dec-25 | Mono | | Mono is a financial infrastructure provider granting African businesses API access to bank data, payments, and identity verification. Lagos-based, it serves startups and enterprises across Nigeria, Kenya, and South Africa, powering apps like PiggyVest and SeamlessHR. The platform supports direct debits, transaction histories, and KYC, driving economic inclusion for 10 million-plus linked accounts. | Flutterwave | $40M | - | |
Mar-26 | RBM Lubrications & Monitoring Solutions | | RBM Lubrications & Monitoring Solutions provides condition monitoring systems to major food and beverage companies. The firm reduces customer downtime and maintenance costs through these services. | IntelliAM AI | - | - | |
Nov-25 | AjoMoney | | AjoMoney runs a Nigeria-focused digital platform modernizing rotating savings and credit associations, facilitating group savings, interest-free loans, and investments for MSMEs. | Rank | - | - | |
Oct-25 | Nebiant Analytics | | Nebiant Analytics is an ed-tech provider offering training programs in data analytics, data science, and business intelligence. Based in Pune, India, it delivers online bootcamps and certifications aligned with tools like Python, Tableau, Power BI, and SQL. Courses target professionals transitioning into analytics roles, with partnerships to universities and corporations for corporate upskilling in Asia and the Middle East. | 10Alytics Business | - | - | |
Oct-25 | Nairabox | | Nairabox is a Lagos-headquartered lifestyle platform in Nigeria enabling users to purchase cinema and event tickets, order food delivery, pay utility bills, and top up mobile airtime. The app aggregates services from partners like Filmhouse Cinemas and major telecoms such as MTN and Glo. It operates in cities including Abuja and Port Harcourt with cash-on-delivery options and promotional deals on entertainment bookings. | Wakanow | - | - | |
Oct-25 | HOSTAFRICA | | HOSTAFRICA is a web hosting company based in Nigeria, providing hosting services via naijawebhost.com to support local online businesses. | HOSTAFRICA | - | - | |
Jul-25 | Flitaa | | Flitaa is a comprehensive cryptocurrency exchange platform supporting wallet storage, buying, selling, trading pairs, and yield-earning staking for various digital assets. Users access multiple blockchains including Ethereum and Binance Smart Chain through its intuitive interface. | Roqqu | - | - | |
Jul-25 | Gotv Entertaining Africa | | GOtv Entertaining Africa is a Johannesburg-headquartered digital pay-TV service under MultiChoice Group, broadcasting over 80 channels across Sub-Saharan Africa. It delivers decoder-based access to local content in English, local languages, and international programming via satellite. Launched in Zambia in 2011, the service expanded to Uganda, Kenya, Nigeria, Ghana, and Malawi, reaching 15 million subscribers. Packages range from basic news and sports to premium movies on channels like Africa Magic and SuperSport. | MultiChoice | - | - | |
Jun-25 | Mira | | Mira is a technology company delivering point-of-sale systems for merchants in Africa. Its platform supports in-store and online sales, inventory tracking, payment collection, staff management, and real-time analytics via usemira.com. Offering device financing and AI tools, Mira operates in Nigeria and Kenya, powering small businesses with subscription plans. | Chowdeck | - | - | |
Jun-25 | DynasTees | | DynasTees is a Lagos-based producer and retailer of customizable essential apparel. The company manufactures t-shirts, polos, hoodies, and workwear with on-demand printing, embroidery, and sublimation services. It supplies corporate uniforms, promotional merchandise, and casual wear to businesses, events, and individuals across Nigeria, operating an online store and production facility equipped for bulk and small-run orders. | BlankApparel.in | - | - | |
Jun-25 | Migo | | Migo is a Nigeria-based embedded lending platform providing machine learning-powered APIs for credit assessment. It enables fintechs and e-commerce apps to offer instant loans to underserved users based on alternative data like mobile usage and transactions. Deployed in apps across Lagos and Abuja, Migo processes approvals in seconds with repayment via mobile money. The platform partners with banks to extend microloans up to 50,000 NGN. | First Ally | - | - |
Who is buying tech companies in Nigeria?
HOSTAFRICA, Verod Capital Management and Roqqu are the most active acquirers in Nigeria.
