Big tech, big cheque
Nigerian startups might be opening their doors to Japanese investors with heavy pockets soon
Good morning, Big Brains. I wonder if the name “Big Brains” feels unrealistic to you sometimes. I mean, logically speaking, it is unrealistic. But does the name put any form of pressure on you? Does it make you feel the need to be 100% everyday? Anyways, this is me saying it’s totally okay to have a fried brain sometimes.
- Margaret
Word count: ~1,000
Reading time ~3 mins
This Week’s Big Question - “What’s one invention you wish existed today that could make your life easier or more fun?” (We’re not stealing your startup ideas, we promise).
Share your responses with us and if we think it’s fun enough, we’ll feature it in the newsletter :) so be on the lookout
Let’s get into the news you missed during the weekend:
Japan shows interest in funding Nigerian startups
Nigerian police force confirm that no ransom was paid for the release of 20 medical students
Telegram CEO Pavel Durov arrested in France
The Big Deal
Japan shows interest in funding Nigerian startups
It’s a great day to be a startup founder because your next big cheque might be coming from Japan.
During the Tokyo International Conference on African Development (TICAD) Ministerial Meeting in Tokyo, Japan, representatives from Japan said they are open to building new business and economic relationships with Nigeria, especially startups.
But it’s not just startups that will benefit from this strengthened partnership with Japan, the Asian country is also committed to working more closely with Nigeria to solve global challenges. Its representatives emphasized that Nigeria shares important values with Japan, such as democracy and good governance. So the new partnership is expected to address major issues like climate change, economic growth, and security.
Why is this a big deal?
If the headline didn’t already give it away, this could mean more money and support for Nigerian startups. According to a report by “Africa: The Big Deal”, Nigerian startups have raised $4.4 billion in funding. Japan’s interest will contribute extra zeros that can help them grow and create more jobs for Nigerian youths.
It’s also a big deal because it shows that Japan and Nigeria are building a stronger partnership, which could lead to more trade and investment opportunities.
We don’t have the full details of how Japan intends to support startups or what kind of start ups they are supporting yet but you’ll be the first to know when it’s confirmed.
Nigerian police force confirm that no ransom was paid for the release of 20 medical students
The Nigerian Police Force is starting to move like that colleague that acts like everybody owes them applause for doing what they’re paid to do. On Saturday, they announced that no money was paid for the release of the 20 medical students who were kidnapped by bandits in Benue State on their way to Enugu to attend a conference.
Police Spokesperson ACP Olumuyiwa Adejobi also added that “They were rescued with skill and precision. We commend everyone involved for their commitment and resilience."
But some Nigerians are not very impressed because this is one of the very rare occasions where kidnapped Nigerians have been released without paying ransom. The act of crowdfunding for kidnapped Nigerians has become a trend, a very dysfunctional one that has caused many Nigerians to lose faith in the police force. If you belong to the category of Nigerians who are not sure what to do with this information, we completely get it.
Telegram CEO Pavel Durov arrested in France
Speaking of big tech, Pavel Durov, the CEO of Telegram, was arrested at a Paris airport on Saturday night. The arrest is part of a French investigation into some pretty charges related to the messaging app. Durov is facing accusations of fraud, drug trafficking, cyberbullying, organized crime, and even terrorism promotion.
Even though the charges are mostly targeted at Telegram, French authorities Durov said he hasn’t done enough to stop illegal activities on the app.
He reportedly started the app because he wanted to offer a private alternative to U.S. messaging apps. But Telegram must have lost the plot because the app has been exploited to carry out multiple crimes, spread misinformation and share explicit content.
A competitor messaging app, WhatsApp, got the scoop of the misinformation accusation before Telegram. In 2019, WhatsApp introduced global limits on message forwarding after it was criticized for spreading false information in India, which contributed to incidents of lynching.
We’re not sure what the future of Durov and Telegram looks like in France and the rest of the world but we’ll keep you updated.
The Big Picks
Jigawa Flood: Death Toll Rises To 33: The Minister of Defence, Mohammed Badaru Abubakar, has announced that the death toll from the recent flood in Jigawa State has reached 33.
#EndSARS: Six Protesters Regain Freedom After Four Years In Prison: A Chief Magistrates’ Court in Ikeja, Lagos, has convicted and discharged six men who were on trial for disturbing the peace during the 2020 #EndSARS protests.
If you enjoyed this edition of the newsletter, don’t forget to subscribe and share. You can also leave feedback for us in the comments or by filling out this form.