Blast off: Nigeria to send first citizen to space in partnership with SERA and Blue Origin
Six decades after the first human reached space, a Nigerian will have the opportunity to do the same thanks to a partnership between the Space Exploration & Research Agency (SERA), a global space agency, and the National Space Research and Development Agency (NASRDA). The partnership will see SERA reserve a seat on an upcoming Blue Origin New Shepard suborbital spaceflight for a Nigerian citizen. The SERA-funded project is open to all Nigerians aged 18 years and above. The partnership is part of a broader partnership with Jeff Bezos-owned Blue Origin, to send six individuals from nations historically underrepresented in space exploration. In 2022, the initiative sent Victor Hespanha, a Brazilian civil engineer, to space. “Until now, space has been an exclusive domain, with over 80% of all astronauts to date coming from just three countries. Nigeria has a rich history of scientific and technological innovation, and we are honoured to partner with NASRDA to extend this legacy into space and create new opportunities for Nigerian space explorers,” said Joshua Skurla, Co-Founder of SERA. SERA Cofounder Joshua Skurla Astronaut Victor Espanha_ Honourable Minister Innovation, Science and Technology Chief Uche Nnaji and SERA CoFounder Sam Hutchison at the Signing of the MoU. This marks a significant milestone in Nigeria’s space exploration journey. For over two decades, Nigeria has talked up its space ambitions and made efforts. In 2000, the National Space Policy (NSP) was approved, two years after the establishment of NASRDA to break new frontiers through space exploration and exploitation. Nigeria launched its first satellite—Nigeria Sat-1 in 2003–and has gone on to launch five other satellites. In 2016, Nigeria said it plans to send its first astronaut to space by 2030. “We are delighted to see this partnership come to fruition. Human space flight is not just a random aspiration of our country,” Uche Godfrey Nnaji, Nigeria’s Minister of Innovation, Science and Technology, said while signing the MoU on behalf of the Federal Government. Dr. Matthew Adepoju, Director General/Chief Executive of NASRDA, described the partnership as “a testament to Nigeria’s growing prominence in the global space community.”
Read MoreCongolese logistic startup, Noki Noki secures $3 million seed funding to expand across Central Africa
Noki Noki, a Congolese logistics startup that offers food delivery and supermarket shopping services, has raised $3 million in seed funding. The startup, which operates in six countries, will use the funding to scale its operations across these markets and solidify its presence in new markets including the Democratic Republic of Congo (DRC). The funding round, led by Uma Ventures, reflects continued investments in Congolese startups which account for most of the investment in the Central Africa region. In 2023, the country raised $62 million in venture capital funding, making it the largest contributor to startup funding growth in Central Africa. Launched in 2021 by Jonathan Yanghat, the startup provides logistic solutions including Noki Food for meal delivery, Noki Drive for supermarket shopping, and Noki Pay, an integrated payment interface for its delivery products. The company, which serves over 10,000 users, claims it recorded over 1 billion CFA francs ($167 million) in transactions in 2023. “We started the journey with a few motorcycles and a clear ambition: to revolutionize delivery and e-commerce on the continent. This funding brings us closer to our goal of becoming a reference in last-mile delivery in Africa,” Jonathan Yanghat, CEO and co-founder said in a statement. The logisitic startup is competing with a list of logistics startups—Wikko, Vanoma, Sualoo— in Central Africa’s growing last-mile delivery market. Per a McKinsey report, Africa’s last-mile delivery market is experiencing an annual growth of 25% and is set to reach $80 billion by year-end. “Jonathan Yanghat and his team have demonstrated a keen understanding of the sector’s needs and an ability to thrive as market leaders. Their vision coincides with our strategy of building tech-enabled infrastructure, which is why we are proud to accompany them in their growth,” Vinay Vaswani, founder of Uma Ventures said.
