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Intel to Acquire Israeli Chip Company Tower for $6bn

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Pat, new Intel boss

The race to capture more shares in the burgeoning semiconductor market means the players are buying other chip firms to boost production.

Last week, Nvidia called off efforts to acquire Arm due to regulatory objections to the $40 billion deal that has lasted more than one year, and would have given it a huge chance to dominate the market.

However, other semiconductor industry firms have been picking one deal after another, even though it’s at lower prices. Intel Corp. is close to a deal to buy Israeli chip company Tower Semiconductor Ltd. for nearly $6 billion, WSJ reports citing people familiar with the matter.

The deal, which bolsters Intel’s plan to make chips for other companies, could be unveiled as soon as this week, assuming the talks don’t fall apart, the people said.

It would likely include a hefty premium, given Tower’s market value of roughly $3.6 billion. The shares soared 49% in after-hours trading on Monday after The Wall Street Journal reported on the expected deal.

Tower, whose shares trade in the U.S. on the Nasdaq Stock Market, makes semiconductors and circuits used in everything from cars and consumer products to medical and industrial equipment.

It operates manufacturing facilities in Israel, California, Texas and Japan, according to its website. The company is based in Migdal HaEmek, in northern Israel near Nazareth.

Tower is similar to GlobalFoundries Inc., a much larger manufacturer that Intel explored a deal for over the summer. GlobalFoundries and its owner, Mubadala Investment Co., an investment arm of the Abu Dhabi government, ultimately decided to pursue an initial public offering instead, and the company now trades publicly with a market value of around $30 billion.

Intel in January said it plans to invest at least $20 billion in new chip-making capacity in Ohio, bolstering the company’s production ambitions as greater demand for digital products and a global chip shortage have amplified the need for more semiconductor manufacturing. Intel Chief Executive Pat Gelsinger said the Ohio site could eventually grow to accommodate eight chip factories, also known as fabs, with spending potentially reaching around $100 billion over the next decade.

The company, with a market value of nearly $200 billion, had already made more than $100 billion in investment pledges over the past year.

Intel has been busy on the strategic front lately. The company plans to publicly list shares in its Mobileye unit in a deal that could value the self-driving-car unit at north of $50 billion.

Intel lost its leadership in the semiconductor industry, and has struggled to bounce back as competition intensifies amidst pandemic-induced global chip scarcity. The move to acquire Tower is part of its push to regain its place in the market.

Nigeria’s Best Startup Fund Is Tekedia Capital, An Early Stage Syndicate Fund

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Tekedia Capital, recognized as the best early stage fund in Nigeria, by the innovators and builders who are transforming the economy. Interestingly, everyone can belong to Tekedia Capital as we operate as a Syndicate, pooling resources from around the world, to build the NEXT Africa.

Companies, investment clubs, fund managers, individuals, families, etc co-invest with us in the empires of the future. Yes, the startups.

Learn more and join Tekedia Capital Syndicate here.

Tekedia Capital offers a specialty investment vehicle (or investment syndicate) which makes it possible for citizens, groups and organizations to co-invest in innovative startups and young companies in Africa and around the world. Capital from these investing entities are pooled together and then invested in a specific company or companies.

We invest in mainly technology-anchored companies and are sector-agnostic which means those companies could be operating in any industry, including finance, real estate, education, health, logistics, etc. The opportunity is open for individuals in Africa, Africans in diasporas, global citizens in any place in the world, investment groups and organizations around the world.

Nigeria’s “Supercop” Abba Kyari Who Was Declared Wanted for Drug Trafficking, Now in NDLEA Custody

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Updated: Abba Kyari has been transferred to the custody of the National Drug Law Enforcement Agency (NDLEA).


Abba Kyari, Nigeria’s “super cop” whose hero’s regalia was torn apart last year for his involvement in fraud, is the news again. This time, he has been declared wanted for drug trafficking by the National Drug Law Enforcement Agency, (NDLEA).

