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Monday, 18 September 2023
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Supported By
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Good morning!
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Welcome to a new week. Now that the iPhone drama has come and gone, we are shifting gears back to the continent and the race by leaders to get international investment into their countries. Nigeria so far seems to have been making the most progress, rolling out a new partnership with the Indian government and announcing a series of tax breaks.
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But Kenya wants that Silicon Valley cash. Kenya's president, William Ruto was at Silicon Valley last week in person to pitch Kenya to tech investors, as part of the US-Kenya Business Roadshow.
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“Kenya is a full package investment destination; economically stable, entrepreneurial, secure, innovative with a favourable tax environment, skilled labour force, technological expertise, green energy credentials and a gateway for six undersea fibre-optic cables providing reliable data connectivity,” he said.
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Then Airtel Nigeria is setting the record straight. Airtel Nigeria has officially denied reports that it awarded a contract to WATT Renewable Corporation (WATT). The telecommunications company denies having entered into an agreement with WATT to provide over 32MW of installed capacity for solar PV and storage across 600 cell sites scattered throughout Nigeria.
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Then, Tinubu has announced his pick for CBN governor, Olayemi Michael Cardoso.
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Cardoso is the former Citi Bank CEO, bringing a wealth of experience in the banking sector into the office.
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Below are the tech stories and news you need to know to start your day, carefully curated by Technext.
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We are thrilled to share that MyCover.ai has successfully raised pre-seed funding of $1.25M! This round was led by Ventures Platform and Founders Factory Africa, with participation from TechStars Toronto.
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With this funding, we can strengthen our operations in Nigeria and strategically fuel our expansion into other African markets. Join us on this exciting journey as we tackle the issue of inadequate insurance access, coverage and affordability in Africa and beyond!
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Summary of the news
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- Lazarus has reportedly caused a loss of $340 million through cyberattacks
- Drivers have rejected Bolt's new plan to woo them
- Airtel Nigeria has denied reports it awarded a contract to WATT
- President Tinubu has nominated Olayemi Cardoso as CBN's new governor
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Ecosystem
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Not this Airtel: Airtel Nigeria has officially denied reports that it awarded a contract to WATT Renewable Corporation (WATT). The telecommunications company denies having entered into an agreement with WATT to provide over 32MW of installed capacity for solar PV and storage across 600 cell sites scattered throughout Nigeria.
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“The report in the press about Airtel Nigeria awarding this nationwide contract to WATT Renewable Corporation is inaccurate,” Femi Adeniran, the Director of Corporate Communications and CSR said.
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Numerous news publications, citing Oluwole Eweje, WATT’s CEO, reported that Airtel had granted WATT, a provider specializing in hybrid solar solutions, a substantial contract. This contract aimed to supply over 32MW of solar and storage capacity distributed throughout Nigeria. (Technext)
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- Chams Holdings Plc, a company focused on identity management and verification services, has announced that it will no longer collaborate with Nigeria’s federal government on any project. It also blamed the government for a $100 million debt it incurred. (Technext)
- Drivers on Bolt have blasted the e-haling company's promises to reduce 10% commission rate for drivers who will accept rides from its economy class. The drivers described the initiative as a ploy to compete and win back customers from its more aggressive and more flexible competitor, InDriver. (Technext)
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Policy
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New CBN boss: President Bola Tinubu has nominated Olayemi Michael Cardoso as the new CBN Governor. Cardoso will now face a confirmation hearing before the Nigerian Senate.
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Cardoso is the former Citi Bank CEO, bringing a wealth of experience in the banking sector into the office. The move comes after the former governor Godwin Emefiele, who led to the weakening of the naira, decline of the economy and showed up to court with a Bible after he was arrested by the DSS for alleged crimes, was suspended. The DSS said it has not completed its investigation into Emefiele.
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Cardoso will have to work quickly to rebuild the economy, but even more so the Naira and create multiple pathways for Nigerians to trade forex.
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Tinubu also nominated four new Deputy Governors to the CBN including Emem Nnana Usoro, Muhammad Sani Abdullahi Dattijo, Philip Ikeazor, and Bala M. Bello.
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Tinubu has also proposed a five-year term limit for CBN governors and their deputies. This will mean that governors and deputies at the apex bank will only serve a single five-year term should the Senate approve it. (Technext)
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- Tinubu also nominated Jamila Bio Ibrahim as Minister for Youth and Ayodele Olawande as Minister of State for Youth. These nominations are pending confirmation by the Senate. (Nairametrics)
- Kenya's president, William Ruto was at Silicon Valley last week to pitch Kenya to tech investors, as part of the US-Kenya Business Roadshow. “Kenya is a full package investment destination; economically stable, entrepreneurial, secure, innovative with a favourable tax environment, skilled labour force, technological expertise, green energy credentials and a gateway for six undersea fibre-optic cables providing reliable data connectivity,” he said. (Benjamin Dada)
- The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) said it has developed software to enhance transparency in revenue general formulation and sharing amongst the three tiers of government. (Nairametrics)
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Social Tech
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NIMC digital move: NIMC has introduced a self-service solution enabling Nigerians to enrol for their National Identification Number (NIN) conveniently via their smartphones.
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“Identity is more than a mere card or a number; it symbolizes our existence, our entitlements, and our place within society. It unlocks access to essential services, social benefits, and pathways to personal and economic growth. It stands as a testament to our individuality while serving as a bridge to our shared humanity,” Abisoye Coker-Odusote, the Acting Director General of the Commission said.
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"Our objective is to facilitate easy access to registration from the comfort of your own home. For those without access to digital tools, you can visit the nearest NIMC office or reach out to any of our local front-end partners,” she added. (Nairametrics)
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Global News
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TikTok fined: TikTok has been ordered to pay a $379 million fine by the Irish Data Protection Commission for breaching the EU’s General Data Protection Regulation (GDPR) in relation to the handling of children’s data. The ruling also requires TikTok to rectify its data processing practices to comply with GDPR standards within the next three months.
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The DPC’s investigation revealed that TikTok had infringed on eight articles of the GDPR, including violations related to the lawfulness, fairness, and transparency of data processing, data minimization, data security, controller responsibility, data protection by design and default, and the rights of data subjects, including minors, to receive clear information about data processing and disclosures of their personal data.
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The investigation did not uncover any breaches in TikTok’s age verification methods which had previously been a contentious issue with various regional regulators.
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Nevertheless, the DPC’s decision shows that TikTok failed to implement adequate technical and organizational measures to address specific risks faced by users under the age of 13 who accessed the platform. Notably, the default account settings allowed anyone, both within and outside TikTok, to view content posted by these underage users. (Technext)
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- The Lazarus Group, a hacking organization with ties to the North Korean government, has reportedly caused a loss of $340 million through a series of sophisticated cyberattacks in 2023, according to a new report. (Technext)
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Latest in funding
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Other stories we are following
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