- September 5 2024
Latest UIF 2024 login, status check, claim submissions & more
The Unemployment Insurance Fund (UIF), under the Department of Employment and Labour, has introduced a range of online tools designed to make accessing UIF services more convenient. Employees across South Africa can now use these digital resources to streamline their interactions like claim submissions and status check with the UIF, significantly reducing the need for physical visits to labour centres in 2024. The UIF portal login At the heart of these improvements is the UIF portal login, which provides access to the uFiling system. This platform allows users to manage their UIF claims from home, offering several key features: Submit claims: The UIF portal login facilitates easy claim submissions without the need to visit a labour centre. Check status: Through the portal, users can perform a UIF status check 2024 to monitor the progress of their claims in real-time. Submit enquiries: The system enables users to address any questions or concerns directly through the portal. To start using these features, visit https://ufiling.labour.gov.za/uif/ and log in with your credentials. Alternative access: UIF status check 2024 via USSD For those without reliable internet access, the UIF has introduced a USSD service to check UIF status. This service, accessible by dialing *134*843# on any mobile phone, offers: Claims and payment Status Employee registration Payment continuation General enquiries This UIF status check 2024 via USSD ensures that clients can stay informed about their UIF claims without needing to log into the portal. Mobile assistance and enhanced connectivity UIF Commissioner Teboho Maruping announced additional initiatives aimed at reaching those in remote areas. Mobile buses now travel across provinces to assist clients who cannot access labour centres easily. Furthermore, all labour centres have been equipped with free Wi-Fi, allowing visitors to use the UIF portal login for their online needs. In addition, 3,000 marshals and officials are on hand to help with online applications and ensure a smoother user experience. Future plans include an employer-driven process, allowing employers or organised labour to handle applications on behalf of their employees, further streamlining the UIF process. Downtime issues with UIF login 2024 The UIF is committed to enhancing its digital services and aims to eventually eliminate the need for physical office visits. The goal is to make the UIF status check 2024 more accessible and user-friendly, with the UIF portal login serving as a central hub for all related activities. Stakeholders should be aware that the uFiling system may be intermittently unavailable due to maintenance. During these times, visiting a local labour centre remains a viable option. For more information or media inquiries, please contact: Mapula TloubatlaProvincial Communications Officer: LimpopoPhone: 082 908 1833Email: mapula.tloubatla@labour.gov.za With these advancements, the UIF is making significant strides towards a more efficient and accessible service, ensuring that all South Africans can manage their UIF needs with ease through the UIF portal login and regular UIF status check 2024.
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- September 5 2024
TechCabal Daily – Congo cancels $1.2 billion national ID project
In partnership with Lire en Français اقرأ هذا باللغة العربية Good morning This is our last call for reviews on TC Daily design. If you have something to say about the newsletter’s design, please let us know by filling out this form. Airtel moves to unlock new revenue streams Congo cancels $1.2 billion national ID project Fuel hikes in Nigeria force Uber to review fares Huawei to build more data centres in Africa The World Wide Web3 Opportunities Companies Airtel Nigeria’s move to unlock new revenue streams Image source: Airtel Mature businesses have established positions in the market. They usually have a strong mix of assets and liabilities on their balance sheets, people either love them or hate them for one reason or another, and they are often considered important businesses. Yet, these companies everywhere face the same problem: capped revenues. A mature business needs help to grow. Because it has a mature product line known by everybody, its growth rate slows. When growth slows, money inflow stalls with it, making reaching new heights difficult. In cases like this, mature businesses try to unlock new revenue streams by targeting a new audience or entering a new market. Airtel Nigeria, the country’s second-largest telco and arguably a mature business operating since 2001, is doing this same thing with its subsidiary: Airtel Nigeria Telesonic Limited. On September 4, the Nigerian telecoms regulator, the Nigerian Communications Commission (NCC) awarded Telesonic with three new licences to provide internet services, sell telecoms infrastructure, and provide wholesale long-distance telecoms services. Airtel Nigeria, through its subsidiary, will enter new markets to try and unlock new revenue opportunities and provide a buffer to its telco business that so often takes a business hit due to operational and forex losses, owing to currency devaluation. Though its market choice of entry is questionable due to the participation of other established players, with a stroke of luck and a lot of branding activity, Airtel Nigeria will reach a new audience that will open new pathways to profit for it. Read Moniepoint’s 2024 Informal