Strain, tax!

Plus: Nigeria is asking Kenya to extradite the escaped Binance executive.                                                                                                                                                                                                                                                                                                                                                                                                                 April 17, 2024 | [Read Online]( In partnership with Share this newsletter: //link.mail.beehiiv.com/ss/c/u001.3gD7PSbuofKNJf4aviiyABEwLaotY-cnTvL9XkLJeecz8HFi5aIcJRlOHNPACAGtlq5KbbmzlzCpN5GuBGOUoSMHEQdMvCCErcPqfkCTamGENiBnMw13k66-yrDlLxWUzkPh8D0kJ8OWVWRNzNTubpZg3RNxBWTJ8XBj26-U7m5SJVDiBEXFjOvxcaZOb3kAJYLc6eLW4G4VLiJnsLASFpLIKwzUqhPhrsi6ad5DuHYW77RSbZV7ngXfLJKenQtPvF4vyYnJGDQ7JcInBJgXKZ6PYbTiNm1zKmcdcJzAD6mBt-hILl4SzyjnM5zqk0sU_YYtRyT07lqsrKjrmLDv3Q/45l/St4cQKlfSRqFtEoDu8I0jA/h2/h001.AW-0YIeiNY1kacVCKeJTP0hZY0wimaTpw8JSPzBIKHY [Lire en Français]( [اقرأ هذا باللغة العربية]( Good morning ☀️ If you’re planning to join X (Twitter) anytime soon, you’ll have to pay a “small fee”. In a bid to banish bots, Twitter's new sheriff, Elon Musk, is [proposing a paywall]( for fresh faces. Seems paying a buck is the new "not a robot" checkbox under Musk's reign. New Zealand and the Philippines [got a sneak peek]( of this tollbooth, with new users coughing up $1 to join the party. At this time, Musk and his team are yet to announce when the feature will roll out globally to the platform which is estimated to have about 48 million bot accounts. In today's edition - [Nigeria asks Kenya to extradite Binance executive](#Story1) - [Ghana wants to tax its content creators](#Story2) - [Tingo lays off staff after salary delays](#Story3) - [Vodacom Tanzania acquires Smile Tanzania for $27.4 million](#Story4) - [Starlink to disconnect roaming users in Africa](#Story5) - [The World Wide Web3](#WW3) - [Opportunities](#Opps) Crypto //link.mail.beehiiv.com/ss/c/u001.3gD7PSbuofKNJf4aviiyABEwLaotY-cnTvL9XkLJeecz8HFi5aIcJRlOHNPACAGtlq5KbbmzlzCpN5GuBGOUoSMHEQdMvCCErcPqfkCTamGENiBnMw13k66-yrDlLxWUzkPh8D0kJ8OWVWRNzNTubpZg3RNxBWTJ8XBj26-U7m5SJVDiBEXFjOvxcaZOb3kAJYLc6eLW4G4VLiJnsLASFpLIKwzUqhPhrsi6ad5DuHYW77RSbZV7ngXfLJKenQtPvF4vyYnJGDQ7JcInBJgXKZ6PYbTiNm1zKmcdcJzAD6mBt-hILl4SzyjnM5zqk0sU_YYtRyT07lqsrKjrmLDv3Q/45l/St4cQKlfSRqFtEoDu8I0jA/h9/h001.GN9EeGiLqSyJbdO82bYz9CEbGwlb9etLdLk8b30-xSU Nigeria asks Kenya to extradite escaped Binance executive Extradition cases can be lengthy and complex, as evidenced by the years-long wait for Kenyan authorities to decide on the fate of former minister Chris Okemo and ex-Kenya Power CEO Samuel Gichuru for money laundering and fraud charges filed since 2011. Now, the Binance versus Nigeria case just might be raising similar concerns. What’s new? Per the Daily Post, Nigerian authorities have [asked Kenya to arrest and extradite Nadeem Anjarwalla](, a Binance executive who managed to evade detention on March 25 after being accused of tax evasion. The tensions escalated when [Nigeria restricted access to Binance's website](, prompting two of its top executives, Tigran Gambaryan and Nadeem Anjarwalla, to journey to the country in an attempt to address the dispute. However, upon their arrival, Nigerian authorities [seized their travel documents, and detained them]( on February 26 without formal criminal charges. This move marked the beginning of a tumultuous series of events that would ultimately see Anjarwalla escaping the country to Kenya, leaving Gambaryan behind to face money laundering