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Editor’s Note

  • Week 40, 2022
  • Read time: 5 minutes

Meta is no novice when it comes to being sued. 

This time the Nigerian government has a bone to pick with the social media giant. We’ll see how it ends. We’ll also have a holiday on Monday, and use every minute of the weekend to rest and recharge—amen.

Kelechi Njoku Senior Editor, TechCabal.

Editor’s Picks

Risevest CEO found guilty of sexual impropriety

Six weeks after Risevest CEO Eke Urum was accused of sexual and non-sexual abuse, an investigative panel constituted to look into the matter revealed its findings. The panel concludes that Eke, while not guilty of sexual assault, is guilty of sexual impropriety.

Read more.

Nigeria sues Meta for $69 million

This week, the Advertising Regulatory Council of Nigeria (ARCON) sued Meta to the tune of ₦30 billion ($69 million) for violating Nigeria’s advertising laws which led to a loss of revenue for ARCON.

Learn more.

Africa’s venture funding to hit $7 billion

In the first half of 2022, investments in Africa totalled $3.5 billion, a 133% increase from the first half of 2021. If investments continue at the same pace, the African Private Equity and Venture Capital Association (AVCA) believes that Africa might close up the year with $7 billion in investments.

More details here.

OPDC to audit digital lenders in Kenya

Less than three weeks after the country’s apex bank licensed only 10 digital lenders from a pool of 288 applicants, the Office of the Data Protection Commission (ODPC) is planning to audit 40 digital lenders who were reported for data abuse.

Read about it.

SA sanctions MTN for misleading ads

South Africa is sanctioning MTN for its misleading ads on data plans. According to users, MTN’s one-day data doesn’t expire in 24 hours as advertised; instead, it expires at 11:59 PM on the same day the plan was made.

More about SA’s response here.

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Paga reaches $14 billion milestone

This week, African mobile payments company Paga announced that it had processed about ₦6.1 trillion ($14 billion) since January 2012. It took the company 99 months to process its first ₦2 trillion, while its second ₦2 trillion was processed in 22 months and its third in eight months.

Read about Paga’s successes.

Google to establish first African data centre in SA

This week Google, at its Google for Africa event, announced that it would deploy Africa’s first cloud data centre in South Africa. The cloud region will contribute more than a cumulative $2.1 billion (R37 billion) to the country’s GDP, and support the creation of more than 40,000 jobs.

Learn more.

Rain submits formal proposal to Telkom

Rain has finally received approval from South Africa’s Takeover Regulation Panel (TRP), and it has proposed another merger to Telkom. The proposed deal will see Telkom acquiring Rain in return for Rain getting issued shares in Telkom. 

Read more.

Helios exits Telkom Kenya

Helios Investment Partners, a UK-headquartered private investment company in Africa, has sold its 60% stake in Telkom Kenya to the Kenyan government which spent Ksh 6 billion ($49 million) to acquire its 100% stake. 

Read more.

Safaricom goes live in Ethiopia

Safaricom Ethiopia has now officially launched in Ethiopia. At the official launch, the Ethiopian minister of finance, Semerata Semasew, also announced that Safaricom Ethiopia has been granted a mobile money licence to operate M-PESA in Ethiopia.

Learn more.

Who brought the money this week?

  • This week, South Africa’s international calling app, Talks360, raised $3 million in a seed round extension. 
  • Nigerian prop-tech company, Spleet, raised $2.6 million in seed round. The round was led by MaC Venture Capital. 
  • Chari, Morocco’s b2b e-commerce company, raised $1 million from Endeavor Catalyst as part of its Series A funding round.
  • Kenyan agency banking company, Tanda, raised an undisclosed pre-Series A round.
  • South Africa’s crowd-farming company, Livestock Wealth, raised $550 thousand in an undisclosed funding round. 
  • Egypt-based IoT devices manufacturer, CardoO, raised $660 thousand in a seed funding round, led by The Alexandria Angels. 

Guess the Word

Can you guess today’s word? Here is a clue: “Africa”.

Top Tweets of the Week

What else to read this weekend?

  • According to Surfshark, Nigeria ranked 86th in a world survey assessing digital quality of life via metrics like e-security and data affordability. 

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Written by: Timi Odueso

Edited by: Kelechi Njoku

Timi Odueso Senior Editor, Newsletters

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