Economy Report Did you know that 57.7% of the business owners in Nigeria’s informal economy are under 34 years old? Click here to find out more about the demographics of Nigeria’s informal economy. Economy DRC cancels $1.2 billion national ID project Image source: AP Archive The Democratic Republic of Congo (DRC), one of the world’s poorest countries, has no national ID system. This lack of civil registry has made it difficult to know the country’s population, who can vote, or who is eligible to pay tax. Citizens of the country also struggle with securing official documents, cash checks, opening bank accounts and receiving money from abroad as a result. Despite many failed promises by the country’s leaders to build a national ID system, the country’s latest stab at building a national ID system has been put on hold. In 2020, close to 60 companies reached out to the Congolese government to provide a national ID system. The project was estimated to cost about $360 million, according to the country’s Ministry of Interior. When biometrics provider Idemia and local partner Afritech emerged as the preferred provider, their proposed cost ballooned to about $1.2 billion. The proposed figures, more than three times the ONIP’s cost estimates, made activist groups and government watchdogs frown against the project, warning against potential misuse of funds. These warnings by watchdog groups prompted the government to cancel the deal. If the deal had been executed, it would have been one of the most expensive digital identity contracts in history. Collect payments anytime anywhere with Fincra Are you dealing with the complexities of collecting payments from your customers? Fincra’s payment gateway makes it easy to accept payments via cards, bank transfers, virtual accounts and mobile money. What’s more? You get to save money on fees when you use Fincra. Get started now. Mobility Fuel hikes in Nigeria force Uber to review fares Image source: Nairametrics Since President Bola Tinubu removed fuel subsidy in 2023, the price point for fuel has jumped four times—₦195 to ₦540 to ₦610, and now ₦897 per litre. Gig drivers have had to deal with these price increases, leaving ride-hailing companies to constantly review base fares. These ride-hailing companies will once again make the decision after the NNPC set new fuel prices to about ₦897 per litre. “We are currently conducting a comprehensive review of the recent increase in fuel prices and considering various initiatives to minimize its impact on driver earnings,” Uber’s spokesperson told TechCabal. Before now, drivers have always complained that the price increment by Uber and Bolt did not meet their expectations. These drivers have also clamoured for a reduction in commission. However, ride-hailing companies risk driving riders away with exorbitant price increases. Already, ride-hailing is becoming a luxury to most users. Still, drivers want increased prices, with some turning to rival inDrive, the ride-hailing platform that uses a bidding system that allows drivers and riders to set fares and charges less commission. One contrarian idea might be that both Uber and Bolt may need to copy inDrive’s model to win over drivers. Bolt has implemented a flexible pricing model, similar to inDrive’s, allowing passengers to bid higher fares to drivers, increasing their likelihood of securing rides during peak demand times. Paystack Virtual Terminal is now live in more countries Paystack Virtual Terminalhelps businesses accept secure, in-person payments with real-time WhatsApp confirmations and ZERO hardware costs. Enjoy multiple in-person payment channels, easy end-of-day reconciliation, and more. Learn more on the Paystack blog → IoT Huawei to build more data centres in Africa Image source: Hyperscale Huawei, a Chinese global technology company, has been silently making its mark on the African tech scene. After entering the African market in 1999, Huawei had to compete with already established players like Ericsson and ZTE in the telecoms market. However, soon enough, it gained credence by doing just one thing: it expanded to carrier and enterprise services. The allure of getting full-service
Read More- September 4 2024
Airtel Nigeria’s subsidiary secures three licences to open new revenue streams
Airtel Nigeria, the country’s second-largest mobile network operator, has secured three telecom licences from the Nigerian Communications Commission (NCC) as it looks to unlock new revenue streams. The licences include an Internet Service Provider (ISP) license, a National Long Distance license, and a Sales and Installation Major license. All three licences were awarded to Airtel Nigeria Telesonic Limited, a subsidiary of Airtel. While Airtel Nigeria could have operated in the ISP market using its Unified Access Service Licence (UASL), securing a standalone ISP license appears to be a strategic move to bolster its dwindling revenue in the Nigerian market–Airtel Nigeria reported a $13 million loss in H1 2024. The National Long Distance license, valid for 20 years, will allow Airtel Africa to provide telecommunication service over a long distance network – MTN already got into the business through its subsidiary Bayobab. The Sales and Installation license, valid for five years, permits the subsidiary to sell, install, and maintain telecommunications infrastructure. Although Airtel Nigeria Telesonic Limited was incorporated on August 26, 2026, and launched on February 13, 2024, it has not officially begun operations. One