In today’s menu 🥘

📺 Multichoice Rejects $2.5 Billion Acquisition Offer from Canal+
🛜 Two days after deferring Presidential elections, Senegal suspends mobile internet services
💰Tappi secures investment from Renew Capital Angels for expansion
⚖️ FCCPC expresses concern as Loan Apps persistently violate regulatory framework
👨🏻‍💻 Opportunities

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📺 MEDIA

Multichoice Rejects $2.5 Billion Acquisition Offer from Canal+

Pan-African pay-TV operator Multichoice has officially turned down a $2.5 billion acquisition offer from French media company Canal+. The decision was communicated to shareholders through a notice on Monday, citing undervaluation of the company as the primary reason for rejecting the proposal.

According to the notice, Canal+ currently holds 35.01% of Multichoice’s total ordinary shares. The failed bid aimed to acquire the remaining issued share capital of Multichoice at a proposed price of R105 per share in cash.

Multichoice, in explaining its decision, highlighted that a recent valuation exercise conducted by the company determined that its share unit is worth more than the offered R105. The valuation, which excluded potential synergies from the proposed transaction, led the board to conclude that the offered price significantly undervalues the company and its future prospects....….continue reading

💰 INVESTMENTS

Tappi secures investment from Renew Capital Angels for expansion

Fresh from announcing a pre-seed raise of $1.5 million in December 2023, Tappi has secured an undisclosed investment from Renew Capital Angels.

Tappi is a full-stack SaaS business built for small businesses in Africa to help them find customers online. It helps SMBs get discovered, find customers, and build their reputation using messaging, payments, and AI......continue reading

🔍 INTERNET

Two days after deferring Presidential elections, Senegal suspends mobile internet services

Mobile internet was temporarily suspended in Senegal on Monday, increasing fears in a country often hailed as one of Africa’s most secure democracies. This suspension, which came just days after President Macky Sall deferred the Presidential elections scheduled for February 25th, is the third of its kind in Senegal in the past nine months.

The government attributed the shutdown to the circulation of various hate, subversive messages on social networks, a rationale consistent with previous internet suspensions. Public protests broke out following President Sall’s announcement on Saturday of a six month delay to the Presidential elections..….continue reading

Google is discontinuing its support for internet backups: Cached webpages are no longer available

Google is discontinuing its cached links feature, stating that the feature was initially created as an alternative method for loading websites when page loading was unreliable. However, with advancements in technology, Google believes it can now retire this feature.

Although users can still manually create cache links, all support pages regarding cached sites have been removed by Google. The removal of cache data is expected to release a substantial amount of data, potentially saving numerous petabytes, aligning with Google's current emphasis on cost savings.….continue reading

⚖️ REGULATION

FCCPC expresses concern as Loan Apps persistently violate regulatory framework

The Federal Competition and Consumer Protection Commission (FCCPC) has raised an alarm regarding a surge in violations of its Limited Interim Regulatory/Registration Framework and Guidelines by digital lenders, commonly referred to as loan apps.

In an official statement signed by Dr. Adamu Abdullahi, the Acting Executive Vice Chairman/Chief Executive Officer of the Commission, it was emphasised that infractions have been on the rise, coinciding with an increasing number of Nigerians availing loans from various digital lending platforms. The Commission attributed these violations to the escalating number of defaulting customers, leading to instances of harassment and defamation.

The FCCPC firmly asserted that resorting to unethical practices for debt recovery is not an acceptable option for lenders, irrespective of the challenges posed by defaulting customers.….continue reading

OTHER STORIES

• To enhance internet connectivity in rural areas, Zambia plans to construct 60 4G mobile towers….read more

• Ghanaian e-bike startup, Kofa, set to unveil an advanced battery swap network….read more

• Snap, the developer behind Snapchat, is planning to lay off roughly 10% of its workforce, impacting an estimated 500-plus employees……read more

🚀 OPPORTUNITIES

• Accelerate Africa startup support programme is accepting applications for its second edition. Interested founders can apply here.

• The Tony Elumelu Foundation (TEF) is calling on all aspiring African entrepreneurs seeking to turn their business dreams into reality to apply to the TEF Entrepreneurship Programme (TEF2024), for the opportunity to receive a non-returnable seed capital of $5,000. Application deadline: 1 March 2024 Click here to apply.

• The Federal Government through the Ministry of Communications, Innovation and Digital Economy, has opened applications for Nigerian girls to participate in its new initiative called the National Girls in ICT Competition. Application deadline: 18 February 2024. Click here to apply.

• Application open for the MEST Training Program. The MEST Training Program is a one year, fully sponsored, graduate-level program in tech entrepreneurship. Click here to apply. Application Deadline: 18th March 2024