Osun State vs. MTN

Today: NDPC fines Fidelity Bank $354,000 for data infraction.                                                                                                                                                                                                                                                                                                                                                                                                                 August 22, 2024 | [Read Online]( In partnership with [moniepoint logo] [Lire en Français]( [اقرأ هذا باللغة العربية]( Good morning ☀️ Heads up. We’ve roped in some interesting speakers for Moonshot 2024, and one is Kola Aina. [Moniepoint image]( Founder of Ventures Platform, Kola Aina’s goal is to replicate Silicon Valley's success by providing capital, mentorship, and a supportive ecosystem for African startups. Despite numerous challenges, Aina's determination and strategic investments have fueled remarkable growth and success for startups across Africa. He will join other innovators and industry leaders who are developing groundbreaking solutions to Africa's most pressing challenges. Save your seat at Moonshot! [Get tickets here](. [today's edition image] - [Access Bank closes in on NBK acquisition](#Story1) - [Osun State v MTN](#Story2) - [IHS may sell Rwandan and Zambian arms](#Story3) - [NDPC fines Fidelity for data infraction](#Story4) - [The World Wide Web3](#Story5) - [Events](#Story6) Banking Access Bank closes in on NBK acquisition [Access Bank image]Image source: Access Bank Access Bank, one of Nigeria's tier-1 commercial banks, is [close to acquiring]( National Bank of Kenya (NBK) in a deal believed to be worth $100 million, pending approvals from regulators. The deal, which has been in the works since March 2024, will see Access Bank inherit NBK’s branch networks—and its financial problems. NBK, with only $79.77 million in assets, is nowhere close to being one of Kenya's top ten commercial banks. It grapples with a high 25.3% in non-performing loans, its [pre-tax profits dropped]( last year, and the bank has been struggling to meet capital requirements set by Kenya's central bank. Its owners, KCB Group, have spent over $60 million since 2019 to keep the bank afloat. Yet, Access Bank still sees NBK as a promising prospect. In March, it [signed a binding agreement]( with KCB Group to acquire 100% shares in NBK. That deal was expected to be completed after six or seven months. But what makes NBK an interesting prospect to Access Bank is not its financials. NBK has a wide branch network across Kenya, with 85 branches spread across urban and peri-urban cities. In contrast, Access Bank, which entered Kenya in 2020 through another acquisition, has only 22. Once the deal goes through, Access Bank will have 107 bank branches. With that spread, Access Bank will be able to build its presence in a market it has desperately pursued after the Sidian Bank deal fell through. //link.mail.beehiiv.com/ss/c/u001.3gD7PSbuofKNJf4aviiyABEwLaotY-cnTvL9XkLJeecz8HFi5aIcJRlOHNPACAGtlq5KbbmzlzCpN5GuBGOUoSMHEQdMvCCErcPqfkCTamGENiBnMw13k66-yrDlLxWUDdGQ_1xCX7QQ0D346WqCfHz4-9IC00LnDgYSWblKA3JPfQVJvIp2z2A-zDfpYM6ViWP2axTGgwgnD5ndCYFeQhdXVUoaT9rcuWJWhtqu5f-K10_RSGxwQi1ElShqnQvEw3XiZlhUm6Up3CjWOx_4pJWveuREWgxqAh6SAh40JETKMnb7taKxzUt3NeDROqUEoSKQgbPlHhp8fgqiomXHm3QljDEUKT20zgA1LaFu54_FOoNQflEVOoOXyV8J--s3/494/tTnGJmm4RgiGdNygRhT4PQ/h9/h001.WSurcLwrpuEkgndaKHRlb8XBPa7Ul143F77Rk91UZ90 Read Moniepoint’s 2024 Informal Economy Report [Moniepoint image]( Did you know that 57.7% of the business owners in Nigeria's informal economy are under 34 years old? [Click here]( to find out more about the demographics of Nigeria’s informal economy. Telcos Osun State v MTN [Bitcoin on a background of ghana's flag image]GIF source: Tenor In a dispute over a broadband project gone awry, the Osun state government in Nigeria is demanding that MTN pay ₦945 million ($599,000) in right-of-way (RoW) fees. The state government says MTN laid cables without proper approvals, while MTN says it paid fees to a licenced partner, O’odua Infraco. The controversy stems from a 2022 agreement in which MTN and O’odua