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🪙 Crypto companies repay ₦160 million to Nigerian Govt.

🪙 Crypto companies repay ₦160 million to Nigerian Govt.

Plus: 🏢 IHS Towers commits to rebuild NCC Innovation Park

Innovation Village
October 16, 2024

Today’s Menu ☕️

🪙 Cryptocurrency companies repay ₦160 million to Federal Government following charges of unauthorized USDT-Naira transactions
🏢 IHS Towers commits to rebuild NCC Innovation Park in Kano – Bosun Tijani
☀️ Grid Africa secures equity investment of R50 million from Rifuwo Energy Partners for expansion
🚲 Rabbit Mobility of Egypt raises $1.3 million for North African expansion
📱MTN Uganda reportedly clashes with tax authority over $70.9 million unpaid tax demand

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🪙 CRYPTOCURRENCY

Cryptocurrency companies repay ₦160 million to Federal Government following charges of unauthorized USDT-Naira transactions

The Nigerian Federal Government has successfully retrieved a total of ₦160 million from two domestic cryptocurrency enterprises, namely Paparaxy Global Ventures Limited and Lemskin Technologies Limited, following charges that they operated financial services without the requisite authorization. The allegations against these companies included the execution of transactions involving the exchange of USDT (Tether) for Naira without the necessary licenses, as well as other financial activities that were not sanctioned by regulatory authorities.

This information came to light as a result of a plea bargain agreement that was reached between the implicated companies and the Economic and Financial Crimes Commission (EFCC), as reported by Nairametrics. According to the terms of the plea agreements, Paparaxy Global Ventures Limited has reimbursed the Federal Government with ₦140 million, while Lemskin Technologies Limited has returned ₦20 million. Additionally, as a condition of the plea bargain, the directors of both companies are required to submit a sworn affidavit pledging to maintain good conduct to the Court........continue reading

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🏢 INNOVATION HUB

IHS Towers commits to rebuild NCC Innovation Park in Kano – Bosun Tijani

Dr. Bosun Tijani

In a significant stride toward restoring Nigeria’s digital infrastructure, Dr. Bosun Tijani, the Minister of Communication, Innovation, and Digital Economy, announced that IHS Towers, a leading telecommunications infrastructure company, has committed to renovating the Nigerian Communications Commission (NCC) Innovation Park in Kano. This facility, which had been looted and vandalized during the August 1, 2024 ‘Endbadgovernance’ protest, holds a key role in advancing Nigeria’s position in the global digital economy.

The NCC Innovation Park is not just a physical structure—it represents the ambitions of Kano and Nigeria to lead in the rapidly evolving global digital landscape. Highlighting its importance, Minister Tijani emphasized that the Park will serve as a crucial resource for over 300 youths in Kano who are currently part of the government’s 3 Million Technical Talent (3MTT) initiative. This program, designed to equip three million Nigerians with essential digital and technical skills, aims to position Nigeria as a frontrunner in the global tech industry, rather than a mere participant.........continue reading

☀️ SOLAR POWER

Grid Africa secures equity investment of R50 million from Rifuwo Energy Partners for expansion

Grid Africa, a leading player in renewable energy solutions, has announced a major boost to its operations through an equity investment of R50 million ($2.83 million) from Rifuwo Energy Partners. This funding will play a pivotal role in advancing solar energy projects across South Africa, particularly at a time when the country is grappling with rising energy costs.

As South Africa faces the likelihood of a significant increase in electricity tariffs, driven by Eskom’s application to the National Energy Regulator of South Africa (NERSA) for a 36% tariff hike, the need for affordable, alternative energy sources has never been more pressing. The steep rise in energy costs is expected to affect business customers the most, potentially stifling growth in various industries. In response to this challenge, Grid Africa is stepping up its efforts to offer solar energy solutions that can help mitigate the financial burden of these rising costs...........continue reading

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🚲 MOBILITY

Rabbit Mobility of Egypt raises $1.3 million for North African expansion

Rabbit Mobility, a pioneering micromobility enterprise based in Egypt, has successfully secured $1.3 million in a recent funding round aimed at bolstering its expansion initiatives throughout Egypt and into the broader North African markets. The investment round was spearheaded by 500 Global, a prominent venture capital firm, and Untapped Global, renowned for its expertise in smart asset financing. Additionally, the round saw participation from a diverse group of angel investors, both local and international.

This fresh injection of capital represents a considerable endorsement of Rabbit Mobility’s ongoing efforts to foster urban sustainability. The startup’s strategic plan is centered on delivering eco-friendly transportation alternatives that alleviate the issues of traffic congestion and environmental degradation in the densely populated urban centers of the region.........continue reading

📱 TELECOMS

MTN Uganda reportedly clashes with tax authority over $70.9 million unpaid tax demand

The Uganda Revenue Authority (URA) has issued a tax demand to MTN Uganda, the prominent telecommunications company, for the payment of Shs 260 billion ($70.9 million) in outstanding taxes. This sum represents unremitted excise duty and Value Added Tax (VAT) that MTN Uganda collected on the government’s behalf over a five-year period but failed to transfer to the URA, according to a report by ChimpReports.

An insider source has indicated that the tax in question remains due, and it is now incumbent upon MTN Uganda to settle the amount. The source emphasized that the company is responsible for remitting all government-collected taxes and suggested that the government is open to negotiating a payment plan with MTN Uganda.

The demand follows allegations by MTN Uganda that the URA has resorted to ‘coercive tactics’ to recover the said amount through what the telecom company considers an ‘unfounded tax assessment.’ MTN Uganda has also accused URA officials of exhibiting ‘corrupt intentions’ in the tax dispute, a situation that MTN claims poses a threat to its financial stability.........continue reading