Aderemi Ojekunle

<h1>Nigerian airline, Air Peace, has announced its order for ten 737 MAX 8 aeroplanes during a signing ceremony in Lagos with the aim of launching international flight operations.</h1>

Air Peace which already operates Boeing 737s between major cities in Central and West Africa recently added Boeing 777s to its fleet.

Allen Onyema, Chairman and CEO, Air Peace Limited, said, "We are excited to add the 737 MAX to our fleet as we expand our network to offer more destinations and serve more passengers."

"The fuel efficiency and superior operating economics of the 737 MAX will ensure that the aircraft will play a major role in growing our business in the years to come."

The 737 MAX 8 is part of a family of airplanes that offer 130 to 230 seats and the ability to fly up to 3,850 nautical miles (7,130 kilometres).

With improvements such as the CFM International LEAP-1B engine and Advanced Technology winglets, the 737 MAX will help Air Peace save more than 20% on fuel costs compared to its current single-aisle airplanes.

The 737 MAX is the fastest-selling airplane in Boeing history, accumulating more than 4,700 orders from 102 customers worldwide.

Ihssane Mounir, Senior Vice President of Commercial Sales &amp; Marketing for The Boeing Company, said, “Africa is a growing market for commercial airplanes and we are proud that airlines like Air Peace are selecting Boeing aircraft to be part of that growth."

"This order reflects the strong demand that we are seeing for the 737 MAX as airlines choose the airplane's superior performance and reliability."

ALSO READ: <a id="c485cd23-d534-557b-b5c2-1153727c68e3" href="https://www.pulse.ng/bi/strategy/heres-everything-you-need-to-know-about-nigeria-air-id8630814.html">Here's everything you need to know about Nigeria's new national carrier, Nigeria Air</a>

This is the third time Air Peace will be adding to its aircraft base in Africa's populous nation. In February 2018, the airline took delivery Boeing 777-200. Last month, it also delivered another 320-seater Boeing 777-300 named “Ojochide” and marked 5N-BUU.

Onyema had assured that the airline was ready to begin its international operations and <a id="ab9951db-7bf4-5a77-ac2a-28b8d533c4da" href="https://www.pulse.ng/news/local/nigerian-aviation-a-review-of-the-industry-in-2017-id7783672.html">fix the challenges of Nigerians</a>, Africans and other travellers on the long-haul routes.

Air Peace to launch international operations

The company said the Nigerian government had designated its flight to fly to London, Houston, Dubai, Sharjah, Guangzhou-China, Mumbai and Johannesburg.

Experts say the new aircraft and international operations will boost Nigeria’s economy, create more jobs in the nation’s aviation and allied sectors and offer travellers an additional choice.

Also from Business Insider Sub-Sahara Africa:

Air Peace said the Nigerian government had designated its flight to fly to London, Houston, Dubai, Sharjah, Guangzhou-China, Mumbai and Johannesburg.

Nigeria's Air Peace has ordered for 10 Boeing aircraft to commence international operations

<h1>Omowale David-Ashiru has replaced Seni Sulyman as Andela Nigeria country director. Seni Suleyman was appointed the vice president of Andela’s global operations last April.</h1>

Omowale will lead <a id="cd9bc392-099c-5cfe-a678-563cb9a95ad5" href="https://www.pulse.ng/bi/tech/andela-hosts-women-in-tech-summit-in-lagos-id8104168.html">Andela Nigeria</a> ensuring that the <a id="d5f0cf25-3fa4-5cda-ada9-320ef22d3b35" href="https://www.pulse.ng/news/tech/andela-this-startup-just-raised-another-n12-8-billion-in-funding-id7442900.html">organisation</a> continue to advance its objectives of developing Africa’s future technology leaders.

“Everything I’ve done before now feels like a preparation for this role,” says Omowale, “and I’m excited to join this wonderful team of highly motivated individuals who are investing their skills and effort into advancing opportunity and potential in Nigeria and the continent at large.”

“We're in great hands,” excited Seni Sulyman, Andela’s Vice President of Global Operations and previous Country Director, Nigeria, said.

“Excited to hand over leadership of Andela Nigeria to Omowale, a formidable leader who will take us to the next level. One of the most fulfilling aspects of leadership is having a Successor who is more qualified and capable than you."

