TechCabal Each day – Was Nigeria’s presidential election rigged?

24 MARCH, 2023

THE WORLD WIDE WEB3

Bitcoin	$28,211	+ 2.87%
Ether	$1,809	+ 3.97%
BNB	$327	+ 1.56%
Solana	$22.04	+ 2.75%
Identify of the coin Worth of the coin 24-hour share change		Supply: CoinMarketCap

* Information as of 05:50 AM WAT, March 24, 2023.

The US Securities and Change Fee (SEC) has charged eight celebrities for selling crypto schemes illegally. BBC News reports that the celebs, together with Ne-Yo, Lindsay Lohan and Soulja Boy, reportedly broke US’ anti-touting regulation by selling TRX and BTT crypto property with out disclosing that they’d been paid to advertise the property. All eight have paid about $400,000 in fines. In September 2022, one other movie star, Kim Kardashian, paid over $1.2 million in fines for breaking the identical regulation.

The United Arab Emirates (UAE) is one step nearer to launching its personal central financial institution digital foreign money (CBDC). CoinTelegraph reports that the nation signed an settlement with Abu Dhabi’s G42 Cloud and digital monetary providers supplier R3 to be the infrastructure and know-how suppliers for the implementation of the digital foreign money. As of March 2023, over 115 nations are reportedly exploring CBDCs. 

The founding father of collapsed crypto coin Terra has been arrested in Montenegro for working a $40 billion crypto fraud scheme. The Verge reports that Do Kwon has been apprehended following the 2022 Terra/Lina crash which the SEC alleges constituted a large fraud that evaporated over $40 billion in worth.

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NIGERIAN POLITICIAN ACCUSES INEC OF RIGGING

Two weeks after the conclusion of Nigeria’s presidential elections, one of many nation’s presidential candidates has accused the Impartial Nationwide Electoral Fee (INEC) of rigging the election with third-party software program. 

In keeping with candidate Atiku Abubakar, INEC reconfigured the Bimodal Verification and Accreditation System (BVAS) with software program that rigged the election in favour of president-elect Bola Ahmed Tinubu. 

In an electoral petition filed earlier this week, Abubakar alleged that this premeditated manipulation was the actual purpose behind the delayed transmission of the outcomes. All through the elections, a number of polling items reported INEC brokers experiencing difficulties accessing the BVAS portal, and the outcomes weren’t accessible till hours after they have been uploaded to the IReV portal. 

Sooner or later after the elections, INEC reported that its election end result viewer (IReV) was experiencing “technical hitches” associated to scaling the usage of its election. In keeping with a press release signed by chairman for its Voter Schooling Committee, Festus Okoye, the portal was unprepared for managing nationwide normal elections and has solely been utilized in “low season” intervals.

Per Abubakar’s petition, INEC didn’t expertise any hitch. The establishment, as a substitute, used a third-party software program known as Machine Administration System (DMS) to change the configuration that INEC’s ICT group head, Chidi Nwafor, had initially performed. This new configuration allegedly allowed the BVAS to watch, quarantine, and filter the information earlier than transmission to the endpoint.

Zoom out: One other candidate, Peter Obi, additionally filed a petition, asking the courts to subpoena Amazon workers. Per Obi’s petition, Amazon’s internet hosting platform (AWS) nonetheless holds INEC’s election information and as such “must be the identical” because the introduced outcomes. Seems like Nigerians don’t have a brand new president but. 

KENYA SAYS NO TO PROTEST COVERAGE

Kenya needs everybody to maintain mum about its protests.

Yesterday, the Communications Authority of Kenya (CAK) warned six media outlets in opposition to their protection of the nation’s ongoing protests.

What protests?

Led by Raila Odinga, a presidential candidate who misplaced to President William Ruto, Kenyans are protesting the high cost of living within the nation. They’re protesting in opposition to the regime of President Ruto which they are saying is illegitimate. 

Between September 2022 when President Ruto assumed workplace and March 2023, Kenya’s inflation fee rose from 6.8% to 8.3%, and the costs for key commodities grew by 42%.