See all acquirers in Nigeria| Logo | HQ | Description | Key acquisitions | ||
|---|---|---|---|---|---|
HOSTAFRICA | | HOSTAFRICA is a web hosting provider based in Johannesburg, South Africa. It supplies SSD-based shared hosting, reseller plans, VPS, and dedicated servers with NVMe storage and LiteSpeed servers. The company guarantees 99.9% uptime from Tier 3 data centers in South Africa and London, serving clients with cPanel management and free migrations. | HOSTAFRICAWhoGoHostWebManager.NG+1 | 3 | |
Verod Capital Management | | Verod Capital Management is a Lagos-headquartered private equity firm investing in mid-market companies across West and Central Africa, with a portfolio exceeding $1 billion in assets under management. Focusing on consumer goods, financial services, and healthcare, it has backed firms like CWAY Foods and Fintrak Software, achieving exits through IPOs on the Nigerian Exchange. The team applies operational improvements to drive EBITDA growth averaging 25 percent annually. | i-Fitness CentreIson XperiencesMetropolitan Life Insurance Nigeria | 2 | |
Roqqu | | Roqqu is a Vienna-based provider of blockchain infrastructure and custom applications for cryptocurrency trading and DeFi. The platform offers documented APIs for building wallets, exchanges, and NFT marketplaces, with low-latency matching engines and staking services. It serves traders and projects in Europe through cloud-hosted nodes supporting Ethereum and Binance Smart Chain. | Flitaa | 1 | |
Rank | | Rank is a São Paulo-based fintech platform offering point-of-sale financing for brick-and-mortar merchants in Brazil. It provides installment payment solutions at checkout, integrated with major acquirers, alongside insurance protecting POS terminals against theft, damage, and fraud. The company delivers Android and iOS apps for transaction management and analytics. | AjoMoneyZazzau Microfinance Bank | 1 | |
First Ally | | First Ally is a Lagos-based financial advisory firm serving issuing houses, corporations, and project developers in Africa. It delivers services in debt issuance, corporate finance structuring, mergers, acquisitions, and capital raising. Active in Nigeria's equity and debt markets, the firm advises on public offerings and private placements for infrastructure and energy projects. | Migo | 1 | |
MultiChoice | | MultiChoice is a South Africa-based operator of pay-television and internet subscriber platforms including the DStv digital satellite service launched in 1995. It provides video-on-demand and streaming content across Africa via multichoice.com. | Gotv Entertaining AfricaNamola | 1 | |
Flutterwave | | Flutterwave is a Lagos-based payment infrastructure provider serving merchants, fintechs, and enterprises across Africa. The company processes transactions via cards, bank transfers, mobile money, USSD, and QR codes in over 30 countries including Nigeria, Kenya, Ghana, and South Africa. Flutterwave delivers APIs for payment acceptance, payouts, and virtual cards through products like Send, Collect, and Rave. Partnerships with Visa, PayPal, and banks like Zenith enable cross-border payments and e-commerce solutions for businesses such as Jumia and Konga. | MonoDishaPennysmart | 1 | |
K | KCSG TEAM LIMITED | | KCSG Team Limited serves as the creative and administrative support team for Kenneth Chidinma Sarah Gnambie within KCSG Group Limited. | KCSG STUDIO ENTERTAINMENT LIMITEDKS FOODS | 1 |
Chowdeck | | Chowdeck is a Lagos-based online food delivery marketplace operating in Nigeria. It partners with local restaurants for meal orders, handling logistics, payments, inventory tracking, and performance dashboards to optimize delivery times across urban areas like Abuja and Port Harcourt. | Mira | 1 | |
IntelliAM AI | | IntelliAM AI PLC utilizes AI technologies and machine learning to develop software for manufacturing industries. The group provides services ranging from engineering applications such as installation, commissioning, design out solutions, through to the development of maintenance strategies and Asset Care Packages, and the implementation of reliability technology and techniques. | RBM Lubrications & Monitoring Solutions53 North Group | 1 |
Public tech companies in Nigeria
Wema Bank is Nigeria's largest publicly listed tech company, with a market cap of $867M.