Omowale David-Ashiru's experience and background

Prior Andela, she worked at Accenture, where she grew to become a seasoned Management Consultant and Certified Project Manager.

She later transitioned into entrepreneurship, launching a fashion retail company, which she managed for eight years. Her experience managing complex projects for global technology and financial services companies, combined with her entrepreneurial mindset, makes Omowale the right leader for Andela Nigeria.

Omowale obtained a First Class B.Sc. in Economics from the University of Ibadan in 1998.

Omowale will lead Andela Nigeria ensuring that the organisation continue to advance its objectives of developing Africa’s future technology leaders.

Omowale David-Ashiru replaces Seni Sulyman as Andela Nigeria country director, becoming the company’s first female head

The <a id="ecec4188-8024-5e8f-9d48-32cefc2a1eb4" href="https://www.pulse.ng/bi/politics/the-latest-population-figures-from-nbs-you-need-to-see-id8469311.html">National Bureau of Statistics</a> (NBS) telecoms report showed that MTN has 39,191,085 active internet subscribers followed by Glo with 27, 206, 445, Airtel with 25, 947,334 and EMTS, 10,807, 862 active subscribers.

“The telecoms data for Q2 2018 reflected that a total of 162,522,772 subscribers were active on voice as against 149,309,815 in Q1 2018 which represented 0.09% increase in subscribers base.

“Similarly, a total of 103,514,997 subscribers were active on the internet as against 100,923,580 in Q1 2018 which represented 2.57% growth in subscribers base,” the report stated

For network porting within the period under review, a total of 38, 035 activities occurred. MTN received 5,273, Glo, 3, 079. Airtel, 4,547 and EMTS, 5,317.

In state by state report, Lagos State has the highest number of subscribers in terms of active voice and internet in Q2 2018 and closely followed by Ogun while Bayelsa and Ebonyi States have the least number of <a id="ca8e17ae-69dc-5100-ac79-c9324e20a964" href="https://www.pulse.ng/bi/tech/article8659205.ece">subscribers</a>.

MTN Nigeria has the highest share of voice and internet subscription in the second quarter of 2018

Here is how each mobile network in Nigeria performed in the second quarter of 2018

<ul><li>Amina Mohammed expressed international community concerns on the growing debt level in Africa.</li></ul>

The deputy secretary-general of the United Nations (UN), <a id="1cfecae8-d582-5d48-8ed0-7df3ace981a3" href="https://www.pulse.ng/bi/lifestyle/6-nigerians-who-hold-positions-at-top-intl-organisations-id8687379.html">Amina Mohammed</a>, said the current state of Nigeria's debt profile is worrying, and poured out international concerns on the growing debt level in Africa.

She said Nigeria is now back to high-level deb, emphasising on how it took the former Minister of Finance, Ngozi Okonjo-Iweala years to negotiate with the Paris Club.

She stated while speaking at the International Monetary Fund (IMF) and the UN Working Together Conversation with the IMF Chief, Christine Lagarde.

The former Minister of Environment in Nigeria questioned how Africa wants to grow its economy with massive debt. She called for an overall conversation on how to grow the African economy and bring about stability.

“As I was coming up from the New York some of the concern we have coming from China recently, the report we have is that the debt we have was really big... having experienced what it was for Ngozi (Ngozi Okonjo-Iweala) to get the debt relief and how it took few years to convince people.

“We are now back again, in my country, the level of debt is worrying, but it is happening all over, for Africa, if that is the way we want to go, we need to sit down and have a better conversation about all the asks of a growing economy; that needs to be inclusive."

ALSO READ: <a id="2af1c4af-8f57-5c04-b09e-006120da6f28" href="https://www.pulse.ng/bi/politics/nigeria-dismisses-talk-of-takeover-of-its-economy-by-china-id8843757.html">Nigeria dismisses talk of a possible takeover of its economy by China over the bilateral loan</a>

At the wake of the <a id="c5c8b215-33b5-5a12-800e-819ec2becf75" href="https://www.pulselive.ug/bi/finance/chinas-xi-announces-60bn-financing-for-africa-id8804992.html">2018 Beijing Summit </a>of the Forum on China-Africa Cooperation, international communities and economists across the world expressed worry over massive Chinese loan on the African soil. They believed that Chinese loans are burying some countries in massive debt.

But President Muhammadu Buhari and other African leaders swiftly denied engaging in "debt trap" diplomacy adding that Africa needs debt-funded infrastructure development.