The bi-weekly protests—scheduled for Mondays and Thursdays—have already seen two folks shot, one fatally, and over 200 protesters arrested. Thirty-one policemen have additionally been injured within the violent conflict throughout Nairobi and different cities. In keeping with vice chairman Rigathi Gachagua, Kenyan companies have already misplaced $15 million to the protests. 

Media retailers throughout Kenya have broadcasted the protests, however a latest warning from the CAK reveals that that is unlawful. Per the CAK, broadcasters must obey a number of legal guidelines which direct them to broadcast with care. Clause 19 of the Kenya Info and Communications Act, for instance, urges broadcasters to not glorify violence that can incite or perpetuate hatred. 

Per the director normal of the CAK, Ezra Chiloba, six stations—NTV, Citizen TV, K24, KBC, TV47, and Ebru TV—have been in violation of those legal guidelines and additional violations would result in a loss in broadcast licences.

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KENYA INTRODUCES NEW FOREIGN EXCHANGE LAWS FOR BANKS

The Central Financial institution of Kenya (CBK) has announced a brand new Kenya Overseas Change Code (the FX Code) to business banks.

The Kenya Overseas Change Code is made up of six ideas that every one establishments are required to stick to.

The ideas

The principles handle the code of ethics when working within the FX market, the necessity for sound and efficient governance framework to supervise FX market exercise, and exercising due care when negotiating and executing transactions.

Moreover, the ideas search to handle readability and accuracy in communication within the FX market, improvement and upkeep of a sturdy management and compliance framework, in addition to guaranteeing predictable, clean, and well timed settlement of FX transactions.

All for a very good trigger

According to the CBK, the ideas intention to strengthen and promote the integrity and efficient functioning of the wholesale international change (FX) market in Kenya.

“It should facilitate higher functioning of the market, reinforcing Kenya’s versatile change fee regime for higher resilience of the financial system,” the financial institution stated.

TC INSIGHTS: FUNDING TRACKER

Right here’s the funding information for this week.

This week, Credable, a pan-African-based fintech firm, raised $2.5 million in a seed spherical. The spherical was led by The Continent Enterprise Companions (TCVP). Different buyers included Lauch Africa, MAGIC Fund, ACASIA Ventures, AAIC Funding, Aadverse Emurgo Africa, and different buyers.

Listed below are the opposite offers this week:

• Egyptian SaaS firm Flapkap raised $1.2 million in an undisclosed funding spherical. The spherical was led by A15, the main MENA enterprise capital agency and one of the crucial distinguished buyers of early-stage start-ups within the area. 

That’s it for this week!

Comply with us on Twitter, Instagram, and LinkedIn for extra funding bulletins. You can too go to DealFlow, our real-time funding tracker.

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EVENTS: TECHCABAL AT 10

Right here’s an inventory of all of the Twitter Areas we’ll be holding to rejoice our Tenth-year anniversary.

• March 30—The function of the media in masking African tech. How can the media assist Africa’s growing tech ecosystem? What duty does the media owe the ecosystem, and what can the media count on in return? Ought to the media solely cowl the great tales? Find out here.

IN OTHER NEWS FROM TECHCABAL

What state-generated electricity could mean for Nigerians and native tech ecosystems.

Verod-Kepple Africa Ventures publicizes $43 million venture fund for pan-African startups.

JOB OPENINGS

• Zikoko – Managing Editor – Lagos, Nigeria (Distant attainable)

• Massive Cabal Media – Commercial Director – Africa

• Massive Cabal Media – Software Developer, Senior Product Manager, Sales Associate, Senior Sales Manager, Senior Editor (Citizen) – Lagos, Nigeria (Hybrid)

• Lemonade Finance – Social Media Associate, Senior Backend Engineer , Security Engineer – Africa (Distant)
• Property MFB – Head of Brands and Marketing – Nigeria

• Kuda Financial institution – DevOps Engineer, Backend Engineer, Android Engineer, Lead Product Manager, Copywriter, UX Writer, – Nigeria

• Andela – Engineering Matching Specialist – Distant

There are extra jobs on TechCabal’s job board. In case you have job alternatives to share, please submit them at bit.ly/tcxjobs.