MultiChoice floats above the Canal

Plus: Senegal has shut down its internet again.                                                                                                                                                                                                                                                                                                                                                                                                                 February 06, 2024 | [Read Online]( In partnership with Share this newsletter: //link.mail.beehiiv.com/ss/c/_p8mO7pBiG6zFvckPDjzaZkxNnUja96KSCTzHXx2gCinQbxw_qdxxuopG-d0baJxAdN5L7OHU5ZQxpp-wRCFTTl1JvJ3F5nCZ871T1mivqhY04wDXGi6QZid7E-ArqeKhDGAAUVFp3qrr1JCa5PXXB1rtRLeuXYQnkisRmR5mCMfU4S9XnfY0ey6cbdb-OeDLPOqUqAmPvd7gipLipw36Tqy5zOUMJl22EOQ8m11fq3eUhsQLHHD9yZT9qffSF5kk9no2c4TtxCpbgKbuUPg65r-KfPt1JoLuriWp9j045BevHVUsWhNZ9-0VODLAi2akkTd-PWCKZk4g_kxkXj99EZZjqsjPbB6MtjHW-PhpJo/43m/uN_mgXYUTO-wSGtGELVCSA/h2/o3fYeFqB488bsSeYw-obV46VGfPyURpOhGI-eoS6zMk [Lire en Français]( [اقرأ هذا باللغة العربية]( Good morning ☀️ Our [State of Tech in Africa report]( has been out for a couple of weeks now. In it, we dive deep into trends that defined Africa’s tech ecosystem in 2023. From a steady M&A incline, to a decline in VC funding, the SOTIA report will give you actionable insights into the business and human impact of African tech. If you’ve read the report, can you let us know if we deliver on this promise? Please take two minutes to [fill out our survey here](. In today's edition - [MultiChoice rejects $2.5 billion acquisition offer](#Story1) - [Senegal shuts down its internet again](#Story2) - [Tingo parts way with 40 contractors](#Story3) - [KoBold strikes copper in Zambia](#Story4) - [M-Pesa gives unregistered users new deadline](#Story5) - [The World Wide Web3](#WW3) - [Opportunities](#Opps) Streaming //link.mail.beehiiv.com/ss/c/_p8mO7pBiG6zFvckPDjzaZkxNnUja96KSCTzHXx2gCinQbxw_qdxxuopG-d0baJxAdN5L7OHU5ZQxpp-wRCFTTl1JvJ3F5nCZ871T1mivqhY04wDXGi6QZid7E-ArqeKUIg1kkOZnPOKMSXVQ9-mnHy1QPwuwHjH9yQxriTjMB7_UsJ2X2L7P4Kr_kIwbQk8aNtBYpxh7UwzjLyLidP3nlLrjvJuCuAOcqjVmACBFhPOWuK2TIXIsuSZ2uim6Tagnt52U6McAF0rHqArsUm1H6lseO-7xCW3i4fB5OMPTURZa0e6L6SqhF4L1QcPKhodfPwjxCB-YKLw_yk4bg8pN6FTy722wCiohV-CfN_RbYg/43m/uN_mgXYUTO-wSGtGELVCSA/h9/V5ok_KWafQFFV0mC3biDuJ8FaiQxRc9Q8p2Wv_bTaqE Multichoice rejects Canal+ $2.5 billion acquisition offer Last week, Canal+, a French broadcasting company set its sight on acquiring all outstanding shares in the pan-African broadcaster, MultiChoice, for [R105 ($5.65) per share](—an increase from the broadcaster’s current share price of R79 ($4.25). In a statement to the Johannesburg Stock Exchange, MultiChoice [rejected the offer]( stating that Canal+’s offer “undervalues the Group and its future prospects”. What's the deal with Canal+? Canal+, owned by media conglomerate Vivendi, began acquiring MultiChoice shares in 2020, continually increasing its stake in the South African company, and has offered to buy Multichoice for $2.5 billion hinting at its global expansion ambitions. The recent offer aimed to capitalise on MultiChoice's struggling share price, which has [dipped nearly 50%]( in the past six months. Currently, Canal+ owns 32.6% of MultiChoice's shares, and South African law dictates that a shareholder exceeding a 35% stake in a company