person familiar with the matter said internal processes, including mapping the size of the investment and the logistics needed, must be completed before operations begin. “Getting the licences is like a bank launching a fintech subsidiary,” said a telecom executive who asked not to be named. “By keeping it separate, Airtel Nigeria can act as a wholesale supplier to Telesonic, which holds the ISP license. This arrangement allows Airtel to report revenue as a wholesale supplier, while Telesonic reports the bandwidth costs, effectively reducing their tax liabilities by lowering gross profits.” Airtel Nigeria did not respond to a request for comments. Airtel Nigeria is the latest entrant into the competitive ISP market. Competitors like MTN Nigeria and Globacom have made significant inroads since launching their ISPs in 2022 and 2024, respectively. The market is dominated by players like Spectranet, FiberOne, and Starlink. Airtel’s move could invigorate a market that has seen numerous exits due to the harsh operating environment driven by inflation and FX volatility. However, this expansion may be constrained by its cost-reduction measures. The company is reportedly renegotiating contracts with tower companies to reduce its foreign exchange exposure, suggesting that it may not have substantial funds to invest in its new subsidiary. “All mobile network operators are increasingly focusing on last-mile services because they offer higher profitability,” a CEO of an ISP company who asked to remain anonymous to speak freely told TechCabal. “Take voice services, for example—the interconnect rate is still ₦7 per minute, a rate set around 20 years ago. Consider what the dollar and diesel prices were back then, which are essential for powering their base stations. This is the rate MTN Nigeria pays them per minute for calls that MTN routes through their network.” Airtel Nigeria’s move to enter the ISP market, though belated, could potentially shake up the sector which has shrunk over the past year with many operators shutting down due to high inflation and foreign exchange crisis in the country. However, to make a dent in the market it needs to grow the current size of the ISP market which stands at 262,207 active subscribers with an average revenue per user (ARPU) of ₦10,000 to ₦15,000.
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- September 4 2024
Uber conducting internal review as drivers expect ride-hailing companies to raise prices
Ride-hailing platforms are considering raising ride fares as fuel prices soar to ₦897 per litre, following two months of fuel shortages in Nigeria. If they adjust fares, the platforms would need to find a middle ground that will balance the needs of drivers and passengers—a tough ask. “We are currently conducting a comprehensive review of the recent increase in fuel prices and considering various initiatives to minimize its impact on driver earnings. Our aim is that Uber remains the app of choice for drivers while ensuring an affordable service for riders.” Tope Akinwumi, the Nigerian country manager for Uber, told TechCabal. Drivers are already expecting ride-hailing platforms like Uber and Bolt that use algorithms to set prices to increase fares following the latest increase in fuel prices. While ride-hailing companies decide on raising fares, drivers are turning to Indrive, a ride-hailing platform that uses a bidding system that allows drivers and riders to set fares. Bolt did not respond to a request for comments. In the meantime, in Lagos, Nigeria’s economic capital, ride-hailing customers are facing a near-permanent surge in fares as fewer drivers operate on the road. Ride-hailing platforms typically use surge pricing to align ride fares with the often delicate balance of driver availability and rider demand. Drivers told TechCabal they are waiting for ride-hailing companies to react to the new pump price before they hit the streets. “If I buy fuel for ₦1,200 or ₦1,500, I will probably park my car at home for like three days and wait to see what Bolt and Uber will do about the new fuel price,” a gig driver told TechCabal. When demand exceeds supply—such as during high-demand periods or when there are insufficient drivers on the road—ride-hailing platforms apply surge pricing to incentivise drivers to get on the road. In May, Bolt introduced a flexible pricing system, similar to Indrive’s system, allowing passengers to offer higher fares to drivers to increase their chances of getting rides during periods of high driver demand. “I have been in the queue all day and I still don’t have fuel by 2 p.m., that automatically means that I can not work today,” a gig driver told TechCabal on Tuesday. Long queues at filling stations have led to traffic in major areas of Lagos, which drivers say may have led to the surge. Drivers also told TechCabal that they have been in fuel queues since 4 a.m. but have yet to buy fuel because filling stations have not started selling today, leading to a scarcity of drivers working. “There is no filling station selling fuel on the island,” a driver who asked not to be named told TechCabal. He added that he had been searching for fuel for hours but is reluctant to buy at the black market rate, which hovers above ₦1,000 per litre. Ride-hailing platforms are in an unenviable position following Tuesday’s fuel price hike as they need to appease customers—who are spoilt with options and dealing with record inflation—and drivers—who constantly demand lower commissions and increased fares.
