Issue #13
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Here's what we're looking at today:
Disaster Week
Anambra elections results inconclusive
MTN and Airtel set to operate MOMO business
Disaster Week
Last week saw some soul-crushing happenings that rocked the continent at its seams.
On Monday 1st of November, a high-rise building under construction collapsed in Ikoyi, Lagos. A number of casualties were recorded; as at Saturday morning, 42 bodies were recovered from the debris including the body of building developer Femi Osibona. Fifteen were retrieved alive.
So far 49 persons have been filed missing at the site by their relatives.
The Witness reports that the initial structural engineering consultant withdrew their services from the project when the building started exceeding the 4-storey project that the company could guarantee.
The Lagos State Building Control Agency disclosed that it gave approval for 15 storeys but the owners extended it to 21 storeys.
The Lagos state government has set up a panel to investigate the cause of the 21-storey building collapse.
More Disaster
On the evening of Friday 5th November, a fire explosion occurred at Kubwa Village Market, Abuja.
FCT Police spokesperson confirmed this saying that at least 5 persons have died in the incidence, their bodies unrecognisable from the conflagration while 10 victims severely injured.
The inferno was caused by a kerosene handling mishap. See here and here.
The incidence is still being investigated further.
In Sierra Leone's capital city Freetown, a massive fire explosion occurred on Friday when a fuel tanker vehicle collided with another truck.
The fire has left citizens devastating as 98 deaths have been confirmed dead while 92 casualties receiving treatments in hospitals. See here.
ANAMBRA GUBER: SOLUDO WINS BIG
…Final victory might delay till Wednesday
Charles Chukwuma Soludo, the candidate of the All Progressives Grand Alliance (APGA), is certain of victory at Saturday's poll haven been declared winner in 18 out of the 21 Local Government Areas in the State with a total of 103,946 votes as against his closest rival, Valentine Ozigbo of the Peoples Democratic Party (PDP), who scored a total of 51,322 votes and a victory in just one Local Government Area.
Meanwhile, the candidate of the All Progressives Congress (APC), Andy Uba polled a total of 42,942 votes and is yet to win a local government area.
The Independent National Electoral Commission (INEC) has declared the Anambra Governorship Election inconclusive.
Announcing the suspension of the exercise, the Returning Officer for Saturday’s Governorship Election in the State, Florence Obi, stated that the process was suspended because the election did not take place in Ihiala Local Government Area due to security threats. The supplementary election has been fixed for Tuesday, November 9.
“I, professor Florence Obi hereby announce the suspension of results and the declaration of the winner until the supplementary election is held in the 326 polling units in Ihiala LGA. I have confirmed with the commission that supplementary elections will take place on Tuesday 9 November 2021. Therefore, collation shall resume thereafter,” she noted.
Worth Knowing
According to a Premium Times report, there are over 2.5 million registered voters in the state while 18 political parties are taking part in the election. The state, with over four million residents, consists of 21 local government areas.
There are about 5,720 Polling Units (PUs) across the state but the Independent National Electoral Commission (INEC) said there would be no voting in 86 PUs because there are no voters there.
Although there are 18 candidates for the election, three of them are considered major contenders.
These are Charles Soludo of the All Progressives Grand Alliance (APGA), Andy Uba of the All Progressives Congress (APC) and Valentine Ozigbo of the Peoples Democratic Party (PDP).
MTN & Airtel gets approval in Principle to operate Mobile Money service
Mobile telecom giants MTN and Airtel, last week Friday, received approval in principle from the Central Bank of Nigeria (CBN) to operate Payment Service Banks (PSBs) in the country.
According to separate statements released by MTN and Airtel, the approval-in-principle requires them to each satisfy some conditions prior to obtaining final approval. This approval is coming more than two years after they approached the regulator for licensing.
Under the guidelines released by the CBN, mobile network operators are allowed to provide financial services to the over 40 million unbanked Nigerians who live predominant in rural areas. However, they can do so only as Payment Service Banks (PSBs) and through a subsidiary separate from their core operations. Thus, MTN and Airtel will be providing PSB services via their respective subsidiaries, MoMo and Smartcash.
Let’s take a backstroke into history…
When the Nigerian government first announced its decision to offer PSB licenses to non-financial companies 2018, MTN and other telecom companies saw it as an opportunity to bank the over 40 million Nigerians that are financially excluded in the country. It was like the first step to a looming financial revolution in Nigeria.
Unfortunately, the process was stalled and not much was heard about it till now. Some analysts have blamed Nigerian banks for frustrating the process because of how it may affect their businesses.
Thankfully, the necessary approvals have been made
So, what does the approval mean?
The entry of telecom companies into the financial sector is expected to foster competition and reduced charges for sending and receiving money in the country. it will also deepen financial inclusion, a much touted policy decision of Buhari’s administartion.
WORTH READING 📚
The ladders of wealth creation: a step-by-step roadmap to building wealth. Nathan Barry.
Why women hold the keys to Africa's future. Rara Rienes.
WORTH WATCHING 🎥
What game theory teaches us about war. Simon Sinek.
Elizabeth Wathuti at #COP26: “Please open your hearts”. UN Climate Change.
Monday Motivation
"My rule is that the right time is always right now" ~Casey Neistat.
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This brief was put together while listening to Kaka Yo by Ludafrick.
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Have a great week ahead.