Salve,
Victoria from Techpoint here,
Here’s what I’ve got for you today:
- Telcos in Nigeria threaten service cuts
- Surviving on a ₦100K in Lagos
- Frozen wallets and missing millions
Telcos in Nigeria threaten service cuts
Telecom operators in Nigeria are considering a load-shedding strategy similar to what’s used in the power sector to manage their services, while they push for higher tariffs due to growing financial pressures.
At the “Telecom Industry 2.0” event, Engr. Gbenga Adebayo of ALTON highlighted the severe challenges faced by telecom companies in Nigeria, including high taxes, unpaid debts, and new rental charges.
He warned that these issues could lead to reduced telecom coverage as operators struggle to manage all their sites.
He also reminded everyone that when telecoms first started in Nigeria in 2001, the government promised 18 hours of daily power, which hasn’t been delivered. So, telecom companies have had to spend a lot on power themselves.
This news has sparked reactions from key players like the Nigerian Communications Commission (NCC) and the National Association of Telecom Subscribers of Nigeria (NATCOMS).
The NCC acknowledges the tough environment but sees the load-shedding idea as a tactic to push through a tariff hike. They’re not sure it will work.
Chief Deolu Ogubanjo, president of NATCOMS, is concerned that subscribers will blame the NCC if things go wrong. He’s worried that load-shedding could impact not just telecom services but also sectors like banking, education, and health that rely on them.
Ogubanjo’s group is pushing for fair tariffs to cover the high costs but is frustrated with the regulator’s lack of action as expenses keep rising.
Surviving on a ₦100K monthly salary in Lagos
Guess what? A recent report by PaidHR shows that 78% of Lagosians earn less than ₦100K a month.
Out of 1,500 people surveyed, it turns out that many workers, especially those between 20 and 39, are making between ₦49K and ₦73K. That’s way off from the online hype that Nigerians should earn between ₦300K and ₦800K a month to live comfortably.
The report paints a tough picture — most people spend more than they make. Single workers are using up over 100% of their salaries, and those who are divorced are spending double their income each month!
Employers are trying to help, but the tough economic conditions and high inflation rates make it hard to make a real difference. Companies are also struggling to stay afloat and avoid layoffs.
With these financial pressures, relying on just one income is becoming harder. That’s why side hustles are becoming essential. They’re not just a trend anymore; they’re a must-have. Thanks to various tech platforms and startups, it’s easier than ever to turn a hobby or skill into extra cash.
So, if you’re thinking about starting a side hustle, where do you begin? Oluwanifemi has got some tips to help you get started. Dive into how you can boost your income and make the most of side hustle opportunities here.
Frozen wallets and missing millions
Some crypto wallets linked to suspected #EndBadGovernance protesters have been traced to KuCoin and MEXC exchanges. These wallets, which supposedly hold over $37 million, are still active and making transactions.
Per reports, Judge Emeka Nwite ordered the wallets to be frozen on July 9, 2024, but a recent scan shows they might still be in use. Some wallets have incorrect balances or are still making transactions.
Some crypto wallets linked to suspected #EndBadGovernance protesters don’t match the court records. One wallet listed as having $967 only has $172, and another expected to have $443,512 shows just $233,574.
This second wallet, connected to KuCoin, has been active with big transactions, including a $50,000 transfer to an unknown wallet that quickly moved the funds.
The wallet owners’ identities are still a mystery, but exchanges might have shared details with authorities. A crypto expert said the government can ask exchanges for help if they suspect illegal activity, but exchanges often refuse if they think the investigation isn’t legitimate.
The Economic and Financial Crimes Commission (EFCC) requested the freeze, citing money laundering and terrorism financing concerns. Insiders suggest the wallets are linked to organisers of the #EndBadGovernance protests, similar to how crypto was used during the 2020 #ENDSARS protests when the government blocked bank accounts.
Flutterwave, a Nigerian fintech that donated ₦2 million to the cause, was reportedly questioned by the Central Bank of Nigeria, although the company denied this. The Feminist Coalition, a major protest financier, had their account shut down and switched to crypto.
If the government decides to target cryptocurrency platforms funding protests, it’s unclear how they’ll handle private and non-custodial wallets.
In case you missed it
- MTN and IHS Towers negotiations on governance issues back on the table
What I’m watching
- We Need to Rethink Exercise – The Workout Paradox
Opportunities
- Pillser is hiring a UI/UX designer. Apply here.
- Pitch Friday is this Friday, August 16, 2024. To attend, apply here.
- Are you a startup founder or operator in search of like minds to learn and grow with? Join Techpoint Africa’s community to access resources, network, and build the future here.
- Follow Techpoint Africa’s WhatsApp channel to stay on top of the latest trends and news in the African tech space here.
Have a terrific Thursday!
Victoria Fakiya for Techpoint Africa.