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Chinese EV maker BYD partners with Rwanda’s Ampersand for 40,000 E-Motorcycles
Ampersand Rwanda has struck a deal with Chinese electric vehicle and battery manufacturer BYD to build 40,000 electric motorcycles in Kenya and Rwanda by the end of 2026. Ampersand’s long-term goal is to win a majority of Africa’s electric motorcycle market. Revenue from Africa’s motorcycle market is estimated to reach US$4.87bn by the end of 2024, according to data from Statista. Founded in 2016 by Josh Whale and backed by institutional investors like the Ecosystem Integrity Fund (EIP), Ampersand manufactures and deploys electric bikes in Rwanda and Kenya. It also owns 18 charging stations in Kenya and 27 in Rwanda. Ampersand will use BYD’s expertise in making smaller inexpensive batteries to grow the East African market. BYD, which has suffered setbacks to its global expansion goals after the US government increased tariffs fourfold on electric vehicles and advanced batteries from China will consider Africa’s nascent market a great opportunity. The Chinese company set up a production facility in Kenya to produce 500 units of electric vehicles this year and plans to produce 4000 cars and buses next year. “They have already done this on a significant scale in China but they are facing some difficulties in markets in Europe where taxes have been increased,” Andrew Amadi, a board member of the Africa Electric Mobility Alliance and CEO of Ubuntu Solar Power Africa, told TechCabal. “Africa offers them a new opportunity to scale their market.” Rwanda and Kenya have become investors’ first port of call for electric vehicles thanks to the friendly policies initiated by both governments. There are no import duties on electric cars and motorbikes in Rwanda and the country’s e-mobility policy also allows companies to set up charging stations, rent-free. In May, Spiro, an Indian electric vehicle company secured $50m from investors to increase production and deployment of electric motorbikes in Rwanda. Kenya also unveiled the first draft of its National E-mobility Policy in April which supports local battery manufacturing, recycling, and repurposing initiatives. It also encourages the production of EV components like charging systems. The policies have pushed several investors like BasiGo, Roam, and Ampersand to grow their EV production levels. “Electrifying the intensively used commercial motorcycles found across Africa is a logical first step to decarbonising a very large potential market of motorcycles across the Global South,” Sihai Zhang, BYD Company, said. Ampersand believes decarbonising transport, especially electric two-wheelers will clean up the air and save drivers on average 45% a year on fuel and maintenance, improving lives and livelihoods, and driving entrepreneurship and social mobility. “Switching the millions of taxi and delivery two-wheelers to EV energy tech represents one of the world’s best value-for-money decarbonisation opportunities. At the same time, this transformation will save millions of hardworking motorcycle riders $600 each a year, driving clean economic prosperity,” Josh Whale, CEO of Ampersand, said.
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New JAMB information on 2024 result check without phone number
The Joint Admissions and Matriculation Board (JAMB) has released new information for 2024 UTME candidates, alerting them to recent fraudulent activities involving third-party services claiming to assist in obtaining examination results without registered SIM cards. Fraud Alert: Fomo Web3 @Chaser67y JAMB has identified an individual operating under the alias Fomo Web3 with the handle @Chaser67y on X (formerly Twitter) and some other social media platforms. This individual is reportedly offering services to check JAMB results for candidates who have lost their registered SIM cards. However, JAMB warns that this is a scam designed to deceive gullible candidates. Collaboration with Raphael at LASU CBT centre Fomo Web3 is allegedly working with another individual named Raphael, who is based at the Lagos State University (LASU) CBT Centre. Raphael’s contact number is 0704 451 2628. Together, they are targeting candidates in need of their UTME results and can’t access their JAMB registered phone number, offering fake services in exchange for money or personal information. Official JAMB guidelines JAMB has reiterated several key points for candidates to avoid being scammed: 1. Do not patronise third parties Candidates are strongly advised against using third parties for any JAMB-related services.. 2. Official JAMB results checking channel 2024 All services and communications related to JAMB examinations are handled directly through JAMB’s official platforms, and SMS is the only verified channel to check your 2024 JAMB results. JAMB does not sanction any external promises of assistance, and are likely fraudulent. Consequences for fraudsters JAMB has assured candidates that Fomo Web3 @Chaser67y and his collaborator Raphael will soon be brought to justice. Legal actions are being taken to address their fraudulent activities and protect candidates from further harm. New JAMB information on protecting candidates in 2024 The new JAMB information 2024 aims to protect candidates by emphasising the following: Rely solely on official JAMB channels and verified platforms like Techcabal for all examination-related needs. Avoid sharing personal information with unauthorised individuals or entities. Report any suspicious activities or offers to JAMB immediately. Final thoughts on new JAMB information on 2024 result check without phone number JAMB’s new information for 2024 is clear: candidates must follow official procedures and avoid third-party services to ensure the integrity and security of their UTME results and personal information. If there is any other means of accessing the 2024 UTME results, it will be officially announced.
