👨🏿‍🚀TechCabal Daily – Koko is up for sale

On February 4, PricewaterhouseCoopers (PwC), the global consulting firm, took over Koko Networks after the Kenyan clean-cooking startup formally entered administration. This meant that PwC came into control to assess whether the business could be restructured or wound down in a manner that recovers value for creditors. 

It seems, after much deliberation, the consulting firm has made a decision. PwC has formally put up the “For Sale” sign on Koko.

What exactly is being sold? PwC has put Koko’s entire fuel distribution infrastructure, intellectual property, and motor vehicle fleets on sale. Prospective buyers could acquire the entire business or just parts of it. Interested parties have been asked to submit proposals before the deadline on February 26.

Wait, wasn’t the model broken? Yes, Koko’s business depended heavily on carbon credit sales. When regulatory approval to sell those credits stalled, the revenue development engine stopped. Without that revenue, the numbers no longer worked. If someone buys Koko today, they don’t magically get access to carbon credits. Any buyer would need to fix that gap or redesign the model entirely.

Why sell at all? Creditors want their money back. Selling Koko’s assets is better than letting the whole business crumble. The proceeds from this sale will go toward repaying them.

What happens next? If a buyer steps in, Koko could restart with a new model, perhaps leaner. If no one does, Koko’s assets could be sold off piece by piece.

Nigeria’s banks and telcos have finally buried a four-year fight over nearly ₦300 billion ($223 million) in unpaid USSD fees. The Association of Licenced Telecommunications Operators of Nigeria (ALTON), the union body for telecom firms in the country, said the debt has now been fully cleared, closing what its chairman, Gbenga Adebayo, described as a “systemic risk” to both the telecom sector and Nigeria’s digital finance ecosystem. 

Adebayo credited the Nigerian Communications Commission (NCC), the telecoms regulator, under Executive Vice Chairman Dr. Aminu Maida, whose intervention forced structured negotiations and compliance.

Catch up: The standoff had simmered for years. In December 2024, the Central Bank of Nigeria (CBN) and NCC ordered banks to pay ₦212.5 billion ($158.2 million)—85% of a ₦250 billion ($186 million) verified debt—by year-end, after repeated delays. 

Banks argued USSD fees were opaque and unfair. GTCO’s Segun Agbaje memorably said,: “If you want to charge ₦20, go ahead. But collect it yourself. Don’t come to us.” The late Herbert Wigwe, former Access Bank CEO, also questioned the pricing of what many bankers saw as aging infrastructure.

State of play: Beyond repayment, regulators demanded a redesign of the system. They pushed hard, tying compliance to a transition to End-User Billing (EUB), where telecom firms directly deduct USSD charges from customers’ airtime balances. This move, now live, removes banks from the billing chain and likely prevents another debt pile-up.

Yet, with EUB, telecoms have regained a predictable cash flow stream; banks exit a bruising regulatory fight; and customers now see—and directly bear—the cost of USSD convenience.

Dear sports-betting enthusiasts, “cashouts” are great, but Lagos State wants to participate in your joy. 

All payouts from licenced gaming and betting platforms in the state are now subject to a 5% withholding tax. The directive comes from the Lagos State Lotteries and Gaming Authority (LSLGA), whose CEO, Are Bashir, says operators must begin immediate automatic deductions from players’ net winnings.

Here’s how it works: once you win, 5% is deducted at source before the money hits your account. Operators will remit the tax directly to the Lagos State Internal Revenue Service (LIRS). Players must also provide their National Identification Number (NIN) as part of stricter Know Your Customer (KYC) requirements.

The tax deducted will count as a credit against a player’s overall tax obligations. In practice, however, most casual bettors will simply notice smaller payouts.

State of play: The move is part of Lagos State’s broader push to tighten oversight of the gaming industry, reduce leakages, and formalise revenue collection. Operators will need to upgrade their systems to automate deductions and maintain proper documentation.

There is risk embedded here. Lower net winnings could nudge some players toward unlicenced platforms, a problem the LSLGA has been battling since 2023 with enforcement actions against illegal operators. The agency occasionally publishes a list of unlicenced gaming companies operating in Lagos State.

The big picture: Lagos is hardening compliance in gaming. The state gets a cleaner revenue stream, operators face tighter reporting rules, and bettors now share directly in the tax burden at the point of payout.

Source:

* Data as of 06.45 AM WAT, February 23, 2026.

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