Patricia's tale of reparation😔
#168: Trust takes years to build, seconds to break, and forever to repair - Unknown
Hello Venturer,
Sometimes, the broken trust of a loved one is more hurtful than the crime committed. There are a few reasons why this is the case. First, when someone we love betrays our trust, it shatters our image of them. This is especially true if it took us a long time to build that trust.
This is likely how Patricia's customers, using the Nigerian crypto exchange, felt upon discovering that the platform had experienced a security breach in April 2023. This breach led to the loss of millions of dollars in cryptocurrencies and prompted the suspension of both withdrawals and deposits. It did not help that Patricia’s response was vague and delayed, leaving many customers in a state of uncertainty. For those who had cautiously placed their trust in cryptocurrency platforms, this incident seemed to validate their longstanding concerns.
Then, a few weeks ago, Patricia announced the launch of Patricia tokens, a repayment plan intended to salvage the situation. But the plan has left people even more sceptical. Can Patricia regain the public’s trust?
Suotunimi Orufa,
Staff Writer.
What’s new?
Can Patricia repay its customers?
After announcing that it had suffered a breach, Patricia, a Nigerian crypto exchange, halted withdrawals and deposits on its platform in April 2023. Then, on August 18th, it announced a repayment plan: the launch of Patricia tokens (PTK). The company said it was converting all outstanding naira and Bitcoin (BTC) to these tokens, holding their value at $1=$PTK. But the public’s response has been anything but optimistic. Read more.
TikTok to set up shop in Kenya amid ban debate
Two weeks ago, a petition to ban TikTok in Kenya was filed. The petition urged Kenyan legislators to consider measures against the platform’s potential erosion of societal values by either banning it or setting up effective internet content regulations. Now, TikTok has announced plans to set up its regional headquarters in Kenya. Read more.
Nigeria’s tech sector is growing, but attracting less funding
Year after year, Nigeria has been the top destination for startup funding in Africa. But this year is different. In the first half of 2023, it ranked fifth for funding volume, behind Kenya, Egypt, South Africa, and Rwanda. But this funding slump doesn’t mean that Nigeria’s tech sector is becoming stagnant or any less potent. On the contrary, Nigeria’s tech sector is becoming a stronger support for its economy. Read more.
Mikolo: Can Nollywood tap into the big business of family cinema in Nigeria?
The global family-friendly movie market generates about 60 million in revenue yearly. Despite a large and growing population of children and young people who are potential consumers and creators of family movies, only a handful of Nigerian films are rated G or PG. Niyi Akinmolayan’s latest movie, Mikolo, although still fresh in the cinema, spotlights the possibility for Nigerian filmmakers to explore the booming market of family and children’s cinema movies. Read more.
Egypt and Nigeria are leading Africa’s fashion industry
The fashion industry in Africa is booming, with Egypt and Nigeria leading the way in this growth. Both countries are expected to collectively generate $2.5 billion in revenue from fashion by the end of 2023. Interestingly both countries have experienced different approaches to this lead. Read more.
My Pivot Journal: How fate realigned Oluwatosin Ogundana from fashion to her banking dreams
Oluwatosin Ogundana, a dedicated fashion enthusiast, initially aspired to pursue a career in banking during her childhood. However, her path eventually led her to immerse herself in the fashion industry. After five years of experience in the fashion world, fate guided Ogundana back to her childhood aspirations. Read more.
The Lagdo Dam dilemma: Balancing safety and downstream impact
On August 14th, the nation of Cameroon, situated in West Africa, initiated a deliberate process of releasing water from the renowned Lagdo Dam. However, this crucial information was only conveyed to the DG of NIHSA on August 23, 2023. This delayed communication is a cause for concern for Nigerians. Read more.
WEI: Egypt and Ethiopia in BRICS, President Mnangagwa wins poll, Gabon shuts down internet
August 24th, the 15th year of the annual BRICS summit reached a historic milestone. After a year-long deliberation, the summit resulted in a momentous decision to include six new permanent members – Egypt, Ethiopia Argentina, Iran, Saudi Arabia, and the United Arab Emirates – in the group. Read more.
The VA Pod
Nigeria is going through its toughest energy crisis in years. This could be a great time to explore renewable energy. This podcast, adapted from our LinkedIn audio event titled, “Seems like the right time for Nigeria to invest in renewable energy” digs into this conversation. Oluwatosin Ogunjuyigbe hosted industry experts, including Chibunna Ogbonna, co-founder and CEO of Kiru Energy Limited and Lolade Alonge, Business Communication officer and project manager at Koolbooks. Listen to the full podcast here.
Mini Issues
VivaTech 2023: Is AI truly limited?
Read the mini issue of our coverage of Viva Technology, Europe’s biggest technology conference, which was held in Paris, France, from June 14th to 17th, 2023.
Africa’s Business Heroes – Empowering Africa's next-gen entrepreneurs?
Since 2019, ABH, Jack Ma Foundation’s philanthropic program, has identified, showcased, and supported the next generation of African entrepreneurs through its inclusive and sector-agnostic prize competition.
Ventures Africa is in Kigali for Africa’s Business Heroes’ ongoing Top 20 semi-final event.
Our weekly collectibles
With smuggled cell phones and a handful of accomplices, Arthur Lee Cofield, Jr., took money from large bank accounts and bought houses, cars, clothes, and gold. Find out How a Man in Prison Stole Millions from Billionaires.
As marriage rates dwindle, China’s dating app industry taps into growing parent anxiety. Find out how Desperate Chinese parents are joining dating apps to marry off their adult children.
Psychologists say that personality is made up of five traits. Discover how this author learned to mould these five traits in I Gave Myself Three Months to Change My Personality.
How does a low-profile person dupe high-flyers? Discover how “Anansi’s Gold” examines one of the world’s biggest con artists.
#VANUGGET
