TechCabal Daily- Nigeria just signed its finance bill: Here’s what it could mean For startups

Nigeria’s President, Muhammadu Buhari has signed the Finance Bill into law, bringing months of interest around the bill to a logical conclusion.

What does this the new law mean for startups?

“Early-stage startups with revenues of ₦25 million ($68,900), would no longer have to pay the required company income tax (CIT).

For medium scale businesses with revenues between ₦25 million and ₦100 million, a 20% CIT will be required, instead of the standard 30% which will now only be for large scale companies with revenues above $100 million.”

Read the full story here.

South African co-working space company, Workshop 17 is eyeing an expansion into other African countries.

Where are they looking to?

An expansion to Ghana and Mauritius is in the works with the company also hinting at an expansion into Kenya. 

The company’s CEO, Paul Keursten shared his thoughts here.

The Nigerian online supermarket, Bolorims has acquired a 10% stake in AfricaSokoni, an e-commerce company based in Nairobi, Kenya.

What is the thinking behind the deal? 

‘’Bolorims was eager to invest in the e-commerce market in Kenya to build a cohesive partnership between Nigeria and East Africa. We have acquired a 10% stake of Africa Sokoni but we will be trading in WestAfrica as Bolosokoni.com”

-Michael Tokunbo Orimobil, CEO Bolorims.

Here’s all you need to know about the deal.

The UK–Nigeria Tech Hub is the first in a global network of international tech partnerships developed by the UK government’s Department for Digital, Culture, Media and Sport (DCMS) to build digital ecosystems that will facilitate sustainable economic growth and development.

Before her new appointment, Honey Ogundeyi founded Fashpa.com, an e-commerce platform for African Fashion and she is widely regarded as one of the luminaries shaping Africa’s technology sector.

The countdown to Afrobytes 2020 continues. Afrobytes is the premier event that brings together entrepreneurs, innovators, investors, and more to explore business opportunities between the African tech ecosystem and players in the global tech world. Here are key reasons why you should attend Afrobytes 2020:

• Finance: pitch world-leading Africa-focused tech funds
• Network: connect with global companies and African tech leaders
• Scale: find tech partners at the largest startup campus
• Feature: talk to international media covering African markets

Get your early bird ticket here

The what:

Hardware Cup is a pitch competition for early-stage hardware startups.

The who: 

iTDi is hosting the first of this competition in Nigeria to find and highlight the most promising physical product startups in the country. Winners from Nigeria would receive an all-expense-paid trip to Pittsburg, U.S.A.

The how:

To compete in the International event and stand a chance to win $50,000 Grand Prize

Apply now! Applications deadline for Nigeria is 31/01/2020.

Edustart Summit 3.0 holds on Tuesday, January 21, 2020 at Covenant University, Ota, Ogun State, at 10 am. Past editions have convened over 2,000 industry experts, policy analysts, tech enthusiasts, educators, and students, with a focus on Quality Education (SDG 4).

Who are the speakers this year?

Dr Akinwumi Adesina, President of the African Development Bank; Prince Dapo Abiodun, Governor, Ogun State; AAA Atayero (Vice-Chancellor of Covenant University), Isreal Ovirih (CEO of Banklink), Yomi Adedeji (CEO of Softcom), among others.

Learn more about the event here and register here.

Here’s one that caught our eye: There’s a demo-day in Cape Town by Boston-based social impact accelerator, BonBillo.

Come February 28, 2020 the next TechCabal townhall will focus on:
Emerging technologies including 5G, Artificial Intelligence, Augmented Reality/Virtual Reality, Cryptocurrencies, Robotics and 3D Printing. TC Townhall: Emerging Tech will examine how these technologies are changing (and will change) how Africans live and do business.

Want to attend?
Indicate interest by filling this form. Are you a member of the press, fill this form to qualify for a pass. Do you have a startup or project with any of these technologies at the core? Tell us about your project or startup here. 

Have any ideas about the event or suggestions about speakers? Send us an email via team@techcabal.com and we just might make your wish come true. For sponsorship inquiries, please email Chidi via chidi@bigcabal.com.