charges. Now, Anjarwalla's escape, facilitated by a smuggled passport, has further complicated the situation. A smart move? Kenya's extradition laws mandate that for Anjarwalla to be arrested, a Nigerian court must issue an arrest warrant, which would then need to be processed through Nairobi's legal channels. Furthermore, the involvement of Interpol adds another layer of complexity to the situation, with the process potentially dragging on for months, if not years. Read Moniepoint's case study on family-owned businesses Family-owned businesses are everywhere, shaping our world in ways you might not expect. We've found some insights into how they work, and we'd love to share them with you. [Dive in right away here](. Regulations //link.mail.beehiiv.com/ss/c/u001.3gD7PSbuofKNJf4aviiyABEwLaotY-cnTvL9XkLJeecz8HFi5aIcJRlOHNPACAGtlq5KbbmzlzCpN5GuBGOUoSMHEQdMvCCErcPqfkCTamGENiBnMw13k66-yrDlLxWUzkPh8D0kJ8OWVWRNzNTubpZg3RNxBWTJ8XBj26-U7m5SJVDiBEXFjOvxcaZOb3kAJYLc6eLW4G4VLiJnsLASFpLIKwzUqhPhrsi6ad5DuHYW77RSbZV7ngXfLJKenQtPvF4vyYnJGDQ7JcInBJgXKZ6PYbTiNm1zKmcdcJzAD6mBt-hILl4SzyjnM5zqk0sU_YYtRyT07lqsrKjrmLDv3Q/45l/St4cQKlfSRqFtEoDu8I0jA/h17/h001.g80jLfSRGFRdM6qAJxZUMiMsXyio1jYOSt3Xo_yg1_A Ghanaian foreign income earners to begin paying taxes Last year, in a move that caused public uproar, the Kenyan government announced plans to tax content creators. The East African country’s new Finance Bill came into force in June 2023 and [now levies a 1.5% withholding tax]( on all income made by content creators and digital workers in the country. Now, Ghana is following in Kenya’s footsteps. This week, the Ghana Revenue Agency (GRA) revealed plans to tax Ghanaians who earn foreign income. Ghana’s new tax will also target content creators and influencers in Ghana who make money on global platforms like YouTube, X and TikTok, as well as remote workers using platforms like Fiverr and Upwork. This includes Ghanaians who earn foreign income and live in Ghana for at least 183 days a year. Why is the Ghana Revenue Agency doing this? In February, the ministry of finance released a [press statement]( to suspend the implementation of the Value Added Tax on electricity. It got suspended because of major outbursts from Ghanaians but this suspension on the electricity tax has left a revenue gap of approximately GHC 1.8 billion ($134 million). The money has to come from somewhere, Ghana says, and to close this revenue gap, the government has decided to tax Ghanaians who earn foreign income. Commissioner General, Julie Essiam [stated]( that this initiative represents both an expansion and enforcement of the current tax system. She affirmed the commencement of the implementation process, mentioning that the GRA is actively preparing and composing letters to be dispatched to individual account holders, which they could potentially receive prior to May 2, 2024. There is a perk to being a good citizen. The Commissioner General also revealed that if people voluntarily report how much money they have in their accounts within three months, they won't have to pay extra interest on the money, “That is the voluntary disclosure aspect of this measure,” she stated. This new tax will include Ghanaians who earn foreign income and live in Ghana for at least 183 days a year. No hidden fees or charges with Fincra Collect payments via Bank Transfer, Cards, Virtual Account & Mobile Money with Fincra’s secure payment gateway. What’s more? You get to save money for your business when you use Fincra. [Start now](. Layoffs //link.mail.beehiiv.com/ss/c/u001.3gD7PSbuofKNJf4aviiyABEwLaotY-cnTvL9XkLJeecz8HFi5aIcJRlOHNPACAGtlq5KbbmzlzCpN5GuBGOUoSMHEQdMvCCErcPqfkCTamGENiBnMw13k66-yrDlLxWUzkPh8D0kJ8OWVWRNzNTubpZg3RNxBWTJ8XBj26-U7m5SJVDiBEXFjOvxcaZOb3kAJYLc6eLW4G4VLiJnsLASFpLIKwzUqhPhrsi6ad5DuHYW77RSbZV7ngXfLJKenQtPvF4vyYnJGDQ7JcInBJgXKZ6PYbTiNm1zKmcdcJzAD6mBt-hILl4SzyjnM5zqk0sU_YYtRyT07lqsrKjrmLDv3Q/45l/St4cQKlfSRqFtEoDu8I0jA/h25/h001.ZMmVK3oPCa63DyjJUAtbXOnImpVXhEfiaUR0vYKbfQ4 Tingo furloughs at least 50 staff after salary delays and layoffs In June 2023, Tingo Group, a Nigerian agri-fintech company, found itself in the crosshairs of Hindenburg Research, a US-based investment research firm. Hindenburg accused Tingo of being "[an exceptionally obvious scam,](" calling into question its entire business model— fintech, agritech, and telecoms. Despite these allegations, Tingo declared sales of $977 million for H1 2023. In December 2023, the US Securities and Exchange Commission (SEC) charged Tingo's founder, Dozy Mmobuosi, with securities fraud, after the company reported having cash of $461.7 million for the fiscal year 2022, but its bank accounts held less than $50. Despite facing these charges, Mmobuosi reportedly promised employees in January 2024 that outstanding salaries would be paid within a month. These promises came alongside reports that some employees allegedly received unexplained pay raises of up to 400%. However, by March 2024, [Tingo furloughed nearly all its full-time staff](—at least 50 employees. This followed [layoffs of 40 contract workers]( in February 2024, who were owed December 2023, and January 2024 salaries. The outsourcing company handling the contractors, HR Indexx, blamed Tingo Mobile for the unpaid salaries, citing a lack of readily available funds. Money for drinks but not salaries? The company claims the furloughs are a necessary response to "present realities." However, this explanation rings hollow for many, especially considering Tingo Foods, a subsidiary, [launched two new beverages yesterday](—Tingo Cola and Tingo Electric—at a cocktail event after the employee layoffs. Telecoms //link.mail.beehiiv.com/ss/c/u001.3gD7PSbuofKNJf4aviiyABEwLaotY-cnTvL9XkLJeecz8HFi5aIcJRlOHNPACAGtlq5KbbmzlzCpN5GuBGOUoSMHEQdMvCCErcPqfkCTamGENiBnMw13k66-yrDlLxWUzkPh8D0kJ8OWVWRNzNTubpZg3RNxBWTJ8XBj26-U7m5SJVDiBEXFjOvxcaZOb3kAJYLc6eLW4G4VLiJnsLASFpLIKwzUqhPhrsi6ad5DuHYW77RSbZV7ngXfLJKenQtPvF4vyYnJGDQ7JcInBJgXKZ6PYbTiNm1zKmcdcJzAD6mBt-hILl4SzyjnM5zqk0sU_YYtRyT07lqsrKjrmLDv3Q/45l/St4cQKlfSRqFtEoDu8I0jA/h32/h001.QAiYc_aX5im6mF3mCG-HQ2zijNbqzwZyORlP0CCwm98 Vodacom Tanzania acquires Smile Tanzania Vodacom Tanzania PLC (VTPLC), Tanzania's foremost telecom operator has now [acquired]( Smile Communication Tanzania Limited, a small competitor in the telecom industry, for TZS 68.8 billion ($27.4 million). Vodacom, which has 30% of total subscriptions in the country, says the acquisition will support its plans to launch 4G and 5G network services in Tanzania. Vodacom is all in: The acquisition was completed as a debt-free and cash-free one on April 3, 2024. The acquisition grants Vodacom access to Smile's 800MHz, mid-band spectrum and its 4G LTE network, paving the way for expanded coverage in key regions. Smile, as of June 2023, had only 13,840 mobile subscribers according to the Tanzania Communications Regulatory Authority (TCRA). The acquisition might not move the needle for Vodacom which has over 19 million subscribers, but it will help strengthen its presence in places like Pwani, Kilimanjaro and Dar es Salaam as its 4G network coverage expands. Since 2022, Vodacom has spent over $60 million to acquire 4G spectrum in Tanzania and its acquisition of Smile’s Tanzanian arm will only