News
UK Court Rules against Nigeria in $5Bn Bonga Oil Spill Case
British Supreme Court has cleared Shell, petroleum giants, after a 12-year battle with the Nigerian govt over the Bonga field oil spill.
The judgment is a fallout of years of litigation between the oil giant, Shell Nigeria Exploration and Production Company (SNEPCo) and victims of the 2011 Bonga oil spill which affected about 350 communities across the Niger-delta region.
While transporting crude from the company’s Float Production Storage and Offloading (FPSO) vessel at the Bonga deep offshore on December 20, 2011, the export line ruptured and spewed about 40,000 barrels (6.4 million litres) of crude oil into the sea.
According to the National Oil Spill Detection and Response Agency (NOSDRA), SNEPCo incurred a penalty of $5 billion as compensation for the damages done to natural resources and consequential loss of income by the affected shoreline communities.
NOSDRA further confirmed that during the course of the investigation, it was revealed that the oil spill had affected 285,000 persons from 350 communities and satellite villages within the contact area of the spill.
After failing to get SNEPCo to abide by the judgement of the high court in Nigeria, a group of Nigerians who were affected by the spill under the aegis of Oil Spills Victims Vanguard, OSVV, made up of about 27,800 individuals across the affected communities filed a case at the TTC High Court of Justice in London in 2017 on behalf of all the victims of Bonga oil spill.
The group in their prayers, asked the UK court to compel SNEPCo to pay the $5 billion fine imposed on it by the Nigerian government.
However, while delivering the judgement, the panel of five Supreme Court justices unanimously upheld the ruling of the two lower courts which held that the six-year time frame allowed for taking action on such cases had elapsed before the group presented the case for hearing.
Shell noted that the judgment of the British Supreme Court had ended all litigation in English courts related to the spill.
Therefore we have confidence that we can do business together. To us at NAPET, this partnership is strategic and a welcome development,” he added.

News
Truecaller Unveils Brand Identity Features to Curb Fraud
Truecaller has announced a corporate rebranding and launch of a brand new app icon that will be instantly recognisable on the Google Play Store and Apple App Store. The taming of the new brand identity aligns with a significant transformation taking place in the digital space. At the heart of this rebranding is Truecaller’s renewed sense of purpose, energy and enthusiasm.
Commenting on the announcement, Alan Mamedi, Co- founder and CEO, Truecaller said, “We are excited to unveil our new brand identity and logo. It signifies our continued commitment to our users and our focus to constantly evolve and improve, every day.”
“Our mission, to protect communication for all, is what guides us to develop new anti-fraud solutions like Search Context and engineer improvements to improve user privacy,” he added.
As part of this refreshed identity, Truecaller users also get a powerful new anti-fraud feature called Search Context, as a part of the Truecaller AI Identity engine.
While looking at the search results for any number, Truecaller users will be instantly notified if the name for the number has been recently changed or is being changed frequently.
The app also classifies this contextual message into three colour categories: blue, for a neutral change, yellow, which indicates a potentially suspicious name change and finally red, indicating multiple and frequent name changes which are highly indicative of fraudulent and scammer activity.
This message will be shown to all Truecaller users on all search results across Android, iPhone and Truecaller web.
News
Yemi Cardoso Assumes Duty as Acting CBN Governor
Dr Olayemi Cardoso, on Friday, formally assumed duty as the acting Governor of the Central Bank of Nigeria (CBN).
According to a statement by Isa AbdulMumin, CBN’s Director, Corporate Communications, Cardoso’s resumption in acting capacity is pending his confirmation by the Senate.
“This follows the resignation of Mr. Godwin Emefiele as Governor of the CBN,
“Similarly, the Deputy-Governors-designate have also assumed duty, in acting capacities.
“This is sequel to the formal resignation of Mr Folashodun Shonubi, Mrs Aishah Ahmad, Mr Edward Adamu and Dr Kingsley Obiora as deputy governors.
“Cardoso and his colleagues subscribed to the relevant oaths of office at a brief ceremony held at the Bank’s Head Office in Abuja,” AbdulMumin said.
He said that they had since settled down to the task of administering monetary and financial sector policies of the Federal Government.
The News Agency of Nigeria (NAN) reports that Cardoso was nominated by President Bola Tinubu as CBN governor on Sept. 15.
Tinubu also nominated Emem Usoro, Abdullahi Dattijo, Philip Ikeazor and Bala Bello as deputy governors
News
12 African Start-ups Emerged for Flapmax AI Innovation
Flapmax has selected 12 startups for the second cohort of its FAST Accelerator start-up programme, which was formed in collaboration with Microsoft.
Starting in October, the FAST Accelerator’s cohort of 12 startups will embark on a five-week comprehensive acceleration programme in Silicon Valley, California.
The programme received over 1,200 applications from 35 African countries in Africa. Applicants represented a diverse range of cloud-based products and services that serve businesses across Africa, and which use AI to promote innovation, improve efficiency, and address crucial challenges in their respective fields.
The top performers in the 2023 cohort, and those that will travel to Silicon Valley, are: Zeeh Africa, Sumundi, Cotrust Equity, Trucki, Orange VFX, 10mg Pharma, Wallx, Moosbu, KCG Aquatec Fish Farming, Aibanc, Zendawa Africa, and Greenbii.
The cohort will collaborate closely with Intel and Microsoft on co-innovation projects, as well as receive sales and marketing assistance and go-to-market enablement to increase their audience reach.
Flapmax will also help the start-ups to apply optimised large language models, as well as scale and fine-tune these models on Microsoft Azure and Intel platforms.
Dr. Dave Ojika, founder and CEO, Flapmax, said: “Our goal is to use AI as a catalyst to enable startups and marginalised entrepreneurs to rapidly and sustainably develop their businesses and create new job opportunities.”
“Microsoft believes that African start-ups and SMEs are well-positioned to become a bedrock for the African digital economy, with relevant solutions to local societal and economic challenges,” said Mame-Fatou Gueye, SME programme manager, Microsoft Africa Transformation Office.
“Participation in the FAST Accelerator programme will help these entrepreneurs capture growth opportunities and expand their market reach,” she added.
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