In this videocast, I discuss why the Video-on-Demand market in Africa is growing and appealing. As the continent welcomes new players, locally and internationally, the competition will accelerate. Winning will involve many factors including the ability to price competitively, develop efficient compression algorithms to reduce cost of broadband, and provision of quality local contents. Investors in this sector must have long-term perspectives.
Brave Raised $35 Million In 30 Seconds With Initial Cryptocurrency Offering
Initial coin offering through which companies sell cryptocurrency tokens to their supporters as a method of crowdfunding is really hot. On Wednesday, Brave, a startup, launched a coin offering to fund a new web browser and raised the equivalent of $35 million in about 30 seconds, according to CoinDesk.
Brave, the upstart web browser founded by Mozilla co-founder Brendan Eich, completed an initial coin offering (ICO) today that is likely to be distinguished for its speed and earnings.
Overall, the sale for Brave’s ethereum-based Basic Attention Token (BAT) generated about $35m and was sold out within blocks, or under 30 seconds. One buyer went so far as to purchase 20,000 ETH (or about $4.7m) worth of tokens – designed to monetize online attention and create a new revenue source for publishers.
Initial coin offerings are seen by some as an alternative to traditional share offerings. Instead of equity, backers get tokens that can be converted into units of a crypto-currency like bitcoin or Ethereum. Crypto-currencies generate value through mining which involves the computation of complex mathematical formulas.
Where are African data engineers? This is the new world of opportunities evolving.
46 Million Nigerians Reject $10 Billion Trapped In Their Bank Accounts – NIBBS
Depending on how you look at it, 46 million Nigerians have rejected the total of N3 trillion naira (about $10 billion) in their bank accounts.
Experts have blamed corruption for the N3tn trapped in accounts that have not been linked to the Bank Verification Numbers of their owners, and asked the Central Bank of Nigeria to urgently confiscate the funds.
The NIBSS had said in December last year that 46 million bank accounts were still without the BVN. That means that money is largely rejected and cannot be accessed by the owners. Of course, some of the owners are dead with no next of kin. Some are monies the owners know they are there but are afraid of Buhari government with EFCC with its high voltage searchlight watching.
In roundatble in Lagos, the experts note that most of the money is there as a result of corruption. People do not want to claim them to avoid being prosecuted in case they cannot claim evidence of legal possession.
According to the Senior Assistant to the Minister of Communications on Digital Transformation, Mr. Akim Yusuf, “the corruption that has led to the trapped N3tn is being perpetrated by Nigerians who have no self-control.”
He said, “The antidote will be to develop institutional mechanisms. We need to put in place mechanisms to monitor the flow of funds in the public sector. This is why we have introduced policies like the Treasury Single Account and the Biometric Verification Numbers.
“We need to increase the level of digital tracking of funds to curb corruption. We plan to migrate all government services online. This will minimise the use of cash, which encourages bribery.”
It seems this is already working. Imagine if government puts a date after which the money goes to government. Do you know the impact? Nigeria can fund a huge part of the N7.3 trillion budgeted for 2017.
source: budgit
Nigerian Government Finalizes Nine Regulations To Control Tobacco
Nigeria seems to be getting serious on tobacco control. This is a very positive move by the Federal Government. Tobacco offers no value except destruction of lives.
According to PREMIUM TIMES, Health Minister, Isaac Adewole has finalized the regulations on Nigerian’s tobacco control Act. The nine regulations listed by the minister to be implemented are as follows:
1. Prohibition of the sale of tobacco products to and by anyone below age 18.
2. Ban of sale of cigarettes in single sticks; cigarettes must be sold in packs of 20 sticks only.
3. Smokeless tobacco shall be sold in a minimum of a pack of 30 grammes.
4. Ban of sale or offer for sale or distribution of tobacco or tobacco products through mail, internet, or other online devices.
5. Prohibition of interference of tobacco industry in public health and related issues.
6. Prohibition of smoking in anywhere on the premises of a child care facility, educational facility, and healthcare facility. Other prohibited for smoking include playgrounds, amusement parks, plazas, public parks, stadia, public transport, restaurants’ bar, and other public gathering spaces.
7. Prosecution of owner or manager of any of the places listed above who permits, encourages or fails to stop smoking in the above listed places.
8. Prohibition of tobacco advertising, promotion and sponsorship of any kind.
9. Compliance with specified standards for content.
N-Power Application Reopens On June 17 For Unemployed Nigerians
Nigeria’s Acting President Yemi Osinbajo has asked the relevant agency managing online portal of the government’s job initiative, N-Power, to reopen it on June 17 to allow more unemployed Nigerians to apply. This is part of the Federal Government’s National Social Investment Programme (N-SIP).
N-SIP is a federal government programme aimed at reducing poverty and improving livelihoods of vulnerable groups such as the unemployed youths, women and children.
The government says the programme has so far empowered over 1.6 million Nigerians through its four components, namely; N-Power, National Home Grown School Feeding Programme, Conditional Cash Transfer, and Government Enterprise and Empowerment Programme.
Visit the site on June 17 to apply