Society Gists

As always, it was a busy week for Corporate Nigeria, first with Lazerpay shutting down and then Seplat being dragged to court. More so, Transcorp’s share price soared after Femi Otedola acquired some shares, even as more companies released their financial results. Let’s get to the details.

Lazerpay is no more!
Nigerian crypto payment startup, Lazerpay, shut down last week due to a lack of funds. The shutdown follows Lazerpay’s failed attempt to raise a seed fund last year. The lead investor in the funding round had withdrawn due to market conditions and disagreements on terms.

Note that the company became the second Nigerian startup to close shop this year for the same reason. Merchants have been given until April 30 to withdraw their funds.

Seplat’s court case
Last week, criminal charges were filed against Seplat Energy PLC and some of its executives for allegedly violating provisions of the 2015 Immigration Act. The charges were filed in an Abuja division of the Federal High Court, accusing the defendants of allowing Seplat’s CEO Roger Brown to accept employment without the Controller-General of Immigration’s approval.

Recall that earlier this year, the Nigerian government revoked Seplat CEO’s visa, residence, and work permits, citing alleged racist practices and discrimination from him against Nigerian employees. Since then, he has been enmeshed in legal troubles.