triggers a mandatory offer requirement. However, Canal+ might only be able to hold a maximum of [20% of voting rights](, as the law also limits the foreign ownership of South African broadcasters to 20%. A potential takeover battle? In October 2015, Vivendi, Canal+ parent company acquired minority stakes in gaming firms Gameloft (6.2%) and Ubisoft (6.6%), eventually increasing ownership to 10% in both. Vivendi executed [a hostile takeover of Gameloft](, obtaining over 30% before persuading other shareholders to sell. By June 2016, Gameloft had become a Vivendi subsidiary. Vivendi might attempt the same play with MultiChoice. In response to Canal+'s accumulating stake, MultiChoice has also sought regulatory intervention, requesting a ruling on whether a mandatory offer must be extended to all ordinary shareholders. Access payments with Moniepoint Moniepoint has made it simple for your business to access payments while providing access to credit and other business tools. Open an account today [here](. Internet //link.mail.beehiiv.com/ss/c/_p8mO7pBiG6zFvckPDjzaZkxNnUja96KSCTzHXx2gCinQbxw_qdxxuopG-d0baJxAdN5L7OHU5ZQxpp-wRCFTTl1JvJ3F5nCZ871T1mivqhY04wDXGi6QZid7E-ArqeKTzc-QmVXCc6LC_aibOW3GaO5A1VUWhH_19W0LH7ZEfRJVYcMftLlKi9bk1-ZvZRoG2EZbjKyLigtUqnmheHqF-0mPon6G3pSpuY2t2Eiu0s5EniwbHsajF0eWH8RPzWHNvluv4aL-LafOnSTVJNXyT0N2wavRbGZ4JUOWA33d5BTUPEemS3bGrlQtW9gq-sdVz_-KaugQM1bAu1WnbtxY8LnBHjhhFydBi3nyRw3ph8/43m/uN_mgXYUTO-wSGtGELVCSA/h19/0_Exba3Atu6fuBKuCETj6__EC5KxtP_OYknhfJb79IM Senegal shuts down internet after delayed presidential election Senegal's internet shut down for the [third time in nine months]( has left citizens feeling more disconnected than ever. The latest shutdown follows President Macky Sall's decision to postpone the presidential elections slated for February 25. The government has cited "hateful messages" on social media as the reason for the shutdown, following the same approach as the earlier shutdowns. ICYMI: This isn’t Senegal’s first rodeo with internet blackouts. In June 2023, Senegal shut down its internet after an opposition leader, Ousmane Sonko, was sentenced to [two years in prison]( after a prolonged legal dispute since 2021, in a high-profile moral corruption case. In July 2023, the [internet was shut down again](to “prevent disturbances” after Ousmane Sonko was arrested for inciting rebellion against the government. While residents attempt to circumvent the restrictions through WiFi, the economic impact of the shutdown is significant. Reports suggest Senegal lost $300,000 per hour during the previous internet disruption in June, and Sub-Saharan African countries incurred [$1.74 billion in losses]( due to such shutdowns in 2023. A concerning trend: Internet shutdowns have become a prevalent tool for African governments seeking to control information flow. In the past two years, governments in the Republic of the Congo, Niger, Uganda, and Zambia have cut off internet access during election periods. Official narratives often justify shutdowns as measures to curb violence, maintain public order, or prevent the spread of misinformation. However, the shutdowns may be used to silence opposing voices, restrict freedom of expression and hinder transparency. Secure payment gateway for your business Fincra’s payment gateway enables you to easily collect Naira payments as a business; you can collect payments