14 DECEMBER, 2022


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Good morning!

The financial weather report is in. 

New research reveals that Nigeria is the third-worst location to get laid off in. Employees do get a notice period: one week for employees with 1 year of tenure and 4.3 for employees with over five. However, the country does not guarantee any severance packages.

On the other hand, Sierra Leone ranks as the best country to get laid off in. Employees are guaranteed at least a 13-week notice period, and those with a 10-year tenure can secure a massive 132-week severance package. 

Egypt ranks second, as its workers are guaranteed severance pay that ranges from 4.3 weeks (with one year of tenure) to 54.2 weeks (with over 10 years of tenure).


Image source: The Shack

The founder of the defunct cryptocurrency exchange FTX, Sam Bankman-Fried, has been detained in the Bahamas. He is set to testify regarding the collapse of FTX at a magistrate’s court on Tuesday. He will, however, be unable to testify as a result of his arrest. His arrest happened only hours after he claimed on Twitter Live that he would not be detained. 

ICYMI: FTX was the world’s second-largest crypto exchange, trading about $10 billion of cryptocurrencies a day. Due to Bankman-Fried’s success,he was often called a “younger version of Warren Buffett”. Around late October, he had a net worth estimated at more than $10.5 billion, and he donated very often to politicians or groups supporting pandemic prevention and was actively involved in crypto regulation.

Last month, FTX filed for bankruptcy after users pulled $6 billion from the platform in three days and rival exchange Binance abandoned a rescue deal. This left many users unable to withdraw their funds, including several African companies. Nigerian crypto company Nestcoin was affected. Nestcoin consequently had to lay off staff, as most of the money it needed for its operations was trapped in the FTX collapse. FTX owed its 50 largest creditors almost $3.1 billion.

On what grounds was he arrested?

The police said the 30-year-old SBF was arrested for “financial offences” against US and Bahamas laws. Currently, he is facing about eight charges, which include conspiracy to commit wire fraud on customers, wire fraud on customers, conspiracy to commit wire fraud on lenders, wire fraud on lenders, conspiracy to commit commodities fraud, conspiracy to commit securities fraud, conspiracy to commit money laundering, conspiracy to defraud the US, and violation of campaign finance laws.

Bankman-Fried sure has a lot of fish to fry.

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The Vodacom Group has announced the completion of its purchase of a 55% stake in Vodafone Egypt in a deal valued at R48.1 billion ($2.78 billion). Vodafone’s shareholding in the Vodacom Group has increased from 60.5% to 65.1%.

The purchase was settled through the issuance of almost 242 million new Vodacom Group shares and a cash payment of R10.8 billion ($626.2 million).

Vodafone Egypt is the region’s market leader, having recently disclosed interim results that showed an 18.6% increase in local currency service revenue. Vodacom intends to advance Vodafone Egypt’s financial services opportunity by using its financial services product roadmap, particularly its super-app strategy

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The 2Africa system, which will eventually surround the African continent, has arrived in South Africa. The Meta-backed undersea cable landed in the Western Cape towns of Yzerfontein and Duynefontein. It will be supported by the Yzerfontein landing, while the 2Africa East will be supported by an MTN South Africa landing station at neighbouring Duynefontein.

The great touchdown

The cable system will have a total design length of 45,000 kilometres, making it one of the longest such systems ever created. The touchdown of the 2Africa cable is one of several cable landings occurring in 46 places across 33 nations. These landings will improve service providers’ access to carrier-neutral data centres or open-access cable landing stations in a fair and equal manner. This will increase worldwide Internet access by linking individuals and continents.

Zoom out: The launch comes only months after Google and Telkom landed the enormous Equiano system in South Africa, which connects Africa’s west coast to Europe. The 2Africa cable, unlike Equiano, will eventually surround the whole African continent.

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Rwandan health and wellness start-up Lifesten Health emerged as the winner of this year’s Hanga Pitchfest competition, held on December 10, 2022, in Kigali. Lifesten Health offers programs for incentive-based health and wellness to help individuals achieve their health goals in a rewarding manner. 

As represented by co-founder Peace Ndoli, the company won the $ 50,000 Hanga Pitchfest grand prize, a Rwf5 million ($4,701) contribution to their Ejo Heza long-term savings scheme account by the Rwanda Social Security Board, workspace and internet access, mentorship and coaching, website development for a year from BK TecHouse, and advisory services for capital raising and valuation from BK Capital.

About the competition

Hanga Pitchfest is an annual showcase for tech entrepreneurs and creative talents organised by the government of Rwanda, through the ministry of ICT and innovation, the Rwanda Development Board, and UNDP Rwanda. This year’s competition went on for three months.

Why did it take so long?

It started with applications from over 400 startups and cascaded into a series of pitching events and workshops that showed the startups how to position themselves for funding. Following the trainings, 25 of the most innovative startups were chosen to attend a two-week boot camp, from which the top five finalists were chosen. The other four finalists include Paying Tone, SchoolNest, Mulika Farms, and Huuza Quest, which won $20,000, $15,000, $12,500, and $12,500, respectively.

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Meet the companies that SA tech firm Alphawave is making big bets on.

Exin Versa launches Xelar, its digital supply chain management and finance solution.

Interview of Cornelius Ashley-Osuzoka, developer experience lead at Flutterwave.

CBN’s new rules are a copy of India’s cashless economy program from 2016.

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Written by- Ngozi Chukwu

Edited by – Kelechi Njoku

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