See all public companies in Nigeria| Logo | Description | Sectors | ||||||
|---|---|---|---|---|---|---|---|---|
Wema Bank | Wema Bank PLC is a commercial bank. The company offers retail banking, SME banking, corporate banking, treasury, trade services and financial advisory to its customers. Its services include granting of loans and advances, corporate finance and money market activities. The bank operates in four geographical regions: South-west, South-South, Abuja, and Lagos zones. Wema derives the majority of its revenues from Lagos. | $0.024 | - | $867M | $965M | - | ||
ETranzact International Plc | eTranzact International PLC provides a multi-application and multi-channel electronic transaction switching and payment processing platform. The Company is a payment technology provider principally engaged in processing all facets of electronic payment transactions using its switching platform. It also provides maintenance and software development services. The company has three segments, Mobile, Other commissions, Maintenance and support services, software development, and others. The company generates the majority of its revenue from the mobile segment. | $0.012 | +148.1% | $115M | $115M | - | ||
RedCloud Holdings | RedCloud Holdings PLC developed and operates the RedCloud Platform, which facilitates the trading of everyday consumer supplies of fast-moving consumer goods (FMCG) products across business supply chains. The Platform solves old problem of how to unlock and enable access of key purchase and sales data between brands, distributors and retailers in growth consumer markets. Its Platform has AI and machine learning capabilities that provide brands, distributors and retailers with trading and product insights and data to help make commercial decisions regarding their business operations. Geographically, Key revenue is generated from Nigeria. | $0.595 | -65.6% | $35M | $47M | 0.7x |
Why Flow Partners as your M&A advisor
Access to relevant buyers
We have extensive network and direct access to world's most prominent financial and strategic buyers, cultivated through years of successful M&A track record across bulge bracket investment banking.
No corporate red tape
We run lean deal processes, without BS, unnecessary time-wasting efforts and corporate inefficiencies. Our approach values candor, transparency and high-impact work to make sure great deals get done.
Thorough preparation
KPI-driven storytelling is more art than science. We have unmatched understanding of digital businesses and are experts in building sharp equity stories that present your business in a clear, concise manner.
Optimize value, not valuation
Valuation is only one side of the medal. We help creating attractive and efficient transaction structures that bridge incentive gaps between sellers, buyers and management teams.
We provide M&A advisory services across Nigeria and beyond
Sector expertise
Explore our M&A advisory offering across a variety of tech sectors in Nigeria.
Software
Vertical and horizontal SaaS, AI-native software products, infrastructure SaaS, cybersecurity
AI & ML
Foundation models, AI applications, AI infrastructure, semiconductors, AI consulting
Fintech
Neobanking, online payments, fintech infrastructure, lending platforms, wealth tech, online brokerage, vertical FS software
Consumer internet
Consumer software subscription platforms, edutech, online content, social networks, online dating
Digital media
Streaming platforms, mobile and console gaming, content distribution, digital publishing, VR & AR
E-commerce & marketplaces
Consumer and B2B marketplaces, inventory-based e-commerce, classifieds, lead generation platforms
Consumer products
Direct-to-consumer (D2C) brands, consumer electronics, smart home devices, lifestyle products
Mobility
Ridesharing, micromobility, food delivery, logistics tech, autonomous tech, EV charging infrastructure
Digital health
Digital therapeutics, telemedicine, mental health solutions, EHR and practice management, vertical healthcare SaaS
Industrial technology
Industry 4.0 solutions, 3D printing, climate tech, industrial IoT, robotics, smart manufacturing
Digital infrastructure
Data centers, cloud infrastructure, edge computing, network security, vertical infrastructure SaaS
IT services
Software development and testing, digital transformation, cloud services, advertising agencies, IT support services
Selected case studies
We've closed sell-side and buy-side transactions across European, US and emerging-market tech.
Our M&A track record spans strategic exits to corporate acquirers, PE buyouts, and cross-border deals where regulatory and structuring complexity actually matters.
We acted as exclusive sell-side advisor to MAILINGWORK, a Chemnitz-based email marketing software platform, on its sale to French digital marketing leader Positive Group.
Recently completed M&A advisory projects
Selected M&A transactions and prior deal experience.
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