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Egyptian Startup Minly Secures $3.6m Seed Round, One Other Thing And A Trivia

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This line-up of stories will help you discover the latest happenings around the tech world, today.

1. Egyptian startup Minly secures $3.6m seed round

Minly, an Egyptian startup, has secured an oversubscribed US$3.6 million seed round to extend its products and services.

Minly is a platform empowering stars to create authentic, personalised connections with their fans across the MENA region.

In 2020, the startup was co-founded by Mohamed El-Shinnawy, Tarek Hosny, Bassel El-Toukhy, Tarek ElGanainy and Ahmed Abass.

According to local media, Minly allows users buy personalised video messages and shoutouts from their favourite celebrities.

Today, the Minly app is available on Android, iOS, and web, and has experienced rapid organic growth with more than 50,000 registered users on the platform.

The US$3.6 million funding round is co-led by 4DX Ventures, B&Y Venture Partners, and Global Ventures, and also includes participation from other leading regional funds and a cast of highly strategic angel investors.

Tech Trivia: Which company acquired professional networking site LinkedIn in 2016?

A. Google
B. Facebook
C. Microsoft
D. Apple

Answer: See end of post.

2. Malagasy ed-tech startup Sayna closes new round

Sayna, a Malagasy ed-tech startup has announced securing a round of funding to help it expand access to its training programme and launch new platforms.

The three year old startup provides quality training in the digital sector in Africa.

Since inception, it offers professional opportunities to young people by bridging the gap between the growing demand of companies on digital issues and the supply of digital talent.

The new raiser, which was led by I&P Acceleration Technologies, a programme dedicated to African digital startups led by Investisseurs & Partenaires (I&P), and Miarakap, an impact investment firm.

Matina Razafimahefa, co-founder and chief executive officer (CEO) of Sayna, expressed his excitement over the new investment.

“As a team, we are very proud of what we have accomplished so far. Our successes and failures have allowed us to truly understand our market so that we can now offer a solution that can truly reinvent access to the job market for junior developers. The best is ahead of us!”

Tech Trivia Answer: Microsoft

Microsoft Corp. and LinkedIn Corporation in 2016 announced they have entered into a definitive agreement under which Microsoft will acquire LinkedIn for $196 per share in an all-cash transaction valued at $26.2 billion, inclusive of LinkedIn’s net cash. The agreement, however, contained that LinkedIn retains its distinct brand, culture and independence.

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Reps To Investigate Subsidy Regime From 2017 To 2021

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Reps To Investigate Subsidy Regime From 2017 To 2021

The House of Representatives on Wednesday resolved to set up an ad-hoc committee to investigate the petroleum products subsidy regime from 2017 to 2021.

The resolution followed a motion by Honourable Sergius Ogun who stated that component costs in the petroleum products subsidy value chain claimed by the Nigerian National Petroleum Corporation (NNPC) is highly over-bloated while the transfer pump price per litre, used by the NNPC in relation to Petroleum Pipeline Marketing Company (PPMC), is underquoted.

The lawmaker described this as fraudulent while also expressing worry that the subsidy regime has been used by the NNPC and other critical stakeholders to subvert the nation’s crude oil revenue to the tune of over $10 billion.

The committee is to report back to the House within eight weeks for further legislative action.

Wednesday’s move by the lawmaker came on the same day that the Chief Executive Officer (CEO) Mele Kyari ruled out the possibility of a subsidy for diesel.

He made the comments while appearing before the House of Representatives Committee on Downstream, alongside the CEO of Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Farouk Ahmed, among others.

“In our country today, we do not produce AGO and we regret that our refineries are not working,” he said. “Are we doing anything about it? Yes. I have heard the honourable members lamenting; yes, they (the refineries) are not working.

“This is the truth. I don’t want to bore you with why they are not working, but they are not working; I admit they are not working but we regret it. I will invite this committee at your convenience to join us to see how much work we have done to get them back to work, but they will not come back tomorrow.

“They will not! You cannot start it tomorrow. We regret this; we regret this situation, and we are doing everything possible. As a matter of fact, we have decided to do a quick fix for the Warri refinery. The reason is very simple: we don’t even want to go the long route of doing comprehensive turnaround maintenance because we are concerned.”

 

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2023: Presidency Must Return To Southern Nigeria, Fayose Insists

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2023: Presidency Must Return To Southern Nigeria, Fayose Insists

A former governor of Ekiti State Ayodele Fayose has insisted that the southern part of Nigeria must produce the country’s president in 2023.

Fayose, a two-time governor under the Peoples Democratic Party (PDP), said this in a series of tweets on his official handle on Wednesday, pinning his argument on the party’s constitution.

“The PDP Constitution provides for a rotational Presidency. Section 3(c) provides that the Party shall pursue its aims & objectives by “adhering to the policy of the rotation & zoning of Party & Public elective offices in pursuance of the principle of equity, justice, and fairness’,” Fayose maintained.

“The current President of Nigeria is a 2-term Northern Presidency, thus implying that it MUST be a Southern Presidency in 2023 or NOTHING. Awa ‘South’ lo kan’. Nigerians should await details soon.”

Fayose, who contested the PDP presidential primary, lost out to former Vice President Atiku Abukar in the exercise held earlier this month.

He has been one of the strong advocates for a power shift to southern Nigeria despite the party Atiku from the northern region, as the party’s flagbearer.

Governor Nyesom Wike of Rivers State, who also lost in the exercise, had campaigned, among others, based on a power shift to the south.

The ruling All Progressives Congress (APC), however, is fielding a southerner – Bola Tinubu – as its presidential candidate to honour the power-sharing deal called zoning between the north and south.

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Senate confirms Buhari’s ministerial nominees

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Senate confirms Buhari’s ministerial nominees

The senate has confirmed seven persons nominated by President Muhammadu Buhari for ministerial positions.

The upper legislative chamber confirmed the nominees on Wednesday after they were screened by the “committee of the whole” chaired by Senate President Ahmad Lawan.

The ministers-designate will replace those who resigned to pursue political bids.

Rotimi Amaechi, Ogbonnaya Onu, Godswill Akpabio and Emeka Nwajiuba are some of the ministers who resigned to pursue presidential bids.

The ministers confirmed on Wednesday are Henry Ikoh (Abia), Umana Okon Umana (Akwa Ibom), Ekuma Joseph (Ebonyi), Goodluck Nana Obia (Imo), Umar Ibrahim Yakub (Kano), Ademola Adewole Adegorioye (Ondo), and Odo Udi (Rivers).

During screening, Ikoh said as a way of tackling employment in the country, “technical” graduates can be job creators.

“On the unemployment situation, we need more technical graduates to do most of the things we are doing right now. If you are a technical graduate, you can employ yourself and employ others,” he said.

On his part, Umana said the country could boost its foreign exchange earnings with its free trade zones.

“On the issue of how to boost foreign exchange, I want to say that even the free zones platform is a veritable platform for this,” he said.

“The free zone is a platform that can drive production because when you produce for export, you earn foreign exchange.”

Nakama said the federal government must be ready to make some compromise to end the strike by the Academic Staff Union of Universities (ASUU).

“On tackling the issue of ASUU, my answer is that there will be leave of compromise. Government and ASUU will have to come to a compromise and through this, we will able to solve these incessant strikes once and for all,” he said.

The remaining four nominees were asked to “take a bow and go” on the grounds of their experience.

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