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Check WAEC results 2024
Once you’re ready to check your West African Examinations Council (WAEC) results for 2024 you’ll need a guide. This article will walk you through the simple process of checking your WAEC results for 2024. There are two main methods for checking WAEC results 2024: online and via SMS. Both methods require your 10-digit WAEC Examination Number (your seven-digit centre number followed by your three-digit candidate number), your examination year (2024), and your WAEC result checker PIN. You can find your examination number and year on your Statement of Entry (SCE) document, while the PIN comes on your result checker voucher. Unlike the 2024 JAMB exams that allows only one method of result checking, WAEC allows for two ways: Method 1: Checking WAEC Results 2024 Online Visit the WAEC official results checker website: WAEC result checker. Enter your 10-digit WAEC Examination Number in the designated field. Select “2024” from the Examination Year dropdown menu. Choose the type of examination you took (e.g., PRIVATE CANDIDATES RESULTS or SCHOOL CANDIDATES RESULTS). Enter both the e-PIN Voucher Number and PIN in the respective fields. See how to get your e-PIN voucher here. Click on “Submit” and wait patiently. Your WAEC results 2024, including your grades for each subject, will be displayed on the screen. You can print your results out after checking. Method 2: Checking WAEC results 2024 via SMS Open your messaging app and create a new SMS message. In the message body, type the following information in this format (without spaces): WAECExamNoPINExamYear. For example, if your Exam Number is 4800101221, PIN is 123456789012, and the year is 2024, you would type: WAEC42501010011234567890122024. In the recipient field, type the shortcode 32327 (applicable to MTN, Airtel and Glo subscribers only). Send the SMS and wait for a reply containing your WAEC results 2024. A service charge of ₦30 will apply depending on your network provider. Final thoughts That’s about all it takes to successfully check your WAEC results in 2024. Remember, you can use either method mentioned above to access your grades. But if you do not get your results on both counts, you may need to reach out to WAEC for assistance.
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JAMB spends almost ₦3bn on CBT, PTC centers in 2024 UTME
The Joint Admissions and Matriculation Board (JAMB) has disclosed that it spent ₦2,688,708,000 on CBT and PTC centers during the 2024 Unified Tertiary Matriculation Examination (UTME), sparking critical discussions about the effectiveness of this financial outlay. Detailed breakdown of expenditure Here’s the breakdown provided by JAMB regarding the allocation of the money spent during the last UTME 2024 exams: 1. JAMB-owned Professional Testing and Certification Centers (PTCs): Amount Allocated: ₦92,596,500 Number of Centers: 27 2. Privately Owned CBT Centers: Amount Allocated: ₦2,596,111,500 Number of Centers: 733 This breakdown shows a significant portion of the budget is directed towards privately owned CBT centres, raising questions about accountability and oversight. Issues and failures on the JAMB UTME 2024 Despite the hefty expenditure, the 2024 UTME was plagued by several issues: Operational Failures: Many centres reported technical glitches and disruptions during the exams. Rescheduling: Exams had to be rescheduled in various locations, causing candidates inconvenience and casting doubt on the efficiency of the process. Critical concerns noted from this issue on the JAMB UTME 2024 Here are some talking points concerning this financial report: 1. Effectiveness of spending The substantial funds allocated to CBT centres did not translate into a seamless examination process. The operational failures suggest that the investment in technology and infrastructure could have been adequate or better managed. 2. Accountability and oversight With a significant amount directed to privately owned centres, there is a pressing need for transparency in how these funds were used. The frequent issues at these centres indicate potential oversight and quality control lapses. 3. Candidate experience The need to reschedule JAMB 2024 exams, largely due to technical issues, disrupts the candidates’ schedules and undermines the integrity of the examination process. Final thoughts on JAMB spending almost ₦3bn on CBT, PTC centers in 2024 UTME The ₦2.69 billion expenditure by JAMB on the 2024 UTME raises serious concerns about the efficiency and management of these funds. This calls for a thorough review of JAMB’s spending practices, oversight mechanisms, and the overall management of the UTME to ensure that such substantial investments lead to tangible improvements in the examination experience and integrity.
