News — 1 Million

Nigeria has emerged as the second biggest market for bitcoin, trading over 60,000 bitcoins, valued at $566 million, between 2015 and 2020.

Since 2017, the volume of bitcoin trade in Nigeria has increased by 19% while the highest volume of trade (20,504.50) was recorded in 2020, according to reports.

The West African nation and Africa’s biggest economy trails only the United States on Paxful, a leading peer-to-peer bitcoin market place. The sharp rise in bitcoin trade, particularly in 2020, has been attributed to the lockdown and the “End SARS” protest across Nigeria.

During the End SARS protests, the Nigerian authorities accused some foreigners and members of the Nigerian diaspora of funding the protest. And in the government’s quest to end the demonstrations, the Central Bank of Nigeria instructed private banks to freeze several organizations’ and individuals’ accounts to stop the flow of funds supporting the protests, according to Human Rights Watch.

To bypass the restrictions, the protesters switched to using bitcoin in order to raise funds to sustain the pressure on the federal government to act on police brutalities and other human rights abuses by the country’s security forces. The change to bitcoin was in no small part due to explicit advice by Twitter CEO, Jack Dorsey, who supported the protest to the anger of certain officials of the Nigerian government.

According to reports, bitcoin accounted for around 40% of the nearly $400,000 raised within a week.

The coronavirus-forced lockdown in Nigeria also saw the bitcoin trade skyrocketing, recording a 37% increase in new registrations. Paxful, which controls 52% of the bitcoin market worldwide, is the most popular bitcoin platform in Africa and Nigerians make up a quarter of its customer base with 1.3 million registered accounts.

“They mostly use the platform for peer-to-peer and arbitrage trading,” says Nena Nwachukwu, Paxful Nigeria regional manager. “Remittance is also a popular use case.” Nwachukwu says bitcoin transfers are “much cheaper and faster than using traditional money transfer operators.”

Also, cross border challenges in money transfer accounts for the growing using of bitcoins, according to Paxful chief executive officer and co-founder Ray Yussef. “Africa’s largest economy has problems and restrictions in sending and receiving money from inside and outside its borders.”

The U.S, which tops the bitcoin market, recorded a 32% decline in the number of bitcoin trades executed in 2020 while the Philippines recorded the biggest increase with 7,339% more bitcoin traded in 2020 compared to 2019, according to bitcoin.com.

China traded $181.3 million worth of bitcoin in the last five years, Canada $131.1 million and the UK $119.4 million to complete the top five bitcoin trading economies.

A Kenyan family of a victim of the 2019 Ethiopian Airline crash has been paid $3 million by U.S. planemaker Boeing. This is the first Kenyan family out of 32 families from the country to receive a payout after losing their relatives in the deadly crash, according to local media.

“We sought and asked for the largest amount possible to be paid as compensation to the families we represent,” Manuel von Ribbeck from Ribbeck Law Chartered, a U.S. law firm that represented the family, stated after the settlement. “It is important to note however that no amount of money in the world will bring our clients’ beloved family members back.

This is the first settlement in a case by Ribbeck Law Chartered which sued Boeing on behalf of some families who lost their loved ones in the crash. A total of 157 people, including 32 Kenyans, died when the Boeing 737 Max aircraft crashed in March 2019 in the town of Bishoftu, Ethiopia. That accident came on the back of a similar Lion Air jet crash in Indonesia in October 2018 that killed 189 people.

Aviation regulators around the world subsequently grounded Boeing’s 737 MAX planes. This September, an investigative report said the plane manufacturer and the Federal Aviation Administration (FAA) were responsible for “repeated and serious failures.” Boeing’s 737 MAX was however cleared by the U.S. Federal Aviation Administration to fly again last month.

Boeing, which has lost more than than $20 billion following the crisis, is also facing a series of lawsuits from families of victims. U.S. law firm Ribbeck Law Chartered filed suits against the aircraft maker in a US Federal Court in Chicago following the two fatal crashes. According to Bloomberg, it would cost Boeing at least $1 billion to settle claims. Von Ribbeck has said the plane manufacturer “should not be greatly affected by it”.

“Most of the payments will be made by their insurance and reinsurance companies and as stated by Wall Street firms, Boeing can afford that cost: Boeing has posted record revenues of $101 billion last year and $10.6 billion in profits,” he said.

In July 2019, Boeing promised to give $100 million to help families affected by the deadly crashes of the company’s 737 MAX planes in Indonesia and Ethiopia. The company said in a statement that the funds will not go directly to the families but will be given to local governments and non-profit organizations to help families with education and living expenses and to improve economic development in affected communities.

