💰LASRIC granted N1 billion seed fund for startups

Today’s Menu ☕️

💰LASRIC granted N1 billion seed fund for innovative startups
🪙 SEC alerts public to risks of $DAVIDO memecoin, stresses investor responsibility
🚘 Tesla shareholders reapprove Elon Musk’s $56 billion dollar pay package after court setback
🪙 FIRS withdraws tax evasion allegations against Binance executives

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💰 FUNDING

LASRIC granted N1 billion seed fund for innovative startups

The Lagos State Science Research and Innovation Council (LASRIC) has received a grant of N1 billion as seed fund from the Lagos State government. The announcement was made by the Deputy Governor, Dr. Kadri Obafemi Hamzat on behalf of Governor Babajide Sanwo-Olu during the inauguration of the newly reconstituted LASRIC members in Lagos. 

Governor Sanwo-Olu stated that his administration is committed to increasing the success metrics with the provision of the LASRIC Seed fund. He added that “with the provision of LASRIC Seed fund to the tune of N1,000,000,000 (One Billion Naira) in the first tranche payment to the council.  We believe this fund would continue to catalyze development in our dear State”..........continue reading

🪙 CRYPTOCURRENCY

SEC alerts public to risks of $DAVIDO memecoin, stresses investor responsibility

The Securities and Exchange Commission (SEC) of Nigeria has recently released an advisory to the general public, cautioning them about the potential dangers of investing in memecoins. Among these memecoins is one named $DAVIDO, which is associated with the well-known Nigerian musician David Adedeji Adeleke, widely recognized by his stage name, Davido.

The SEC has emphasized that memecoins, including $DAVIDO, carry a high level of risk and investors should not engage with them unless they fully comprehend the risks involved. The commission has pointed out that memecoins are not underpinned by any fundamental value and their market behavior is predominantly speculative in nature.

Furthermore, the SEC has stated unequivocally that it does not acknowledge $DAVIDO as a legitimate investment product or a class of assets that falls within its regulatory framework. Therefore, individuals who choose to invest in or trade $DAVIDO are doing so at their own risk, without any protection or oversight from the SEC.........continue reading

🚘 ELECTRIC VEHICLES

Tesla shareholders reapprove Elon Musk’s $56 billion dollar pay package after court setback

Tesla’s shareholders have once again given their nod to Elon Musk’s substantial compensation plan, months after it was struck down by a court in Delaware. At Tesla’s yearly gathering of stockholders, the investors endorsed a motion to reauthorize Musk’s remuneration, which is currently valued at approximately $48 billion, as reported by Bloomberg.

The pay package in question was originally sanctioned in 2018, valued then at $56 billion, and was described by Judge Kathaleen McCormick of the Chancery Court in Delaware as an “unfathomable sum.” This led to Musk hinting at relocating Tesla’s legal home base to Texas, a move that was formally approved by shareholders during the same meeting........continue reading

🪙 CRYPTOCURRENCY

Pick n Pay experiences surge in in-store cryptocurrency transactions

A year has passed since Pick n Pay introduced cryptocurrency as a payment option, and the retailer is now reporting monthly sales of R1 million from customers who are purchasing groceries, data, airtime, and settling their municipal bills using this digital currency.

Pick n Pay has observed a significant uptick in the number of customers utilizing cryptocurrency QR codes for transactions, with usage quadrupling each month across its nearly 700 stores. The Western Cape leads in adoption, with Gauteng and KwaZulu-Natal following closely. Notably, half of these transactions are for amounts of R500 or less, although customers can spend up to a cap of R10,000 per transaction…....continue reading

🪙 CRYPTOCURRENCY

FIRS withdraws tax evasion allegations against Binance executives

The Federal Inland Revenue Service (FIRS) of Nigeria has recently withdrawn the allegations of tax evasion that were previously directed at two Binance executives, Tigran Gambaryan and Nadeem Anjarwalla. Consequently, Binance now remains the only party facing these charges. This development occurred a week subsequent to the expression of concern by sixteen U.S. lawmakers who accused Nigeria of effectively taking Gambaryan hostage. Gambaryan had been in detention for a total of 110 days, while Anjarwalla managed to avoid detention on March 22.…....continue reading

 OTHER STORIES

• Brave enhances Leo AI assistant with integrated search results from Its privacy-centric search engine. Brave Software, known for its dedication to privacy, is enhancing its Leo chatbot by incorporating search results directly from its Brave Search API. This feature is seamlessly integrated within the company’s proprietary web browser...……read more

• Kenya raises minimum bank capital requirement by tenfold to align with regional counterparts. Kenya’s Finance Minister, Njuguna Ndung’u, has announced a significant increase in the minimum capital requirements for commercial banks, as decreed by the Central Bank of Kenya (CBK).…..read more

• World Bank grants $2.25 billion aid package to boost Nigeria’s economic reforms. The World Bank has recently approved a substantial financial aid package for Nigeria, amounting to $2.25 billion, aimed at bolstering the country’s economic reform efforts…..read more

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