The Nigerian drug agency said the suspended Deputy Commissioner for Police (DCP) is allegedly heading a drug cartel, and has ignored an invitation extended to him for an interview on the matter.

In a press statement issued by the NDLEA Spokesman, Femi Babafemi, the anti-narcotic agency said Kyari is wanted over his involvement in a 25kilogram cocaine deal.

Decrying the enormity of the involvement of a law enforcement agent in drug trafficking amidst the alarming rate of drug abuse in Nigeria, the NDLEA said: “Unfortunately, some law enforcement agents who should be partners in the pursuit of the president’s mandate (to tackle drug menace) are at the forefront of breaking the law, as they aid and abet drug trafficking in the country.

“Today, we are forced to declare one of such law enforcement agents wanted in the person of suspended DCP Abba Kyari, the erstwhile Commander of Intelligence Response Team (IRT) at the Force Intelligence Bureau of the Nigerian Police Force,” the Agency said.

The statement provided further details: “With the intelligence at our disposal, the Agency believes strongly that DCP Kyari is a member of a drug cartel that operates the Brazil-Ethiopia-Nigeria illicit drug pipeline, and he needs to answer questions that crop up in an ongoing drug case in which he is the principal actor,” the Agency added.

Since last year, “super cop” Kyari has been the most controversial officer of the Nigerian Police Force. So, it’s not surprising that his name came up once again in a matter involving a high-level criminality. What is surprising though is the institutional impunity that allowed it to happen. Further in its statement, the NDLEA noted that Kyari’s drug deal came to their attention on January 21, 2022, when DCP Kyari initiated a call to one of its officers in Abuja.

“When the officer returned the call two minutes later, Kyari informed him he was coming to see him, to discuss an operational matter after the Juma’at service. He appeared at the agreed venue of the meeting with the officer and went straight to the crux of the matter.

“That was it: His team had intercepted and arrested some traffickers that came into the country from Ethiopia with, according to him, 25kg of cocaine. He proposed a drug deal whereby he and his team are to take 15kg of the cocaine and leave 10kg for the prosecution of the suspects arrested with the illicit drug in Enugu,” the agency said, explaining that Kyari had proposed replacing the cocaine with a dummy worth 15kg, and asked the officer to persuade men of the NDLEA’s FCT command to play along as well.

Kyari was supposedly suspended in July last year, after he was indicted by the FBI for his role in $1.1 million cyberfraud led by Ramon Abbas (Hushpuppi).The FBI had filed for his extradition from Nigeria, so that he could face trial alongside his principal Hushpupuppi, who is now waiting to be sentenced after he was found guilty of fraud in the US. Kyari was consequently replaced by DCP Tunji Disu as the IRT Commander.

A panel led by DIG Egbunike, was set up last year by the Inspector General of Police Usman Alkali Baba, to investigate Kyari’s involvement with Hushpuppi, and to ascertain if his role in the $1.1 million scam warrants extradition. However, the panel’s report, which was submitted in August was rejected by the Police Service Commission (PSC), after it reportedly received advice from the Attorney General of the Federation Abubakar Malami. Last week, the PSC ordered a fresh investigation that is expected to be concluded in two weeks.

Though the prolonged investigation has stirred a lot of concerns, questioning the motive of the Nigerian Police, the problem doesn’t lie on how long the investigation has taken, it lies on what Kyari himself has been doing all the while.

The statement from NDLEA said “His team had intercepted and arrested some traffickers that came into the country from Ethiopia with, according to him, 25kg of cocaine.” A supposedly suspended cop, who is under investigation for a high-level crime, has that measure of freedom to run a team intercepting drug deals.

The NDLEA released a video showing Kyari delivering $61,400 proceeds of the drug deal in cash to its officer. Kyari was said to have demanded to sell 5kg from the 10kg given to the Agency on its behalf, at the cost of N7 million per a kilogram – and he lived up to it.

