Menu
Search
Subscribe
Home Blog Page 283

Sanusi supports the Central Bank of Nigeria in its decision to relocate departments

Tosin Ranks
-
0
Sanusi supports the Central Bank of Nigeria in its decision to relocate departments

The ex-Emir of Kano, Sanusi Lamido, strongly supports the Central Bank of Nigeria’s decision to relocate certain departments from Abuja to Lagos, deeming it as a prudent move.

He encourages the CBN Governor, Olayemi Cardoso, to stand firm against political pressures, emphasizing the strategic advantages of utilizing Lagos’ larger infrastructure capacity.

Sanusi dismisses opposition claims, labeling them as unnecessary, and highlights that the CBN should prioritize the principled decision rather than succumb to regional or religious pressures.

He draws from his own experience, having contemplated a similar move during his tenure as CBN governor.

Sanusi asserts that the relocation is a strategic necessity, challenging critics to reconsider their perspectives on the capacity and logistics involved.

 

The Chairman of EKEDC advocates for increased investments in the power sector

Tosin Ranks
-
0
The Chairman of EKEDC advocates for increased investments in the power sector

Dr. Dere Otubu, Chairman of the Board of Directors at Eko Electricity Distribution Company, emphasized the need for increased investments in Nigeria’s power sector to meet the growing energy demands.

Speaking at a forum organized by the Nigeria-India Business Council in Abuja, Otubu underscored the vital role sustained investments play in ensuring a reliable power infrastructure.

He urged collaborative efforts between Nigeria and India to drive advancements in the energy sector and other areas.

Despite progress in reforming the electricity industry, Otubu stressed the necessity for more capital investment to expand generation, transmission, and distribution capacities.

Recognizing the challenges faced by the power sector, he emphasized the urgency of adopting innovative solutions, stating, “The power sector is the backbone of any thriving economy, and as Nigeria experiences dynamic growth, injecting more resources into power is imperative for desired and sustainable economic development.” Otubu highlighted the market opportunities, mentioning that only about 55% of Nigerians have access to electricity, indicating room for growth.

He appreciated the Nigeria-India Business Council’s trade mission, foreseeing a sustainable trade relationship between the two countries.

The current challenges in Nigeria’s power sector, attributed to low gas supply, have led to nationwide complaints about poor power supply for almost a month.

While the Federal Ministry of Power has not issued an official statement, the Transmission Company of Nigeria stated that efforts are being made to resolve the challenge within the electricity value chain.

NEITI has unveiled historical data, asserting its commitment to global transparency standards

Tosin Ranks
-
0
NEITI has unveiled historical data, asserting its commitment to global transparency standards

The Extractive Industries Transparency Initiative (EITI), a global advocate for transparency in the oil and mining sectors, expressed concern on Friday over the outdated data released by the Nigerian Extractive Industries Transparency Initiative (NEITI).

EITI urged NEITI to improve the timeliness of its data, encouraging Nigerian journalists to hold both local and international transparency agencies accountable for prompt report releases.

During a press briefing in Abuja, Deputy Executive Director of EITI, Bady Balde, emphasized that NEITI’s 2021 reports were considered obsolete, pointing out the significant delay in releasing data.

Balde highlighted examples from other countries like Senegal, Zambia, and Norway, where more recent data had already been published.

Despite acknowledging challenges faced by NEITI, Balde insisted on the necessity of timely information and called for vigilance from the media.

He noted that NEITI, being the largest organization globally by staff, needed to enhance technical expertise, sharp analysis, and timely reporting.

In response, NEITI’s Executive Secretary, Ogbonnaya Orji, acknowledged local challenges contributing to delays but assured EITI of improvements.

He committed to publishing the 2022 and 2023 NEITI reports for the extractive sectors by September, emphasizing the agency’s commitment to learning from EITI’s delegation and implementing necessary changes to meet higher standards.

Billionaires exchange banter as Dangote welcomes Otedola to consider a corporate takeover

Tosin Ranks
-
0
Billionaires exchange banter as Dangote welcomes Otedola to consider a corporate takeover

The President and Chief Executive of Dangote Industries Limited, Aliko Dangote, extended a warm welcome to his friend and billionaire businessman, Femi Otedola, encouraging him to explore the possibility of a corporate takeover of Dangote Cement.