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- September 4 2024
How to access new US visa customer care for Nigeria 2024
The migration to the new US visa payment and appointment scheduling platform has brought about significant changes. The changes include improvements to customer service. The new system is fully operational, and applicants can now access enhanced support features directly on the platform. Notably, applicants no longer need to use their airtime to call the Embassy’s customer care line, as the platform integrates live chat and call features. This article will guide you on how to use these US visa customer care new features and provide some tips for a smooth experience. Accessing the new US Visa customer care in Nigeria 2024 To use the new customer support features on the US visa platform for your visa appointment or other related issues, follow these steps: 1. Visit the new visa platform: Open your latest version of Mozilla Firefox or Google Chrome browser. Go to the official website: https://www.usvisaappt.com/visa/country?country=NG. 2. Select your preferred support option: At the bottom right corner of the website, you will find options to either start a live chat or make a call. Choose the option that best suits your needs. 3. Using the live chat feature: If you choose to chat, you will first encounter automated responses. Continue interacting with the auto-messages until you get the option to chat with a live US consulate agent. 4. Using the call feature: Click on the phone call icon, which will direct you to a new page. A pop-up will appear, asking you to allow your browser access to your device’s audio. Allow this permission to proceed. Follow the voice prompts carefully until the system connects you to a customer representative. Be mindful of the on-screen buttons to avoid accidentally ending the call. Tips for a smooth experience Use a Laptop or iPad: Although the new platform can be accessed via mobile phones, it is easier to navigate on a larger screen like a laptop or iPad. The layout is more user-friendly on these devices, reducing the likelihood of making errors or not being able to toggle the features. Browser compatibility: Ensure you are using the latest versions of Mozilla Firefox or Google Chrome for optimal performance. Other browsers may not support all features of the platform. Be patient: If you experience delays in connecting with a live agent, remain patient and follow the prompts. The new US Visa customer care in Nigeria 2024 is designed to be more efficient, but as with any new system, there may be occasional hiccups. Final thoughts on US Visa customers care in Nigeria 2024 The introduction of live chat and call features on the new US visa platform marks a significant improvement in customer support for applicants in Nigeria. No longer needing to use personal airtime to contact customer care is a welcome change. Remember to access the platform using a suitable device, follow the steps outlined above, and remain patient during your interaction. The new US Visa customer service in Nigeria 2024 is intended to streamline and enhance your visa application process, making it more accessible and user-friendly.
