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Paystack $200 Million Acquisition

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Are You Wondering who Paystack is or the $200 million acquisition from Stripe?

Are You Wondering who Paystack is and about the $200 million acquisition?

Paystack is a payment company that aids traders in Africa to accept payments from their customers all over the world.

It was founded in 2015 by Shola Akinlade and Ezra Olubi.

Shola Akinlade was born in Lagos, Nigeria, and attended St. Gregory College for his secondary education.

He then proceeded to Babcock University where he got his degree in Computer science in 2007 and then founded Paystack 8 years later.

They recently got acquired by Stripe for $200 million.

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Stripe is an American financial service and software as a service company. It is Silicon valley’s most valuable private company valued at $36B.

Stripe acquired Paystack as a bid to move into the African market, as it doubles down on geographic expansion.

Paystack has around 60,000 customers which encapsulate large corporations, fintech, educational institutions, and online betting companies, and various other businesses spread across Nigeria and Ghana.

The terms surrounding the acquisition have not been revealed but sources confirm it to be over $200 million.

Similar Nigerian companies in the that have been acquired by international firms are Yarnable, oya.com.ng,  Jobberman, Interswitch and varous others.

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Customs Corner

Customs Again Visits Families of Rice Sale Stampede Victims

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Demonstrate Unwavering Support

Author: Lucy Nyambi.

The Nigeria Customs Service (NCS) has once again expressed compassion and empathy towards the families affected by the tragic stampede that occurred during the sale of 25kg bags of rice in Lagos on 23 February 2024.

A delegation sent by the Comptroller-General of Customs (CGC), Bashir Adeniyi, led by the Assistant Comptroller-General of Customs/Zonal Coordinator Zone “A,” Hammi Swomen, visited the family of the Late Comfort Ajayi on Tuesday, 30 April 2024, in Anthony, Lagos.

Stating the purpose of the visit, ACG Swomen said, “In line with the CGC’s directive, it is an ongoing interaction and support for the families, so even after today, we will continue to keep in touch with them and see the best ways going forward that we can support them in this difficult time.

“It just tells you that the service is responsive, we are caring, we are a responsible Nigerian Government Agency, and even though those events happened outside our premises, we are still touched by it and we will continue to see the best way going forward to support these families.”

Responding, the husband of the late Comfort Ajayi, Murphy Ajayi, appreciated the delegation for their visit, saying, “They have been trying in their effort to get in touch with us and check on us. I say a big thank you, though it has not been easy, but life continues.”

In the same vein, the team also reached out to the families of late Eugene Anyanwu and late Mercy Christopher, who were also victims of the unfortunate incident on Thursday, May 2, 2024.

Sarah Anyanwu, wife to late Eugene Anyanwu
commended the gesture by the Nigeria Customs Service. She prayed to God to enable customs to succeed in their endeavours.

Similarly, Christopher Onah, husband to late Mercy Christopher, also appreciated the service for remembering and commiserating with his family during this trying period.

Recall that the delegation earlier visited the family of the late Susan Odulaja in Jibowu, Lagos, on Friday, 26 April 2024.

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Customs Corner

Nigeria Customs Launches Advance Ruling System for Effective Trade Facilitation

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Author: Muhammad Bashir.

The Nigeria Customs Service (NCS) has, in conjunction with the Nigerian Energy Support Programme (NESP), launched an auspicious scheme aimed at enhancing trade facilitation and creating a more transparent business environment for the Service’s stakeholders in trade space, named Advance Ruling.

Speaking at the venue of launching the project on Thursday, 2nd May 2024, at Envoy Avenue in Abuja, Comptroller-General of Customs Bashir Adewale Adeniyi described ‘Advanced Ruling’ as a critical mechanism that allows traders to obtain binding decisions from Customs administrations on the classification, origin, and valuation of goods before importation.

Appreciating the stakeholders and partners for gracing the event, CGC Adeniyi emphasised that the launched project will also serve as a tool for reducing compliance costs and fostering a conducive business environment for traders.

He said, “Today, we shall be taking the first step towards launching the Nigeria Customs Service Advance Ruling, starting with stakeholder engagement.”

The CGC, who recognised the significance of the project, as it aligns with the World Customs Organization (WCO) and the World Trade Organization (WTO), also emphasised its relevance in facilitating both domestic and international trade while also promoting Customs compliance.

“According to the WCO and the WTO, Advanced Ruling enhances predictability and transparency in customs procedures, streamlining trade processes and minimising delays, uncertainties, and costs associated with Customs clearance.” CGC Adeniyi added.

Commending President Bola Ahmed Tinubu for laying the ground to enhance the economy of Nigeria and supporting the Service, CGC Adeniyi emphasised that the launch of Advanced Ruling at this time aligns with the policy directive of President Tinubu’s administration to facilitate trade for legitimate traders.

He highlighted, “This is reflected in the Policy Advisory Document of the government, which signifies recent achievements, such as the approval to decongest the ports and make them free and accessible for importers and operators.”

As the Comptroller-General of Customs championed the laying of a foundation for Advance Ruling to enhance trade in Nigeria, he revealed that the Service has made all arrangements to conduct workshops and sensitisation sessions at Customs Area Commands to ensure that all stakeholders are well-informed and prepared to utilise this new mechanism effectively.

He, however, applauded the German International Cooperation Agency (GIZ) and other partners for their unwavering partnership and continued support of achieving a significant milestone in trade facilitation activities under the Nigeria Energy Support Programme.

“It is essential to acknowledge that initiatives like Advanced Ruling necessitate investments in capacity building for both officers and stakeholders. We are committed to leveraging our internal capacity while exploring collaboration opportunities with external partners like GIZ.” He said.

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Customs Corner

CGC Adeniyi’s Impersonator Knows Fate on 3 July 2024, As Federal High Court Adjourns Hearing

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Author: Muhammad Bashir.

A Federal High Court sitting in the Central Business District of the Federal Capital Territory, Abuja, has conducted a hearing of one Ibrahim Shu’aibu, a 50-year-old man, for assuming the character of the Comptroller-General of Customs, Bashir Adewale Adeniyi, among other distinguished personalities in Nigeria, to commit fraudulent activities.

The Nigeria Customs Service had, on Monday, 29 January 2024, addressed the media about the suspect’s apprehension by the Service’s Police Unit following his involvement in fraudulent activities, which included luring numerous citizens to pay him money for the issuance of job appointment letters.

During the court hearing, the lead Counsel of the Nigeria Customs Service, Abidemi Adewumi-Aluko, said the accused was arraigned on a nine-count charge to which the defendant pleaded not guilty.

Justice Binta Nyako, the presiding judge, adjourned the hearing to Wednesday, 3 July 2024, and ordered that the accused be remanded with the Nigerian Correctional Service pending the fulfilment of bail requirements.

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