November 25 marks the start of a 16-day campaign of violence against women and girls.
Violence against women is any act of gender-based violence (GBV), whether committed in public or private, that causes, or is likely to cause, physical, sexual, or psychological harm or suffering to women. This includes threats of such acts, coercion, or arbitrarily depriving women of their freedom.
Why does it matter? One in three women worldwide, or about 736 million, have experienced intimate partner violence, non-partner sexual violence, or both at some point in their lives.
I’ll like you to join this campaign to end violence against women and girls at work, home, school, online, or any other setting. What must you do? Lend a voice. Like this year’s theme, invest in preventive measures. How do you do that? You could use your platform to sensitise people on why GBV is a big deal and how women and girls can protect themselves.
On preventive measures, there is a Nigerian startup that works to prevent sexual and gender-based violence, such as sexual assaults and rape. The platform also offers tools for victims and survivors to recover. If you want to know more about the company, look out for my article today by 9 a.m. WAT. 😊
Here's what I've got for you today:
- Police nabs politician linked to Patricia's security breach
- Telecoms group asks NCC to stop MTN from acquiring 9Mobile
- Saviu Ventures closes an initial €12 million for its second fund
Police nabs politician linked to Patricia's security breach
Remember when Patricia announced a security breach on its platform?
The latest update on this matter reveals the Nigerian Police have arrested Wilfred Bonse and his henchmen linked to the $2 million hack.
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Patricia said the hackers used politicians to launder stolen funds from the company.
Bonse, a Governorship aspirant in the 2023 gubernatorial elections in Cross River State, reportedly stole ₦607 million ($750,000) from Patricia.
Muyiwa Adejobi, the police PRO, stated that the Nigeria Police Cybercrime Centre was responsible for the arrest.
Per Adejobi, "The Centre has made progress in the investigation of the complex financial fraud reported by Patricia Technologies Limited. The case involves criminal conspiracy, unauthorised modification of computer systems, network, data, and the unlawful diversion of funds."
The PRO also noted that Bonse "registered his involvement" in laundering ₦50 million ($61,800)" originating from the fraudulent diversion of ₦607 million from Patricia's account to his bank account through a cryptocurrency wallet."
Patricia CEO Hanu Fejiro said, "This is not all the monies lost, but recovery from this would go a long way to soothe Patricia users."
Zoom out: This news comes four days after the company promised to pay the first batch of back customers. While several customers reported not getting any payment, the company insists it started payouts on November 20.
Telecoms group asks NCC to stop MTN from acquiring 9Mobile
Remember this? MTN to reportedly acquire 9Mobile's spectrum
What's new? The National Association of Telecoms Subscribers (NATCOMS) has called on the Nigerian Communications Commission (NCC) to stop MTN from acquiring Emerging Markets Telecommunications Service Limited (9Mobile).
Why? NATCOM said the move could create an oligopoly if allowed.
NATCOMS President, Deolu Ogunbanjo, stated that since MTN already controls nearly 50% of Nigeria's telecom market, there is no reason to support the telco's proposed acquisition of 9mobile.
Interestingly, reports indicate MTN Nigeria's strategic acquisition of 9Mobile is at an advanced stage.
But why’d 9Mobile offer to sell its spectrum? In 2017, following the departure of its primary technical partner and investors, Mubadala of the United Arab Emirates (UAE), 9mobile faced financial difficulties, deciding to sell its spectrum.
For context, 9Mobile reportedly defaulted on a loan repayment scheme of $1.2 billion. It cited an economic downturn and a drop in naira valuation as the reasons for its inability to pay back.
Well, this isn’t the first time MTN attempted to acquire 9Mobile. In 2017, MTN tried doing so.So, what’s going to happen next? Will the telecoms regulator grant the association's request and halt the acquisition, or will the deal go through? Let’s wait and see how things unfold.
Saviu Ventures closes an initial €12m for its second fund
After five years of launching its first €10 million ($10.94m) fund, Saviu Ventures has closed an initial investment of €12 million ($13.12m) for its second fund from multiple investors, including family offices in Kenya and France.
The venture capital firm intends to close its second fund at €30 million ($32.84m) and €50 million ($54.74m), which will invest primarily in Francophone African startups.
Benoit Delestre and Samuel Touboul founded Saviu Ventures, which has been active in the Francophone Africa startup scene since 2018.
The VC is sector-agnostic and invests in seed-stage startups. However, with its current fund, it is particularly interested in fintech, healthtech, and climate tech companies, and it is letting up on eCommerce, mobility, and logistics.
Saviu intends to stick to the same approach as its first fund, allocating most of its capital to Francophone startups. However, it will still consider investing in startups from East, Southern, and North Africa eager to expand into Francophone Africa.
The firm, which looks for "sustainable companies" and provides financial investment and business development support, plans to invest between €500,000 ($547K) and €3 million ($3.28m) in 15 to 20 post-revenue startups with its second fund.
The second fund has already invested in three companies: Workpay, a HR payroll service; Rubyx, a Senegalese digital lending SaaS provider; and Waspito, a Cameroonian health tech.
Saviu's first fund invested in 12 startups, 82% from the Francophone region, ranging from €250,000 ($273K) to €500,000 ($547K). Anka (Afrikrea), an eCommerce platform; Julaya, an Ivorian neobank; Zanifu, a Kenyan digital lender; Lapaire, an eye-wear retailer with operations in Ivory Coast, Mali, Burkina Faso, Benin, and Togo; and Paps, a Senegalese e-logistics startup, are among its portfolio companies.
Last week on Techpoint Africa
- We need to create consequences for bad borrowers – Sycamore CEO on how to protect digital lenders
- Nigeria’s CBN issues approval-in-principle to Bloc MFB
- Okada Books will close shop on November 30, 2023
- Spotify users can now listen for free in Madagascar, Mali, and DRC due to high data costs
- Aduna Capital launches $20 million fund to invest in Northern Nigeria and female founders
- While some Patricia customers lament unpaid balances as promised, the exchange says the next batch of payments is dependent on fundraising efforts and profitability
- Telkom asks South Africa’s communications regulator to postpone spectrum auction due to challenging economic climate
- Alerzo lays off 100 workers, reportedly due to warehouse automation
- GetEquity COO reportedly detained by police over unpaid funds
- Nigeria launches portal for registration of startups, accelerators, and investors
- Kenyan fish platform, Aquarech, raises $1.7 million to support additional technology vertical integration
- Waspito raises a $2.5 million seed extension to connect Francophone Africa’s healthcare ecosystem online
- 15 Nigerian businesses will share Google's ₦75 million Hustle Academy Fund
- Of shutdowns, layoffs and coups
What I'm reading and watching
- ‘This is what survivors look like’: the romance fraud victims who want to help others
- Why Religion is Declining in Modern Societies | Ryan Cragun
- The Pros & Cons of Your Blood Type
- Lawyers Hub has opened applications for its 2023 Startup Law Accelerator program. Apply here.
- If you are a female between the ages of 18 and 28 who lives in Africa and is interested in pursuing a career in cybersecurity, apply for the CyberGirls Fellowship by December 11, 2023 here.
- Apply for the Women Who Code fellowship by November 25, 2023 here.
- Do you live in Nigeria and work with a local or foreign company? Whether it's remotely, on-site, hybrid, full-time, part-time or as a freelancer, @TheIntelpoint is trying to understand the Nigerian workspace: how you work, and toxicity in the workspace among others. Please, fill out the questionnaire here.
- If you are a software engineer, creative designer, product manager, design researcher, or a techie looking for an internship role, please, check out this website.
Have a productive week!
Victoria Fakiya for Techpoint Africa.