Joseph Olaoluwa

Nigeria

Business Reporter at The International Center for Investigative Reporting (ICIR)

Freelance Journalist at Freelance

Multiple award-winning Journo. Ex: @TechCabal. 2023 Finalist @SanlamAwards

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Articles

"We are not exiting Nigeria," says streaming giant Netflix amid speculation

Dec 4, 2024 | techcabal.com | Joseph Olaoluwa |Adonijah Ndege |Muktar Oladunmade

Despite reports from three publications suggesting Netflix is exiting the Nigerian market, the global streaming giant has firmly denied these claims, insisting it will continue to invest in Nigerian content. The speculation was fueled by comments from Nigerian filmmaker Kunle Afolayan, who spoke at the 2024 Zuma International Film Festival. Afolayan claimed Netflix canceled several films it had previously commissioned from unnamed filmmakers.
Our strength is human capital, says NITDA DG at GITEX Dubai

Nov 8, 2024 | techcabal.com | Ngozi E. Chukwu |Ephraim Modise |Joseph Olaoluwa |Kelechi Njoku

On Monday 14, during the 44th edition of GITEX Dubai, a global technology showcase, three representatives from Baltimore (USA), India, and Nigeria participated in a panel discussion. They were invited to explain, in 60 seconds, why innovators should consider expanding into their respective countries.
Timini and others discuss Nigeria’s creator economy

Nov 8, 2024 | techcabal.com | Ngozi E. Chukwu |Ephraim Modise |Joseph Olaoluwa |Kelechi Njoku

A colourful display of African cultural attire is the last thing one expects to see at an international tech conference set in the heart of Dubai. Donned in regal traditional outfits, Nigerian creatives—actor Timini Egbuson, DJ SL, and celebrity stylist Swanky Jerry—took the stage at GITEX Dubai on October 14 to speak on the future of Africa’s creative economy.
Access Bank to finalise Tanzania bank acquisition with ₦23 billion

Nov 7, 2024 | thecondia.com | Joseph Olaoluwa

Access Bank, a pan-African bank present in 16 markets, will credit Fairfax Financial Holdings, sellers of African Banking Corporation Holdings Limited (ABC) in Tanzania, the sum of ₦23.32 billion ($13 million) at an agreed-upon date in three years. This deal indicates Access Bank’s successful acquisition of ABC Tanzania, which is part of the lender’s strategy to expand its footprint in East Africa.
Jumia's revenue drops in Q3 2024, declining to $36.4 million

Nov 7, 2024 | thecondia.com | Joseph Olaoluwa

Jumia, Africa’s prominent online retailer reported a challenging third quarter 2024, marked by persistent operational losses, and a hunt for profitability that has long proven elusive. Sales and Advertising expenses remained flat year-over-year, while revenue declined to $36.4 million, down 13% year-over-year. Third-quarter revenue was primarily driven by commissions from third-party corporate sales in Egypt, partially offset by the impact of foreign exchange devaluations.
MTN Nigeria's total investments in MoMo rises to ₦26.35 billion

Nov 5, 2024 | thecondia.com | Joseph Olaoluwa

MTN Nigeria, the country’s leading telecommunications provider, has further solidified its commitment to its mobile money business, MoMo PSB, with an additional ₦1.15 billion capital injection. This extra funding brings the total investment in MoMo PSB to ₦26.35 billion from ₦25.2 billion in 2023, according to its recently released nine-month report for 2024. Launched in 2022 with an initial investment of ₦10 billion, MoMo PSB has ambitions of becoming the fintech of choice.
OmniRetail launches 50 warehouses across Nigeria

Nov 4, 2024 | thecondia.com | Joseph Olaoluwa

OmniRetail, Africa’s fastest-growing B2B e-commerce startup, has launched 50 AI-powered micro fulfilment centres known as OmniHub Franchise, across Southwest Nigeria. These strategically located warehouses aim to improve inventory management, streamline sales, and expedite delivery times for retailers. “We have not stopped being asset-light. It is our core strategy,” said CEO Deepankar Rustagi during the tour of one of the 50 Hubs in Ijora, Lagos.
MTN Nigeria reports ₦514 billion loss on FX losses and inflation

Oct 30, 2024 | thecondia.com | Joseph Olaoluwa

Profitability has yet again prevented MTN Nigeria, the country’s largest telecommunication company, from reporting favourable results in its nine-month report for 2024. The telecoms firm, which now boasts 77 million subscribers—after losing 2.7 million to NIN-SIM regulations—posted a ₦514 billion loss after tax year-on-year, compared to a loss of ₦14 billion in the corresponding period of 2023.
Touch and Pay processes ₦20 billion, launches dollar product

Oct 30, 2024 | thecondia.com | Joseph Olaoluwa

YC-Backed Touch and Pay Technologies (TAP), the company behind the Cowry Card, has launched a new feature enabling Nigerians to receive small-dollar sums from the diaspora for transportation. The feature, dubbed “dollar top-ups,” allows users to receive up to $20 from overseas, which can then be used to pay for bus and train fares. TAP partnered with New York-based remittance company Lipaworld, an Africa-facing company supporting diaspora remittances, to facilitate these transactions.
This edtech residency in Badagry wants to train 10 million people in tech

Oct 22, 2024 | thecondia.com | Joseph Olaoluwa

In Lagos, it’s normal to find most tech startups and programmes taking place in prominent tech hubs like Ikeja, Yaba and Lekki but FiguresHub, an edtech residency program, bucked the trend by setting up shop in Badagry, a town off the beaten path. Founded by Wale Ketiku in 2022, FiguresHub is on a mission to train 10 million Nigerians in digital skills, challenging the traditional notion that tech education is solely confined to urban centres.