On Wednesday, Nigerian government also has dismissed insinuations of the possible takeover of the economy by the Chinese government if it defaults on loan terms.

The country's debt management office explained that Chinese loans are cheaper compared to other international bodies and agencies. It added that loans from China Exim constituted just one of the sources of multilateral and bilateral loans accessed by Nigeria and represented only about 8.5% of the country’s external debt as of June 30, 2018.

The former Minister of Environment in Nigeria questioned how Africa wants to grow its economy with massive debt.

UN deputy scribe, Amina Mohammed says Nigeria's debt profile is worrying

<h1>Apple Inc. on Wednesday launched three new iPhones during its fall event in Cupertino and they are the most expensive smartphones ever.</h1>

The new handsets, the<a id="0b27e649-e1f5-5d58-acc9-eec7e07d946c" href="https://www.pulse.ng/bi/tech/hands-on-with-all-the-new-iphones-apple-just-introduced-aapl-id8847470.html"> iPhone XS, XMax, and XR</a>, oome with myriad options for storage, colours, screen sizes and whopping price tags that catches the eyes of end users across the world.

Just after the launch, users across social media expressed feelings about the features, quality and worth of the new smartphones. Most importantly, Apple's take on the popular Galaxy Note series made by Samsung Electronics Co. with its iPhone Xs Max.

ALSO READ: <a id="1d6210b2-9eba-5c41-b430-0113eaf06af4" href="https://www.pulse.ng/bi/tech/hands-on-with-all-the-new-iphones-apple-just-introduced-aapl-id8847470.html">Hands-on with all the new iPhones Apple just introduced</a>

The Galaxy Note 9, was released in August and has a 6.4-inch screen.

The iPhone Xs Max comes with a 6.5-inch screen with a price tag starting at $1,099 (N395,000).

Twitter users jokingly believed the new smartphones worth the price of a kidney and a fairly used car.

According to a Bloomberg report, “Apple’s secret weapon isn’t a particular feature, but a clever pricing strategy …”

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Just after the launch, users across social media expressed feelings about the features, quality and worth of the new smartphones.

Apple has launched 3 new phones and Twitter users say the price is worth a kidney

<h1>The Ghanaian government has hired McKinsey &amp;amp; Company to help boost tax revenue.</h1>

Emmanuel Kofi Nti, Commissioner General of the Ghana Revenue Authority, disclosed to reporters on Wednesday, September 12, 2018.

McKinsey is here to “change GRA’s systems to be comparable to the best in revenue administration in the world through simplifying our processes and introducing innovation,” Bloomberg quoted Nti as saying.

The consultancy firm will build staff skills and is expected to help reverse a trend of missing revenue targets, he said.

The west African country missed its tax revenue target for the first 8 months in 2018 by 1.8 billion cedis ($367 million), Bloomberg reports.

The shortfall was attributed to drop in Customs collections in the region.

Two weeks ago, Ghana's Finance Minister Ken Ofori-Atta announced an imposition of a luxury vehicle tax on vehicles with a capacity of 3.0 litres and above.

Ofori-Atta had attributed the increase on the under-performance for the first five months of 2018 with an estimated deficit of 4.9% of GDP compared to the programmed target of 4.5%.

The West African country missed its tax revenue target for the first 8 months in 2018 by 1.8 billion cedis .

Ghana has hired McKinsey to boost its revenue

<ul><li>Nigerian Communications Commission is doing what it can to facilitate an amicable resolution of MTN’s standoff with the tax and finance regulators</li></ul>

Nigeria’s telecommunications regulator said it is working to end the <a id="0bd68ab4-4b93-59fe-bcf0-38a44a682a81" href="https://www.pulse.ng/bi/politics/all-you-need-to-know-as-cbn-and-mtn-go-head-to-head-in-fx-saga-id8789359.html">$10 billion dispute between MTN Group Ltd and the government</a>.

Prof. Umar Danbatta, the Executive Vice Chairman and Chief Executive Officer, Nigerian Communications Commission (NCC) stated this on the sideline of the ITU Telecom Conference in Durban, South Africa on Tuesday, September 11, 2018.

He said the commission is working to solve the issue among both parties.

“The Nigerian Communications Commission is doing what it can to facilitate an amicable resolution of MTN’s standoff with the tax and finance regulators,” Bloomberg quoted Danbatta as saying.

