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Nigeria to Acquire Two Satellites From China For $701m – Punch

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Nigeria Sat-2 and NX, satellites undergoing testing at RAL

Nigeria has opened talks with China for the financing and construction of two new communication satellites at a cost of $701m.

The new satellites, to be known as NigComSat-2 and NigComSat-3, are to serve as backup to the country’s existing communications satellite, NigComSat-1R, which was put in the orbit in December 2011.

The General Manager, Satellite Applications, Nigerian Communications Satellite Limited, Mr. Abdulrahman Adelajah, disclosed these at a media parley hosted by the company in Abuja on Wednesday.

He also said that NigComSat had won a bid to provide In-Orbit Test for Belarus for the launching of its new satellite from the company’s Abuja ground station.

Adelajah said the China EXIM Bank would finance the construction of the new satellites, which would likely be handled by the China Great Wall Industry Corporation.

He stated, “Following the successful launch of NigComSat-1R, two additional satellites, NigComSat-2 and NigComSat-3, are required to provide backup services, expand operations and boost customer confidence.

“The Federal Government has already commenced budgetary provision in this respect. In furtherance of the sustained commercial relations between the Federal Republic of Nigeria and the People’s Republic of China, the Ministry of Finance has been negotiating with the China EXIM Bank to provide a loan facility to support a series of Nigerian developmental projects, including the manufacture and launch of NigComSat-2 and 3 at a cost of $701m.”

He added, “Both NigComSat-2 and NigComSat-3 satellites are designed to operate in a geostationary orbit and delivered to orbit locations of 19 degrees East and 22 degrees West, respectively for provision of C-Band, Ku-Band and Ka-Band payload capability for a minimum service life of 15 years.

“NigcomSat-2 is designed to cover Nigeria, Middle East, China and other Asian countries, whilst NigComSat-3 will cover Nigeria, and the South and North America. With the three satellites in orbit, it will be possible for the Nigerian telecommunications industry to dominate the African market within a period of five years after the launch of the satellites.”

Nigeria’s first communications satellite, NigComSat-1, was designed and built by the CGWIC at a cost of $400m. The satellite, which was put in the orbit in May 2007, was deorbited in November 2008 following the development of a power fault. It was replaced in December 2011 with NigComSat-1R by the same company.

In a statement made available to our correspondent, the Head of Public Affairs, NigComSat, Mr. Adamu Idris, explained that the company had been announced as the winner of a bid to provide In-Orbit Test and Carrier Spectrum Services for the Belintersat-1 satellite owned by Belarus.

The Belarus satellite, also constructed by the CGWIC, is set for launch in January 2016.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Video Sharing App TikTok Fined $29 M in The U.K For Breaching Children’s Privacy

TikTok faces a $29 million fine in the U.K after an investigation by the British Government showed that the social media app breached the U.K data protection laws and failed to protect children’s privacy

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Video sharing app TikTok faces a $29 million fine in the U.K after an investigation by the British Government discovered that the social media app breached the U.K data protection laws and failed to protect children’s privacy.

According to the UK’s Information Commissioner’s Office (ICO), a notice of intent was issued to TikTok and TikTok Information Technologies UK entity, alleging that the social media app breached British rules between May 2018 and July 2020. A notice of intent precedes a potential fine from the regulator.

ICO also explained that TikTok “may have” processed data of children under the age of 13 without parental consent. Additionally, it stated that the company may have failed to provide proper information to its users in a concise, transparent, and easily understood way and processed special category data, without legal grounds to do so.

Special category data refers to sensitive personal data in areas such as sexual orientation, religious beliefs, ethnic and racial origin, political opinions, and genetic and biometric data.

The information commissioner John Edwards while addressing TikTok’s breach of Children’s data protection laws said,

“We all want children to be able to learn and experience the digital world, but with proper data privacy protections.

“Companies providing digital services have a legal duty to put those protections in place, but our provisional view is that TikTok fell short of meeting that requirement.

Edwards also indicated the ICO plans to take enforcement action against other companies. 

“We are currently looking into how over 50 different online services are conforming with the Children’s Code and have six ongoing investigations looking into companies providing digital services who haven’t, in our initial view, taken their responsibilities around child safety seriously enough,”

The UK “Children’s Code,” also known as the age-appropriate design code, seeks to create a safer internet for children by enforcing 15 standards that apps and online services need to follow.

It specifically targets Big Tech names including Meta, YouTube, and TikTok, and is applied to any companies, including those outside the UK, that process personal data of British kids.

