Condia Insider: ₦600bn in the tax cart

In this letter, we explore:

• Wema Bank beats the buzzer on CBN’s Capital call
• Nigeria collects ₦600 billion from Facebook, Amazon, and Netflix
• ARISE lands $700m Saudi boost

We also curated updates on startup funding in Africa, weekend reads, and several opportunities.

Wema Bank beats the buzzer on CBN’s Capital call

Wema Bank isn’t waiting for the CBN’s clock to run out. The bank has already crossed the finish line on Nigeria’s recapitalisation race, pulling in a hefty ₦150 billion through a rights issue and pushing its capital to ₦214.7 billion; well above the ₦200 billion bar set for commercial banks with national authorisation.