in minutes through bank transfers, cards, virtual accounts and mobile money. [Create a free account and start collecting NGN payments with Fincra](. Layoffs //link.mail.beehiiv.com/ss/c/_p8mO7pBiG6zFvckPDjzaZkxNnUja96KSCTzHXx2gCinQbxw_qdxxuopG-d0baJxAdN5L7OHU5ZQxpp-wRCFTTl1JvJ3F5nCZ871T1mivqhY04wDXGi6QZid7E-ArqeK-LRqGUYQrDy6X8bbBgzaOwaF7MXSQxAAYQfSg14oOASjwYwWUmrkBBmbUUY08NEbhoT4FJFHoZkkNQP0s9MdV0V1mLVoH31UBRrFAsaYM74Ww_wYu-Zv77p7e9cfPnMGNxZ-e6StDoN2ZH3mBHsdBVQiNdAt3HVzbS0Ozw3G9Nx0-iGkLMBAQRNbJknC8pxqJ-hI5ih-OlOeW5eXN_ZPfA/43m/uN_mgXYUTO-wSGtGELVCSA/h28/mQgi0dx3TtWSz4JWXZMx9sLu73YHLqBKUfHa_V9h6gg Tingo parts ways with 40 contractors About nine months ago, Tingo made headlines after a US-based research team called [the company]( “an exceptionally obvious scam.” Since then, the company has made media rounds a couple of times and it’s all for the wrong reasons. Despite Hindenburg’s allegations that the company’s fintech, agritech and telecoms businesses were failing, the company [declared sales]( of $977 million for H1 2023. Three months later, the US Securities and Exchange Commission (SEC) [halted sales]( of its stocks to protect investors. More recently, in December, its founder, Dozy Mmuobuosi was [charged with securities fraud]( by the same agency. Now, it appears the company’s duplicity is also extending to its workers. Last week, the fintech [laid off 40 contractors]( who helped onboard new users and resolved issues on TingoPay, its digital payments app. According to the affected staff, Tingo denied December and January salary payments. A fair fall? Tingo did not provide any reasons for the terminations, directing affected employees to its HR outsourcing firm, HR Indexx for clarification. The outsourcing HR Indexx disabled comments on their WhatsApp group, leaving employees without further explanation. So far, neither Tingo nor HR Indexx have responded to requests for comments. Big Tech //link.mail.beehiiv.com/ss/c/_p8mO7pBiG6zFvckPDjzaZkxNnUja96KSCTzHXx2gCinQbxw_qdxxuopG-d0baJxAdN5L7OHU5ZQxpp-wRCFTTl1JvJ3F5nCZ871T1mivqhY04wDXGi6QZid7E-ArqeKhDGAAUVFp3qrr1JCa5PXXB1rtRLeuXYQnkisRmR5mCMfU4S9XnfY0ey6cbdb-OeDLPOqUqAmPvd7gipLipw36Tqy5zOUMJl22EOQ8m11fq3eUhsQLHHD9yZT9qffSF5kk9no2c4TtxCpbgKbuUPg65r-KfPt1JoLuriWp9j045BevHVUsWhNZ9-0VODLAi2akkTd-PWCKZk4g_kxkXj99EZZjqsjPbB6MtjHW-PhpJo/43m/uN_mgXYUTO-wSGtGELVCSA/h36/Nnr9eba54x2q153CEOQxXovwQDU3pT09FiDd1rZ6_dw KoBold strikes copper gold in Zambia KoBold, a California-based mining company backed by heavyweights like Bill Gates and Jeff Bezos, has discovered a [massive copper deposit in Mingomba](, Zambia. [KoBold]( uses artificial intelligence to identify critical mineral deposits crucial for battery metal production, including copper, lithium, nickel, and cobalt. The mining company invested [$150 million]( in exploring the Mingomba site for over 12 months, and their efforts paid off. They discovered huge rocks filled with copper in high amounts, indicating a potentially large underground mine. While feasibility studies are underway, KoBold is already contemplating a $2 billion facility at the Mingomba site. Good news for electric vehicles (EVs)? Copper is a crucial ingredient in EV batteries, and demand is skyrocketing as the world shifts towards cleaner transportation. It is also a backbone for data centre infrastructure, connecting servers, storage devices, and networking