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24 - 10 - 2018
A MESSAGE FROM OUR SPONSORS

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Nigeria’s minister of finance Zainab Ahmed said on Tuesday that the Central Bank’s sanctions on MTN were very damaging for the country. In August, the CBN accused MTN and four banks of breaching foreign exchange regulations. The minister said they have been trying to reassure worried investors that no company would be next after MTN. In her words: “Nobody is next because we can’t afford for this kind of incidence to keep happening.” This is not unprecedented. Last month, finance expert Andrew Alli tweeted that 90% of conversations between investment banks and foreign investors have been dominated by the MTN issue.

Meanwhile, MTN has remained headstrong that the Central Bank of Nigeria does not have the power to sanction it. According to court documents obtained by TheCable, MTN claims “it was not accused of any wrongdoing or invited to be a part of an investigation commissioned against it by the banking regulator.”

The International Finance Corporation, a member of the World Bank Group, is considering making an equity investment of up to $3 million in Nigerian logistics startup Kobo360. However, the corporation stated conversations are in the early stage. Kobo360 was accepted into Y Combinator’s 2018 class and also raised $1.2 million in pre-seed funding.

SA-based Napsers wants to increase its stake in Swiggy, an Indian online food-delivery service. According to Bloomberg, Napsers plans to support a financing that could raise more than $600 million, possibly Swiggy’s biggest so far. Per Bloomberg sources, “Swiggy’s value has risen to more than $2 billion after Cape Town-based Naspers led two previous funding rounds to become the firm’s biggest shareholder.”

More African VCs are investing in African startups, according to data from Crunchbase, and Nigeria is leading the trend. Some key numbers: Crunchbase identified 51 “viable” Africa-focused VC funds globally. Of the 51 funds, 22 are housed and run in Africa. Nine (41%) of the 22 local funds are Nigerian.

A MESSAGE FROM OUR SPONSORS
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German investment firm GreenTech Capital has invested an undisclosed amount into PEBL, a custom computer maker in Namibia. The investment is aimed at boosting the penetration of computers in Africa. The firm also announced recently that it will be opening an office in Lagos as part of its “plan to support 50 African investments annually by 2023.”

Google has partnered with Pluralsight and Andela to grant 10,000 aspiring and professional developers in Africa 4-month access to Android and Mobile web courses. This is a step in reaching its goal to train 100,000 developers across the region in 5 years. Pluralsight will provide training content, while the Andela Learning Community program will provide mentorship to participants.
Google for Africa is inviting App and Game developers in Sub-Saharan Africa to its training on how to grow a successful app or games business. The training will hold on November 28th in Cape Town. Ask for an invitation here.

That's All!

We'll see you tomorrow.    - Samuel
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