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- September 4 2024
US visa 2024 appointment dates updates on the Nigeria new portal
The migration to the new US visa payment and appointment dates scheduling system for Nigeria, which began on 26th August 2024, is now fully operational. Many applicants have reported receiving activation emails, allowing them to successfully migrate their old accounts and activities to the new US visa platform. This article will guide you on what to do if you haven’t received the activation email and provide important details for those with scheduled interview dates. Receiving activation emails If you haven’t yet received the activation email, don’t worry. Applicants are to check their spam, promotions, or social categories in their email folders, as the activation email might have landed there. If you still cannot locate it, be patient; the US consulate has assured that the rollout is ongoing and everyone will receive their activation emails soon. Managing your us visa dates 2024 Applicants who had scheduled their US visa appointments before the migration might notice changes in their interview dates on the new portal. If your original appointment date has been altered, there is no cause for alarm. According to information gathered from the support line of the US consulate in Nigeria, you should still attend your interview on the originally assigned date. It is important to bring your DS-160 confirmation page and other relevant documents with you. The discrepancy in dates is due to a mass rescheduling glitch caused by the migration of data from the old system to the new platform. In other words, for those who are okay with their original dates, there is no need to worry about the date changes on the visa confirmation page. Key Points to Remember Check your email: Ensure you regularly check all your email folders, including spam and promotions, for the activation email. You can stick to your original date: If you notice a date change on the new portal, attend your interview on the originally scheduled date with your DS-160 confirmation and other documents. Migration glitch: The change in dates is a result of data migration; it does not affect your original appointment unless you decide to reschedule. Final thoughts on US visa 2024 appointment dates scheduling updates The transition to the new US visa service system is designed to enhance efficiency and streamline the visa application process. With the US visa dates 2024 now managed on this new platform, applicants can expect improved services, including more convenient document submission locations and enhanced customer support. Remember to stay informed by checking the new website regularly for any updates or changes to the process. By following these guidelines, you can ensure a smooth experience during your visa application process, even amidst these recent changes.
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- September 4 2024
TechCabal Daily – Flip the crypto coin
In partnership with Lire en Français اقرأ هذا باللغة العربية Good morning Calling all AI enthusiasts! Join the TechCabal X Zindi audio classification challenge. Join us in building an audio classification model for the Ewe language and stand a chance to win $500. You’ll be competing for a top prize, and contributing to the preservation of an important African language. Sign-up now. Nigerian banks are still wary of crypto Binance calls for Gambaryan’s release Fuel price hike in Nigeria affects gig drivers The World Wide Web3 Opportunities Crypto Is Crypto welcome in Nigeria? Image source: Pymnts Persona non grata is a Latin phrase that translates to “unwelcome person” and is used to describe someone who is officially declared undesirable or unwelcome by a government. This dictum may explain the Nigerian government’s stance on crypto. Crypto regulation in Nigeria has been a rollercoaster. After lifting a two-year crypto ban in December, the government had a change of heart. In the following months, it showed signs that it still frowned against digital assets. The government blocked the websites of crypto exchanges and warned against P2P trades. Executives of Binance who had come into the country to resolve the blocked access were arrested, with one executive still in detention. Nigeria’s anti-graft agency, the Economic and Financial Crimes Commission (EFCC) also froze 1,000 bank accounts linked to crypto trade. If you’ve followed till now, you’ll get a sense that crypto may not be fully welcomed in the country. And while the SEC may have issued its first crypto licences to Quidax and Busha, banks and fintechs across the country are playing it safe. While the Nigerian SEC has released new guardrails for crypto transactions in the country, banks claim that they are unclear and difficult to follow. While the newly licensed entities are optimistic about a good rapport with banks and fintech, the banks have made their point clear that they’ll only engage when they receive instructions from the CBN. Read Moniepoint’s 2024 Informal Economy Report Did you know that 57.7% of the business owners in Nigeria’s informal economy are under 34 years old? Click here to find out more about the demographics of Nigeria’s informal economy. Crypto Binance calls for Gambaryan’s release Tigran Gambaryan Since Nigeria started scapegoating crypto company Binance in February over claims that it allowed currency traders to manipulate FX rates, not much has changed. On September 3, the naira continued a week-long slide, settling at ₦1,590/$1. While the Central Bank’s search