Two weeks ago, Nigeria's central bank (CBN) ordered Africa's telecoms giant, MTN and four other banks to “refund a total of $8.134 billion moved out of the country" for breaching the country's forex regulations.

The central bank also slammed a huge N5.8 billion fine on the banks for allegedly aiding MTN in the illegal capital repatriation. The apex bank had since redeemed the fine from the four banks.

Five days after, the attorney-general of the federation also requested MTN to pay $2 billion in taxes relating to the importation of foreign equipment and payments to foreign suppliers since 2008.

The telecoms firm denied wrongdoings and promised to defend its position vigorously.

On Monday, September 10, 2018, it <a id="66ca716b-2674-50e1-bb78-6822af65f3fe" href="https://www.pulse.ng/bi/tech/mtn-is-dragging-nigerian-govt-to-court-over-10-1-bn-demand-id8835520.html">filed a legal suit </a>concerning demands from the Central Bank of Nigeria (CBN) and the office of the Attorney General of the Federation on foreign exchange repatriation and taxes.

The company said the case is a complex one and requires judicial interpretation.

Prof. Umar Danbatta, NCC chairman, stated this on the sideline of the ITU Telecom Conference in Durban, South Africa.

Nigeria's telecommunication regulator is working to end MTN’s $10.1 billion dispute with the government

<h1>MTN Nigeria said it is seeking legal intervention in the matter concerning demands from the Central Bank of Nigeria (CBN) and the office of the Attorney General of the Federation on foreign exchange repatriation and taxes.</h1>

Two weeks ago, the Central Bank of Nigeria (CBN)<a id="5e7e5b76-4858-545b-ae8b-317a20255fb1" href="https://www.pulse.ng/bi/finance/cbn-has-ordered-mtn-and-4-other-banks-to-refund-8-1-billion-id8787204.html"> demanded the refund of $8.1 billion</a> 'improper' moved out of the country "to the coffers”.

5 days after, the Attorney General of the Federation (AGF) also notified the company of the<a id="45099067-aa3a-516d-b679-9d4ea7189a8b" href="https://www.pulse.ng/bi/finance/nigeria-has-ordered-mtn-to-pay-another-2-billion-tax-bill-id8810633.html"> government’s intent to recover $2 billion in back taxes</a>.

Allegations which the African mobile phone company denied.

In a statement released on Monday, MTN Nigeria said it has filed for an injunctive relief from the Federal High Court in Lagos, against any further steps by the CBN and the AGF until the matter is resolved.

The company frowned at the “accompanying negative publicity that has followed the issues in the last two weeks.”

Tobe Okigbo, Corporate Relations Executive, MTN Nigeria, said, “With situations like this, it is vital for both the government, regulators and the company to have absolute clarity on the nature of both the allegations being made and the processes that are being followed. In the absence of this clarity, our only option is to seek judicial intervention and to ask the courts to act as adjudicator. This has been done today.”Speaking further about the development, Okigbo said “The allegations being made involve issues that appear to be complex and so are easily misunderstood and misinterpreted. They are made even more confusing when the relevant authorities send conflicting messages and instructions and act in a way that appears un-coordinated and at cross purposes.“The simple reality is that MTN Nigeria has never repatriated dividends on the CCIs referenced by the CBN and that MTN is fully compliant with Nigerian tax law,” he said.

MTN will refund demand in dollar terms

In a phone conversation with Business Insider Sub-Saharan Africa last Thursday, Isaac Okoroafor, CBN's spokesperson, said the monetary authority is key to the issue and MTN will have to return the <a id="78554a00-756a-5843-bd24-3dda2307fb1a" href="https://www.pulse.ng/bi/finance/cbn-says-mtn-cannot-refund-8-1bn-demand-in-local-currency-id8808641.html">dollar equivalent of the $8.1 billion</a>.

MTN Nigeria said it has filed for an injunctive relief from the Federal High Court in Lagos, against any further steps by the CBN and the AGF until the matter is resolved.

MTN is dragging the Nigerian government to court over a multi billion-dollar dispute

<h1>Nala, Virtual Identity and Wallet.ng have emerged winners of the 2018 Ecobank Fintech Challenge at a ceremony held at pan-African banks headquarters in Lome, Togo.</h1>

Nala, based in Tanzania, a mobile money application that works offline, beat the ten other finalists to emerge as the winner of the competition. Virtual Identity from South Africa and Wallet.ng from Nigeria emerged first and second runners-up.