The situation does not only cast a shadow of impunity on the Nigeria Police, it also questions the credibility of every case handled by Kyari. He is one of the most decorated officers of the Nigerian Police Force, with tens of high-profile solved cases attached to his name. Against this backdrop, a large section of Nigerians are justifiably asking for the review of every case handled by Kyari.

Notorious kidnapper, Chukwudi Onwuamadike (Evans), who was busted by Kyari and his IRT, said two weeks ago before Ikeja Special Offenses Court that Kyari forced him to accept being a kidnapper after killing six people in his presence. Other allegations of stealing of properties and embezzlement of funds recovered from suspects by Kyari and his team, which have trailed most of their cases, have only given credence to the calls to review every case Kyari has handled.

The Nigerian Police said Kyari has been arrested and Nigerians are eagerly waiting for justice to be served this time.

Press release from NDLEA

THE NATIONAL DRUG LAW ENFORCEMENT AGENCY, NDLEA, ON MONDAY, FEBRUARY 14, 2022.

Gentlemen of the press, there is no better way to start this press briefing than to remind us about the enormity of the drug problem Nigeria has on its hand and the imperative of all well-meaning Nigerians to play a positive role in curbing the illicit drug menace.

Even before the damning findings of the 2018 National Drug Use and Health Survey, Nigeria’s drug problem was getting close to epidemic proportion.

And if anything, the arrests and seizures by NDLEA in the past 12 months is an indication that the country’s drug problem was grossly underestimated before President Muhammadu Buhari’s resolve to strengthen the NDLEA and the subsequent launch of offensive action by the Agency to clean the society of the menace.

And in just 12 months, even the most cynical of Nigerians now agree that the country is really in a drug quagmire and therefore appreciates the relentless efforts of NDLEA operatives.

Unfortunately, some law enforcement agents who should be partners in the pursuit of the President’s mandate are at the forefront of breaking the law, as they aid and abet drug trafficking in the country.

Today, we are forced to declare one of such law enforcement agents wanted in the person of suspended DCP Abba Kyari, the erstwhile Commander of Intelligence Response Team (IRT) at the Force Intelligence Bureau of the Nigerian Police Force.

With the intelligence at our disposal, the Agency believes strongly that DCP Kyari is a member of a drug cartel that operates the Brazil-Ethiopia-Nigeria illicit drug pipeline, and he needs to answer questions that crop up in an ongoing drug case in which he is the principal actor. His failure to cooperate forced the hand of the Agency and that is the reason for this press briefing.

Let me give a synopsis of what transpired.

The saga started on Friday, January 21, 2022, when DCP Kyari initiated a call to one of the NDLEA officers in Abuja at 2:12 pm. When the officer returned the call two minutes later, Kyari informed him he was coming to see him, to discuss an operational matter after the Juma’at service.

He appeared at the agreed venue of the meeting with the officer and went straight to the crux of the matter. This was it: His team had intercepted and arrested some traffickers that came into the country from Ethiopia with, according to him, 25kg of cocaine.

He proposed a drug deal whereby he and his team are to take 15kg of the cocaine and leave 10kg for the prosecution of the suspects arrested with the illicit drug in Enugu. In the meantime, the purloined cocaine will be replaced with a dummy worth 15kg. He asked the NDLEA officer to persuade men of the FCT Command, to play along as well.

Now, anybody who is in touch with the reality of the renewed drug war by NDLEA since January 18, 2021, would know that that was a tall order because our officers and men have rededicated themselves to the war against illicit drugs and what Kyari was asking for was not tenable, not in this new dispensation, not with the new NDLEA. We can recall that one of our officers was in the same situation in May 2021 when a drug kingpin, Ejiofor Felix Enwereaku, flew from Brazil to Nigeria to negotiate the release of a 27.95 kg shipment of cocaine intercepted at the MMIA.