Infraco partnered to lay 270,000 metres of fibre-optic cables to provide internet services in the state. Osun State billed MTN Nigeria ₦3,500 ($2.22) for this project. But MTN allegedly blindsided the State and paid only ₦650 ($0.41) per linear metre to the government via O’odua. What complicates this messy affair is the fact that the state now says it did not receive any money from O’odua, a company it also claims is not authorised to collect fees on its behalf. More so, the ₦3,500/linear metre fee is a far cry from the standard ₦145 ($0.09) per linear metre fee [recommended]( by the Federal Government in 2020. Now, the State, believing telcos must bear the full cost of their infrastructure, wants its monies paid in full. It is also fining MTN an additional ₦100 million ($63,000) over alleged tax negligence. With the Osun state situation in disarray, the big question is where should the government draw the line in the role it plays in Nigeria's broadband penetration efforts? [Frank Eleanya dives deeper here](. //link.mail.beehiiv.com/ss/c/u001.3gD7PSbuofKNJf4aviiyABEwLaotY-cnTvL9XkLJeecz8HFi5aIcJRlOHNPACAGtlq5KbbmzlzCpN5GuBGOUoSMHEQdMvCCErcPqfkCTamGENiBnMw13k66-yrDlLxWU5RdGQeOxgoIwhODbMWi2wKbL19cDP9_y1A3TSjhpQI8Dw31dexDoVlbar8KIL2rP6lYFXaTXc8FErynSX_WwyoXHGIKxw0c8h1DlBY9219q2PoypcdxzpmJGl-7UWu49s0ZrCpLajKN_KQe4Wf7244t8H-72Mognt-4jZsuwJC8LSBcW4jHbUStThkzbGMewEEMmilVBcNtm4iWGBibxkDlFOweI3xXDvBM-ufHqbYOuV6E5ZtoRwSLmTiWIgMPO/494/tTnGJmm4RgiGdNygRhT4PQ/h16/h001.95JvhtHxHQt1Zz2qBt1C3GlCm_o0w52PgojTDIyeCSs Collect payments anytime anywhere with Fincra [Fincra image]( Are you dealing with the complexities of collecting payments from your customers? Fincra’s payment gateway makes it easy to accept payments via cards, bank transfers, virtual accounts and mobile money. What’s more? You get to save money on fees when you use Fincra. [Get started now](. Companies IHS considering sale of Rwanda and Zambia businesses [IHS towers image]Image source: IHS Towers Image IHS has been putting out many fires recently. The telecom operator is considering [selling its businesses]( in Rwanda and Zambia to pay back some of its debt. According to its H1 2024 financials, IHS's short-term debts increased from $158,000 to $454,000. However, its overall debts were reduced by a small margin, from $3.4 million to about $3 million. The company drew $60 million from its $600 Bullet Term Loan Facility in April 2024 for general corporate purposes and to pay off its existing debts—IHS Holding (2021) Bridge Facility and the U.S. dollar tranche of Nigeria (2019) Term Loan. So far, the company has drawn $430 million from its Bullet Term Loan Facility. Although IHS profits took some beating in Nigeria, its biggest market due to currency devaluation, the group earned about $108,218 across sub-Saharan markets which includes Zambia, and Rwanda. Conversations about the sale are in their early stages, according to people familiar with the matter. The news comes after we reported the layoff of about 100 of its senior employees to shelve costs and extend its runway. The company which has a cash balance of about $445,713 will raise between $500 million and $1 billion in the coming months. //link.mail.beehiiv.com/ss/c/u001.3gD7PSbuofKNJf4aviiyABEwLaotY-cnTvL9XkLJeecz8HFi5aIcJRlOHNPACAGtlq5KbbmzlzCpN5GuBGOUoSMHEQdMvCCErcPqfkCTamGENiBnMw13k66-yrDlLxWUEs5sR7z8dPZv7O9EYCgGg0fKAey_jfmigwUVJXxUv038LJr7f2209axWgOMfHJAci7yvygTIcHd5D39yQE9fSH9KIY7xpRDPDNMpY7gyJMaVJQqmpTdXoPgbRc2fHrrqsb9uB0acpWiP8xEJFGXbRNHYj0oyHgy3gbRNp1x0QMbxROOTgKG8pv4R3D9e51UCwnuTLtJbjDDMKyXcU5QEb0se6ycRbRkuUeQ-OP8I6ABMNn1TUH0G5vutwOlb9ItsGp8vTXYEbCWgeZTKZsYjnQ/494/tTnGJmm4RgiGdNygRhT4PQ/h22/h001.TDY9_ePR8m0g4dmRyl7BJHakGckwJtAYv_FaIzdhppA Paystack Virtual Terminal is now live in more countries [Paystack image]( Paystack Virtual Terminalhelps businesses accept secure, in-person payments with real-time WhatsApp confirmations and ZERO hardware costs. Enjoy multiple in-person payment channels, easy end-of-day reconciliation, and more. [Learn more on the Paystack blog →]( Data Privacy NDPC fines Fidelity Bank for data infraction [Fidelity image]Image source: Fidelity Bank The devil works hard, but Nigeria’s Data