The three startups won cash prizes worth $10,0000, $7,000 and $5,000 respectively.

Ade Ayeyemi, Ecobank Group CEO, praised the finalists for their innovative solutions and welcomed them to the Fellowship.

ALSO READ: <a href="https://www.pulse.ng/bi/tech/wala-recyclepoints-and-tulaa-win-160k-in-2018-zambezi-prize-id8793905.html" id="9305a23d-8a77-5ec6-80dc-79a34b91a06d">South Africa’s Wala, Nigeria's RecyclePoints and Kenya's Tulaa win $160,000 in 2018 Zambezi Prize for innovation</a>

“We are proud of the impressive startups that made it to our 2018 final. They are shining examples of the entrepreneurial spirit and creativity that will propel our continent’s global competitiveness in the commercial services markets, and I sincerely expect some, if not all, of them to be the business titans of tomorrow. They have my congratulations and we look forward to working closely with all eleven Fellows over the next year to deliver innovative banking services at better price-points that will improve the lives of Africans.”

Ecobank inducted all the <a href="https://www.pulse.ng/bi/tech/11-startups-selected-for-2018-ecobank-fintech-challenge-id8703306.html" id="f4a2ee0a-299f-5f3c-a835-41c914d640a0">11 finalists into the Ecobank Fintech Fellowship programme </a>to explore commercial partnerships with the pan-African banking giant.

Launched in 2017, Ecobank Fintech Challenge brought together fintech start-ups and innovators, policymakers, investors and development organisations from across the world to network, witness the 2018 finalists’ exhibitions, and celebrate the induction of the finalists into the 2018 Ecobank Fintech Fellowship.

Ade Ayeyemi, Ecobank Group CEO, praised the finalists for their innovative solutions and welcomed them to the Fintech Fellowship programme.

Tanzania's Nala, South Africa’s Virtual Identity and Nigeria's Wallet.ng win big at the 2018 Ecobank Fintech Challenge

<h1>Nigerias capital city, Abuja, is currently experiencing what the authority has described as Earth Tremor, an involuntary movement of earths surface caused by stress in the underground rocks.</h1>

According to reports, the two cities experiencing the scaring earth movement are Maitama and Utako.

The emergency agency confirmed the report in a statement released on Friday, September 7, 2018, urging citizens to take precautionary methods.

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What is the cause of Abuja earth tremor?

The FCT Emergency Management Agency of Nigeria attributed the cause to the possibility of "earth tremor", describing it as "a sign of seismic movement within the earth".

"This is caused by sudden breaks along a fault line, which results in a sudden release of energy that makes the ground to shake.

"It is caused by stress in underground rocks and may be due to rock blasting and mining activities in an area," the agency said.

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Blessed Fon-do‏, @Laidy_Beeh, in a series of tweets, said the country is experiencing an "intraplate tremor" and “could have been caused by regional stresses due to Nigeria's position between two cratons and zone of weakness resulting from tectonic activities even though Nigeria is on a stable continental crust.”

In the same vein, Sim Shagaya, a Nigerian entrepreneur and former CEO of one of West Africa's largest electronic commerce website, Konga, said the  Abuja tremor was caused by the massive 7.8 earthquakes recorded in Fiji days ago.

“Regarding the Abuja tremors, a massive 7.8 earthquake was recorded in Fiji (and several other locations on the Pacific ring of fire). When an earthquake happens, echoes of the quake can cause tremors to occur in a location at the opposite end of the globe.

“Abuja is almost diametrically opposite Fiji. This is likely what happened. Nigeria is otherwise geologically stable."

Nigeria's Senate leader calls for calm

Bukola Saraki, president of the Nigerian Senate, has called for calm on the recent earth tremors in Abuja.

He implored all relevant agencies and emergency services to be on high alert to prevent the loss of lives and property.

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Abuja residents also called on the government to take appropriate steps.

Earth Tremor is an involuntary movement of earth surface caused by stress in the underground rocks.

Nigeria's capital city is experiencing earth tremor, and it is causing panic among residents

<ul><li>Young Africans are blazing various trails and promoting the positive image of Africa across the globe.</li></ul>

In politics, activism, entertainment, sports and digital space, young Africans are blazing various trails and promoting the positive image of Africa across the globe.