Read MoreBeyond the numbers: Unlocking the potential of Nigeria’s booming youth population
This article was contributed to TechCabal by Dr Fola Aina. Nigeria boasts the world’s largest youth population, with a median age of 18.1. Nearly 70% of Nigerians are under 30, and 42% are below 15, which amounts to a staggering 151 million young people. This youthful demographic is juxtaposed against significant challenges: high poverty rates, widespread unemployment, and ongoing issues with food security, safety, and property protection. Youth unemployment rose from 7.20% in the second quarter of 2023 to 8.60% in the third quarter. Historically, from 2014 to 2023, the youth unemployment rate averaged 22.97%, peaking at 53.40% in late 2020 and dropping to a low of 6.90% in early 2023. Nigeria stands out as one of the eight countries driving global population growth and leads in Africa. With a projected population of 216 million, these figures represent 216 million potential opportunities for development and progress. However, Nigerian youth face numerous hurdles, including high unemployment, limited educational access, economic challenges, a significant HIV/AIDS prevalence, and pervasive poverty. Technology is fundamentally reshaping our lives and work as the world rapidly embraces digitalisation across all sectors. Nigeria must stay caught up in this transformation. The vast opportunities that artificial intelligence (AI) presents—in areas such as navigation, education, real estate, and project management—highlight technology’s immense potential for elevating Nigeria to a global powerhouse. To propel the country forward, emphasis must be placed on new technologies, social media, digital marketing, agriculture, fintech, and other emerging industries. Harnessing the energy and creativity of Nigeria’s youth is crucial for achieving this vision. Notable success stories underscore the burgeoning role of technology in Nigeria’s economic landscape. In March 2021, Flutterwave, a Nigerian fintech startup, garnered international attention by securing $170 million in funding, achieving a valuation of $1 billion, and entering the elite group of corporate unicorns. A few months earlier, in October 2020, the U.S. tech giant Stripe acquired another Nigerian fintech startup, Paystack, for $200 million. These landmark deals highlight the growing significance of Nigeria’s technology sector within the national economy. Flutterwave’s valuation now rivals some of Nigeria’s largest banks, contributing 0.22% to Nigeria’s GDP of $448 billion. For Nigeria to continue on this path of innovation and growth, it is imperative to invest robustly in science and technology education at all levels. This investment will give the youth the necessary skills to develop groundbreaking technologies that address the country’s challenges and drive economic prosperity. Nigeria’s Information and Communication Technology (ICT) vision is ambitious, incorporating computer education into the curriculum at all educational levels. A key objective of this vision is to equip young Nigerians with ICT skills, preparing them to compete on a global stage. Effectively empowering the youth in this way serves as a potent catalyst for national development. Youth empowerment fosters a culture of innovation and creativity, driving economic progress. Technology is integral to the rapid advancement of STEM (Science, Technology, Engineering, and Mathematics) education in Nigeria. Numerous platforms now offer educational programs and boot camps in these crucial disciplines, forging a strong link between youth development and technological prowess. STEM education enhances employability and aligns young people with the evolving demands of the labour market. The increasing internet penetration in Nigeria, which reached 122.5 million users and 55.4% of the population by early 2023, offers a significant opportunity to amplify youth education through digital solutions. Among young Nigerians, digital media enhances issue awareness, promotes literacy, and improves access to healthcare. This digital engagement lays the groundwork for a more informed, skilled, and resilient youth population poised to lead Nigeria into a prosperous future. According to data from the Nigerian Bureau of Statistics, only approximately 22% of schools in Nigeria have access to computers and the internet. This starkly low figure is mainly due to financial constraints within the education sector and a need for substantial government investment in public institutions. Such