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A $500m bid for 9mobile, MutliChoice fined ₦5.9bn

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A 2-horse race? Coming on the heels of rumours that Globacom was favoured to takeover 9mobile, there are fresh reports that suggest otherwise.

It appears that Teleology Holdings Limited — run by Adrian Wood, former MTN Nigeria CEO — and Smile Communications Limited are the only two telcos that so far have placed substantial bids to acquire the struggling telco. Read more on The Cable.

MultiChoice. Following an eight year battle against the Musical Copyright Society of Nigeria, MultiChoice has been ordered to pay ₦5.9bn in “special damages” by the Federal High Court in Lagos. Read more on IT News Africa.

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Eko Bank Theft – Lagos Man hacks & steals over 200 Million

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Eko Bank Theft

Eko Bank Theft – Lagos Man hacks & steals over 200 Million

– A suspect in Lagos, identified as James Nwagalezi, has been arraigned in court for committing cyber theft
– As charged, Nwagalezi hacked into Eko Bank’s app, and stole N207 million, having conspired with Okoli Nmesoma, another suspect already facing trial
– His case, presided by Magistrate B. I. Bakare, has been adjourned to Wednesday, June 4

A 28-year-old suspect, identified as James Nwagalezi, was on Thursday, June 7, arraigned before a Lagos magistrate court for reportedly conspiring with Okoli Nmesoma, who was facing trial, in hacking into the app of Eko Bank Plc and stealing N207 million. The police has filed a four-count charge against Nwagalezi revolving around felony, unlawfully hacking into bank account and theft, Vanguard reports.

Eko Bank Theft

Eko Bank Theft

Inspector Jimoh Joseph, the police prosecutor, told the court that the defendant and others still at large carried out the crime on Friday, April 27 at Igboelerin, Okokomaiko, Ojo, Lagos.

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Joseph said: “The management of the bank at its headquarters in Lagos reported the fraud to the Divisional Police Officer, DPO, in charge of Ikoyi Division, SP Tijani Mustapha, who directed a crack team led by Inspector Tope Ijatuyi to fish out the suspects.

“Nwagalezi was arrested after several months of manhunt. His arrest brings the number of suspects arrested and charged to court to six. The Police are still hunting for more suspects involved in the alleged fraud.” 

The prosecutor said that the offences are punishable under Sections 411, 387, 287 and 325 of the Criminal Laws of Lagos State, 2015. Reacting to the charges against him, Nwagalezi pleaded not guilty.

Magistrate B. I. Bakare granted him N1 million bail, with two sureties in like sum, stressing that one of them must be a leader in a neighbouring community. Bakare adjourned the case till Wednesday, July 4, and ruled that the defendant be remanded at the Ikoyi prison, pending the perfection of his bail terms.

Meanwhile, it was reported that a group of Nigerian hackers described as Gold Galleon had been reported as being responsible for invading the cyberspace of shipping firms and stealing thousands of dollars from them. This was revealed by Secureworks, a network security firm whose focus was the maritime industry.

Courtesy: Naij

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Africa News Roundup: China spying on Africa, LifeBank raises $200,000

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A Chinese-Trojan horse?: In 2012, the African Union inaugurated its new headquarters in Addis Ababa. Worth over $200m, the project was fully funded by China, which also built and paid for the building’s computer network.

Teodoro Obiang Nguema, president of Equatorial Guinea and then AU chairperson, reportedly proclaimed it “a reflection of the new Africa”.

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Rensource raises $3.5m to take affordable renewable energy to more Nigerians

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Rensource, a Lagos-based renewable energy startup, has raised $3.5 million in bridge financing to expand its business. This is coming nearly 2 years after a previous seed round of $1.1m in 2016.

This new round is led by Mauritius-based Amaya Capital Partners, with participation from Omidyar Network and Pule Taukobong‘s CRE Venture Capital, which previously led Andela’s $40m Series C round. Interestingly, CRE Venture Capital participated in the original seed round for Rensource.

Founded in 2015 by Ademola Adesina and Jussi Savukoski, Rensource is hinged on a core belief that distributed power generation will be a critical element in solving the power problem in Nigeria.

Damilola Ogunbiyi, CEO of the Rural Electrification Agency agrees. According to her, “Nigerians spend about $14 billion annually on inefficient power generation. Off-grid alternatives like creating mini grid and solar home systems can easily be at $9.2 billion a year, which will save the Nigerian public and citizens $4.2 billion.”

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