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News Roundup: Buhari inaugurates committee, Chaka receives SEC license, ECOWAS Court restricts further sanctions on twitter users, Netflix’s first Africa reality series…

News Roundup: Buhari inaugurates committee, Chaka receives SEC license, ECOWAS Court restricts further sanctions on twitter users, Netflix’s first Africa reality series…

Buhari inaugurates committee to lift 100 million Nigerians out of poverty

Nigeria’s president Muhammadu Buhari on Tuesday inaugurated the Steering Committee of the National Poverty Reduction with Growth Strategy (NPRGS) to achieve his mission of lifting 100 million Nigerians out of poverty within a decade. Already, he claimed that his administration has successfully lifted 10.5 million Nigerians out of poverty in the last two years. During the inauguration on Tuesday, the Special Adviser to the President on Media and Publicity, Femi Adesina said Nigeria can follow India’s example. “If India can lift 271 million people out of poverty between 2006 and 2016, Nigeria can surely lift 100 million out of poverty in 10 years.” According to NPRGS, the total cost of the execution/implementation of the policies and programmes underpinning this strategy is estimated at US$1.6 trillion, giving an annual average of about US$161 billion. The committee has also announced that it is considering the setup of a private equity fund, the Nigeria Investment and Growth Fund (NIG-Fund) which will lead resource mobilization and also manage the resources.

Peace Hyde to produce Netflix’s first Africa reality series

Peace Hyde, a British-Ghanaian education activist and award-winning media personality has added another remarkable feat to her already impressive list of accomplishments by being the creator and executive producer of first-ever Africa reality series titled ‘Young, Famous & African’. Hyde is a highly celebrated tv host, journalist, entrepreneur and activist announced the news on her instagram writing: “We are making African history telling our stories and I am so honoured, excited and ready.” The forthcoming series will feature some of Africa’s top talents from Nigeria, South Africa, and Tanzania. It is understood that some of the featured stars include Nigeria’s Annie Macaulay Idibia, Swanky Jerry, Tanzania’s Zari Hassan, Diamond Platnumz, and South Africa’s Nadia Nakai, Khanyi Mbau, Andile Ncube, Naked DJ. Hyde doubles as the founder of Aim Higher Africa, a non-profit organization focused on improving the quality of education in impoverished communities across Africa. In 2018, she was shortlisted among 200 leaders as part of the Obama Foundation Africa Leaders programme. A year later, she was awarded the African Social Impact award at the House of Parliament, House of Commons in the UK. Hyde is also the head of digital media and partnerships and West African correspondent for Forbes Africa.
Warren Buffet resigns from Gates foundation board, donates half his fortune
Warren Buffett said he is stepping down from his role with the Bill and Melinda Gates Foundation, noting in a statement that he has been an “inactive” trustee of the organization. His decision to step down comes at an uncertain time for the foundation as the Gates last month announced they are divorcing after 27 years of marriage. “For years I have been a trustee — an inactive trustee at that — of only one recipient of my funds, the Bill and Melinda Gates Foundation (BMG),” Buffett wrote in the statement. “I am now resigning from that post, just as I have done at all corporate boards other than Berkshire’s,” or Berkshire Hathaway, the company which Buffett helms. The 90-year-old billionaire on Wednesday also said he has given away $4.1 billion’s worth of Berkshire Hathaway shares as part of his goal to donate 99 percent of his fortune. With the most recent donation, Buffett said he is “halfway there,” and he shared his thoughts on wealth and philanthropy in the statement.

Read Also: MTN Nigeria eyes 2m retail investors ahead 14% share sale

MTN to invest $1.5 billion to boost broadband access in Nigeria

South Africa-based telecommunications company, MTN, has revealed plans to invest ₦640 billion ($1.5 billion) over the next three years to increase broadband penetration in Nigeria. The announcement was made by MTN Group President, Ralph Mupita, during his team’s visit from South Africa to Nigeria. Mupita stated that this move is in line with their 2025 ambition to lead digital solutions for Africa’s progress, adding that the benefit of a modern and connected life is something everyone deserves as this will help to foster digital transformation on the continent. Their ambitions align with Nigeria’s national broadband plan, inaugurated by Isa Pantami on December 19, 2019, with goals to increase broadband coverage in the country from its currently alleged 45.09 percent to 90 percent between 2020-2025.

Chaka becomes the first startup to receive SEC license for digital stock trading in Nigeria

After months of uncertainty regarding regulations, Chaka has received a license from Nigeria’s Securities and Exchange Commission (SEC) to operate its digital platform for buying and selling stocks. Chaka becomes the first to acquire the digital sub-broker license introduced by SEC in April of this year. As part of a major amendment to its Consolidated Rules and Regulations, SEC recognised sub-brokers who use digital platforms to serve multiple brokers. Founded in 2019, the Chaka offers over 4000 stocks from the US, the UK, China, and Nigeria. Along with players like Bamboo, Trove and Risevest, the investment-tech space has been gradually expanding. While Chaka did not have a stockbroking licence at the time, it struck a partnership with Citi Investment Capital Limited for Nigerian stocks and DriveWealth LLC for its foreign stock offerings. However, in December 2020, Chaka received a surprise as SEC issued a court order that effectively restricted it from offering stocks to the investing public. Tosin Osibodu, CEO of Chaka, reveals that the company has been actively engaging SEC since the circular was first released in December 2020. “We’ve built a great relationship [with SEC] that we think will be beneficial for the whole ecosystem moving forward,” Osibodu said. He said the license also means Chaka could now enable other stockbroking firms who want to have a digital presence.

ECOWAS Court restricts Nigerian government from imposing further sanctions

The ECOWAS Court sitting in Abuja has given an order restraining the Nigerian government from imposing sanctions or harassing, intimidating, arresting, or prosecuting Twitter or its users in the country. This injunction also prevents the government from carrying out those actions against other social media platforms, media houses, radio, and television broadcast stations. This order stands pending the determination of the case. The Court gave the order in the suit filed by the Socio-Economic Rights and Accountability Project (SERAP) and 176 concerned Nigerians against the federal government over the suspension of Twitter in the country. After hearing arguments for and against the matter, the Court decided that it was cloaked with jurisdiction. As a suit bordering on the infringement of human rights, the Court determined that it had the right to hear the case. The microblogging site was suspended after it deleted a tweet by the Nigerian President, Muhammadu Buhari, which mentioned the Nigerian-Biafran war.