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Nigeria

We’re watching you


A few weeks ago, an annual Freedom House report on Internet freedom was published, it showed that Internet freedom is on the decline around the world, with governments using social media to monitor their citizens and spread disinformation at home and overseas.


Axios

The story

Nigeria’s about to move from partly free to not free because the Social media bill – A bill seeking to regulate social media use in Nigeria – just passed its second reading. 


What this means
According to the bill, an individual who violates the regulations may pay a fine of about N150,000, or get to spend three years in prison, or even both. On the other hand, any corporate organisation, which is found wanting, may pay between N5 million to N10 million. 

Ahh, What do Nigerians think about this?

It’s ridiculous, An attempt for the government to further control them after being ‘policed’ on the streets for how they look – what they wear, the hair they have on – and so much more.


How much time is left?


Considering how many steps it takes to pass a law, this bill is already halfway through to becoming a law, so we’d say not so much time left.

What you can do:
A. Unlook if you’re uninterested or 
B. Signing a petition to stop this bill or reaching out to the Senator representing your constituency. 

“We should reject the Social Media Bill as a totalitarian attempt to circumscribe our hard-earned freedom. The greatest expression of hate is those who use the power in their hands to steal our resources and to divide us.”

Catholic Bishop of Sokoto Diocese, Matthew Kukah

With Greater money comes…

Opay_NG


When the Opera-founded payment startup, Opay isn’t launching new products to compete with ride-hailing companies like Uber and Taxify, it’s raising money or vice versa.

OPay just raised 120m series B funding round which would be used to scale up operations in Nigeria and expand its payments product to Kenya, Ghana and South Africa.

Backstory: The mobile payments startup previously raised $50 million funding in July earlier this year in its Series A raise. Since its first raise, OPay has scaled to 140,000 active agents and $10 million in daily transaction volume, according to the company’s stats.

Trivia: Opera’s web-browser has ranked No. 2 in usage in Africa, after Chrome, the last four years.

Questions arising?

Spreading too thin: Oride, OBus, OTrike, OFood, OLeads (SME Marketing) now OCar is the company spreading itself too thin on the Journey to become a super App?

China’s involvement in Africa: 2019 sure is the year Chinese investors went all-in on Africa’s startup scene. With OPay, PalmPay and East African trucking logistics company Lori Systems having raised a combined $240 million from 15 different Chinese actors in a span of months. Could there be some hidden agenda?

The name is Bond, …

Nigerian firm Tak Agro Plc which specializes in providing raw fertilizer and food grains across Nigeria just raised N15 billion through issuance. The bond issue, raised through Planet Capital(an investment bank), is the first in the agricultural value chain space. 

What’s a bond again?

A bond is a way companies raise capital by borrowing from the general public. It is preferred to loans from banks because the interest rates are lower, and it avoids the operational limitations companies are subject to by banks when they provide loans, It is also dissimilar to stock because holders of bonds have no ownership of the company.

Big Plans

At the moment, Tak Agro Plc uses 34,000 pick-up trucks in 6 months for its fertilizer deliveries. Sounds impressive, right? Well not so much because the company still relies on third-party transporters – which tend to disappoint – to make its deliveries. The capital raised would be used to invest in logistics delivery aka trucks. The company plans to start with 250 trucks with the plan to build on that in subsequent years.

The Future

Tak Agro Plc also plans to launch its Initial Public Offering(IPO) to raise capital by letting members of the public buy stock. While that is scheduled to happen by the second quarter of next year, the company also intends to raise more capital through bonds in the future. Tak Agro Plc has also acquired Silos with a capacity of 2061000 metric tonnes across the country to store grains.

Why this matters?

A move to expand the production and distribution capacity by any firm in the agricultural sector is a positive step towards the diversification of Nigeria’s Oil reliant economy.

Africa

Nigeria and Benin team up for a Fight

 With December being a week away, The border reopening date might just be staring us in our faces but this time, it is not happening without a fight.

The great border force

Nigeria, Benin Republic and Niger have agreed to form a border force to fight illegal smuggling of goods into the three countries.

Before now…

Before now, the Nigerian government had, in August, ordered a border closure to regulate importing activities around the border and with an intent to eradicating smuggling networks from neighbouring countries.   

At what cost?

