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Planned telecoms union strike called off…for now


Victoria from Techpoint right here,

Right here”s what I’ve acquired for you at this time:

  • Deliberate telecoms union strike referred to as off…for now
  • Detained Binance government seems in court docket
  • NGX invests in Ethiopia’s first Securities Trade
  • Nigeria to extend electrical energy tariffs by 240%

Deliberate strike referred to as off… for now

Many tech workers spend long hours sitting and working on their laptops
Many tech staff spend lengthy hours sitting and dealing on their laptops

Bear in mind the deliberate strike by the Personal Telecommunications and Communications Senior Workers Affiliation of Nigeria (PTECSSAN)? They’ve referred to as it off, a minimum of for now.

In accordance with a press release launched by their Common Secretary, Okonu Abdullahi, they’re suspending the strike as a result of they’ve resolved their disagreements with the subcontractors.

You would possibly recall, PTECSSAN was gearing up for an indefinite strike beginning yesterday over some beef that they had with subcontractors linked to Huawei Applied sciences Nigeria Ltd. These subcontractors included Reime Group, Allstream Power Options Ltd., Uppercrest Ltd., Tyllium Nigeria Ltd., and Particular Instruments and Strategies Ltd.

However get this: after a gathering on the union’s secretariat, they hammered out some agreements. The businesses agreed to recognise the workers’ rights to affix the union, arrange well being amenities following the Nationwide Well being Insurance coverage Authority, and extra.

The union’s calls for have been critical; they wished recognition, correct dues remittance, job regularisation, pension and medical health insurance compliance, and negotiations for a collective bargaining settlement.

And regardless of the Ministry of Labour and Employment making an attempt to mediate, the businesses weren’t taking part in ball. So, PTECSSAN was able to strike. Nevertheless it appears like they’ve discovered some widespread floor for now. 

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Detained Binance government seems in court docket

Binance logo on a phone
Picture by Vadim Artyukhin on Unsplash

Yesterday, the Nigerian Authorities introduced Tigran Gambaryan, an government from Binance, to court docket in Abuja to face prices of tax evasion and cash laundering. 

Gambaryan, a US citizen and Binance’s head of monetary crime compliance, was detained alongside Nadeem Anjarwalla, a British-Kenyan regional supervisor in Africa.

The costs towards them embody not paying value-added tax (VAT), firm earnings tax, and failing to file tax returns. It additionally accused them of utilizing the Binance platform to assist prospects evade taxes. 

The federal government alleges that Binance did not register with Nigeria’s tax company, the Federal Inland Income Service (FIRS), as required.

The go well with claims that Binance did not acquire and remit varied taxes as mandated by regulation and did not problem invoices for VAT functions, making it laborious to find out and pay taxes by customers.

Gambaryan, dealing with prices of laundering over $35 million, did not enter a plea throughout the court docket look and might be formally arraigned on April 8 and 19 for the cash laundering and tax prices, respectively.

Binance has not been charged instantly, however Gambaryan might face prices on the trade’s behalf. His lawyer argued that Gambaryan wasn’t in a decision-making place at Binance and could not be held accountable.

In response, Binance requested Gambaryan’s launch, stating that he was employed in 2021 to enhance compliance and had assisted regulation enforcement in seizing billions of {dollars} in property from cybercriminals.

Appears to be like like this authorized showdown is simply getting began. Let’s have a look at how this performs out.

PiggyVest could go public in “a number of years”

PiggesVest founders

PiggyVest, a Nigerian fintech, may be gearing as much as go public in a number of years! Somtochukwu Ifueze, the corporate’s CEO, spilled the beans at an occasion hosted by one other fintech, Kora.

So, PiggyVest, began in 2016 by the CEO and three different co-founders, has been on a mission to make saving cash digital for Nigeria’s younger crowd. And boy, have they been profitable! With almost 5 million prospects and over ₦1 trillion paid out to customers, they’re making waves.

