👨🏿‍🚀 Daily – IBM checks out |

After five decades of tech diplomacy in Nigeria, IBM is packing its bags and handing the keys to MIBB, a subsidiary of Midis Group. 

Starting April 1, 2025, MIBB will be in charge of selling IBM’s software, hardware, cloud, and consulting services across 36 African countries. IBM calls this a “new operating model,” but to the rest of us, it looks like goodbye.

IBM once dominated Nigeria’s tech scene, providing IT muscle for banks, telecoms, and government agencies. But competition from Dell and Huawei swooped in like uninvited wedding guests, and before long, IBM’s client list was looking slimmer than a startup’s lunch budget.

Globally, IBM’s numbers have been wobbling. In 2024, its consulting revenue dipped 2%, infrastructure sales took an 8% hit, and despite a 10% boost in software sales, overall revenue only crawled up by 1% to $17.55 billion. Still, IBM is optimistic, projecting 5% revenue growth in 2025, with $13.5 billion in expected free cash flow—because hope (and solid financial forecasting) springs eternal.

So, what does this mean for Africa? Well, IBM is out, MIBB is in, and businesses are left wondering whether they just got an upgrade or a reroute. Either way, the tech scene in Nigeria and beyond is about to experience a plot twist.

Higher-ups at First Bank, Nigeria’s oldest lender with ₦25.7 trillion ($18.3 billion) in assets, will be heaving a deep sigh of relief after the Federal High Court, on Tuesday, ordered the forfeiture of assets of Tijani Muiz Adeyinka, the ex-employee who allegedly diverted ₦40 billion ($29 million) from the bank in March 2024.

If you missed the First Bank fraud story, here’s some required reading for you before you continue.

Adeyinka worked in operations during his fated time at First Bank, where he managed the bank’s settlement account to process customer reversals. The ex-banker, using his position, allegedly stole money for two years, diverting sums to over 1,000 primary and secondary beneficiary accounts, making it hard to trace.

The lender lost a huge sum of money—the largest fraud loss in its history—and the following weeks were gruelling sessions of internal investigations that later led to the sacking of over 100 employees. 

The bank involved the Nigerian Police and anti-graft agency, the Economic and Financial Crimes Commission (EFCC), to investigate the matter and petitioned the courts to act quickly and freeze assets belonging to the ex-employee. In June 2024, Adeyinka was declared a wanted person.

According to the EFCC counsel, Adeyinka allegedly laundered money through a business he ran, Golden Sieve Logistics Ltd, which was registered in 2020. He also bought USD and exchanged it for other currencies. Additionally, he layered the money by transacting in stablecoins to further obscure the fraud’s origins. 

After a lengthy investigation, the court has ordered the forfeiture of all assets recovered from accounts linked to Adeyinka. The seized funds include ₦1.17 million, £35,070, and $392,818, totaling $1.2 million.

The recovered sum is expected to be returned to First Bank. While this is nowhere near the $29 million it lost, the bank will continue working with authorities to probe its ex-employee for any additional recoverable funds. On the operational side, the lender must tighten its processes around critical functions like settlements to prevent another incident that could leave it reeling from further losses.

Elon Musk has stayed busy in South Africa.

Over the past few weeks, Musk, the founder of satellite internet service provider (ISP) Starlink, has been engaging in talks with South Africa’s Cyril Ramaphosa to finally bring the satellite-to-mobile service home.

The talks have been progressive, and President Ramaphosa has been key in ensuring that the Independent Communications Authority of South Africa (ICASA), the country’s communications regulator, tries to find alternative ways to bring the satellite ISP’s investment into the country. In October 2024, Communications Minister Solly Malatsi also argued for ICASA to lower regulatory hurdles for foreign operators.

South Africa’s existing ownership rules, stating that foreign companies must have 30% black or disadvantaged-group ownership under its Black Economic Empowerment (BEE) rule—or cede some of its shares to the government—have been a major roadblock for Starlink.

However, local mobile network operators (MNOs) don’t like the tune ICASA is dancing to. Through their industry body, the Association for Communications and Technology (ACT), MNOs like Vodacom, MTN, Cell C, Telkom, Rain, and Liquid Intelligent Technologies are pushing back, arguing that ICASA’s focus on updating satellite regulations is unfair.

They argue that if licencing rules are going to be revised, they should be revised for the entire telecom sector—not just for satellite players like Starlink. MNOs believe the current approach gives satellite providers an unfair advantage, especially as technology evolves toward satellite-to-mobile connectivity that could make companies like Starlink direct competitors.

Starlink is no stranger to pushback from local ISPs. In Kenya, Safaricom, the country’s largest telecom operator, asked regulators to review whether it was fair for Starlink to operate without a physical presence while local players had to. They are trying to protect their business interests.

Yet, it’s worth considering whether regulators should rethink changing a competition rule that has worked for years. Changing the BEE rule raises questions about the equitable participation for black people—the very group the policy aims to support. With the issue stuck, a middle ground might be the best solution, as both sides have something the other needs.

Meanwhile, Starlink’s availability map shows an “unknown service date” for South Africa—only a few African countries have unknown dates on the map—leaving a market entry timeline uncertain and a regulatory breakthrough up for anyone’s guess.

Last week, the Kenya Bankers Association (KBA) urged the Central Bank of Kenya (CBK) to lower interest rates, arguing that a cut would stimulate credit growth and help curb rising non-performing loans.

Kenya’s inflation rate further strengthened this case. In January, headline inflation stood at 3%, remaining below the central bank’s 5% target for the eighth consecutive month, making a rate cut more feasible.

Yesterday, the CBK responded by lowering its benchmark interest rate from 11.25% to 10.75%. The central bank also announced plans for on-site inspections to ensure commercial banks pass on the benefits by reducing their lending rates. In December, the average lending rate at commercial banks eased slightly by 0.3%, with 23 banks trimming their rates from 17.22% to 16.89%.

The Monetary Policy Committee (MPC) justified the cut, citing expectations that inflation would remain below the 5% midpoint target, supported by stable core inflation, low energy costs, and a steady exchange rate.

CBK Governor Kamau Thugge stated that the move aims to support economic growth following last year’s slowdown while maintaining currency stability. He estimates Kenya’s economy grew by 4.6% in 2024, down from 5.6% in 2023, but expects a rebound to 5.4% in 2025.