Most prominently are youths from Nigeria, South Africa, Ghana and Tanzania.

They formed the majority of the most influential young Africans at the moment, according to 2018 list of 100 Most Influential Young Africans.

Africa Youths Awards, a platform for celebrating young Africans in Africa and the Diaspora, announced the 2018 list of 100 Most Influential Young Africans on September 4, 2018.

Launched in 2014, Prince Akpah, Founding President of the awards, said this year's list recorded 90 new entrants and 43 females.

ALSO READ: <a id="833648e6-52bc-57e3-9315-7f494f78525d" href="https://www.pulse.ng/bi/sports/here-are-the-10-most-valuable-football-brands-in-the-world-id8794752.html">These are the 10 most valuable football brands in the world right now</a>

According to the organisers, the honorees were listed for their individual and collective contributions towards positioning the image of Africa as frontrunners in their respective fields.

Prominent among the 2018 honorees are Uganda’s Robert Kyagulanyi Ssentamu (Bobi Wine), Togo’s Farida Bemba Nabourema, Egypt’s Mohamed Salah, Nigeria’s Davido, Guinea’s ABD Traore, Kenya’s Xtian Dela, South Africa’s Cassper Nyovest and Tanzania’s Alikiba.

These are the 100 distinct young Africans in the world at the moment:

Prominent among the 2018 honorees are Uganda’s Bobi Wine, Togo’s Farida Bemba Nabourema, Egypt’s Mohamed Salah, Nigeria’s Davido, Guinea’s ABD Traore, Kenya’s Xtian Dela, South Africa’s Cassper Nyovest and Tanzania’s Alikiba.

These are the most influential young Africans at the moment

<h1>Nigeria government has liberalised its seed industry by licencing 158 new firms to produce quality products and boost agricultural production in the country.</h1>

Among the 158 new seed entrepreneurs, 10 were foreign firm while the remaining 148 were local firms.

Philip Ojo, the Director-General, National Agricultural Seed Council (NASC), said the new approvals added to the 156 existing licences.

Nigeria is working to have more players in the seed industry to produce and distribute quality seeds to farmers.

With the addition, Nigeria now boasts of 314 seed entrepreneurs, 223 produce sellers and 20 seed dealers.

The country accounts for over 60% of seeds traded and used in West Africa and some parts of East and Central Africa, according to the National Agricultural Seeds Council.

Despite this, Africa's largest economy is yet to fully recover from its <a id="5b4190f1-403b-56fb-850a-ce79b56c8baa" href="https://www.pulse.ng/bi/politics/nigeria-economy-slows-as-diversification-policy-struggles-id8402039.html">2016 economic woes</a>. In the second quarter of 2018, grew 1.5% in the second quarter of 2018, a downturn from 1.95% growth recorded in the first quarter and  2.11% year-on-year in the fourth quarter of 2017.

Yemi Kale, the statistician-general of the federation and director general of the NBS had said there is no major <a id="a1dcefb1-2ae4-5c2d-a8fa-eb8442b31780" href="https://www.pulse.ng/bi/finance/nigeria-s-economy-remains-fragile-as-growth-slowed-down-in-q2-id8775705.html">significant surprise in the second quarter report</a>.

The country is still battling with the <a id="b150154e-d430-501f-ab72-7f2a869b4cf2" href="https://www.pulse.ng/bi/politics/nigerians-knock-buhari-as-farmer-herder-clashes-claim-82-lives-id8542823.html">farmers-herdsmen clash</a>, a bigger part of the nation's GDP.

The country accounts for over 60% of seeds traded and used in West Africa and some parts of East and Central Africa.

Nigeria is boosting its seed industry with 158 new firms

<h1>Nigerias central bank (CBN) has deducted the sum of N1.886 billion from Stanbic IBTC Bank Plc for breaking forex rules in MTN fund repatriation.</h1>

Recall that the <a id="ed80853d-c40f-5257-ba24-d66af928ca02" href="https://www.pulse.ng/bi/finance/cbn-says-mtn-cannot-refund-8-1bn-demand-in-local-currency-id8808641.html">apex bank</a> slammed a huge N5.8 billion fine on four banks for allegedly aiding MTN in illegal capital repatriation.

