Nigeria’s innovation centre has acquired iHub to become one of Africa’s biggest incubator networks. While CcHub’s CEO has confirmed the merger, the two entities will still maintain a certain level of autonomy. According to Mr. Bosun Tijani, the merger will utilize the resources of the two independent parties to drive innovation in Africa.
While the amount involved in the purchase remains a secret, CcHub confirmed that it will use resources from a recent real estate deal to buy iHub. CcHub is running a project to construct a ten story innovation centre to replace Herbert Macaulay Way building.
The acquisition will change the leadership structure of the two organizations. CcHub’s Tijani will lead the two innovation centres whereas iHub’s Nekesa Were will continue as iHub’s MD.
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The merger serves the interests of both hubs. On the one hand, iHub will benefit from CcHub’s more comprehensive network, as well as access to the bigger Nigerian Market. On the other hand, the Nigerian counterpart will be able to expand into the East African market through iHub.
“We’ll now have access to the pipeline in Nigeria, Kenya, and Rwanda,” said CcHub CEO.
