🪙 Nigeria’s SEC issues provisional licenses to crypto exchanges Quidax and Busha

Today’s Menu ☕️
🪙 Nigeria’s SEC issues provisional licenses to crypto exchanges Quidax and Busha
📱Telegram CEO Pavel Durov charged by French authorities and released on bail
🤖 OpenAI Eyes New Multi-Billion Dollar Investment, Poised to Hit $100 Billion Valuation
🛒 PicknPay Shuts Down Stores Amidst Stagnant Growth
🏍️ Ampersand Raises Additional $2m; Reaches $21.5m Funding to Electrify Africa’s Motorcycles
💡 Federal Government Approves 50% Electricity Subsidy for Public Hospitals

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🪙 CRYPTOCURRENCY

Nigeria’s SEC issues provisional licenses to crypto exchanges Quidax and Busha

The Nigerian Securities and Exchange Commission (SEC) has taken a significant step forward in the regulation of digital assets by issuing provisional licenses to two cryptocurrency exchanges, Quidax and Busha. This move comes just a week after the SEC indicated its intention to begin granting its inaugural set of cryptocurrency licenses.

In a statement released on Thursday, the SEC clarified that these Approvals-in-Principle are preliminary steps towards full registration and are designed to ensure that each product or service offered by the exchanges meets the necessary standards of protection and transparency for users.

Quidax and Busha are set to operate under the SEC’s Accelerated Regulatory Incubation Program (ARIP), which was launched in July 2024. ARIP aims to integrate crypto exchanges that were already operational before the SEC’s May 2022 issuance of regulations for virtual asset service providers..…....continue reading

📱SOCIAL MEDIA

Telegram CEO Pavel Durov charged by French authorities and released on bail

French authorities have formally charged Pavel Durov, the CEO of Telegram, and imposed a travel ban on him, preventing him from leaving France while they conduct an investigation into allegations against the Russian billionaire. On Wednesday, Durov faced charges of “complicity in the dissemination of child pornography, the illegal sale of narcotics, and the distribution of hacking tools” through the popular messaging platform he established.

Additionally, he is accused of “failing to cooperate with law enforcement agencies in their efforts to investigate unlawful activities on Telegram,” as reported by The Wall Street Journal.

Durov was apprehended on the outskirts of Paris last Saturday and subsequently released from police detention after posting a bail amount of €5 million. As part of his conditional release, he is mandated to remain in France under judicial supervision and is required to report to a local police station twice a week....…....continue reading

🤖 ARTIFICIAL INTELLIGENCE

OpenAI Eyes New Multi-Billion Dollar Investment, Poised to Hit $100 Billion Valuation

OpenAI, the innovative powerhouse behind ChatGPT, is reportedly in talks to secure a monumental investment deal that could elevate its valuation to a staggering $100 billion. The prospective funding round is anticipated to be led by Thrive Capital, with the venture capital firm planning to inject a hefty $1 billion into the San Francisco-based AI company, according to a report by the Wall Street Journal.

Adding to the excitement, Microsoft, a prominent backer of OpenAI, is also expected to participate in the investment round. Microsoft’s involvement underscores its ongoing commitment to advancing AI technologies and its strong partnership with OpenAI, which has already led to groundbreaking developments in artificial intelligence.....…....continue reading

🛒 RETAIL INDUSTRY

Pick n Pay Shuts Down Stores Amidst Stagnant Growth

Pick n Pay, one of South Africa’s leading retail chains, has announced plans to close or rebrand around 100 stores as part of a broader restructuring strategy. The decision comes amidst a period of stagnant growth and declining profitability for the retailer.

In a recent trading statement covering the 21 weeks ending 21 July 2024, Pick n Pay revealed that its company-owned supermarkets have significantly underperformed in recent years. As a result, the company has been forced to take drastic measures to improve its financial performance.

The closures, which have already begun, include 16 supermarkets, four of which are corporate-owned stores and 12 are franchise outlets. These closures are part of a larger strategy outlined by Pick n Pay CEO Sean Summers in May 2024.......continue reading

🏍️ ELECTRIC VEHICLES

Ampersand Raises Additional $2m; Reaches $21.5m Funding to Electrify Africa’s Motorcycles

Ampersand, one of Africa’s leading electric vehicle (EV) energy tech company, has raised an additional $2 million, pushing the total funding to an impressive $21.5 million within the last 12 months. The company raised $19.5 million in January 2024. This significant capital injection highlights the strong investor confidence in Ampersand’s vision of electrifying millions of motorcycles across the continent and scaling sustainable transportation solutions in Africa.

The latest $2 million in funding comes from AHL Venture Partners, an Africa-focused venture fund, and Everstrong Capital, an infrastructure investor. These funds supplement Ampersand’s earlier investments, bringing the company closer to its goal of transforming Africa’s motorcycle taxi and delivery market, widely known as ‘boda bodas’. With a customer base of approximately 100 million daily users across East Africa, Ampersand’s electric motorcycles offer a compelling value proposition by being 45% cheaper to operate and generating at least 75% fewer emissions compared to their petrol counterparts........continue reading

💡POWER

Federal Government Approves 50% Electricity Subsidy for Public Hospitals

The Federal Government has approved a 50% electricity subsidy for public hospitals nationwide, a significant boost to the healthcare sector. The announcement was made by the Minister of State for Health and Social Welfare, Tunji Alausa, during a visit to the National Neo-Psychiatric Hospital in Barnawa, Kaduna State, Channels TV reports.

The subsidy is aimed at easing the financial burden on public hospitals, which often struggle to meet the rising costs of electricity. By reducing electricity expenses, hospitals can allocate more resources to patient care and essential services.

In addition to the electricity subsidy, the Federal Government also commissioned several projects at the National Neo-Psychiatric Hospital. These projects include the Electronic Health Records and Alternative Power Supply at the Lawal Jafaru Isah Emergency Complex and the solarisation of the dialysis unit, which includes a solar-powered borehole and a 10.2 KVA inverter.........continue reading

OTHER STORIES

• US Development Agency Participates in $225 Million Investment in Masiyiwa’s Liquid Telecommunications……read more

• Egyptian fintech startup Menthum introduces new USD fixed income investment fund….read more

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