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OpenAI secures $6.6B in funding | Netherlands invests €120m in Lagos waste-to-energy initiative

OpenAI secures $6.6B in funding | Netherlands invests €120m in Lagos waste-to-energy initiative

Plus: Winich Farms Secures $3 Million

Innovation Village
October 03, 2024

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Today’s Menu ☕️

⚖️ US SEC charges Auditor Olayinka Oyebola for allegedly aiding Tingo Group’s fraud
♻️ Netherlands invests €120 million in Lagos waste-to-energy initiative
🔍 NIMC Shifts NIN Data Modifications to Self-Service Portal for Faster, Secure Updates
🌾 Winich Farms Secures $3 Million to Enhance its Platform and Expand Reach in Nigeria
🤖 OpenAI secures $6.6B in funding, reaching a $157B valuation
🏦 Umba secures $5 million from Star Strong Capital to expand Kenyan loan services

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FRAUD

US SEC charges Auditor Olayinka Oyebola for allegedly aiding Tingo Group’s fraud

Dozy Mmobuosi

The U.S. Securities and Exchange Commission (SEC) has charged Nigerian auditor Olayinka Oyebola and his accounting firm, Olayinka Oyebola & Co., with aiding and abetting a large-scale securities fraud orchestrated by businessman Dozy Mmobuosi and his U.S.-based companies, collectively known as the Tingo entities. This comes in the wake of a $250 million judgment secured by the SEC against Mmobuosi and his companies for defrauding investors on a global scale.

The SEC’s complaint alleges that Oyebola and his firm were central to enabling Mmobuosi’s fraudulent scheme by falsifying audit reports. These reports, which bore Oyebola’s signature, were submitted as legitimate to the SEC, misleading investors into believing that the Tingo entities were financially sound. In reality, the financial metrics provided were grossly inflated, and the firms were not as profitable as claimed........continue reading

WASTE-TO-ENERGY

Netherlands invests €120 million in Lagos waste-to-energy initiative

The Lagos State government has announced a substantial €120 million ($132 million) investment from the Netherlands government to support a pioneering waste-to-energy project in Lagos, Nigeria. This collaborative effort involves the Lagos State government and the Dutch firm Harvest Waste Consortium and is focused on transforming a portion of Lagos’ daily waste output into a source of electricity.

The initiative will be centred around the Epe landfill site, which has been decommissioned, and is where Harvest Waste intends to process an impressive 2,500 to 3,000 tonnes of waste daily. This waste will be sourced from the estimated 13,000 to 14,000 tonnes that Lagos generates each day.......continue reading

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🔍 IDENTITY MANAGEMENT

NIMC Shifts NIN Data Modifications to Self-Service Portal for Faster, Secure Updates

The National Identity Management Commission (NIMC) has announced that it will no longer allow data modifications at its National Identification Number (NIN) enrollment centres. Instead, all modifications must now be made through the NIMC self-service modification portal. This decision aims to streamline the process, reduce long queues, and enhance data security by allowing NIN holders to update their information conveniently and securely online.

NIMC emphasized that the self-service portal offers several advantages, including the ability to update information from anywhere at any time, faster processing times, and improved security. While the portal had been available previously, many users preferred to visit enrollment centers due to challenges with the online system, including issues with OTP verification and rejections after payments. The cost of modifications on the platform varies, with changing a date of birth costing N16,340 and phone number or name changes around N1,522........continue reading

🌾 AGRICULTURE

Winich Farms Secures $3 Million to Enhance its Platform and Expand Reach in Nigeria

Nigerian agritech startup Winich Farms has secured $3 million in pre-Series A funding to further its mission of empowering smallholder farmers and optimising agricultural processes across Nigeria. This injection of capital will be instrumental in enhancing the company’s technology and expanding its reach, ultimately boosting earnings for farmers and improving the efficiency of the agricultural supply chain.

Since its launch in 2020, Winich Farms has rapidly grown to become a vital player in Nigeria’s agricultural landscape. The company has built an impressive ecosystem of over 150,000 users, including farmers, collection point agents, and off-takers. This growth is reflected in its gross merchandise value (GMV), which surged by 300% from $10 million in 2022 to $30 million by the end of 2023.......continue reading

🏦 FINANCIAL SERVICES

Umba secures $5 million from Star Strong Capital to expand Kenyan loan services

Umba, a digital banking platform with a focus on credit services, has recently secured a $5 million debt facility from Star Strong Capital. This financial boost is aimed at expanding its loan offerings in Kenya. Co-founded by Tiernan Kennedy and Barry O’Mahony, the fintech company made its official foray into the Kenyan market in 2022 through the strategic acquisition of Daraja Microfinance Bank.

Initially, at its inception, Umba had expressed a desire to extend its services to Kenya, but it wasn’t until the acquisition that these plans materialized.

Since commencing operations in April 2023, has reported considerable growth for the startup, with projections pointing towards a 300% growth trajectory in 2024.........continue reading

🤖 ARTIFICIAL INTELLIGENCE

OpenAI secures $6.6B in funding, reaching a $157B valuation

OpenAI, the creator of ChatGPT, has just completed an unprecedented venture capital funding round. The company has declared that it secured $6.6 billion in investments, resulting in a post-money valuation of $157 billion. Thrive Capital, a returning investor, spearheaded the round, which has elevated OpenAI’s total funding to $17.9 billion, according to Crunchbase data.

Thrive Capital contributed approximately $1.3 billion, as reported by The New York Times, and holds an exclusive right to invest an additional $1 billion at the same valuation until 2025. Other participants in the funding round include Microsoft, Nvidia, SoftBank, Khosla Ventures, Altimeter Capital, Fidelity, and MGX.

OpenAI expressed that the fresh capital will bolster their pioneering AI research, enhance their computing capabilities, and support the development of tools to tackle complex challenges...........continue reading