Tech
CBN fines Moniepoint and OPay ₦1 Billion each as Nigeria tightens fintech regulation
Published
1 month agoon
By
Ekwutos Blog
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.
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Meta abandons racial diversity programmes as Zuckerberg woos Trump
Published
7 days agoon
January 11, 2025By
Ekwutos BlogThe changes come soon after the platform dropped fact-checking on Facebook and Instagram in the US, and mark a further right-wing shift
Social media giant Meta announced Friday it is dismantling its diversity, equity and inclusion (DEI) programmes across the company, marking another major shift in strategy as it aligns with politically conservative priorities.
In an internal memo to employees, the company outlined sweeping changes including the elimination of its diverse slate hiring approach and the disbanding of its DEI team.
The move comes amid what Meta describes as “a changing legal and policy landscape” following recent Supreme Court decisions against programmes that allowed for increased diversity priorities at US universities.
Do you have questions about the biggest topics and trends from around the world? Get the answers with SCMP Knowledge, our new platform of curated content with explainers, FAQs, analyses and infographics brought to you by our award-winning team.
The memo, first reported by Axios, landed days after Meta abruptly overhauled its content moderation policies, including ending its US fact-checking programme on Facebook and Instagram, in a major shift that conforms with the priorities of incoming US president Donald Trump.
That announcement echoed long-standing complaints made by Trump’s Republican Party and X owner Elon Musk about fact-checking and moderating hate speech on social media.
Meta boss Mark Zuckerberg has been moving aggressively to reconcile with Trump since his election in November, including donating US$1 million to his inauguration fund and hiring a Republican as his public affairs chief.
On Friday he sat down for an interview with popular podcaster Joe Rogan in which he bitterly criticised the Biden administration for asking that content be censored on Meta platforms during the coronavirus pandemic.
Trump has been a harsh critic of Meta and Zuckerberg for years, accusing the company of bias against him and threatening to retaliate against the tech billionaire once back in office.
Republicans are also fiercely against DEI programmes in corporate America, many of which were established in the aftermath of the Black Lives Matter movement and the nation’s attempt to reckon with long-standing racial disparities.
In the immediate aftermath of Trump’s election victory in November, Walmart and a string of prestige brands – from Ford, John Deere and Lowe’s to Harley-Davidson and Jack Daniel’s – also scaled back programmes aimed at bolstering minority groups.
In its memo, Meta said its Chief Diversity Officer Maxine Williams will transition to a new role focused on accessibility and engagement, as the company phases out its dedicated DEI initiatives.
The parent company of Facebook and Instagram will also terminate its supplier diversity programme, which previously prioritised sourcing from diverse-owned businesses. Instead, Meta says it will focus on supporting small and medium-sized businesses more broadly.
“We serve everyone,” the memo stated, emphasising that the company will continue to source candidates from different backgrounds while eliminating specific representation goals for women and people from ethnic minorities that were previously in place.
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This article originally appeared on the South China Morning Post (www.scmp.com), the leading news media reporting on China and Asia.
Copyright (c) 2025. South China Morning Post Publishers Ltd. All rights reserved.
Tech
Were trebuchets built in situ and then abandoned after a siege?
Published
2 weeks agoon
January 7, 2025By
Ekwutos Blog- Is there a question to which you want to know the answer? Or do you know the answer to a question here?
- Write to: Charles Legge, Answers To Correspondents, Daily Mail, 9 Derry Street, London W8 5HY; or email charles.legge@dailymail.co.uk
Early trebuchets were built on site. As they grew increasingly large and powerful, wagons carrying sections of prefabricated trebuchets were brought to a siege and assembled in situ.
A trebuchet was a medieval siege weapon, operated using a counterweight to propel a long arm, attached to a sling, which could hurl a projectile with great force and accuracy at enemy fortifications.
Invented in China in around the fourth century BC, by the 12thcentury, improved counterweight trebuchets were in use in Europe.
Historian Michael S. Fulton offered the best examination of the machines in his book Development Of Prefabricated Artillery During The Crusades (2015).