for stable pricing remains elusive, the case against Tigran Gambaryan, the Binance compliance executive arrested in February 2024 has continued. On Monday, a video of Gambaryan being denied the use of a wheelchair by prison officials went viral. His family has repeatedly asked for his release on health grounds. On Tuesday, Binance also asked the Nigerian government to release Gambaryan. Its CEO Richard Teng posted on X that Gambaryan’s treatment is “inhumane”, and that he must be allowed to go home to his family. US lawmakers have since petitioned President Joe Biden to secure his release. However, Nigeria is not budging in its stance that Gambaryan and his employer are allegedly complicit in laundering money. To this day, Nigeria has yet to show how it will hold any water to this claim, as it never tracked or regulated crypto transactions. Moreover, in 2021 when Nigerian banks were freezing crypto-related accounts, Binance’s peer-to-peer (P2P) platform allowed crypto trading to continue under the radar, drawing Nigeria’s ire. Again, this is not Binance’s first money laundering case; the US Department of Justice sued the company for $4.3 billion on similar charges in 2023. Nigeria is likely sensing an opportunity here. If this messy affair plays out longer, all indications point toward Binance eventually settling. Collect payments anytime anywhere with Fincra Are you dealing with the complexities of collecting payments from your customers? Fincra’s payment gateway makes it easy to accept payments via cards, bank transfers, virtual accounts and mobile money. What’s more? You get to save money on fees when you use Fincra. Get started now. Economy Fuel price hike in Nigeria affects gig drivers Image source: Nairametrics Shortly after the Nigeria National Petroleum Company Limited (NNPC) opened up about its “financial strain” and debts owed to petrol suppliers, Nigerians braced themselves for the inevitable. Since the subsidy removal in 2023 by President Bola Tinubu, citizens still managed to buy fuel cheaply at NNPC stations. Compared to private filling stations that sold higher to gain profits, the government-owned NNPC sold fuel at ₦610 ($0.38) per litre—shielding Nigerians from the landing cost of ₦1,200 ($0.75) per litre in imports. However, on September 3, after succumbing to its financial reality, NNPC increased the price of fuel by more than 40%. Some of its stations sold fuel yesterday at ₦897 ($0.56) per litre. Worse, other parts of the country sold higher at ₦910 ($0.57). While the long queues Nigerians have been witnessing these past three weeks will likely continue, fuel-dependent businesses like gig drivers will be feeling the heat. When we spoke to a Bolt driver in Owerri, he expressed frustration yesterday. “When I got to NNPC to buy fuel this morning, they were adjusting the pump price to ₦885 ($0.56) per litre. It was shocking. There was a queue so I was unable to buy fuel after waiting for 5 hours. I left and went to another [private] filling station, and bought fuel at ₦995 ($0.63) per litre.” With increased fuel prices, gig drivers will spend more money fuelling their cars. Yet, low fares and high commissions could eat into their daily earnings. They’ve been lobbying ride-hailing apps like Uber and Bolt via protests to increase base fares and reduce commission from the average 25% to 5%. But these apps have been understandably hesitant. Commissions make up about 50% of Uber’s earnings. An 80% reduction could see these companies lose one-tenth of their revenue. While Uber says it has been “constantly monitoring” the local dynamics to understand the impact on the marketplace,
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- September 3 2024
Check 2024 TASUED PostUTME results and admission aggregate
Tai Solarin University of Education (TASUED) has just released the results for the 2024 PostUTME screening exercise. If you have participated in this year’s screening, it is essential to promptly check your scores to gauge your admission prospects. Steps to check your TASUED 2024 Post-UTME result To check your TASUED 2024 PostUTME results, follow the steps below: Visit the official website: Go to the TASUED official website at www.tasued.edu.ng. Login to your profile: Click on the ‘Post-UTME Result’ link. Enter your 2024 JAMB registration number and password in the provided fields. Click on ‘Login’ to access your profile. Access your results: Once logged in, navigate to the ‘Results’ tab. Your Post-UTME score should be displayed on this page. Review your scores carefully and print a copy for your records. Important points to note on 2024 TASUED PostUTME results Score interpretation: A higher Post-UTME score increases your chances of being admitted into your preferred course. Ensure you understand the cut-off marks for your chosen programme. Result inquiries: If you have issues accessing your results or notice discrepancies, contact the TASUED admission office immediately for assistance. Next steps: Depending on your score, start preparing for the next phase of the admission process or consider other options if necessary. Final thoughts on TASUED 2024 admission process Checking your Tai Solarin Post-UTME scores is a crucial step in your academic journey. Follow the above steps carefully to ensure you have all the necessary information to move forward. Be mindful of the critical deadlines related to the TASUED 2024 admission process. Following the release of the Post-UTME results, ensure that you adhere to the submission dates for any required documents and the confirmation of your intent to enrol. Keep track of the deadline for submitting any additional paperwork or completing further steps in the admission process. Staying organised and meeting these deadlines will be crucial in securing your place at Tai Solarin University of Education. C