Intending to inspire and help capitalize future Black entrepreneurs and innovators, the popular soda brand Mountain Dew is launching a $1 million ideas pitch competition.

Gaining access to capital remains is one of the biggest challenges for Black Americans wanting to start or expand a business. So the contest’s timing is perhaps fitting for those individuals and others.

Called the MTN DEW Real Change Opportunity Fund, the contest is an ideas pitch competition offering the $1 million prize pool annually with an expected initial commitment of five years. Mountain Dew just announced it is teaming with Howard University, Hampton University and other Historically Black Colleges and Universities (HBCUs) linked with its parent company PepsiCo.

The contest comes after PepsiCo announced, in June, its plans to invest over $400 million in the next five years to uplift Black communities across America. The contest is separate from that pledge.

The Real Change Ideas Pitch Competition will offer students and recent alumni of Howard, Hampton and other HBCUs a chance to win cash. The Top 10 finalists will compete for a piece of the $1 million prize pool, with their respective schools also getting an award fund.

The competition will provide resources, programming and funding to future Black Entrepreneurs. The goal is to encourage and empower HBCU students to go out and “Do,” meaning convert their ideas into real action. Those interested in applying and getting more entry details can go here.

A  panel of experienced “Doers,” including seasoned entrepreneurs, will pick the top 50 applicants. Those applicants will be invited to a round of virtual pitches with an all-star panel beginning January 18, 2021. Ten finalists will emerge and can pitch their ideas in front of a Real Change panel. The 10 finalists will compete during a virtually streamed finale in February 2021.

Mountain Dew is partnering with media powerhouses, including BET, Blavity, iHeartMedia and ViacomCBS to highlight the journeys of the finalists and their paths to the ideas pitch finale. Mountain Dew will select the winners and the schools will not be involved in that process.

South Africa's skin bleaching scandal: Unreported World went to South Africa where the use of controversial skin bleaching creams is on the rise in a new generation. Despite strict laws banning dangerous chemicals they're widely available and are making people ill. Reporter Tania Rashid met a celebrity who endorses skin bleaching despite the risks and some of those that are trying to end the trade. VIDEO BY Unreported World

Calling itself America’s oldest and largest trade group for Black businesses, the National Business League has aggressive growth plans for the future.

The Washington, D.C.-based business advocacy group aims to boost its current membership from 120,000 to over one million black business owners and professionals in the next five years. It aims to achieve that by launching a national membership drive through its 365 local league chapters starting in January 2021.

Dr. Kenneth Harris, the NBL’s president and CEO,  said the organization plans to use its robust digital platform, growing social media apparatus, and significant strategic partnerships throughout the country within the public and private sectors to help reach the national goal.

The membership strategy comes as the NBL just celebrated its 120th anniversary. The group was founded on August 23, 1900, by the iconic Booker T. Washington.

With the special occasion come and gone, the NBL reports it is poised to streamline the integration of the nation’s 2.6 million Black businesses into the global marketplace using technology. It proclaims Black-owned businesses generate $150 billion in annual revenue in the United States while supporting 3.56 million jobs here. This advanced shift into the digital age will be absolutely critical in the post-COVID-19 era, Harris said in a news release.

“Booker T. Washington’s vision is more relevant today than it was 120 years ago, as a new generation of unapologetic Black leadership takes the helm,” he said.  “The revolution won’t be televised; it shall be digitized.”

In line with its mission, here are some collaborative programs that the NBL is hosting or taking part in to advance Black businesses:

• The NBL is backing Med Week 2020, a virtual event led by the National Minority Business Development Agency that runs from Sept. 13-19. Get more details about the event here.

• As part of its newly formed partnership with Comerica Bank,  the NBL will host a Black Capital Access Program Monthly COVID-19 Economic Recovery Webinar Series. The event will help entrepreneurs gain tips and resources on how to become bankable and investable from financial services experts. The first virtual seminar will occur Sept. 17. For more information, visit here.

• The NBL begins its annual National Black Supplier Conference on Wednesday, November 18, 2020. This year will mark the  NBL’s first virtual national conference. It will include panel discussions, workshops, and matchmaking with over 100 corporations looking to provide contracting and procurement opportunities for Black businesses in America and globally. The event is free to all Black businesses affected by COVID-19.  The event will be presented by American Express, General Motors, Comerica Bank, Fiat Chrysler, DTE Energy, Ford, MPS Group, and Toyota.