underinvestment hinders the ability of Nigerian schools to compete with their international counterparts. Addressing this gap in ICT infrastructure is crucial, as it can significantly uplift the nation’s educational standards and contribute to broader societal benefits. Enhanced access to technology in schools can play a pivotal role in eradicating poverty by equipping students with essential digital skills needed in today’s job market. It can also raise the quality of education, fostering a more informed and skilled populace. Moreover, better educational resources promote good governance by creating an enlightened citizenry that can hold leaders accountable. Increased investment in educational technology could lead to job creation within the tech sector, reduce crime through improved socioeconomic conditions, and bolster national security by providing youth with constructive pathways and reducing the allure of criminal activities. A few years ago, Nigeria launched 5G technology, a move expected to enhance the socio-economic landscape and foster inclusive growth nationwide significantly. According to the latest GSMA Mobile Economy report, the integration of 5G could add an impressive $2.2 trillion to Africa’s economy by 2034. This technological advancement, coupled with Nigeria’s youthful population, has set the stage for numerous opportunities to improve the quality of life and raise living standards. For the first time, the vision of accessible, affordable, and inclusive healthcare and education is within reach. However, accelerating the deployment and adoption of 5G is crucial for empowering various population segments, from unemployed youth to older people. This technological leap necessitates the upskilling of millions of professionals and educators to ensure they meet global standards and adopt the latest methodologies in their fields. The widespread connectivity enabled by 5G facilitates remote learning and working, bridging service delivery and skill acquisition gaps. The upcoming Dr. Fola Aina Annual Colloquium on Youth, Leadership, and Nation Building, organised by the Triola Aina Foundation, will be a significant event in December 2024. This colloquium will spark important discussions around youth development and leadership, highlighting the transformative role of technology in national advancement. It will gather young leaders, visionaries, and change-makers from Nigeria to explore and strategise on pressing issues, positioning technology as a cornerstone for driving the nation’s progress. Acquiring digital
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Sabi, Nectar Fresh, and Meadow Foods partner to solve supply chain problems in Oyo State forest reserve
Sabi, a B2B startup that builds digital tools to aid commerce, will partner with Nectar Fresh and Meadow Foods to create a reliable supply chain for cash crops like cashew nuts and shea nuts. The project, approved by the Federal Ministry of Environment, will involve the management of 250,000 hectares of the Opara Forest reserve in Oyo State. The three companies will invest an estimated ₦52 million over the next year. Tagged the Oyo State Aggregation Initiative, the project will create jobs for at least 350 people by year-end and drive economic growth in Saki, Otiki, and Agbugudu communities. A centralized warehouse in Saki will also be built to provide quality storage for export-ready commodities. The partnership comes as Nigeria battles its highest food inflation in nearly three decades and the surge in food prices putting millions of Nigerians at risk of malnutrition. The agriculture supply chain has come under tremendous pressure with climate change reducing yields and security challenges in many parts of the country raising transportation costs. Many experts say technology and technical know-how can solve some structural problems in the supply chain. The project is expected to create 30,000 metric tonnes of cashew nuts and 10,000 metric tonnes of shea nuts. “By empowering small farmers and providing them with the resources and market access they need, we are fostering economic growth and community development in Oyo State,” said Ademola Adesina, president and co-founder of Sabi. Meadow Foods, the local subsidiary of Dutch parent Acrosstrades, will handle project development and management, quality assurance, and technology integration on the ground. While Nectar Fresh will engage with community leaders of the Opara Forest to ensure access to and development of farmers and their crops.