The drug lord offered a bribe of $24, 500, but our officer placed duty above pecuniary interest. We all know how the episode ended. That is the ethos of the new NDLEA. And our officer proved it again this time by reporting to the authorities.

By 11: 05 am on Monday, January 24, after the Agency gave the officer the green light to play along, he and Kyari began a WhatsApp call for the rest of the day. The officer conveyed “their” willingness to play the game.

At this point, Kyari disclosed that the 15kg (already taken out) was shared between the informants that provided information for the seizure and he and his men of the IRT of the Nigerian Police. According to him, the informants were given 7kg while his team took 8kg which was already sold.

He then offered to pay the NDLEA team (that is the officer and the FCT commander) by selling, on their behalf, half of the remaining 10kg, thereby further reducing the original cocaine for the prosecution to just 5kg.

At N7m per kilogram, the proceed from the 5kg would amount to N35m, at the exchange rate of N570 per dollar being the black market rate for the day, January 24, 2022. In effect, he would be delivering $61, 400 to the NDLEA team.

He put pressure on our officer to wrap up the arrangement with the commander of the FCT Command to take custody of the drug and suspects from his men who were on ground in Abuja. At the time, he was speaking from Lagos, where he allegedly travelled for private business.

The next day January 25, Kyari offered to send his younger brother to deliver the payment while his men deliver the suspects, but our officer turned down the suggestion, insisting he would rather deal with him in person and was therefore prepared to wait for him to return from Lagos.
And by 5: 23 pm, Kyari was in Abuja and met with the officer at the same rendezvous where they had the first meeting.

In their discussion, he disclosed how his team received the information from a double-crosser who betrayed the traffickers to him, showing a sordid connection between law enforcement agents and the drug underworld; he narrated how acting on the tip-off, his team departed Abuja to Enugu and arrested the traffickers, removed part of the consignment on his instruction and replaced same with dummies.

He also indicated how to identify the remnant of the original cocaine that would be delivered to NDLEA, five original packages marked with red dots. The reason for this was to avoid the dummies being subjected to test. He forwarded a picture of the marked original cocaine package. According to the plan, once the 5kg cocaine has been tested in the presence of the suspects and confirmed positive, there would be no need to test the remaining ones, being dummies.

He also brought with him the money from the sale of the 5kg share of the NDLEA team, a total of $61, 400. Our officer, however, preferred to take the money inside his car. Well, the car was wired with sound and video recorders. And the moment was documented, part of which I will play for you at the end of this briefing.

So we have a trove of intelligence, hard facts, from chats to photos and video and a detailed transcript of the communication between him and the NDLEA officer.

This is not the place to delve into the details. But it is disheartening to hear straight from the horse’s mouth the kind of sleaze engaged in by this team of rogue law enforcement agents led by Kyari, the members of whom he
described this way: “the boys are very, very sharp, they are very loyal.”

It is disheartening to hear him say of this rogue team, and I quote: “I do take good care of them, and this kind of work is done by only that team.”

It is equally disheartening to hear him give details of another similar operation which they pulled off, three weeks ago, according to him.

Well, I am not here to wash his dirty linen in the public. But I want us to understand how we arrive at this juncture whereby we are having this press briefing.

NDLEA has the mandate to take custody of suspects and consignments of drugs seized by other arms of law enforcement. And there is a standard protocol for such transfer. This we duly followed. The suspects and drugs were delivered to us on February 8 but the last part of the process, yet to be completed, is the debriefing of Kyari.

Gentlemen of the press, DCP Abba Kyari was invited by NDLEA for debriefing on Thursday February 10 through two main channels because there is a whole lot of questions begging for answers. The invitation was legitimate and formal according to our protocol. But up till the close of office hours on Friday, February 11, he refused to respond. Up till this moment, he hasn’t responded.

We are a law-abiding agency of government. We follow due process. In that vein, we will not detain suspects beyond the stipulated period according to the law before we charge them to court. And Kyari must be debriefed before the suspects are arraigned in court.
Having failed to honour the official invitation, NDLEA has no option but to declare DCP Abba Kyari of the Nigerian Police WANTED, right from this very moment.

