On July 2, 2025, Techpoint Africa broke the news that Nigerian fintech startup, Okra, had ceased operations following the departure of CEO Fara Ashiru. Speculation surrounding the shutdown has been circulating, prompting Ashiru to provide more insights into the company’s closure.
In an interview with Techpoint Africa, Ashiru revealed that Okra still had three years of financial runway remaining, which would be returned to investors. While the exact amount to be refunded was not disclosed, it can be estimated based on the startup’s funding history. With a total of $16.5 million raised over five years, Okra likely spent around $11 to $12.5 million, leaving approximately $4 to $5.5 million unspent. Investors could potentially receive between $4 million and $5 million back.
This move to return investor funds is not unprecedented in the African startup scene. Ashiru referenced a similar situation with fintech startup Thepeer in 2024, where investors demanded an audit after the company initially planned to return a lower amount than expected.
Furthermore, Ashiru revealed that Okra had raised an additional $12 million led by Base 10 in 2022, expanding on the startup’s financial history. While sources suggest that Nebula, Okra’s cloud product, has also been shuttered, there is speculation that Okra may find a new home in the future.
In addition to returning capital to investors, Okra provided generous severance packages to employees based on their tenure with the company. Older employees reportedly received up to six months’ worth of their salaries, with bonuses offered to those who had been with the startup for a shorter period.
Ashiru discussed Nebula, Okra’s cloud product aimed at providing African businesses with a cost-effective cloud alternative. Despite early promise, the slow adoption rate and uncertain revenue path led to the decision to shut down the venture. The challenges faced by Nebula highlight the complexities of competing in the cloud infrastructure market against major players like Amazon Web Services and Google Cloud.
Ultimately, Okra’s decision to wind down was a strategic choice to return capital rather than continue operating with limited traction in a challenging market. Ashiru has since taken on a new role as Head of Engineering at British startup Kernel, emphasizing the importance of properly winding down operations before pursuing new opportunities.
The shutdown of Okra and Nebula raises questions about the viability of the cloud infrastructure market, but Ashiru remains optimistic about the prospects for established businesses in the industry. The decision to close the business was not driven by financial constraints but rather a deliberate choice to prioritize responsible business practices.