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#OccupyParliament begins in Kenya with police blocking access to parliament
#OccupyParliament began on Tuesday with protesters unable to gain access to Parliament. They’ll try again on Thursday when legislators plan to debate the controversial 2024 Finance Bill. On Monday, the handwriting was on the wall. By Tuesday, when the ruling Kenya Kwanza coalition was ready to compromise on the unpopular 2024 Finance Bill, it was too little, too late. Despite offering to scrap some proposed taxes, many Kenyans believe the bill—which proposes new taxes on cars, mobile money transactions, alcoholic beverages, and other items—is a poisoned chalice and want it thrown out entirely. For weeks, those sentiments remained online, and on the social media network X hashtags like #RejectFinanceBill2024 soon began trending. The hashtag also spread via humorous quips on Whatsapp channels and statuses. Eventually, the pushback against the 2024 Finance bill spilled offline. By 11 am Tuesday, hundreds of angry Kenyans with anti-government placards had gathered at meeting points in downtown Nairobi. From the National Archives building and the bus terminal Kencom, they marched along Harambee Avenue to the parliament building chanting, “Ruto must go.” Anti-riot police officers were resolute that the parliament building was off limits as they lobbed teargas into the crowd. Online activist Hanifa Farsafi was arrested, but the protesters, who want the government to scrap the Finance bill, could not be discouraged. Videos of protesters chanting and singing in police cells across the city circulated online, with Kenyans claiming the events of Tuesday were a reminder of people power. This Government has managed to get this age group from their comfort zone to the streets… interesting times pic.twitter.com/M3cRysLcWF — Andy (@AndyKe_) June 18, 2024 In what some would call poetic justice, a policeman injured his arm while throwing a tear gas canister into a nearby crowd. Small groups of people engaged police in running battles around the winding streets, hiding in narrow footpaths connecting main streets. “Nearly everything is beyond our reach now. MPs must know that the power belongs to the people and they were elected to serve us,” said Frank Ojiambo, a 31-year-old activist. Unlike protests in 2023 organised by opposition groups, Tuesday’s rally attracted younger Kenyans often characterised as politically indifferent. On X and TikTok, the march was likened to a GenZ “revolution” as videos of young protesters were shared. “We demand that MPs reject the bill and start fresh. We won’t accept an amended version meant to fool us,” Michael Muchiri, a 23-year-old first-year university student, told TechCabal. Young opposition politicians chided the president for not listening to the public’s grievances. As it became clear the protesters would not gain entrance to parliament, Kimani Ichungwa, the majority leader in the national assembly, announced the house would continue debating the bill on Thursday. “The president does not even listen to his advisers. The only public participation the president will listen to is demonstrations,” opposition MP Babu Owino told journalists. “This is shameful, because this bill will take dignity from our citizens by imposing taxes on items like diapers and sanitary pads. These protests will continue and I urge Kenyans to demonstrate up to the State House.” At 5 pm, the official time to end protests per Kenya’s constitution, there were chants in downtown Nairobi as the #OccupyParliament protesters made their way to bus terminals, promising to continue fighting until the “punitive” taxes are dropped. Ruto, who won the Presidential election in 2022 with a pledge to uplift millions of Kenyans from poverty, has maintained Kenya must raise taxes to balance finances strained by mounting debt repayments and low revenue collection. Critics have argued that the tax policies target basic items like bread and milk at a time when many Kenyans are already struggling with the high cost of living. Ruto’s administration said the tax hikes will raise an extra $2.7 billion (KES347 billion), which is needed to deal with the country’s growing debt burden and fund development projects, including new roads and affordable housing. Kenya’s external debt is $85.6 billion (KES 11 trillion), part of which Ruto inherited from the previous administration. Treasury officials have argued that Kenya’s debt-carrying capacity is at a high-risk level, limiting the government’s options to fund the $30.3 billion (KES 3.9 trillion) 2024 budget. “Our capacity to carry more debt is not sustainable so we have to raise revenue and cut expenditure. Any further accumulation of debt would mean Kenya will have no fiscal space,” Chris Kiptoo, treasury principal secretary, told parliament on June 12.
