In a continuation of the Central Bank of Nigeria’s (CBN) increased scrutiny of fintech startups, two of the country’s most prominent unicorns, Moniepoint and OPay, were fined ₦1 billion each in the second quarter of 2024, sources with direct knowledge of the matter told TechCabal. While several other fintech companies were also penalized, the two firms were the hardest hit.

The penalties followed a routine CBN audit of the fintech sector, which revealed compliance issues. According to two sources familiar with the process, these regulatory checks are a standard procedure for banks and financial institutions under CBN oversight.

At least four other fintech companies were similarly penalized, though the details of these fines remain unknown.

The CBN has increasingly relied on fines to enforce regulatory compliance. In 2023, Nigerian banks paid a combined ₦678 million in penalties. In October 2024, the central bank and the Securities and Exchange Commission (SEC) imposed a ₦15 billion fine on ten commercial banks, including Zenith and GTBank, for various infractions in the first half of the year.

Until recently, Nigeria’s rapidly growing fintech sector largely operated without CBN interference. However, the rapid expansion of fintechs like OPay and Moniepoint, which now serve millions of users, has invited greater scrutiny. OPay, for instance, claims a customer base of around 40 million, while Moniepoint, which processed 5.2 billion transactions in 2023, does not disclose specific customer numbers but is similarly large.

Kindly follow  Ekwutosblog for verified News and Current Affairs in addition to insightful contents that inform, inspire, educate and entertain you always.

US President Joe Biden’s administration finalized nearly $6.2 billion in funding for Micron Technology on Tuesday, firming up a deal to boost domestic semiconductor production before Donald Trump returns to the White House.

The Biden administration has been working to green-light agreements with firms in the chip making supply chain over recent months, hoping to cement it as part of his legacy before leaving office in January.

Once a deal is finalized, funds can start heading to companies when they hit certain milestones.

The Micron investment helps bring development and production of advanced memory semiconductor technology to US shores, said Commerce Secretary Gina Raimondo.

This “is crucial for safeguarding our leadership on artificial intelligence and protecting our economic and national security,” she added in a statement.

The United States has been trying to reduce its dependence on China and other countries for semiconductors.

In this case, Washington is keen to build up a reliable domestic supply of chips that can go into advanced technologies ranging from personal computing to artificial intelligence — including enabling new AI models.

The latest funding comes under the CHIPS and Science Act, a major law passed during Biden’s term aimed at strengthening the US semiconductor industry.

‘Stable supply’

The Micron deal in particular supports the company’s two-decade plan, including investments of some $100 billion in New York and $25 billion in Idaho, said the Commerce Department.

This should create some 20,000 jobs and help the US grow its share of advanced memory manufacturing, the department added.

Apart from the efforts in New York and Idaho, the Commerce Department also signed a preliminary agreement with Micron for up to $275 million in proposed funding to expand and modernize its facility in Virginia.

The aim is to support a “stable supply” of Micron’s technology, involving chips that are key to the automotive and industrial markets, the department noted.

“Memory chips are foundational to all advanced technologies,” Raimondo said.

“As the only US-based manufacturer of memory, Micron is uniquely positioned to bring leading-edge memory manufacturing to the US,” said Micron President Sanjay Mehrotra in a statement.

The United States used to make nearly 40 percent of the world’s chips but this proportion is now around 10 percent, with none being the most advanced chips.

While the US government has unveiled over $36 billion in grants through the CHIPS Act, some of the funds remain in a due diligence phase and cannot yet be disbursed until agreements are made final.

Rehabilitation Of Ajaokuta Steel Plant To Commence In Q1 2025 – Natasha Akpoti

Natasha Akpoti-Uduaghan, chairman senate committee on local content, says plans are underway to kick-start the revitalisation of the Ajaokuta Steel Company plants in the first quarter (Q1) of 2025.

In September, Shuaibu Audu, minister of steel development, signed a memorandum of understanding (MoU) with the builders of the Ajaokuta steel plant, Messrs Tyazhpromexport (TPE), for the rehabilitation, completion, and operation of the plant and the National Iron Ore Mining Company (NIOMCO).

Speaking on Tuesday at the ongoing Practical Nigerian Content Forum organised by the Nigerian Content Development and Monitoring Board (NCDMB) in Bayelsa state, Akpoti-Uduaghan said the federal government has located the main constructors of the steel to revamp it and keep it running.

She assured that work would commence on the steel company next year.

“I would like to give credit to the president, who has committed extensive political will in ensuring that the Ajaokuta Steel Company has been connected with the original builders,” Akpoti-Uduaghan said.

“A certain number of MoUs and agreements have been undertaken, and in the first quarter of next year, we are hoping that the Tyajz Prom Export, who are the original builders of the plant, will be on the ground to kick-start the revitalisation of the steel plant.

“That means we are setting ourselves, our country, strategically to begin to manufacture the core components and machines that are utilised in the oil and gas sector.”

The senator further said for every deep water operation, rigs are utilised and the cheapest rig stands at about $10 million while some go as much as $25 million.

“And what actually makes up a rig? Steel. So, just imagine, count how many rigs you have in Nigerian waters. Imagine if we had those rigs manufactured in-country,” she said.

“That means we would have saved so much money and we would have created so many jobs.”

Akpoti-Uduaghan also said breaking new frontiers requires both strategic vision and boldness, adding that the journey ahead may be challenging, but “it is essential”.