African Discovery Group, Inc. (AFDG) enters collaboration with Ogelle, a dedicated African Social Media Network; announces DTC eligibility

Rhea-AI Summary

African Discovery Group (AFDG), a New York-based firm focused on Africa, has signed an agreement for a capital investment in Ogelle, an African-centered social media platform. AFDG will hold a 5% interest with an option to acquire an additional 5%. CEO Alan Kessler will join Ogelle's parent company, Reddot Television Network, Ltd., as a board member. The partnership aims to leverage Ogelle's unique platform that aggregates African content, addressing a significant gap in communication sources across the continent. Additionally, AFDG's common stock is now DTC-eligible, enhancing trading efficiency.

Positive

• AFDG's investment in Ogelle positions the company to capitalize on the fast-growing African digital content market.
• The partnership provides AFDG access to Ogelle's user base, which has quickly become a prominent platform for African content.
• DTC eligibility enhances AFDG's stock trade efficiency and broadens its investor base.

Negative

• None.

NEW YORK, Feb. 25, 2021 /PRNewswire/ -- African Discovery Group Inc, (OTC: AFDG), an Africa -focused principal and advisory firm based in New York with an extensive network spanning across 24 African countries, is pleased to announce that it has signed an agreement to make a capital investment in dynamic African focused social media group Ogelle (www.ogelle.com).

AFDG has agreed to invest a 5% interest in Ogelle, and holds an option to acquire an additional 5% stake in Ogelle. Alan Kessler, CEO of AFDG, will assume a role on the Board of Directors of Reddot Television Network, Ltd., the Nigerian company which owns Ogelle.

Ogelle is an online video sharing resource and entertainment platform for African content only. The group integrates User Generated Content (UGC) and exclusive original production Subscription Video on Demand (SVOD) delivered as free and subscription-based services. Ogelle's expansive opportunity stems from a continent that holds no unified communication source or network, with the fastest growing and youngest population of any continent on earth.

Speaking in Saint Louis, Senegal, African Discovery Group's CEO Alan Kessler said, "We are highly enthusiastic to work with Ogelle and their explosive growth potential platform across Africa. ADG and Ogelle share a parallel vision for the emergence of the African continent, and we look forward to working with Osita Oparaugo and his team. I am confident our collaboration with Ogelle will strongly augment ADG's work with leadership businesses on the continent."

Speaking in Lagos, Nigeria, The Founder and CEO of Ogelle, Osita Oparaugo said, "Out of the first 100 user generated content platforms in the world none are Africa centered. Recognizing that content shapes the world and that no one can tell the African story better than Africans, we built Ogelle to give Africans in Africa and in the diaspora an opportunity to create and share African focused content at will. Ogelle has become the highest aggregator of African content within 22 months of operations.  Ogelle is a company whose time has come. Adding the strategic relationship with African Discovery Group will materially enhance our access to the diaspora community in the United States."

AFDG also announces that its common stock is now DTC-eligible.   The Depository Trust Company (DTC) is a subsidiary of the Depository Trust & Clearing Corporation DTCC and manages the electronic clearing and settlement of publicly traded companies.  Securities that are eligible to be electronically cleared and settled through the DTC are considered "DTC eligible", accelerating the settlement process. 

About African Discovery Group, Inc.
African Discovery Group, Inc. (AFDG) is a diversified, African-focused, business development company, with its principal office based in New York, USA. The Company's primary multi-year royalty stream is intended to be derived from critical power and infrastructure projects in Africa, upon completion. New revenue is additionally intended to be derived from the agricultural/ environmental, strategic minerals, media and financial sectors. Additional future growth initiatives for AFDG exist in oil & gas, logistics, pharmaceutical and real estate sectors.

About Ogelle

Ogelle is Africa's pioneer online video sharing resource and entertainment platform for African content only headquartered in Nigeria and Rwanda serving Sub-Saharan Africa and operated by Reddot Television Network Limited. Dubbed the "YouTube" of Africa, Ogelle is a user-generated content (UGC) platform. Available content includes films, music videos, comedy, TV shows, tourism, cuisine, vocation, news and lifestyle which are all created and produced by Africans in Africa and in the diaspora for the enjoyment of global audience. Ogelle is available through dedicated apps on App Store, Google play store and through the web www.ogelle.com

Contact: Harry Green, hg@africandiscoverygroup.com

 

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SOURCE African Discovery Group

FAQ

What investment has AFDG made in Ogelle?

AFDG has signed an agreement to invest in a 5% stake in Ogelle with an option for an additional 5%.

What is Ogelle?

Ogelle is an African-focused online video sharing platform that integrates user-generated content and original productions.

Why is AFDG's common stock now DTC-eligible?

AFDG's stock is now DTC-eligible, which facilitates electronic clearance and settlement, enhancing trading processes.

Who will represent AFDG on Ogelle's board?

Alan Kessler, CEO of AFDG, will join the board of Reddot Television Network, the owner of Ogelle.