equipment. Its high conductivity ensures efficient data transfer and processing. Mingomba's copper deposit is likened to the Kakula mine in the Democratic Republic of Congo, which reported 393,551 tonnes of concentrated copper production in 2023, with an expected year-on-year increase of 18%. Zoom out: While Zambia's copper discovery sparks hope for a greener future, ethical concerns about mining cannot be ignored. This essential battery mineral, often extracted alongside copper, is used in the production of rechargeable lithium-ion batteries used in EV’s, smartphones and other electronic devices. A similar scene in Congo has seen the country suffer. Of the 255,000 Congolese citizens mining cobalt, at least [40,000 of them are children]( toiling in hazardous conditions for less than $2 per day. While companies like Apple [moving away from small-scale cobalt mining]( is a step in the right direction, collaborative action is vital: crafting and enforcing global standards for ethical mining, empowering local communities to share in the benefits, and harnessing technology like blockchain for transparent supply chains is a necessary commitment to ensure a repeat of Congo doesn’t happen. You’re invited to Paystack’s AFCON Mixer! ⚽️ Join us in Abidjan for a casual evening of good food, great conversation, and more! [RSVP here →]( Telecom //link.mail.beehiiv.com/ss/c/_p8mO7pBiG6zFvckPDjzaZkxNnUja96KSCTzHXx2gCinQbxw_qdxxuopG-d0baJxAdN5L7OHU5ZQxpp-wRCFTTl1JvJ3F5nCZ871T1mivqhY04wDXGi6QZid7E-ArqeKhDGAAUVFp3qrr1JCa5PXXB1rtRLeuXYQnkisRmR5mCMfU4S9XnfY0ey6cbdb-OeDLPOqUqAmPvd7gipLipw36Tqy5zOUMJl22EOQ8m11fq3eUhsQLHHD9yZT9qffSF5kk9no2c4TtxCpbgKbuUPg65r-KfPt1JoLuriWp9j045BevHVUsWhNZ9-0VODLAi2akkTd-PWCKZk4g_kxkXj99EZZjqsjPbB6MtjHW-PhpJo/43m/uN_mgXYUTO-wSGtGELVCSA/h46/9uf0Ay_TsBcuusHc2Sxa7ci_kjMQEOCvq5rxibEWFRM M-Pesa gives deadline for withdrawal of funds Last week, Safaricom, Kenya’s leading telecom [blocked users]( from sending money to unregistered users—customers without registered accounts—on M-Pesa, its mobile money service. M-Pesa, which previously allowed customers to send money to unregistered accounts, has now given [a February 13 deadline]( for these users to withdraw their funds. Previously, unregistered users received vouchers via SMS, allowing them to claim their remaining balance within seven days. The option is now discontinued as M-Pesa, yesterday, began locking out unregistered users from its platform. The mobile money platform has informed unregistered users to redeem their vouchers at M-Pesa Agent by February 13, 2024. This change makes it essential for unregistered users to register for M-Pesa as soon as possible. Why were the users blocked?[Per The Kenyan Wall Street](, many mobile money fraud cases have been perpetuated by unregistered users. Scammers posing as Safaricom employees are making phone calls to trick people into revealing personal account information. This information is then used to activate a new SIM card and steal money. Before the directive to block unregistered accounts, M-Pesa had more than 49,000 unregistered users who could receive or send money. Among the unregistered accounts were users from Telkom’s mobile money service, T-Kash and Airtel Money. Safaricom has since [released directives]( advising users against sharing their PINs or personal information with anyone, especially those claiming