The Biggest Tech Exits and Acquisitions in Nigeria’s History

For over a decade, the Nigerian technology ecosystem has evolved from a scattering of ambitious ideas into a powerhouse of innovation, attracting billions of dollars in foreign direct investment. While funding rounds often grab the headlines, with startups announcing seed and Series A raises in the millions, the true maturity of a tech ecosystem is measured by its “exits.” An exit, typically an acquisition or an Initial Public Offering (IPO), is the ultimate validation of a startup’s value. It is the moment early investors realize their returns, founders are rewarded for their grit, and capital is often recycled back into the system to fund the next generation of innovators.

In Nigeria, these liquidity events have grown in both frequency and magnitude. From the early days of classifieds to the recent explosion of fintech, the history of tech acquisitions in Nigeria tells the story of a market finding its footing on the global stage. Here is a detailed retrospective of the most significant tech exits and acquisitions in Nigeria’s history.

1. MainOne: The $320 Million Infrastructure Benchmark (2021)

Undoubtedly one of the most significant deals in the history of West African technology, the acquisition of MainOne by Equinix in December 2021 set a new benchmark for valuation and strategic importance. MainOne, founded by Funke Opeke in 2010, built the region’s first private submarine cable system, effectively breaking the monopoly on internet access and lowering connectivity costs across West Africa.

In a deal valued at $320 million (approximately ₦134 billion at the time), Equinix, a US-based digital infrastructure giant, acquired MainOne to serve as its entry point into the African market. The acquisition was not just a purchase of assets but a recognition of MainOne’s critical role in the continent’s digital economy.

Funke Opeke, the visionary CEO who remained at the helm post-acquisition, described the deal as a catalyst for long-term growth. “Equinix will accelerate our long-term vision to grow digital infrastructure investments across Africa. With similar values and culture to what we have jointly built in twelve years, Equinix is the preferred partner for our growth journey,” Opeke stated.

Charles Meyers, President and CEO of Equinix, emphasized the strategic value of the deal, noting that “MainOne’s leading interconnection position and experienced management team represent critical assets in our aspirations to be the leading neutral provider of digital infrastructure in Africa”.

2. Paystack: The Deal That Changed Everything (2020)

If MainOne was the infrastructure victory, Paystack was the software triumph that put Nigerian startups on the global map. In October 2020, US payments giant Stripe acquired Paystack, a Lagos-based payments processor, for over $200 million.

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Founded in 2015 by Shola Akinlade and Ezra Olubi, Paystack had become the go-to payment gateway for over 60,000 businesses in Nigeria and Ghana. The acquisition was the culmination of a relationship that began when Paystack became the first Nigerian company to get into Y Combinator, the prestigious Silicon Valley accelerator.

The deal was widely celebrated not just for its size—the largest acquisition of a Nigerian startup at the time—but for what it signaled: that Nigerian engineers could build world-class software.

Shola Akinlade, Paystack’s CEO, framed the acquisition as an acceleration of their mission rather than an end. “I’m driven by the mission to accelerate payments on the continent, and I am convinced that Stripe will help us get there faster. It is a very natural move,” Akinlade said.

For the Nigerian ecosystem, the “Paystack mafia”—early employees and founders who cashed out—has since become a vital source of angel investment for new startups, proving the cyclical value of major exits.

3. Vanso: The N15 Billion Interswitch Play (2016)

Long before Paystack and Flutterwave became household names, Vanso was the engine room powering mobile banking for traditional Nigerian banks. In February 2016, Interswitch, the grandfather of Nigerian fintech, acquired Vanso for ₦15 billion (approximately $50 million at the time).

Vanso, founded by Denis O’Brien and Idris Alubankudi Saliu, provided the backend technology that enabled secure SMS and app-based banking. The acquisition was a strategic consolidation, allowing Interswitch to expand its product suite beyond card switching into more direct mobile financial services.

Mitchell Elegbe, the Group MD and CEO of Interswitch, highlighted the symbiotic nature of the deal. “The acquisition of VANSO, both a market leader in the mobile financial services industry and a strong and profitable business, is a great opportunity to combine our respective technology offerings and skill sets, driving growth in our business,” Elegbe said.

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Denis O’Brien, Vanso’s CEO, noted that the partnership aligned with their ambition to deepen financial services across the continent: “In Interswitch, we have found a partner with ambitions aligned to our own, and the institutional backing and scale to rapidly accelerate their attainment”.

4. Konga: The E-Commerce Rescue (2018)

The acquisition of Konga by Zinox Technologies in February 2018 was a pivotal moment in Nigeria’s e-commerce narrative. Once the darling of venture capital, having raised over $70 million from investors like Naspers and Kinnevik, Konga struggled with the high cost of logistics and the brutal reality of Nigerian purchasing power.

