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Business News

Twitter founder, Jack Dorsey donate N2.3 million to Nigerian startup, DevCareer

Twitter founder, Jack Dorsey, has invested £5,000 ($6,437) in Nigeria’s nonprofit software startup, DevCareer.

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Square buys $50 million worth of Bitcoins, Twitter warns political figures to abstain from fake, misleading statements, Has Twitter's Jack Dorsey changed the popular narrative attached to Nigerians?, Twitter forecasts future drop in revenue after milestone record in 2019 Q4 , Twitter founder, Jack Dorsey invest N2.3 million in Nigerian startup, DevCareer , Some Verified accounts may not be able to tweet, as Twitter freezes password reset to address cyberattack, Jack Dorsey Sells First-ever Tweet for $2.9 million dollars as an NFT

Twitter founder, Jack Dorsey, has donated £5,000 ($6,437) in Nigeria’s nonprofit software startup, DevCareer. The fund from Dorsey, who was in Nigeria last year, formed part of the £16,800 ($20,599) raised by DevCareer.

The founder of DevCareer, Sultan Akintunde, disclosed the Twitter founder’s interest in his startup, which offers laptops and software development training for free to interested individuals on Twitter.

“A big thank you to @jack for supporting the growth of budding developers in Africa through @dev_careers.”

DevCareer had begun through crowdfunding on Twitter, to buy laptops for aspiring developers in Nigeria. The reactions from the tech community encouraged Akintunde to further the ambition of DevCareer.

He requested to raise funds to buy laptops for 20 upcoming developers who can’t afford it and a mentorship program to 30 extra upcoming developers. DevCareer went on to raise £5000 in its first cohort to train 22 developers across three states. It has also raised more than £10,000 (N4.6 million) for it second cohort. So far, the company has raised £21,000 (N9.8 million) altogether; including the recent £5,000 from Twitter’s Dorsey.

In his statement on Twitter, Akintunde said, “I know there’s a quote about setting goals and smashing it. I just don’t know what it is,” he tweeted while thanking the tech community for the support.

(READ MORE: Twitter forecasts future drop in revenue after milestone record in Q4 2019)

For its second cohort, trainees are expected to be selected based on the best performance in aptitude tests: Lagos, Oyo, Ogun, Abuja and Rivers state. Now, the startup plans to train 50 people over the next few months, starting from March 2020.

In a chat with Nairametrics, Akintunde stated that, “We have a structured layout and already rolled out plans for 50 people (25 males 25 females).”

DevCareer doesn’t have any plan to increase the number yet, as it “will require more planning which we never had prior planning for,” Nairametrics was told.

Akintunde said the number was pegged at 50 in order “to keep up with the quality of the program and not just increase the number of candidates we train.”

He revealed that applications were received from African countries like Zambia, Kenya and Ghana, and five developers will be selected from each country while 35 will come from Nigeria.

DevCareer is currently pulling a cat out of the hat considering its competitors: Andela, Semicolon and Decagon, are not offering free services. While the test for entry is done physically, DevCareer offers free training online and provides resources like laptops for free. This makes it a non-profit startup in a competitive market that is capital intensive.

Jaiz bank

When asked if the free service is for a short-term or DevCareer is willing to continue for the long-term.

Akintunde said, “We have a sustainability plan but it can’t be related to business models like Andela and others. Short term and long term. We will continue to be a non-profit.”

Olalekan is a certified media practitioner from the Nigerian Institute of Journalism (NIJ). In the era of media convergence, Olalekan is a valuable asset, with ability to curate and broadcast news. His zeal to write was developed out of passion to shape people’s thought and opinion; serving as a guideline for their daily lives. Contact for tips: [email protected]

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Business News

Nigeria’s revenue crisis may further worsen as India cuts oil imports by $39.5 billion

The revenue to be earned by Nigeria has come under further threat due to India’s drop in crude oil importation.

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Now that oil is recovering, when will naira recover?

The revenue to be earned by Nigeria has come under further threat due to India’s drop in crude oil importation.

Data from India’s Petroleum Planning and Analysis Cell showed that the country, which took over from the United States as Nigeria’s largest crude oil importer, reduced crude oil imports by $39.5 billion in April, compared to the same time the previous year.

According to a report from Punch, the Indian High Commission in Nigeria said that India’s crude oil imports from Nigeria in 2020 amounted to $10.03 billion, representing 17% of Nigeria’s total crude exports for the year.

India has been badly hit by a third wave of the coronavirus pandemic which led to a spike in infections in April and lockdown in major cities with the attendant negative effect on Nigeria’s oil sales.

The NNPC was prompted to drop the official standard price of its main export streams, Bonny Light, Brass River, Erha, and Qua Iboe, by 61-62 cents per barrel, below its April 2021 prices. They traded at $0.9, $0.8, $0.65, $0.97 per barrel respectively, below international benchmarks, as Oilprice.com showed.

India had been a major buyer of the not-too-light and not-too-heavy Nigerian crude that suited its refiners with the Indian Oil Corporation’s refineries reported to be operating at 95% capacity in April, down from 100%.

An official at the IOC was quoted as saying, “If cases continue to rise and curbs are intensified, we may see cuts in refinery runs and lower demand after a month.”

India reportedly bought more American and Canadian oil at the expense of Africa and the Middle East, reducing purchases from members of the Organisation of Petroleum Exporting Countries (OPEC) to around 2.86 million barrels per day.

Bottom line

This is not good news for Nigeria which is facing a serious revenue crisis as a result of a drop in crude oil receipts.

The federal government is also being forced by the prevailing realities to consider cutting the cost of governance and reducing the salaries of government workers. The latter proposal has, however, been criticized by various stakeholders.

A slump in crude oil demand from Nigeria’s major buyer will further worsen the economic crisis the country is facing having just marginally recovered from a recession in the last quarter of 2020.

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Business

Insecurity: Police to investigate threats by IPOB, Oodua Republic agitators in Lagos

The Lagos State Police Commissioner has revealed that threats by IPOB and Oodua Republic have come under its intelligence radar.

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The Nigerian Police says it will investigate threats made by separatist groups including the Indigenous People of Biafra (IPOB) and agitators of Oodua Republic to attack soft targets in Lagos.

This was disclosed by Hakeem Odumosu, Commissioner of Police in Lagos State in a meeting to discuss insecurity in the state at Alausa in Ikeja, on Monday, according to a Vanguard report.

What the Police is saying about alleged IPOB and Oodua Republic threats in Lagos

“Our intelligence report revealed that, most miscreants now: Use abandoned buildings as hideouts and in most cases, initiation camp, use uncompleted buildings, dwelling house and hotels to hibernate before and after the commission of a crime,” the Police Chief said.

Furthermore, the threat of IPOB to attack soft targets in Lagos is equally being put on the radar of the command intelligence gathering and other security services in the state. Strategies are being put in place to neutralize their activities.

Similarly, the command has taken notice of agitators for the Oodua Republic by some Yoruba separatist groups and the threats to disrupt law and order in the state. 24 of these groups have been identified and are being closely monitored.

The command is using this medium to solicit for the support of all and sundry to be vigilant at all times and report any suspicious person or movement to security agencies. Let us adopt the slogan of “when you see something, say something,” he added.

What you should know

Today, the Lagos State Police Command said in a statement that: “Increase in robbery incidents were as a result of people migrating from troubled states down to Lagos. The government and relevant security agencies including RRS are doing their best in protecting members of the public.”

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