He concluded that while smaller weapons were built on site, large trebuchets were not only assembled but also disassembled afterwards for transport so they could be reused at later sieges.
Perhaps the largest and most famous trebuchet of them all was Edward I’s Warwolf.
In 1304, he ordered his engineers to build this great piece of artillery for the siege of Stirling Castle in Scotland.
Assembled by five master carpenters and 49 labourers, the Warwolf could hurl rocks weighing as much as 300lb.
The Scots, watching the Warwolf being assembled, offered to surrender, but Edward reputedly refused to let anyone leave the castle until the great engine had bombarded it, which it did, successfully levelling the curtain wall.
Jon Francis, Norwich, Norfolk
QUESTION: What did the Keeper of the King’s Conscience do?
The Keeper of the King’s Conscience was a role of the Lord Chancellor. Historically, the Lord Chancellor was head of the Chancery, a court of equity (using fairness to resolve disputes) that originated in medieval England.
In its earliest form, those who were unable to obtain an adequate common law remedy (law derived from judicial decision), or felt they had been treated unfairly, could petition the King of England directly. Rather than making the judgment himself, he would refer the case to his ‘Conscience’, i.e. the Lord Chancellor.
Up until the Reformation the Chancellors were almost always churchmen, versed in civil and canon law. The Chancellor could thus bring legal and spiritual judgment to bear upon the case.Afterwards, the Chancellors were usually trained lawyers used to the process of reasoning.
Sarah Westwood, Birmingham
QUESTION: Was Gustav Holst the first composer to write about the planets?
Before Holst, there were works that explored celestial or planetary themes, though not in such a thorough or systematic manner as The Planets (1914-1917).
Orlando di Lasso (c.1532-1594) was a Catholic composer born in Mons in the Habsburg Netherlands (modern-day Belgium).
One of the most prolific, versatile and universal composers of the Renaissance, Lasso wrote more than 2,000 songs in Latin, French, Italian and German. Among his works was In Me Transierunt Irae Tuae (Your Wrath Swept Over Me), which directly inspired the German mathematician Johannes Kepler (1571-1630) to write Harmonices Mundi (Harmonies Of The World).
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Harmonices Mundi captured the Pythagorean idea of planetary motion and the ‘music of the spheres’: the philosophical concept that celestial bodies such as the Sun, the Moon and the planets form music as they move through the solar system.
Austrian composer Joseph Haydn’s great oratorio The Creation (1798) celebrated the formation of the Universe. Although the lyrics were based on the biblical books of Genesis and Psalms, and John Milton’s Paradise Lost, Haydn was intensely interested in the astronomical discoveries of the day.
He is believed to have read Immanuel Kant’s Universal Natural History And Theory Of The Heavens (1755), which introduced Nebular Theory, the idea that the planets coalesced from gas and dust orbiting the Sun. The theory, as refined by French mathematician Pierre-Simon Laplace in the 1790s, was popular in the intellectual salons of the era.
Haydn also visited William Herschel’s astronomical observatory in Slough in June 1792. Peering through Herschel’s 40ft telescope may have provided the cosmic inspiration for The Representation of Chaos, the famous opening of The Creation.
It brilliantly captures the formation of celestial spheres from chaos, and it is clear from Haydn’s sketches that he took unprecedented pains over this composition.
Dr Ken Bristow, Glasgow
Tech
The wheels of an aircraft continue to spin and move immediately after takeoff.
Published
2 weeks agoon
January 4, 2025By
Ekwutos BlogThe wheels of an aircraft continue to spin and move immediately after takeoff.
Depending on the diameter of the tires, they may continue to spin between 1,500 and 2,000 rpm.
The captain must stop this rotation before the tires settle into the box, a task that is accomplished by different systems depending on the level.
Here is a brief explanation of how the wheels of an aircraft stop spinning
Most modern aircraft have automatic braking technology and devices to stop the wheels from spinning after takeoff, eliminating the need for pilots to use the brakes, as the automatic braking system works immediately after takeoff.
Passengers can feel the resulting vibration if they are sitting in the front and hear some intermittent noise immediately after takeoff.
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