Zinox Group, led by tech mogul Leo Stan Ekeh, acquired the company in a deal that reportedly saw foreign investors exit at a loss, but which saved the brand from potential collapse. While the exact figure was undisclosed, the deal transferred ownership of Konga.com, KongaPay, and KOS-Express to Zinox.

Gideon Ayogu, a spokesman for Zinox, described the acquisition as a strategic move to domesticate e-commerce success. “We have always had an interest in Konga… our ambition is to up the tempo by revolutionising e-commerce on the African continent, with Konga at the forefront of this initiative,” Ayogu stated.

Under Zinox, Konga merged with Yudala, another e-commerce platform owned by the group, creating a hybrid online-offline retail giant that remains a key player in the sector today.

5. Jobberman: The Classifieds Pioneer (2015/2016)

Jobberman’s journey from a university dorm room project to a fully acquired entity is the classic startup fairytale. Founded in 2009 by Ayodeji Adewunmi, Opeyemi Awoyemi, and Olalekan Olude, Jobberman became Nigeria’s largest job portal.

In April 2015, One Africa Media (OAM) acquired a 100% stake in Jobberman. This followed an earlier investment in 2013. OAM later merged with Ringier Africa to form Ringier One Africa Media (ROAM), cementing Jobberman’s place in a pan-African classifieds empire.

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Ayodeji Adewunmi, one of the co-founders, expressed the ambition behind the deal: “We started Jobberman with the vision of being the No. 1 destination for jobs in Africa; a mission we continue to work toward. With the additional funding provided by OAM… we can now go on to conquer Africa and keep a firm grip on Nigeria”.

6. Autochek and Cheki: The Spin-Out Model (2020)

In September 2020, just a month before the Paystack news, a unique acquisition occurred in the automotive space. Autochek, a newly formed company by Etop Ikpe (former CEO of Cars45), acquired the Nigerian and Ghanaian operations of Cheki from ROAM Africa.

This was significant because it represented a “spin-out” where a new, tech-focused player acquired legacy assets to build a more advanced solution—specifically adding auto-financing to the traditional marketplace model.

Etop Ikpe explained the vision: “We are really excited by this new opportunity to drive the African automotive space forward. Our aim is to create a one-stop-shop for consumers’ automotive needs, embedding technology at every stage of the process”.

Clemens Weitz, CEO of ROAM Africa, praised the move as a way to carry on Cheki’s legacy. “With Autochek, we have found a company and founding team that will carry on the incredible results Cheki has achieved… we are excited to be handing over these assets to them”.

7. The New Wave: Consolidation and Strategic Exits (2023-2024)

Recent years have seen a trend of consolidation, often driven by the harsh “funding winter” or strategic necessity.

• Payday acquired by Bitmama (2023): In December 2023, crypto-payments platform Bitmama acquired Payday, a virtual card service that had gained massive popularity but faced operational challenges. The all-stock deal, valued reportedly at $1 million in equity, allowed Bitmama to absorb Payday’s customer base and technology. Ruth Iselema, CEO of Bitmama, noted: “This acquisition is an exciting opportunity for Bitmama Inc. through its product Changera to further solidify our position as a leader in the financial technology space”.
• Carbon acquires Vella Finance (2024): In February 2024, digital bank Carbon acquired Vella Finance to launch an AI-powered business banking platform. Chijioke Dozie, co-founder of Carbon, described the deal as a meeting of minds: “We saw in them the same innovative and pioneering spirit that ignited Carbon… the deal was a no-brainer”.
• Fundall acquired by Emerging Africa Capital (2021): In October 2021, Emerging Africa Capital Group acquired a majority stake in Fundall, a wealth management startup. Toyin Sanni, CEO of Emerging Africa, stated: “We believe this investment in Fundall will provide everyday Nigerians and Africans with easy access to powerful and flexible banking and wealth management services”.

The history of tech acquisitions in Nigeria reveals a maturing ecosystem. We have moved from the era of foreign classifieds giants buying local clones (Jobberman) to local conglomerates rescuing distressed assets (Konga), and finally to global titans paying premium prices for world-class Nigerian infrastructure and software (MainOne, Paystack).

These exits do more than just make headlines; they recycle capital, experience, and confidence back into the ecosystem. As local players like Carbon and Bitmama begin to acquire their peers, the next phase of the Nigerian tech story will likely be defined not just by building from scratch, but by strategic consolidation—building giants that can stand the test of time.