solidify its dominance in Tanzania’s budding 4G market. Accept fast in-person payments, at scale Spin up a sales force with dozens - even hundreds - of Virtual Terminal accounts in seconds, without the headache of managing physical hardware. [Learn more →]( Internet //link.mail.beehiiv.com/ss/c/u001.3gD7PSbuofKNJf4aviiyABEwLaotY-cnTvL9XkLJeecz8HFi5aIcJRlOHNPACAGtlq5KbbmzlzCpN5GuBGOUoSMHEQdMvCCErcPqfkCTamGENiBnMw13k66-yrDlLxWUzkPh8D0kJ8OWVWRNzNTubpZg3RNxBWTJ8XBj26-U7m5SJVDiBEXFjOvxcaZOb3kAJYLc6eLW4G4VLiJnsLASFpLIKwzUqhPhrsi6ad5DuHYW77RSbZV7ngXfLJKenQtPvF4vyYnJGDQ7JcInBJgXKZ6PYbTiNm1zKmcdcJzAD6mBt-hILl4SzyjnM5zqk0sU_YYtRyT07lqsrKjrmLDv3Q/45l/St4cQKlfSRqFtEoDu8I0jA/h38/h001.B0UovDPndyJVFPnl9_H0YhNPxFirNRT53unhihASmok Starlink announces service disruption for unauthorised users In February 2024, [Starlink took action]( against some of its resellers in South Africa, citing violations of its terms of use and copyright infringements. At least 400 customers using reseller services, like StarSat, reported blocked connections, and both Starlink and some southern African regulators asked resellers to cease all unauthorised resales immediately. In the same month, Botswana joined the fray and [warned]( against importing, using, and reselling Starlink devices as the service was still unlicensed in the country. Now, thousands of Starlink users in Africa face losing internet access by the end of April. What's new? Starlink has [informed roaming customers]( they can only access the service in authorised countries. This means by the end of April 2024, individuals and businesses in Ghana, South Africa, Botswana, and Zimbabwe who rely on Starlink kits imported from neighbouring countries will be disconnected. The latest development [started in Zimbabwe]( when the country’s telecom regulator— POTRAZ— ordered Starlink to cut off subscribers in the country. Starlink clarifies its roaming plans were intended for temporary use while travelling, not permanent residence in unauthorised areas. The company emphasises using the service in unapproved locations violates its Terms & Conditions. Users can continue using Starlink if they travel back to a country where the service is officially authorised. What next? After the April 2024 deadline, subscribers using the roaming plan for over two months outside authorised areas must either return home or update their account country. Failure to comply will result in service limitations. To maintain active service, users with roaming subscriptions must access it in their registered country every two months, although reports suggest that this condition was not enforced for over a year. The effectiveness of this new rule remains uncertain. In some good news, Starlink has obtained the agreement of the Malagasy government to launch its commercial services in Madagascar, with plans to launch its services in the third quarter of 2024. The satellite company is currently present in seven African countries including Nigeria, Kenya, Rwanda, Zambia and eSwatini, with plans to be available in 19 more by the end of 2024, and 10 more by 2025. Attend GITEX Africa GITEX Africa returns a second time on May 29–31, 2024, to Marrakech, Morocco, discussing ways to accelerate the continent’s digital health revolution. GITEX is the continent's largest all-inclusive tech event renowned for uniting the brightest minds in the technology industry. [Grab your tickets here](. Crypto Tracker //link.mail.beehiiv.com/ss/c/u001.3gD7PSbuofKNJf4aviiyABEwLaotY-cnTvL9XkLJeecz8HFi5aIcJRlOHNPACAGtlq5KbbmzlzCpN5GuBGOUoSMHEQdMvCCErcPqfkCTamGENiBnMw13k66-yrDlLxWUzkPh8D0kJ8OWVWRNzNTubpZg3RNxBWTJ8XBj26-U7m5SJVDiBEXFjOvxcaZOb3kAJYLc6eLW4G4VLiJnsLASFpLIKwzUqhPhrsi6ad5DuHYW77RSbZV7ngXfLJKenQtPvF4vyYnJGDQ7JcInBJgXKZ6PYbTiNm1zKmcdcJzAD6mBt-hILl4SzyjnM5zqk0sU_YYtRyT07lqsrKjrmLDv3Q/45l/St4cQKlfSRqFtEoDu8I0jA/h47/h001.WHR6B888d-1NQDHxNmkitBZb0qmye0UFSMTuYgbpPv0 The World Wide Web3 Source: [Coinmarketcap logo] Coin Name Current Value Day Month Bitcoin $63,815 + 2.98% - 3.15% Ether $3,119 + 3.31% - 13.73% Ondo $0.81 + 1.31% + 67.48% Solana $140.98 + 6.65% - 30.85% * Data as of 06:00 AM WAT, April 17, 2024. Opportunities //link.mail.beehiiv.com/ss/c/u001.3gD7PSbuofKNJf4aviiyABEwLaotY-cnTvL9XkLJeecz8HFi5aIcJRlOHNPACAGtlq5KbbmzlzCpN5GuBGOUoSMHEQdMvCCErcPqfkCTamGENiBnMw13k66-yrDlLxWUznumUISqEIEHoejMAg1nvoeEOue0REL5sdFJ8edc4O_kqjbgp2qgoJy5BZ3Q9l_7_A-NFDuiY4pG6KeKfsyAxdX6o7Fo06XFG3JS0h7bd8v6bp-nSiuIweSXM7pt6mxUIfKLs4SqAZFQMf_T81gHs-oS6ydreheMnGbSxZ4mRyy7vAM1vUouFSVhRB0r5SSASekJP8AXvnMTIfrze6bT7Fp50LvGnVpVUfTnBHCTmTM/45l/St4cQKlfSRqFtEoDu8I0jA/h50/h001.65d3Xc98lBA2f_v3j3HW0Sj4s_GZv3nA4WiyiZ2O76g - Norrsken is accepting applications from startups at its early (pre-seed) stage for its 2024 cohort. Selected startups will receive up to $125,000 in funding and pitch to an audience of hundreds of investors, potential partners and clients at Norrsken Investor Day. [Apply by April 30](. - Applications are now open for the DAAD Leadership for Africa Master’s Scholarship Programme. The programme aims to support the academic qualification and advancement of young refugees and national scholars from Burundi, Kenya, Rwanda, South Sudan, and Uganda at higher education institutions in Germany. Applicants will get a chance to learn a German language course for 6 months before study begins, and a Tuition-free M.A. or M.Sc. degree programme at a public or state-recognized university in Germany starting September/October 2025. [Apply by June 7, 2024](. - The 2024 African Business Heroes Competition is open for application. It aims to identify, support, and inspire the next generation of African entrepreneurs who are making an impact in their local communities, working to solve the most pressing problems, and building a more sustainable and inclusive economy for the future. Finalists get grant funds of up to $300,000, global recognition and exposure and targeted and practical training programmes. [Apply by May 19](. Here's what you should be looking at - [Hackers steal $1.3 million from Kenya’s Equity Bank through M-Pesa]( - [UBA to raise fresh capital through sale of 10.8 billion ordinary shares]( - [South Africa’s trade watchdog suffers ransomware attack]( - [Ethiopia has launched its national sex offenders list]( Written by: [Mariam Muhammad]( & [Towobola Bamgbose]( Edited by: [Timi Odueso]( Want more of TechCabal? Sign up for our insightful newsletters on the business and economy of tech in Africa. - [The Next Wave](: futuristic analysis of the business of tech in Africa. - [Entering Tech](: tech career insights and opportunities in your inbox every Wednesday at 3 PM WAT. - [In a Giffy](: business decisions powered by data-driven insights and analysis you can trust. - [TC Scoops](: breaking news from TechCabal P:S If you’re often missing TC Daily in your inbox, check your Promotions folder and move any edition of TC Daily from “Promotions” to your “Main” or “Primary” folder and TC Daily will always come to you. ADVERTISE To advertise with us send an email to [ads@bigcabal.com]( [Unsubscribe from TC Daily]( [fb]( [tw]( [ig]( [yt]( [in]( Update your email preferences or unsubscribe [here]( © 2024 TC Daily 18 Nnobi Street Surulere, Lagos 101212, Nigeria [[beehiiv logo]Powered by beehiiv](