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  • December 5 2024

👨🏿‍🚀TechCabal Daily – Netflix stays put

In partnership with Lire en Français اقرأ هذا باللغة العربية Good morning! After weeks of anticipation, Spotify released its yearly Wrapped yesterday. Surprisingly, we found it a little underwhelming. This year’s Wrapped edition lacked the swagger of the previous year. We weren’t alone, though. Users on X expressed frustration over the lack of detailed information, such as music genres, top podcasts, and other cool features that were included in last year’s edition. We’d like to know what you think of your Spotify Wrapped. Netflix is not leaving Nigeria Savannah Clinker withdraws Bamburi bid Kenya’s Ruto blasts critics over Adani deals US commits $600 million for African railway project World Wide Web 3 Events Streaming Netflix is not exiting Nigeria Image Source: Google On Wednesday, news about a possible exit of Netflix from the Nigerian market spread on the social platform, X, after a renowned Nigerian film maker Kunle Afolayan said the global streaming giant was decommissioning some movie projects.  Afolayan, however, did not explicitly state that Netflix was exiting the Nigerian market, although his remarks will rightly drive speculation that the streaming platform is retreating from the country.  In a statement sent to TechCabal, a Netflix spokesperson reaffirmed the company’s commitment to Nigeria. “We are not exiting Nigeria. We will continue to invest in Nigerian stories to delight our audience,” the company stated.  The spokesperson did not immediately address Afolayan’s claims about canceled projects. It’s no surprise that the rumour spread quickly. In January 2024, Amazon Prime, another major streaming service, discontinued its support for African content one year after a huge marketing campaign and publishing a slate of original Nigerian shows. Still, Wednesday’s conversation and social media reactions highlight growing uncertainty around Netflix’s long-term strategy in Nigeria, where rising inflation and currency devaluation have pressured consumer spending power. Netflix has struggled to capture a large share of Nigeria’s competitive streaming market, which is dominated by the more affordable Showmax, a streaming service operated by MultiChoice. Netflix, currently priced at ₦7,000 ($4) per month, remains a luxury for many Nigerians, especially as inflation and naira devaluation erode purchasing power. Read About Moniepoint’s Impact on Pharmacies Do you remember what you bought the last time you visited a pharmacy? Data from Moniepoint’s pharmacy case study reveals it was likely a painkiller. Click here to discover how Moniepoint is enabling access to healthcare through payments and funding for community pharmacies. Companies Savannah Clinker pulls out of Bamburi race Image source: Savannah Clinker CEO Benson Ndeta. PHOTO | UZALENDO All is not fair in business. Lawsuits and arrests are messy in the corporate world. Worse if it involves a chief executive. The recent arrest—and later release—of Savannah Clinker’s CEO Benson Ndeta, has complicated the company’s plan to acquire majority shares in Kenya’s Bamburi Cement, a struggling Kenyan cement maker, in one of the most tightly-contested acquisition deals in the country. Ndeta was arrested and tried on the allegations that he fraudulently obtained a $35 million loan from Absa Bank eight years ago. Savannah Clinker, which made an improved bid to buy Bamburi in August 2024, has now pulled out of the two-legged race with Tanzania’s Amsons Group. Kenya’s Capital Markets Authority (CMA) announced on Wednesday that the former is withdrawing its $197.2 million bid to buy 100% shares in Bamburi. The company didn’t want to risk any public scrutiny. It also asked for time to carry out internal due diligence on the allegations. On October 18, Savannah Clinker reassured shareholders that it wasn’t making a shell offer. It listed Faida Investment Bank’s backing and other “sufficient resources” would cover the maximum amount payable under its offer. At KES76.55 ($0.54) per share, Savannah Clinker offered more money than Amsons Group, which could have been a key consideration as shareholders cast their votes. Bamburi planned to reveal how they voted by December 20, 2024, with the new owners being announced in 2025. But with Savannah Clinker off the bid table, Tanzania’s Amsons Group has a clear pathway to owning 100% shares in Bamburi, marking the family-owned conglomerate’s entry into Kenya. Amsons could delist Bamburi from Nairobi’s capital market to operate privately and revive the business. Swiss company Holcim Group, a majority shareholder in Bamburi Cement, still receives its payout. But minority shareholders, who saw Savannah’s offer as the more financially viable option, will be reeling from this loss. Get Fincra’s Embedded Finance and BaaS Report 2024 for FREE Fincra in collaboration with The Paypers have released the Embedded Finance and Banking-as-a-Service Report 2024. This report examines the key challenges and innovative solutions defining the future of seamless cross-border payments and remittances across the continent, among other topics, with key experts.  Get this valuable, free resource today! Economy Kenya’s Ruto blasts critics over Adani deals Image Source: TechCabalKenya’s President William Ruto has blasted Kenyans who opposed the widely-publicised Jomo Kenyatta International Airport (JKIA) and energy deals with India’s Adani Group. The JKIA deal was supposed to allow Adani to renovate the airport and operate it for 30 years. The energy deal, with Kenya Electricity Transmission Company (KETRACO), would have also allowed the Indian conglomerate to build and operate Kenya’s power lines for 30 years. Both deals were worth a combined $2.6 billion. Kenyans strongly opposed the deals. They dragged the government to court and aviation workers grounded flights at the JKIA airport over fears of losing their jobs. President Ruto was forced to cancel the deals after the group chairman Gautam Adani’s indictment with the US Department of Justice (DOJ) on November 20, 2024, over allegations that he and seven other business executives bribed Indian government officials to secure $250 million solar contracts.  In a video posted on YouTube by local media KTN, Ruto was critical about how the people reacted to news of the proposed Adani deals.  “What gain do you get when you stop the building of an airport in your country? You have no idea how to build any airport or how it’s going to be,” said the president. President Ruto said

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