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Cascador and Sterling Bank Launch Breakthrough Funding for Nigerian Entrepreneurs

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Cascador, Nigeria’s premier accelerator for mid-stage entrepreneurs, has announced a landmark partnership with Sterling Bank to launch a bold new debt funding model to unlock growth for Africa’s most promising ventures.

Backed by a $2 million Catalytic Fund, the partnership introduces flexible, founder-friendly financing for Cascador alumni; pairing low-interest debt with business mentorship, tailored repayment terms, and dramatically reduced collateral requirements.

“This is a breakthrough moment for Cascador and for the entrepreneurs we serve,” said Dave DeLucia, Founder of Cascador. “Through our partnership with
Sterling Bank, we’re deploying capital in a way that’s truly catalytic -pairing mentorship and education with access to capital that’s structured around the real-life cash flows of growing businesses.”

Sterling Bank will serve as fund custodian and structuring partner, offering entrepreneurs access to a diverse portfolio of instruments, from equipment loans to revenue-based financing, designed for mid-stage SMEs in sectors critical to Nigeria’s future: healthcare, logistics, education, manufacturing, agri-business, and financial inclusion.

“We’re proud to support purpose-driven entrepreneurs with capital that meets them where they are -flexible, affordable, and designed around the realities of building a business in Nigeria,” said Abubakar Suleiman, Managing Director and CEO of Sterling Bank. “This isn’t just about funding, it’s about creating a new kind of financial support system that prioritises impact over formality and progress over paperwork. We hope the fund presents a new model for capital deployment -one that other institutions and private investors across the continent can adopt to unlock the potential of Africa’s entrepreneurs.

Unlike conventional lending, the Sterling-Cascador model emphasises trust, traction, and long-term viability.

Beneficiaries will enjoy custom repayment plans and reducedrisk lending, supported by a first-loss guarantee from Cascador and technical
assistance from leading business advisors.

Applications for the Catalytic Fund opened February 14th and will culminate in a highprofile, invitation-only Pitch Day on May 14, 2025 where finalists will present to an elite investment committee composed of business leaders, faculty advisors, and investment professionals. Cascador will allocate both debt and equity funding based on impact, business viability, and long-term growth potential.

Additional partners include the Nigeria Sovereign Investment Authority (NSIA) and the Development Bank of Nigeria (DBN), who will sponsor innovation awards for top performing ventures at the Pitch Day event.

Since 2019, Cascador has supported over 60 entrepreneurs who have collectively raised more than $55M and created thousands of jobs across the continent. The launch of the Catalytic Fund, and the collaboration with Sterling Bank, represents a powerful new chapter in Cascador’s mission to strengthen Africa’s entrepreneurial ecosystem.

Entrepreneurs are encouraged to apply for admission to Cascador’s 2025 accelerator program and, ultimately, eligibility for the Catalytic Fund.

 

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Rivers Assembly Suspends Impeachment Move Against Fubara After Tinubu’s Intervention

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The Rivers State House of Assembly has officially suspended impeachment proceedings against Governor Siminalayi Fubara and his deputy, Ngozi Odu, following President Bola Tinubu’s intervention.

The House moved the motion to halt the impeachment process on Thursday at its resumed sitting in Port Harcourt, the state capital.

JomogNews had reported that during its first sitting of 2026, the House had begun impeachment proceedings against the governor and his deputy over allegations of gross misconduct, including the demolition of the State Assembly complex and alleged spending without legislative approval, among other claims.

More details later….

 

 

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Reserves Surge To $48.5bn As Nigeria Reclaims 2013 Peak Levels

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Nigeria’s foreign exchange (FX) reserves have reached $48.5 billion, their highest level in nearly 13 years.

This milestone, confirmed by data from the Central Bank of Nigeria (CBN), surpasses previous multi-year peaks and represents the strongest balance since May 14, 2013, when reserves stood at approximately $48.51 billion.

However, the data showed that the foreign reserves increased steadily by 6.45 percent or $2.94 billion year-to-date, from $45.56 billion reported on January 1 to $48.5 billion.

Further checks showed that the FX reserves figure was $48.36 billion on Monday.

According to the CBN, FX reserves are assets held on reserve by a monetary authority in foreign currencies, which are used to back liabilities and influence monetary policy.

On December 22, 2025, the apex bank projected that the country’s external reserves would rise to $51.04 billion in 2026, saying the increase will be supported by FX reforms.

“Reforms in the foreign exchange market are expected to sustain exchange rate stability, while external reserves are projected to increase to US$51.04 billion,” CBN said.

On February 10, Olayemi Cardoso, governor of CBN, said the bank will do “whatever it takes” to safeguard the value of the naira, while strengthening the country’s external reserves.

Looking ahead to 2030, he said the CBN’s targets include achieving single-digit inflation and growing foreign exchange (FX) reserves driven by non-oil exports, foreign direct investment, and diaspora remittances.

 

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Ogun Police Launch Investigation Into TikToker Mirabel’s Sexual Assault Claims

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The Ogun State Police Command has launched an investigation into sexual assault allegations made by a TikToker known as Mirabel (@mirab351), who is currently receiving treatment in an Intensive Care Unit (ICU).

The case gained widespread attention after she posted emotional videos on Monday, February 16, detailing an attack she claimed occurred at her home the previous Sunday.

The command’s Public Relations Officer, Oluseyi Babaseyi, disclosed the development on Thursday while speaking on The Morning Brief.

Babaseyi confirmed that Mirabel voluntarily visited the Ibafo Police Division on Tuesday, February 17, to lodge a formal complaint and was subsequently admitted to the hospital for medical care due to her unstable condition.

“When the DPO in Ibafo met with her, she was taken to the hospital for medical analysis. She wasn’t as stable as necessary, but we ensured the investigation continued.

“As we speak, she is in the intensive care unit getting appropriate care. Her medical well-being is more important to us at this point. When she is stable, we can now continue investigations and get the necessary facts,” Babaseyi said.

According to Babaseyi, the incident reportedly occurred in Ogijo, a border community between Ogun and Lagos states.

The police have established that Mirabel was not arrested, but rather, she is being treated as a victim.

The command urges individuals with useful information to come forward and assist with the investigation.

“She was not arrested by the police. She reported a case, and we are investigating. Nothing like her arrest happened,” he said.

“If the allegation is established to be true, the perpetrator will be arrested and charged to court appropriately. Otherwise, the law also addresses giving false information,” the police stated.

The police said they will rely on evidence to reach a logical conclusion and take appropriate action.

“We advise people not to jump to conclusions based on emotions. We are investigating and will rely on evidence to reach a logical conclusion,” Babaseyi said.

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