The Board of 9mobile has approved the appointment of Ayodeji Adedeji as the new Chief Technical and Information Officer (CTIO) for the company.

Congratulations Deji. We celebrate your bio blurb: “He holds a BSc in Electrical Engineering (Digital Telecommunications) from the University of Lagos, Nigeria. He has also undergone extensive training in Project Management, Service Excellence, Network Technologies, Disaster Recovery, AWS Cloud, and is a Mini MBA graduate from Tekedia Institute.”

Yes, the Chief Technical and Information Officer (CTIO) is a graduate of Africa’s finest business school for entrepreneurial capitalism, Tekedia Institute. Congrats Deji, unlock value and advance the wealth of 9Mobile. We’re super proud of your accomplishments.

This is Nigeria: “On June 9, 2023, the Nigerian Exchange (NGX) closed with a market capitalization of N30.45 trillion, which was about $65.5 billion at the old exchange rate. And in 2024, the NGX closed the first half of the year with a market capitalization of N56.6 trillion, about $37.7 billion. Hence, the disparity between both periods amounted to $27.8 billion, thus pushing the NGX out of the list of top five largest stock markets in Africa“ – Nairametrics

In other words, while prices of fuel, electricity, etc were going up, investors in the Nigerian stock exchange lost more than 50% of their (absolute) wealth, benchmarked in US dollars. In comparison, the largest market in Africa (South Africa’s Johannesburg Stock Exchange) is at about $1.2 TRILLION, and now Nigeria operates at about sub-$40b. Naspers in South Africa can buy the Nigerian stock exchange with less than 30% of its global wealth now. 

Good People, this is an unprecedented wealth deterioration because even during the Biafra War, both the Nigerian pounds and Biafran pounds appreciated in value. But in a peaceful time, we saw what we experienced last year.  That means that ALL of us in Nigeria dropped the ball, and this must be quickly reversed to advance shared prosperity.

Intel Corporation, the Silicon Valley giant known for its semiconductor innovations, is embroiled in legal trouble following a sharp decline in its market value.

On Wednesday, the company was sued by a group of shareholders who accused Intel of fraudulently concealing significant issues that led to disappointing financial results, massive job cuts, and the suspension of its dividend.

The lawsuit was filed in the U.S. District Court for the Northern District of California.

The shareholders allege that Intel, along with CEO Patrick Gelsinger and CFO David Zinsner, made materially false or misleading statements about the company’s foundry business—a segment where Intel manufactures chips on contract for other companies.

According to the lawsuit, Intel’s leadership falsely inflated the company’s stock price by concealing the true state of its foundry operations, which were reportedly “floundering” and costing the company billions of dollars more than anticipated, even as revenues declined.

The legal filing claims that Intel’s misrepresentations persisted from January 25, 2024, until August 1, 2024. Shareholders were “blindsided” when the company disclosed on August 1 that its foundry business was underperforming, resulting in significant financial strain.

This revelation, coupled with Intel’s announcement of a $1.61 billion net loss for the second quarter and a 1% drop in revenue to $12.83 billion, triggered a dramatic 26% drop in the company’s share price, which plummeted to $21.48 on August 2.

Intel’s Financial and Operational Struggles

In the wake of these revelations, Intel’s stock has continued to suffer, with shares closing at $18.99 on Wednesday, representing a 34.6% decline since the August 1 announcement. The company’s market value has reportedly decreased by more than $32 billion in just one day, highlighting the severe impact of the financial disclosures.

Intel also announced a series of drastic measures aimed at restructuring the company and addressing its financial woes. These measures include laying off more than 15% of its workforce, amounting to over 15,000 jobs, and suspending its dividend starting in the fourth quarter of 2024. These cost-cutting efforts are part of a broader plan to save $10 billion by 2025.

The lawsuit comes at a time when Intel is facing intense competition from rival chipmakers such as Advanced Micro Devices (AMD), Nvidia, Samsung Electronics, and Taiwan Semiconductor Manufacturing Company (TSMC). These companies have been capitalizing on the growing demand for artificial intelligence (AI) technologies, a sector in which Intel has struggled to establish a strong foothold.