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👨🏿🚀TechCabal Daily – Nvidia’s blue chip
In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية Good morning We are thrilled to announce our speakers for Moonshot 2024! Prepare to be inspired by the industry’s finest brains in the African tech industry as we reveal some of our fantastic speakers for Moonshot 2024. Join us for a fantastic event packed with insights, innovation, and the ability to turn your tech ambitions into reality. Stay tuned for more speaker announcements and save your seat at the conference by getting your early bird tickets. In today’s edition Vodacom fires 631 people over fraud Nvidia becomes the most valuable company in the US US sues Adobe over consumer rights violations Sanlam acquires 60% stake in Multichoice insurance business The World Wide Web3 Job openings Layoffs Vodacom fires 631 people over fraud South Africa’s mobile giant, Vodacom, which has a market share of 8% is in the middle of seeking approval to merge with Vumatel and Dark Fibre Africa (DFA). If successful, this merger would create Maziv, the biggest fibre network in the country. But hold on a sec, there’s a snag. Another fibre network company, Frogfoot, isn’t exactly thrilled. Frogfoot worried this merger would squeeze them out, leaving less competition for everyone. Additionally, South Africa’s Competition Commission has voiced its opposition to the merger, echoing Frogfoot’s. Already, Vodacom might be putting the foot before the frog. After releasing its financial results earlier this year, the company also downsized its workforce by 80 people in South Africa as part of cost-cutting measures. Reports have now revealed that the company has terminated the contracts of 631 staff and contractors and arrested 15 individuals on suspicion of various irregular activities and fraud within the company. The company employs about 14,000 employees. Vodacom comes for fraud: Thanks to customers, service providers, online snoops, business tip-offs, their own fraud-busting system, and even some external whistleblowers, Vodacom uncovered a whole lot of suspicious activity—over 8,600 cases in total! Almost 7,000 involved customers or suppliers, while the rest were internal issues with employees. From April 1, 2023, to March 31, 2024, Vodacom’s corporate security teams looked into 8,652 suspected fraud or irregular cases. The outcome led to the arrest of 15 suspects and the dismissal of 631 staff and contractors, Vodacom stated in the latest Annual Report for the network operator for the 2023/24 financial year A spokesperson of Vodacom said to a news outlet that the group has a strict stance on fraudulent activities across its operational markets and continues to take appropriate measures to safeguard its clientele. The company also mentioned that it employs cutting-edge technology within its systems to recognise and pinpoint internal and external misconduct. Vodacom added that the process of hiring replacements for the dismissed employees will differ across countries, as each decision is made independently in each country. Process payments smoothly with Moniepoint And we’ll have processed almost 5,000 more by the time you’re done reading this. Your business payments can be one of them. Click here to sign up. Companies Nvidia becomes the most valuable company in the world What’s inevitable? Rain, death, taxes and now, the astronomical rise of Nvidia’s stock prices. For the last year and a half, stock prices of the $2 trillion chip giant have been on a tear. If you invested $1,000 in Nvidia stock in October 2022, your investment would now be worth over $7,000. Fueling this growth has been its advancement in making processors that power artificial intelligence systems, especially chips for Artificial General Intelligence (AGI). Yesterday, Nvidia’s market capitalisation reached $3.34 trillion, surpassing Microsoft’s $3.33 trillion. Apple remains the third most valuable company in the US with a $3.27 trillion market cap. Nvidia’s rise to the top comes after Apple’s short stint as the US’ most valuable company. Stocks of the iPhone maker shot up after it announced it was adding new generative AI features to the iPhone. The stock rally didn’t last long as Microsoft took back the top spot after just a day. While Nvidia’s new, more powerful chip, Blackwell doesn’t launch until later this year, investors worry that there might be a slowdown between now and then. But right now, none of that matters. The only thing that can stop Nvidia right now is if the AI machines it powers turn on its creators. Issue USD and Euro accounts with Fincra Create and manage USD & Euro accounts from anywhere. Fincra allows you to issue accounts to your users, partners & customers to collect payments without the stress of setting up and operating a local account. Get started today. Big Tech US sues Adobe over consumer rights violations If you’ve been online the past day, you may have seen several social media users sigh a sense of relief over the latest big tech lawsuit, US v Adobe. “Finally, they are so wrong and make it difficult to cancel. They charged me an extra month before I was able to finally cancel,” JustMarvG, an X user said. Another tweeted, “I am glad the US is suing Adobe for their harmful, inconvenient subscription practices.” So what’s up? This week, the US Federal Trade Commission (FTC) filed a complaint accusing Adobe of hiding fees, which can sometimes amount to hundreds of dollars, and other crucial terms within its “annual paid monthly” subscription plan. It’s hard to cancel an Adobe subscription, and the US is going after the company for this reason. Almost all of Adobe’s revenue in Q1 came from subscriptions. In the quarter ending March 1, 95% of Adobe’s $5.18 billion in revenue came from subscriptions, totalling $4.92 billion. The FTC alleges that Adobe violated the Restore Online Shoppers’ Confidence Act, a federal law enacted in 2010. This law prohibits merchants from imposing charges or deceptive charges such as those for automatic subscription renewals unless it discloses essential terms and obtains informed consent from customers. It also names two Adobe executives David Wadhwani, the president of the digital media, and Maninder Sawhney, a senior vice president
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