Border closure is extremely costly hence, it has resulted in hiked food prices and distraction of livelihood and Nigerians never stopped complaining about it. On the other hand, it got us to focus on what we can produce by and for ourselves.


So what now?

Benin and Niger have requested that the Nigerian border be reopened but the three nations have now agreed to have a joint patrol team including all arms of the security forces and form a committee to promote intra-regional trades in a bid to boost local production in the countries.

Hmmm, now this is something most Nigerians looks forward to 😎

No no, we don’t want queer people here

Uganda is not willing to accommodate the LGBT community anymore in their country 

The Story

The Ugandan government is doing everything within its powers to not have gay people roaming around freely on the streets in their country. 

Backstory

This is following recent raids by the country’s security forces in Kampala, where queer people were harassed and charged for constituting a public nuisance. In the past, some gay people were even mandated to conduct anal checkups to prove they never had anal sex, terrifying right? We thought so too.

Before now…

The government had earlier threatened to have a legislative vote introducing a death penalty for people found having gay sex but permit us to say that that didn’t really fly. 

Questions people are asking

Young people are beginning to form solidarity groups to speak up about the affairs of the people and government actions, could this constant harassment be a tactic where the government shut the people up, diverting attention from the things that really matter, development and good governance or can we conclude that Uganda hates the LGBT community? 💭

International

Airbnb partners with the Olympics


Airbnb, the popular online marketplace for arranging and lodging homestay accommodation, just secured a sponsorship worth $500 million dollars from the International Olympic Committee(IOC). The aim of this is to guarantee the provision of accommodation for travellers over the next 9 years in cities where the Olympics event is hosted – Tokyo 2020, Beijing 2022, Paris 2024, Milan 2026 and Los Angeles 2028.

Being in the right place at the right time

Because of the number of people travelling into the host countries during Olympic events, accommodation facilities and the lack of hotels available to meet the temporary increase in demand, Airbnb has positioned themselves to be the problem solver in this situation due to their unique proposition of delivering homestay accommodation. The company announced its intention to become a publicly-traded company by 2020 in September 2019 and this new development is expected to create an increase in share price and investor confidence in anticipation of the IPO.

Selling Experience

The International Olympics Committee (IOC) has collaborated with Airbnb to help Olympic athletes create direct revenue streams through the promotion of physical activity and Olympic values. This idea has been commended by some athletes, with some 22 already having use cases, For Instance, Stephanie Reid, a British long jumper, who won silver medals at the 2012 and 2016 Paralympics Games speaks of offering lessons in how to deal with nervousness before the competition. Another Olympian, Mikel Thomas spoke about giving Airbnb users the opportunity to go running with him.

Kylie’s beauty brand is not totally hers anymore

The story

Kylie Jenner has chosen not to solely own her business anymore, selling 51% of Kylie Cosmetics to Coty, the third World’s biggest beauty brand.

What’s in this for Kylie?

For the sum of $600 Million, Kylie gave a 51% stake of her beauty company to Coty. Kylie Beauty generated revenues of $177 million over the past 12 months—a figure that, according to a presentation to investors, represents 40% growth over the 2018 calendar year. The company’s net profit margin is more than 25%.   

The Cosmetic brand which is now valued at 1.2billion dollars decided to make this deal to reach the world’s wider market for global expansion.   

And for Coty?

For Coty, the target is to get back on track with rising names like Kylie. They are just looking to sell to the new market – half of Kylie’s 270 million followers across platforms are from outside the US.

Top Touring Artists of the Decade

In a world where it seems attention has been shifted to how much music artists make from streaming platforms, a recent report from Pollstar  reminds us that going on tours still matters a lot. Here’s how much these artist made in the past 10 years from tours:  

1          U2 – $1,038,104,132 gross

2          The Rolling Stones – $929,196,083 gross

3          Ed Sheeran – $922,361,663 gross

4          Taylor Swift – $899,627,048 gross

5          Beyoncé – $857,405,819 gross

6          Bon Jovi – $836,661,584 gross

7          Paul McCartney – $813,811,559 gross

8          Coldplay – $731,805,591 gross

9          Bruce Springsteen & The E Street Band – $729,789,815 gross

10        Roger Waters – $702,231,419 gross


Did you find your favourite artiste there?


Note: This is just how the artiste made in total, not what they get after deducting expenses and settling different partners.

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