The affected banks and their fines are Standard Chartered Bank (N2.4 billion), Stanbic IBTC (N1.8bn), Citibank (N1.2bn) and Diamond bank with N0.25 billion.

But in a regulatory filing to the Nigerian stock exchange on Thursday, September 6, 2018, Stanbic IBTC Holdings expressed disappointment over the deduction and maintained its position on the repatriation.

“Following our earlier announcement to The Nigerian Stock Exchange (“NSE”) on 30 August 2018, in respect of the penalty of N1.886 billion imposed by the Central Bank of Nigeria (“CBN”) on our banking subsidiary – Stanbic IBTC Bank PLC (the “Bank”) in relation to the remittance of foreign exchange on the basis of certain capital importation certificates issued to MTN Nigeria Communications Limited, we write to update The NSE that the CBN has debited the account of our banking subsidiary with the CBN for the full amount of the above-stated fine advised to the Bank,” the statement reads in part.

ALSO READ: <a id="707a3b63-6261-5d33-af6a-4c6dd154ceea" href="https://www.pulse.ng/bi/finance/mtn-repaying-8-1bn-could-lead-to-a-banking-crisis-id8794938.html">Access Bank CEO says MTN repaying $8.1 billion could lead to a banking crisis</a>

The bank said it has done nothing illegal and accordingly it “will continue to provide CBN with documents and details in support of our contention that our actions in relation to these transactions were not illegal.”

Stanbic IBTC Holdings PLC said the deduction does not impact on the capacity of its banking subsidiary to handle clients’ requests or clients’ ability to continue to carry out viable business transactions.

Last week, Nigeria's central bank (CBN) <a id="8d55c317-aa9f-5c24-9681-19928bdb40df" href="https://www.pulse.ng/bi/finance/cbn-has-ordered-mtn-and-4-other-banks-to-refund-8-1-billion-id8787204.html">ordered Africa's telecoms giant, MTN</a> to “refund a total of $8.134billion moved out of the country" for breaching the country's forex regulations.

MTN has denied involvement in any wrongdoing.

Stanbic IBTC Holdings expressed disappointment over the deduction.

Nigeria's central bank has deducted N1.8 billion fine from Stanbic IBTC account over MTN 'improper repatriation'

<h1>Nigerian ISP start-up, Tizeti, and its consumer-facing brand, Wifi.com.ng, has raised $3 million in Series A round led by 4DX Ventures to expands its unlimited internet service to other African markets, starting with Ghana.</h1>

The funding also includes the participation of existing investors such as Y Combinator Continuity, Lynett Capital, Social Capital, Western Technology Investment, Friále and Golden Palm Investments.

Tizeti said it will use the investment to expand operations outside of Nigeria and will launch a new consumer-facing brand Wifi.Africa later this year, starting with the neighbouring West African country, Ghana.

“The company will also make additional investments in operations, product development and overall customer experience, with a view toward growing profitability exponentially.”

Kendall Ananyi, the CEO  of Tizeti speaks about the Series A funding

Kendall Ananyi, CEO and Co-Founder of Tizeti says, “Tizeti was built to tackle poor internet connectivity not only in Nigeria but on the continent as a whole, by developing a cost-effective solution from inception to delivery, for reliable and uncapped internet access for potentially millions of Africans.

“... This Series A investment allows us to continue providing a peerless service in Nigeria, building out our customer base there, as well as scale across Africa, starting with Ghana”.

Walter Baddoo joins Tizeti’s Board of Directors

As part of the financing round, Walter Baddoo Co-Founder &amp; Managing Partner of 4DX Ventures joins Tizeti’s Board of Directors.

Baddoo says "Tizeti makes it easier and cheaper to connect Africa to the global digital economy and we are excited to partner with Kendall and his team on this mission.”

In June 2017, Tizeti also raised $2.1 million.

The company which operates as a “Comcast for Africa”, builds and operates solar-powered towers in Nigeria, while also providing residences, businesses, events and conferences with unlimited high-speed broadband internet access, covering over 70% of Lagos.

Tizeti has installed over 7,000 public Wifi hotspots within Nigeria with 150,000 users and in November 2017, announced a <a id="6db58e2b-93b3-5c82-8325-61f5e4feae50" href="https://www.pulse.ng/news/tech/article7569636.ece">partnership with Facebook to offer Express Wi-Fi in the country</a>, to roll out hundreds of internet hotspots across Nigeria’s capital.

