The Nigerian parliament recently passed a resolution banning pornographic websites with immediate effect. The decision follows a motion presented by lawmaker Dalhatu Tafoki, who raised concerns about the accessibility of explicit content and its perceived impact on societal values, particularly among youth. Concerns over moral decline According to Peoples Gazette, Tafoki highlighted the psychological and social risks he believes are linked to exposure to pornography, citing global research by psychologists and sociologists. “Renowned psychologists and sociologists worldwide have issued strong warnings about the psychological, sociological, and mental consequences of consuming pornographic content,”
LoftyInc Capital Management has announced the first close of its third fund at $43 million. The LoftyInc Alpha Fund focuses on investments that will expand Africa’s most talented startups across key areas like Nigeria, Egypt, Kenya, and Francophone Africa. It has previously invested in notable startups such as Flutterwave, Andela, Wave Mobile, and RelianceHealth. This comes at a pivotal time, as investors were less active in Africa last year. In 2022, 28 were involved in over ten $100,000 deals, but this number dropped to 8 in 2024. LoftyInc has over
Nigeria is suing Binance for $79.5 billion in economic losses, which it alleges were caused by the cryptocurrency exchange’s actions in the country, and $2 billion in unpaid taxes, according to court documents seen by Reuters. Nigerian officials condemned Binance for Nigeria’s currency problems and detained two of its executives in 2024 following cryptocurrency websites emerging as preferred platforms for trading the local naira currency. Binance is one of the most significant crypto exchange currencies globally but is not registered in Nigeria. It did not respond to a request for
Meta will start a round of layoffs in Africa, Europe, and Asia, affecting over 3000 employees, beginning Monday, 10 February 2024, according to Techpoint. Staff members in most countries (including Africa) will receive their notices from 5:00 am local time. Due to local labor laws, employees in Germany, France, Italy, or the Netherlands are excluded. But, staff members in Asia, Africa, and other parts of Europe could expect bad news between any time from February 11 and 18. This is not the first time Meta has scaled back its workforce
Nigerian fintech unicorn Moniepoint has received a “strategic investment” from Visa, according to Techcrunch. The funding aims to propel financial inclusion and support the expansion of small and medium-sized enterprises (SMEs) across Africa. Moniepoint’s Series C Sources close to the deal say Moniepoint received over $10 million from Visa after securing a $110 million Series C round last October. Now, its Series C surpasses $120 million, and the company is allegedly speaking to other investors and could potentially attract more funding in the coming months while continuing its billion-dollar valuation.
Africa-focused venture capital firm Oui Capital returned its $4 million debut fund after the sale of some shares in Nigerian fintech unicorn Moniepoint, as Techcrunch reports. Oui Capital’s Investment in Moniepoint Last year, the Nigeria-based fintech company successfully raised $110 million in a Series C funding round. That raise gave the company a valuation of at least $1 billion for the first time, according to the Financial Times. When Moniepoint first launched its fund, Oui Capital invested $150,000 in the company, but it has now accumulated an $8 million return, which
Wini University, an AI-focused university, is set to open in Epe, Lagos, as first reported by Voice of Nigeria. As the first university of its kind in Nigeria, Wini University aims to equip Nigerian youth with hard-hitting skills in artificial intelligence and make Africa a hub in the global AI market. The university draws inspiration from Qatar’s AI university, which takes top talent worldwide; this Nigerian project has been in the pipeline since 2016. A group of people from Boston and Nigeria started establishing the foundation for the university. After
Last year, Nigeria’s position on the Global Threat Index moved from the 35th position to the 13th position between May and December. Additionally, the country’s normalized risk index skyrocketed from 46.5% to 62.3% during the same time. These figures highlight an increase in cyberattacks in the country. The Global Threat Index is a monthly report collected by Check Point Securities. They are one of the leading cybersecurity solutions that examines the global cyber threat landscape based on reliable threat intelligence. Which other African countries were vulnerable to cyberattacks? The latest report found that
The Duke and Duchess of Sussex have raised their concerns over Meta ending its fact-checking system, arguing that the changes directly undermine free speech. What are Meghan and Harry’s Concerns? “Contrary to the company’s talking points, allowing more abuse and normalizing hate speech serves to silence speech and expression, not foster it,” they said. In a statement on their website, the pair accused the company of lacking integrity and believed the move was “responding to political winds; they once again abandon public safety in favor of profit, chaos, and control.”
Moove, the Nigerian mobility solutions pioneer, has announced a partnership with Waymo, Alphabet’s autonomous vehicle division. This marks the first time an African startup has collaborated with a global leader in self-driving technology to manage fully autonomous fleets in the United States. Launching Autonomous Fleets in Phoenix and Miami The partnership will see Moove overseeing the fleet operations, charging infrastructure, and facilities for Waymo’s all-electric autonomous vehicles (AVs), starting in Phoenix in 2025 and expanding to Miami in 2026. Waymo will continue to provide its Waymo Driver technology through the