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Startups

DAI Magister Academy Launched to Support Emerging Market Start-up Founders

First cohort of ten African start-ups completed as Academy unveils broader roll-out

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Digital Start Ups - Investors King

A new Academy for early-stage companies has been launched by DAI Magister, the boutique investment bank offering full advisory services for transactions within the climate, fintech, tech-enabled commerce and communications sectors.

The DAI Magister Academy is a free service aimed at companies that have already raised at least $2m, and who are looking to raise a larger round, but one that is below DAI Magister’s traditional $30m+ round size focus.

The Academy has already provided this service successfully to its first cohort of ten African companies and is now rolling out more broadly across the African ecosystem and eventually into other emerging markets such as MENA and Pakistan. In addition, the plan is to provide this service to companies in Europe focused on climate tech, where DAI Magister has deep expertise.

Victor Basta, Co-Head, DAI Magister Ltd, stated: “We have developed this individualized program to stand apart from the traditional and more generic set of services generally offered to early-stage companies.  For us the primary focus is to provide free, tailored advice to each specific company.  This means a far more responsive and knowledgeable approach based on local market experience. To date we have run ten companies through the Academy from across Africa and the response has been terrific.

“Our objective is to help founders and start-ups to focus on what that company needs to improve, highlight and/or get right before it raises a larger round.  Founders get one go at this often challenging milestone, so it is imperative they get the basics right to secure a successful next round of fundraising.”

The DAI Magister Academy focuses on three core areas: reviewing and challenging equity stories; reviewing target investor lists and suggesting additional potential investors; and reviewing the company’s financial model and suggesting improvements where necessary.

Individualized support is provided to each company in the Academy, spending time with the team to understand the business and its focus, as well as analyse how it performs against the three core metrics. The output is a specific customised confidential feedback report.

Basta concluded: “For those founders and companies with huge ambition, the DAI Magister Academy is a resource we would urge them to take advantage of.  This service is entirely free with the work being done by the same professionals who advise larger companies through significant fundraises.  The teams therefore have the knowledge and experience of knowing what best-in-class looks like when an ambitious business looks to raise $30m+ and eventually much more.”

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Fintech Startup Carbon Finance Partners Carepay to Eliminate Limitations in Accessing Quality Healthcare Services

Carbon Finance a Nigerian fintech startup that provides access to basic financial services has partnered with Carepay a healthcare startup to provide its customers with discounted services on their healthcare needs.

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Carbon Finance, a Nigerian fintech startup that provides access to basic financial services, has partnered with Carepay a healthcare startup to provide its customers with discounted services on their healthcare needs.

Through this partnership with Carepay in an effort to improve access to healthcare services, Carbon Finance will offer support to customers by offering discounts when payment is made with their Carbon debit cards within the designated Carepay healthcare provider network. These discounts will be received in the form of cashback to their Carbon accounts. 

Speaking about the partnership, Carbon’s Co-Founder Chijioke Dozie Said, “This partnership is a milestone accomplishment as it’s the first brand association of CarePay’s healthcare discount program with a Nigerian fintech company.” 

“At Carbon, we believe our consumers deserve only the best, that’s why we are leveraging a powerful partnership to eliminate financial drawbacks and limitations to accessing quality healthcare. This is one of the many ways we at Carbon show customers we care.”

Also speaking on the partnership, CarePay Nigeria’s Managing Director Yomi Sule said, “This partnership with Carbon is a validation of our healthcare discount business model which allows financial service enterprises to embed healthcare benefits such as discounts, cash backs, and telehealth into their value proposition in order to drive affordability of healthcare services for their customers and brand loyalty for the enterprises.”

“CarePay’s innovative healthcare discount program, which is the first of its kind in Nigeria, has a preferred provider network that includes leading healthcare merchants such as MedPlus Pharmacy, Synlab, Outreach Hospital Group, Smile360 Dental, Lily Hospital Group, Exclusive Dental, Amara Medicare, Shield specialist hospitals, Pure Snow Dental, Bethel Dental, Optilens eye clinic, and hundreds more, from which the discount program subscribers can access sizable discounts negotiated by CarePay.”

“Providing more context to the many benefits that Carbon customers stand to benefit from, Sule also positioned that, “With only 10 million Nigerians, which is less than 5 percent of the population currently covered by health insurance, this creates a great concern.

“By partnering with Carepay, Carbon Finance will offer cashback in form of healthcare discounts to their debit card customers. Healthcare should be affordable, and with a Carbon debit card, customers stand to enjoy up to 25% cash back at designated healthcare providers enlisted in the CarePay healthcare discount program”.

It should be recalled that in 2021, Investors King had reported that Carbon Finance processed ₦96.54 billion ($240 million) payments in 2020.

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