Tizeti said it will use the investment to expand operations outside of Nigeria and will launch a new consumer-facing brand Wifi.Africa later this year.

Nigeria-based ISP startup, Tizeti, has raised $3 million in Series A round to expand to other African markets, starting with Ghana

<h1>Nigerian President Muhammadu Buhari has asked the Chinese President Xi Jinping to support the country’s 3050-megawatt Mambilla hydroelectric power project.</h1>

Situated in Gembu in Taraba, Nigeria's Middle Belt region, the 3,050 megawatts <a id="11c16c3f-4b68-52c4-b21c-f0a3e457f98d" href="https://www.pulse.ng/news/business/babatunde-fashola-fg-approves-5-7bn-for-construction-of-3-050mw-mambilla-electricity-project-id7236728.html">Mambilla Hydro-Power project</a> will gulp $5.792 billion (about N1.140 trillion) for the construction.

The project will take six years to complete and delivered by the year 2023 as agreed when the Nigerian government signed the contract with a consortium of Chinese companies in 2017.

The Nigerian leader made the call at the end of the <a id="55b11efe-cb83-5f67-a017-2d573bd0398d" href="https://www.pulse.ng/bi/tech/nigeria-signs-328m-deal-with-china-to-improve-countrys-ict-id8806008.html">Forum on China-Africa Cooperation (FOCAC</a>), in Beijing, China.

Buhari who commended the Chinese government for hosting the Forum on China-Africa Cooperation (FOCAC), solicited support for the Mambilla hydropower project.

In a statement released by the Senior Special Assistant to the President on Media and Publicity, Garba Shehu, the president noted that the Mambilla project remains a key priority to Nigeria.

He also sought more Chinese funding for four airport terminal projects as well as the Abuja light rail project.

In his remarks, President Xi promised to take “a serious look at it [Mambilla project] and ensure that it succeeds because of its social and economic benefits.”

He commended Nigeria’s fight against terrorism and pledged 50 million Chinese Yuan support to Nigeria’s military, noting that “Buhari is as decisive in dealing with terrorism as China.”

President Xi said China will import more agricultural products from Nigeria and expressed gratitude to President Buhari on Nigeria’s interest to take part in the forthcoming Chinese Import Fair.

The two countries also signed an agreement of $328m for the Information and Communication Technology Infrastructure Backbone Phase II (NICTIB II) project.

Nigeria’s Minister of Finance Kemi Adesoun and Wang Xiaotoa, Director-General, International Development Agency, <a id="a6357420-5cd5-5ea8-a47b-d534c552fab1" href="https://www.pulse.ng/bi/tech/nigeria-signs-328m-deal-with-china-to-improve-countrys-ict-id8806008.html">signed the concessional loan agreement</a> between Galaxy Backbone Limited and Huawei Technologies Limited (HUAWEI) in the presence of President Buhari and President Xi.

President Muhammadu Buhari also sought more Chinese funding for four airport terminal projects as well as the Abuja light rail project.

Nigerian leader Muhammadu Buhari is seeking Chinese president's support for the country's 3,050mw Mambilla hydro project

<h1>From December 19-20, 2018, Lagos will host the</h1>

Africans in the diaspora are a critical factor in the economic growth of their home nations. For example, by 2015, diaspora remittances by African migrants to their countries of origin stood at $35.2 billion, according to the World Bank. In 2017, the figure grew to $37.8 billion.

In Sub-Saharan Africa, in 2017, Togo ranked 7th on the list of countries to have received funds from its citizens in the diaspora. Yet, this inflow of money contributed nearly 9% of the country’s GDP.

Despite the consecutive growth of diaspora remittance into Africa in recent years, the amount of money that leaves Africa dwarfs it. For the figures favouring Africa to grow, Africans in the diaspora need to better understand what economic opportunities like on the continent and how to take advantage of them.

They also need to know who to collaborate with and how to do it. This is why a platform like the Africa Business Festival was created.

Business Insider Sub-Saharan Africa sat down with Olufunbi Falayi, cofounder Passion Incubator and co-convener, Africa Business Festival, to discuss the idea behind the event and what it seeks to achieve.

Business Insider Sub-Saharan Africa sat down with Olufunbi Falayi, cofounder Passion Incubator and co-convener, Africa Business Festival, to discuss the idea behind the event and what it seeks to achieve