Protection Commission (NDPC) works harder. One month after the regulator fined Meta for data privacy, it has [slapped a ₦555.8 million ($354,000)]( fine on Fidelity Bank for alleged data infraction. At the heart of the matter is a customer's claim that the bank had used their personal information without consent to open an account. The regulator claimed the bank violated Nigeria’s Data Protection Act by relying on non-compliant third-party data processors to process customers’ data. Fidelity, however, denied those allegations. It claims that an internal investigation revealed no evidence of a data breach and that the account opening process was not completed due to missing documentation. The NDPC had initially demanded the payment of a remedial fee of ₦250 million ($159,000) on December 5, 2023, but the bank challenged this decision. Despite ongoing negotiations, the NDPC increased the fine to ₦555.8 million on August 20. The bank's dispute with the NDPC comes amidst growing scrutiny of data privacy and protection in Nigeria. The [regulator fined Meta $220 million](, over claims that it did not give users consent over the use of their data. //link.mail.beehiiv.com/ss/c/u001.3gD7PSbuofKNJf4aviiyABEwLaotY-cnTvL9XkLJeecz8HFi5aIcJRlOHNPACAGtlq5KbbmzlzCpN5GuBGOUoSMHEQdMvCCErcPqfkCTamGENiBnMw13k66-yrDlLxWU9_1YxJoWMX6aKIyNP_4yw8zDUGjx8p0M5fOddnKVyTAMQNyjXVmrSajfP7lfCFUmBGIfwswQPbYTut9GczEYKMCSSPkeCyROm6wYTMd8Cr9g8_CGmLqzC571bfyVwJhSocSJ9Qy2xXYfANbsEhFbt4WQM4juHErnP0r1_5DSFeJaRXg0DgI78umWEA-lJ3l1Nc2w9KY7m-rehnJhdq5944ngTk7FSYqIyzoFh00JbkVFxde2PxgqId300WG7qtRw/494/tTnGJmm4RgiGdNygRhT4PQ/h29/h001.vH_8PVIaM3U7SQx1luwfDKA64zMefrYZUjDmEpOD48s Win big in the TBD Hackathon [Paystack image]( Calling all African innovators! Join the TBD Hackathon and revolutionise payment solutions in Africa. Do you have a passion for building solutions and shaping the future of finance? Build a payment app with tbDEX & win up to $15,000 in BTC! [Apply by Sept 15]( CRYPTO TRACKER The World Wide Web3 Source: [OneLiquidity logo] Coin Name Current Value Day Month Bitcoin $60,899 + 2.32% - 10.41% Ether $2,624 + 1.14% - 25.25% Hacked Protocol $0.41 + 0.58% - 27.51% Solana $142.09 - 0.46% - 18.91% * Data as of 06:20 AM WAT, August 22, 2024. //link.mail.beehiiv.com/ss/c/u001.3gD7PSbuofKNJf4aviiyABEwLaotY-cnTvL9XkLJeecz8HFi5aIcJRlOHNPACAGtlq5KbbmzlzCpN5GuBGOUoSMHEQdMvCCErcPqfkCTamGENiBnMw13k66-yrDlLxWUIE0UZOtc3lDXeeAR9Ob3sRJcnH0V_0ziPU5ePVuXllimnd6CZxEw2-2TVDIVJo6iHbRDpLpnUM3970SKnGZnlJ4bFGRVdTcCOCNIQ31rUgV4IkM0cB9x0yiUs4UVvooXkmzfJCNg8t31fI6SqccRLOrzDlV77IP9gVUJSwTMYxaVLhSSsPXldzBlbxbqonp68vZDn469lfK6keiG4HER05RVuOffgc1g9n8Q9cnPUQtwkMZDeRvCGJwQgyUl3zgnhFt3JT_gaSn2L3ltF20bDw/494/tTnGJmm4RgiGdNygRhT4PQ/h34/h001.WIO3Phh-RP5i-l1h7KhcA1xkUMzjnNnXLPNoTY-Auuw Events - Take part in a transformative journey where innovation and technology meets agriculture. The FCMB Agritech Hackathon, holding from September 17–20, is your platform to innovate, collaborate, and make a real impact on the future of agriculture in Nigeria and Africa. Registered startups, SMEs and developers in the agritech sector are invited to register for a chance to win up to ₦23 million ($15,000) in prizes. [Apply by September 5](. - Step into the Future with AWS Community Day West Africa 2024! Are you ready to be part of the revolution shaping the next era of tech? Join the trailblazers, visionaries, and innovators who are pushing the boundaries of what's possible. This is your chance to connect, learn, and ignite your passion alongside the brightest minds in the industry. Don’t just witness the future—be a part of it on September 27th & 28th. [Register today](. [in other news image] - [Twiga Foods lays off 59 employees as it restructures business for “sustainability”]( - [With $15, you can rent a Starlink kit monthly in Kenya]( - [South Africa’s inflation rate drops to 3-year lows]( - [a16z, Jack Dorsey, Sean Combs, and Binance are among the investors in Elon Musk's X]( Written by: Faith Omoniyi & Emmanuel Nwosu Edited by: Olumuyiwa Olowogboyega & 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. - [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. 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