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In February 2026, Nigerian defence‑tech startup Terra Industries closed a $22 million seed‑extension round led by Lux Capital, taking its total financing to $34 million. The deal underscores a shift in foreign capital toward security and infrastructure technology beyond the traditional fintech focus.
Retired Lt‑Gen. Tukur Buratai told participants at the DECAN conference in Abuja that the $1 billion allocated for arms procurement during his tenure was never paid into individual service accounts, stressing the need for accurate funding information and modern technology in defence.