TheBrief

Issue #1

Sun

1,

Jul

12

Follow Follow, Magu'd and Nigeria's Wayward Exchange Rate

Welcome to this week’s episode of The Brief where we bring you news from across Nigeria and Africa!

Quote of the week:

""

What's the Palava (What's happening in Nigeria?)

Who Would Have Thought? Chai

Follow Follow

In 2016, the global digital economy was worth about $11.5 Trillion, equivalent to 15% of the world's GDP at the time. In 2026, that figure is expected to be 25%. Every government across the globe wants a piece of this pie i.e. for the technology companies to pay what governments consider fair.

Last week we reported that the Kenyan Revenue Authority (KRA) had created a digital tax unit to track revenues from every digital transaction within the country.

This wee, Technext reported "Nigerian Communications Commission (NCC) has created a Digital Economy Department, principally responsible for implementing programmes and policies aimed at fully supporting and promoting the national digital economy agenda of the Federal Government."

Poor Electricity is Expensive

The World Bank recently estimated that the unreliable power supply in Nigeria is costing the country approximately NGN10.1 trillion per year. Yes, you read that right. Imagine what that NGN10.1 trillion per year could be put towards.

For perspective, this figure is around 15% of our GDP (which is approximately NGN150 trillion), it could cover around a third of our total national debt (which is just over NGN30 trillion), and our record-breaking budget which Parodisent Bubu recently signed into law was close to NGN11 trillion. Among other things, the World Bank also noted that the privatisation of the Nigerian power market fell short of its expectations which has created a lack of trust between key stakeholders and the general public.

Accessing Zambia

Access Bank’s wholly-owned subsidiary, Access Bank Zambia, is in advanced discussions concerning a merger with Zambia’s Cavmont Bank. While the transaction is yet to be completed, it is an interesting development as Access Bank continues to expand its footprint across the African banking sector. Recently, it merged with Diamond Bank, it acquired a 100% of Kenya’s Transnational Bank, and it obtained the approval of the Central Bank of Nigeria to establish a subsidiary in Cameroon.

Magu'd

Magu'd -  

verb

INFORMAL

  1. remove or dismiss (someone) from a position of power or authority. e.g. "the overwhelming view is that he should be Magu'd before the next election"

Ibrahim Magu

President Muhammadu Buhari has suspended Ibrahim Magu, the head of the Economic and Financial Crimes Commission (EFCC), who is himself being investigated for alleged corruption.

According to a statement from the attorney general’s office “President Muhammadu Buhari has approved the immediate suspension of Ibrahim Magu as Ag. Chairman of the...EFCC”.

This announcement came after allegations were leveled at Mr Magu by the Attorney General and Minister for Justice, Abubakar Malami, who demanded his removal as the acting Chairman of the EFFC in a memo to President Muhammadu Buhari.

A presidential panel was then set up to investigate various cases of official misconduct and financial irregularities against M Magu, who has been in detention since Monday, July 6, following his invitation for questioning (lol yes invitation) by the panel.

But Mr Magu also made many powerful enemies, as well as being a known fan of show trials and announcing investigations prematurely. Mr Magu became the acting EFCC head in 2015 when President Buhari came to power on a promise to tackle endemic corruption in the country.

Under his leadership of the anti-graft agency, a number of senior politicians, including several former powerful state governors, have been jailed but there have been questions about the way his commission managed funds recovered from corrupt officials.

Nigeria's Wayward Exchange Rate

Nigeria a devalued its currency by 5.5% this week. What does that mean?

Check out this article below.

https://mailchi.mp/stearsng/your-guide-to-nigerias-exchange-rate-situation-okhpwvwsg1

What's Going On Across Africa?

Succession Côte d'Ivoire Style

Côte d'Ivoire's Prime Minister Amadou Gon Coulibaly, and current President Alassane Ouattara's chosen successor in the October presidential election, died suddenly on Wednesday 8 July in Abidjan.

The sudden passing has thrown careful political calculations in Côte d'Ivoire into disarray.

President Ouattara announced in March that he would not run in an election in October after 10 years in office, and designated Gon Coulibaly, his closest political ally, as the RHDP party’s candidate. Now there are many in Mr Ouattara's party encouraging him to run again.

Financial Inclusion

Zambian microfinance startup Lupiya has raised a US$1 million funding round to help it continue to scale and roll out its services that ensure Zambians, especially women, are able to participate in the economy through its financial inclusion strategy.

The funding comes from Enygma Ventures, a ZAR100 million (US$6.8 million) fund launched late last year with a focus on investing in women entrepreneurs in the SADC region.

Loon Launch

Telkom Kenya and Alphabet have officially launched Project Loon, which uses high-flying balloons to beam 4G signals to areas without adequate telecommunications infrastructure. At present, 35 balloons have been deployed - each of which beams signals to approximately 50,000 square kilometres. It is predicted that 35,000 people have already been connected to the internet through Project Loon - many of them being unaware about the service!

This story - together with how quickly the Kenyan Judiciary embraced virtual proceedings and how the Kenyan Ministry of Tourism launched virtual safaris - demonstrates Kenya’s positive and welcoming outlook towards technology and innovation.

What in the World???

(our segment where we highlight the most outrageous story we have come across while scraping the web for news articles for you). We have taken to using what we call the Ehn scale. The longer the Ehn the more incredulous.

Cleaning Up Crime

A judge of the Kwara State High Court, Justice Sikiru Oyinloye, on Thursday, sentenced 25-year-old Victor Salawu to sweep and clear the Government Reservation Area in Ilorin State Nigeria, and pay a fine of N50,000 for his involvement in Internet fraud.

Rating: LMAO crime doesn't pay kids.

Sad

A police inspector in Imo State shot dead a 27-year-old commercial motorcyclist, popularly known as okada rider, for allegedly not wearing a face mask.

According to news reports, "the inspector killed the victim after he refused to give him money for not wearing a face mask".

Rating: What is the value of life in Nigeria? This is sad and sensless.

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