to be Safaricom employees. Attend GEC+ Africa Join entrepreneurs and leaders from 43+ African countries in Cape Town at this year’s GEC+Africa conference. Register [here]( to reserve your place. Crypto Tracker //link.mail.beehiiv.com/ss/c/_p8mO7pBiG6zFvckPDjzaZkxNnUja96KSCTzHXx2gCinQbxw_qdxxuopG-d0baJxAdN5L7OHU5ZQxpp-wRCFTTl1JvJ3F5nCZ871T1mivqhY04wDXGi6QZid7E-ArqeKhDGAAUVFp3qrr1JCa5PXXB1rtRLeuXYQnkisRmR5mCMfU4S9XnfY0ey6cbdb-OeDLPOqUqAmPvd7gipLipw36Tqy5zOUMJl22EOQ8m11fq3eUhsQLHHD9yZT9qffSF5kk9no2c4TtxCpbgKbuUPg65r-KfPt1JoLuriWp9j045BevHVUsWhNZ9-0VODLAi2akkTd-PWCKZk4g_kxkXj99EZZjqsjPbB6MtjHW-PhpJo/43m/uN_mgXYUTO-wSGtGELVCSA/h55/ravw1gvyHnvN7V0aOaJVZx16TL7nxjVL2F39j3YkSzk The World Wide Web3 Source: [OneLiquidity logo] Coin Name Current Value Day Month Bitcoin $42,910 + 0.18% - 2.61% Ether $2,312 + 0.82% + 2.61% MANTRA $0.161 - 3.90% + 141.81% Solana $95.67 - 0.06% + 3.20% * Data as of 05:45 AM WAT, Febraury 6, 2024. [OneLiquidity GIF]( Effortlessly make global settlements in over 30 currencies across 120+ countries spanning four continents, delivering cost-effective and reliable solutions to your clients, suppliers, and customers. [Get started today](. Opportunities //link.mail.beehiiv.com/ss/c/_p8mO7pBiG6zFvckPDjzaZkxNnUja96KSCTzHXx2gCinQbxw_qdxxuopG-d0baJxAdN5L7OHU5ZQxpp-wRCFTTl1JvJ3F5nCZ871T1mivqiwZQbjDFgF12BnOzfMaWsaZdj8SkHComkzi11kaViqho7FghHyMzxItkuEImjwCata8TXw047-kweBN9bQ2EUEKSnIKBmExzTP443kphEoXvQGjOgP1HpXRjifNVJnII-1VvDKA-Ff4eyOwJKJJmuSBmiKiylpxMPI9aRsxZLGUjxi8zOF723GbryLaJCPJm0/43m/uN_mgXYUTO-wSGtGELVCSA/h60/mlCdCSPVfG2kkr9T62mWb4mtQZfOr3lbo81U7p81F38 - For African founders, applications are open for the Accelerate Africa accelerator for startups on the continent. Founders will receive coaching from two of Africa’s top operating founders, access to a network of 75+ investors on demo day, and Clinics and office hours for your legal, finance, and tech needs. [Apply by February 16](. - Are you a young girl with a passion for technology and innovation? Apply now for the National Girls in ICT Competition 2024. The competition is an initiative that creates a platform for girls in secondary school to showcase their skills and creativity in various ICT-related domains. [Apply by February 18](. - Applications are now open for the 10th cohort of the Orange Corners Nigeria Incubation Programme(40,000 Euros in funding). The programme empowers aspiring entrepreneurs to transform their dreams into thriving realities. [Apply by February 18](. - Report for the World once again invites independent news organisations across the globe to join its growing network of host newsroom partners. Newsrooms will be asked to make the case for the beat they want to cover and how they will provide support and mentorship to their prospective corps members. In turn, Report for the World will fund half the salary of the reporters for up to three years. [Apply by February 20](. What else is happening in tech? - [Nigeria’s Central Bank slashes forex backlog estimate by $4.8 billion]( - [African startups raised $83 million in January 2024. Here’s last month’s roundup]( - [Craig Wright claims he’s bitcoin creator Satoshi Nakamoto. Can he prove it in court?]( - [Five things I learned about leadership from the death & rebirth of Microsoft]( Written by: [Faith Omoniyi]( & [Mariam Muhammad]( 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](