Read More- September 3 2024
Binance urges Nigeria to end “unjust detention” of company executive after viral video
Binance has again asked Nigerian authorities to release Tigran Gambaryan, a company executive detained since February 2024. On Monday, a video of the US citizen being denied use of a wheelchair by prison officials went viral. The visibly distressed executive was shown expressing frustration over his treatment. “We are extremely distressed by the video of Tigran in court yesterday. This video is just a snapshot of Tigran’s current reality. His health is rapidly declining and we are deeply concerned about the long-term consequences of this unjust detention,” a Binance spokesperson said in a statement on Tuesday. “Nigeria does not need to keep Tigran in order for us to settle any alleged past issues. We continue to implore the Government of Nigeria to let Tigran return home and let us continue in our engagements.” Gambrayan, a US citizen who is remanded in Kuje prison, faces money laundering charges filed by the Economic and Financial Crimes Commission (EFCC) alongside Binance, which the company denies. His lawyers filed a new bail application citing his deteriorating health condition. But the EFCC counsel opposed the application based his medical records. The court will rule on the bail application on September 4. The detention of Gambaryan and his escaped colleague Najeem Arjawalla was part of the Nigerian government’s crackdown on cryptocurrency despite the Central Bank lifting a three-year ban on crypto-related banking transactions. Gambaryan’s continued detention has raised serious questions about Nigeria’s hard stance on crypto. Months after authorities Binance was blamed for currency volatility, the naira has fallen sharply but the Binance executive remains in detention. In June, two US lawmakers called for his immediate release after visiting him in Kuje prison, heightening political pressure surrounding his trial in Nigeria. Sixteen American lawmakers also accused Nigerian authorities of holding the American citizen hostage. On June 6, Axios reported that a group of former prosecutors and federal agents wrote to US Secretary of State Anthony Blinken, urging him to “step up” efforts to secure Gambaryan’s release.
Read More- September 3 2024
As Nigeria raises fuel prices by 40%, spare a thought for struggling gig drivers
After two months of persistent fuel scarcity and a recent acknowledgement by the national petroleum corporation that its finances are under strain, Nigeria has adjusted fuel prices by 40%. Across several fuel stations in Lagos, the pump price was around ₦897 per litre, up from ₦610 on Monday. It is the second major fuel increase for a country that tried to end costly fuel subsidies in May 2023 when prices tripled from around ₦200 per litre. A second fuel hike in over a year will raise operating costs for last-mile delivery companies and food delivery businesses. Gig drivers, who have endured a tough year, will be among the worst hit. Unlike last-mile and food delivery companies that pass on costs to customers, gig drivers do not set their prices. And cabs, still largely considered a luxury for most Nigerians, may experience softer demand if price increases are passed on to customers. Ride-hailing companies like Bolt, Uber, and InDrive, which use algorithms to set prices, are wary of steep price increases in a country where incomes are already under pressure. Uber did not immediately respond to a request for comments. “I now use public transportation and Uber when I am going on long distances and public transportation when I am going on short distances,” a product designer in Lagos told TechCabal. As customers adjust, gig drivers who face increasing maintenance costs because of record inflation—headline inflation quickened to 34.19% in June 2024—are also becoming pragmatic. “It got to a stage when any ride that comes in for ₦1,500 or ₦2,000, I don’t attend to them because I know what I go through to get fuel,” a gig driver who asked not to be named told TechCabal. Beyond pragmatism, gig drivers, who often have to meet daily targets to earn bonuses from ride-hailing companies, have asked for fare increases. Warning strikes, dialogues with ride-hailing companies and conversations with the government have been part of their strategies to force fare increases. They also want these companies to reduce their commission on driver earnings from around 25% to 10%. It is unclear if that margin works for the companies. A similar situation happened in Kenya, where drivers began to impose their ride prices. “They have to adjust their prices because they cannot expect drivers to make money for them and expect them to make low prices. If they don’t increase fares, the drivers will frustrate the platform”, a gig driver told TechCabal. The drivers and their partner companies are locked in this delicate balance, with each weakened by Nigeria’s poor macroeconomic condition. While a price increase looks inevitable, it is unlikely to improve the drivers’ fortunes. If anything, the most likely outcome is more friction between gig drivers and ride-hailing companies for the next few months. *Additional reporting by Muktar Oladunmade Uber Kenya increases fares by 10% but drivers are unimpressed
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