I must say this publicly. We are not unaware of threats to the lives of NDLEA officers involved in this investigation, even as we continue to do our best to protect our officers and men in the line of duty.

We are making this strong statement to those contemplating harmful action against NDLEA officers. They would only succeed in compounding their problems in the event of the murder of or harm to officers and men of NDLEA.

Thank you.

The Creator of Ayoks Digital Model is Coming to Tekedia Live

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Every modern business is a technology business. To win in markets, one of the most important weapons is technology. Technology accelerates productivity and reshapes the ordinance of market systems by opening new bases of competition. Increasingly, the world of commerce will move digital. Doing that translation requires capabilities.

One of the best in the world is coming to Tekedia Live. Jude Ayoka [MBA, PMP, TOGAF] is the Program Manager, IT & Operations, at Access Bank Plc,  Africa’s largest bank by customer base. He is the creator of the Ayoks Digital Model, a framework to guide successful digital transformation of businesses. A zen-master of digital transformation and a leader to learn from.  Zoom link in the Board.

Tekedia Institute >> learn from the best.

Digital Transformation The Way For Job Creation In Africa

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The digital sector in Africa is currently booming and it has helped in the provision of jobs for a lot of individuals in the region. I will say covid was a menace that ravaged almost every part of the world, albeit it benefitted a few individuals. Permit me to say that it was a “necessary evil”. Asides from the loss of jobs attributed to the covid pandemic, it also boosted the digital transformation of Africa by making people look for remote solutions during the time of lockdown. Although it has deepened inequalities with African societies by preventing equal sharing of the benefits.

According to the director-general of the community of Portuguese-speaking countries (CPLP). He stated that the booming digital sector is an opportunity for the government to help start a new growth cycle after the covid-19 crisis. Digital transformation can help improve youth employment in Africa which is very crucial for the future. The new digital era offers a whole lot of opportunities and holds great promise in the terms of the emergence of start-ups and local ecosystems. The African region seems not to be left behind in the area of tech, as there have been remarkable groundbreaking achievements in the region.

The advent of digital finance otherwise known as fintech has strongly stimulated entrepreneurship and self-employment in Africa. In West Africa alone, according to stats, the mobile ecosystem already employs 200,000 people formally and 800,000 informally, particularly in the sale and distribution of mobile services and devices, and also contributes 3.5% to gross domestic product (GDP). In addition to those directly employed in the sector, there are 600,000 indirect jobs. Although there are some shortcomings attributed to the full implementation of digital transformation to ensure that there is proper job creation for youths in Africa.

This is where the government comes in. Seeing that the transformation of digital space in this region will actively create a lot of jobs for the unemployed, there are certain things I feel the government should do which are;

The installation of technology parts and start-up incubators: Technology business incubation is a public or private entrepreneurial economic and social development process designed to nurture technology-based business ideas and start-up firms through a comprehensive business support program to help them establish and accelerate their growth and success.

Investing in skills development and digital-related and vocational education and training initiatives for youths: Some people in this region might be interested in entering the digital world but then lack the resources needed to acquire the set skills. This is where the government comes in by setting up digital and vocational centers where youths can be trained before going ahead to acquire the jobs available.

Supporting SMEs and small producers to use digital technologies and strengthen their integration into local, regional, and global value chains

Strengthening regulatory frameworks and supportive measures to expand the adoption of fintech products: With global fintech adoption reaching 64%, fintech is becoming mainstream in all surveyed markets. It will be an ideal thing for the government to ensure that regulatory frameworks and supportive measures are adopted to expand fintech products in the region.

Digital transformation indeed will bring about lots of opportunities especially concerning the employment of youths. It will challenge the issue of unemployment. Beyond creating jobs, the digital ecosystem improves productivity in many sectors.