The case, titled Construction Laborers Pension Trust of Greater St. Louis v Intel Corp, reflects growing investor frustration with Intel’s performance and transparency. The lawsuit is seeking class-action status, which could potentially involve a large number of shareholders who suffered financial losses due to the company’s alleged misrepresentations.

As Intel faces this legal challenge, the company is also under pressure to turn around its struggling operations and regain investor confidence. Intel has not yet commented on the lawsuit, but the case is likely going to draw significant attention as it progresses through the courts, bearing further impact on the company’s shares.

On August 1, 2024, Coinbase, an American public traded company that operates a cryptocurrency exchange platform, released its financial results for the second quarter (Q2) of 2024, after it reported $1.4 billion in total revenue, beating estimates.

The second quarter report, showcased Coinbase ongoing efforts to navigate the complex regulatory landscape while driving innovation in the cryptocurrency space.

Here are the key highlights and developments from the report:

Regulatory Progress: Coinbase made significant strides in achieving regulatory clarity, a critical factor for the growth of the crypto industry. A notable development was the passage of the Financial & Innovation Technology Act for the 21st Century (FIT21), which gained bipartisan support in the U.S. Congress. This legislation clearly defined the roles of the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) in regulating digital assets, providing much-needed regulatory transparency.

Stand With Crypto Campaign: Coinbase’s “Stand With Crypto” campaign saw over 1.3 million crypto advocates join this grassroots initiative. The campaign played a significant role in influencing political support for crypto regulation, becoming a recognized voting block in key battleground states and garnering bipartisan recognition.

Global Compliance: On the global front, Coinbase’s USD Coin (USDC) achieved compliance with the European Union’s Markets in Crypto-Assets (MiCA) regulatory framework. This milestone marks a significant step in expanding compliant access to USD-backed stablecoins in Europe, reinforcing Coinbase’s commitment to regulatory compliance on a global scale.

Product and Service Innovations

Base Layer 2 Solution: Coinbase’s Layer 2 solution, Base, demonstrated remarkable growth with a 300% quarter-over-quarter (Q/Q) increase in transactions. Base now processes transactions at sub-1 cent fees and faster speeds, making it the leading Layer 2 solution in terms of contracts deployed and transactions processed, even surpassing Ethereum’s transaction numbers.

Smart Wallets: The launch of Coinbase’s smart wallets aims to simplify on-chain transactions by reducing setup friction, eliminating network fees, and removing the need for recovery phrases. These wallets offer multi-chain integration and seamless integration with major applications, enhancing user experience and driving broader crypto adoption.

Partnership with Stripe: Coinbase’s partnership with Stripe is geared towards expanding USDC’s global adoption. This collaboration facilitates faster and cheaper transfers to over 150 countries, along with quick fiat-to-crypto conversions. Stripe’s integration of USDC into its payment infrastructure leverages its extensive network, significantly boosting USDC’s reach and utility.

Expansions in Trading and Financial Markets

Trading Platform Enhancements: Coinbase introduced updates to its Simple and Advanced trading platforms, which have increased user engagement. These updates include new order types, price alert notifications, and added derivatives functionality. Despite slower trading volumes in Q2, Coinbase One, a premium subscription product, showed promising user retention, driven by enhanced USDC rewards.

Coinbase Financial Markets (CFM): CFM expanded its futures trading offerings, introducing new contracts for Dogecoin, Bitcoin Cash, and Litecoin. Additionally, it rolled out up to 20x leverage on commodity futures and 5x leverage on crypto futures, aiming to make futures trading more accessible to a broader range of traders in the U.S.

Coinbase Prime: Coinbase Prime solidified its position as the primary custodian for BTC and ETH ETF products by securing custodial mandates with 8 of 9 ETH ETFs. The SEC’s approval of ETH ETFs in May 2024 confirmed that ETH is not a security, providing further regulatory clarity and attracting institutional capital to the platform.

Financial Performance

While the Q2 2024 financial performance highlighted some challenges, including slower trading volumes, Coinbase’s strategic moves in regulatory advocacy, product innovation, and global compliance underscore its commitment to long-term growth and stability in the rapidly evolving crypto market.

These developments position Coinbase as a key player in the crypto industry, navigating the complexities of regulatory frameworks while driving innovation to meet the needs of a growing global user base.