An estimated 500 jobs are at risk following the decision of United States-based multinational technology giant, Microsoft, to close down its African Development Centre (ADC) located in Lagos, Nigeria.

Though no reason has been advanced for the impending closure of the ADC, industry experts say it may not be unconnected with the unfavourable economic policies of the President Bola Tinubu administration which has seen businesses suffer, while many foreign conglomerates have been forced to close shop and leave the country.

An inside source who pleaded anonymity, said Microsoft had in an internal memo, communicated to its members of staff on Monday about shutting down operations in Lagos.

“The affected employees would receive salary payments till June and continue to be covered by health insurance,” the insider said.

He added that the closure of the ADC will only affect Microsoft’s operations in West Africa but not its East Africa facility located in Nairobi, Kenya.

Microsoft had launched its $100 million African Development Centers initiative in 2019, establishing facilities in both Lagos and Nairobi.

In Nigeria, the tech giant hired more than 120 engineers when it was unveiled in 2022, and over the years, have growi its staff strength to more than 500 in total.

The company, in 2019, said it aimed to recruit 100 full-time engineers by the end of the year, and 500 engineers by the end of 2023 in its bid to tap into Africa’s innovation in fields like fintech, agritech and off-grid energy and hopes to tap into them.

“The ADC will be unlike any other existing investment on the continent. It will help us better listen to our customers, develop locally and scale for global impact,” Microsoft executive vice president, Phil Spencer, had said in Nairobi.

“Beyond that, it’s an opportunity to engage further with African partners, academia, governments and developers – driving impact and innovation in sectors important to Africa,” Spencer said.

The Securities and Exchange Commission of Nigeria plans to delist the country’s currency, Naira, from all peer-to-peer cryptocurrency platforms to combat dollar racketeering and exchange rate manipulations.

The development took place in the context of the Federal Government of Nigeria’s recent efforts to regulate the country’s estimated $57 billion cryptocurrency market.

During a Monday discussion with representatives of Nigeria’s blockchain business, Emomotimi Agama, the recently appointed Director-General of the Commission, revealed the government’s most recent proposal.

The Nigerian Blockchain Industry Coordinating Committee organized the gathering. Agama stated that new rules governing the cryptocurrency industry are presently being drafted by the government. P2P platform operators are accused of manipulating the value of the naira and the exchange rate.

“That is one of the things that must be done to save this space; the delisting of the naira from the P2P platforms to avoid the level of manipulation that is currently happening. I want your cooperation in dealing with this as we roll out regulations in the coming days,” the SEC DG told the members of the local crypto community.

Just one week had passed since the Central Bank of Nigeria gave payment service banks instructions to warn their clients against transacting in cryptocurrencies when Agama made their announcement.

In the meantime, several regional exchanges in the nation—including Bitbarter, OKX, and several platforms run by Stakeholders in the Blockchain Technology Association of Nigeria—had purportedly discontinued naira services in support of the government.

Agama maintained that some bad players in the industry were manipulating the national currency, an act that the government was determined to deal with.

“We ask with all sense of sincerity that those involved in sharp practices cease. We encourage you to reach out to us by naming and shaming those involved.

“This nation has a future, and this future is dependent on this community. For us at the SEC, our interest is to provide an enabling environment for fintech to thrive, and by so doing; we expect the fintech community to reciprocate by doing the right thing.

“Patriotism can never be wished away. Whatever we do that would bring dishonour to our country, we must try to avoid it. What is very critical and has brought about this meeting are the concerns regarding crypto P2P traders and their effect on the naira,” Agama said.