However this is the kicker – as an alternative of simply promoting out, they’re eyeing an IPO as a extra viable possibility. 

They even acquired Abeg, now often called Pocket, in 2022, diving into the social commerce scene and racking up over one million prospects.

Now, PiggyVest is not the one one with IPO goals. Flutterwave’s been speaking about it too. However whereas Flutterwave’s valuation is sky-high, PiggyVest’s is a bit murky.

However get this: PiggyVest’s been fairly thrifty with their money, elevating method much less funding than different fintech giants in Nigeria. Their CMO even talked about how being on a decent finances compelled them to be good about their strikes.

As for the place they’re going to IPO, effectively, the Nigerian Inventory Trade looks as if a major candidate. And with native buyers already eyeing the tech scene, this could possibly be a game-changer for the Nigerian startup world.

NGX invests in Ethiopia’s first securities trade


The Nigerian Trade Group (NGX) simply snagged a stake in Ethiopia’s very first securities trade! 

It did not spill the beans on how a lot they coughed up, however Ethiopia managed to rake in $26.6 million in fundraising, blowing previous its goal set again in 2023.

The Ethiopian Securities Trade (ESX) was gunning for $11.07 million to kickstart operations, all a part of Prime Minister Abiy Ahmed’s push to revamp the economic system.

The Ethiopian authorities is conserving a 25% slice of the ESX pie by means of Ethiopian Funding Holdings, with non-public and institutional buyers nabbing the remaining.

NGX, alongside huge photographs like FSD Africa and Commerce and Growth Financial institution Group, threw money into the pot to get the trade off the bottom.

ESX CEO Tilahun Kassahun could not comprise his pleasure, boasting in regards to the inflow of money and confidence from buyers.

And guess what? NGX, with its hefty market capitalisation, is flexing its muscular tissues, bringing in experience to assist ESX get its act collectively, from establishing the bourse construction to advertising.

Because of NGX’s assist, ESX now has a rule guide to steer its ship.

Nevertheless it’s not simply worldwide gamers getting in on the motion – native banks, insurance coverage companies, and personal entities all chipped in too.
With the trade slated to launch quickly, Ethiopia’s hoping to lure in much more overseas buyers, regardless of its economic system nonetheless being fairly state-controlled.

Nigeria to extend electrical energy tariffs by 240%


The federal government, by means of the Nigerian Electrical energy Regulatory Fee (NERC), simply dropped a bombshell on electrical energy tariffs. 

What’s it? They determined to crank up the costs for Band A prospects to ₦225 per kilowatt-hour (kWh), a jaw-dropping 240% enhance from the earlier ₦68 per kWh.

Now, who’re these Band A people? Properly, they’re the fortunate ones who supposedly stand up to twenty hours of electrical energy day by day. However let’s face it, does anybody truly get that a lot energy in Nigeria?

This value hike has acquired individuals up in arms, particularly the Nigeria Labour Congress (NLC) and the Commerce Union Congress (TUC). They’re shouting from the rooftops about how this transfer will drive producers out of enterprise and slam the brakes on the already struggling economic system.

So, why the sudden enhance? In accordance with Musiliu Oseni, the Vice Chairman of NERC, they’re pulling the plug on subsidies as a result of they simply cannot maintain shelling out ₦2.9 trillion on electrical energy yearly. 

So, beginning April 3, 2024, Band A prospects should foot their very own payments with none authorities assist.

NERC is making an attempt to calm the storm by saying this may not have an effect on different buyer classes for now, however who is aware of what the longer term holds?

Within the midst of all this chaos, some energy distribution firms are getting demoted as a result of they are not delivering the promised 20 hours of electrical energy. 

In the meantime, Nigeria’s Minister of Energy spilled the beans about plans to repay money owed to energy technology and gasoline provide firms. Perhaps that’ll assist enhance energy ranges nationwide. Let’s maintain our fingers crossed!

In case you missed it

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Have a enjoyable weekend!

Victoria Fakiya for Techpoint Africa.


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