Speaking at the Dangote Cement customers appreciation event in Lagos on Friday, Dangote acknowledged Otedola as the company’s “newest shareholder,” dispelling concerns by saying, “There are people who fear that he is going to do the same thing he did at Transcorp; I say he’s welcome.”

In a statement on Monday, Otedola confirmed his “significant acquisition of shares in Dangote Cement,” emphasizing the strategic nature of the investment.

He expressed confidence in Dangote Cement’s potential to contribute to Nigeria’s economic resilience, citing its unique position with two export terminals and pan-African presence.

Otedola’s previous involvement in Transcorp Plc in April 2023, where he acquired a 5.52% stake, had generated initial positivity.

However, the situation changed as he later sold the shares, revealing that his offer to buy Transcorp for N250bn was rejected.

Despite the turn of events, Otedola expressed his belief in healthy competition and market dynamics.

Meanwhile, Dangote Cement marked a significant milestone by becoming the first listed company to surpass N10tn in market capitalization during the week, closing trading on Friday at N11.827tn.

Aliko Dangote maintains a dominant 85% control of Dangote Cement.

 

We are at risk of losing revenue to Dangote Refinery, expresses concern NIMASA DG

Tosin Ranks
-
0
We are at risk of losing revenue to Dangote Refinery, expresses concern NIMASA DG

The Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Bashir Jamoh, expressed concerns about a potential decline in revenue due to the commencement of operations at the Dangote Oil Refinery.

Dangote Refinery recently announced the initiation of diesel and aviation fuel production, marking a significant development as Nigeria’s first privately owned oil refinery with a $19 billion investment and a daily production capacity of 650,000 barrels.

Dr. Jamoh, during a meeting with a delegation from Dangote Port operations, highlighted the anticipated reduction in NIMASA revenue, attributing it to a decrease in ship imports of petroleum products and the subsequent impact on the 3% freight levy collected by the agency.

Despite this potential loss, he emphasized NIMASA’s commitment to supporting the refinery’s success, prioritizing Nigeria’s long-term economic growth over immediate revenue.

To address operational concerns and ensure regulatory compliance, both parties agreed to establish a joint working committee within 14 days.

Dr. Jamoh proposed a collaborative approach, forming a committee with representatives from NIMASA and Dangote to objectively address issues.

Managing Director of Dangote Ports Operations, Akin Omole, emphasized the need for smooth business operations, aiming to avoid delays and bottlenecks that could incur significant costs in the shipping industry.

The collaborative efforts between NIMASA and Dangote aim to facilitate the refinery’s operations while adhering to federal regulations on wet cargo afreightment.

Moniepoint successfully handled more than 5 billion transactions in the year 2023

Tosin Ranks
-
0
Moniepoint successfully handled more than 5 billion transactions in the year 2023

Moniepoint experienced substantial growth, processing over $150 billion in transactions, a significant leap from the $100 billion handled the previous year.

Originally established as TeamApt in 2015 to offer payment solutions to financial institutions, the company transitioned to providing direct financial services to Nigerian businesses in 2019.

By 2023, Moniepoint underwent a complete rebrand, and by 2022, it boasted a user base of 600,000 businesses.

While specific figures weren’t disclosed, the company saw a noteworthy increase in processed transactions, soaring from 1.7 billion in 2022 to over 5 billion in 2023.

Notably, Moniepoint’s web platform, Monify, facilitated over $10 billion of these transactions, while its PoS terminals handled 3.3 billion transactions.

In the competitive PoS market in Nigeria, Moniepoint emerged with the second-highest number of PoS agents, totaling 303,946 or 20.06% of all agents.

Although OPay claimed the top spot with 563,252 PoS agents, accounting for 37.17% of the total 1.5 million agents in the country by December 2022, Moniepoint’s sources indicate a significant increase in its agent numbers since then.

The overall PoS landscape in Nigeria expanded, reaching 1.8 million terminals by March 2023, as reported by Nairametrics.

This growth aligns with a surge in monthly PoS transactions to ₦1.1 trillion, likely influenced by the cash redesign policy that prompted a cash crunch, prompting increased reliance on online transactions.

In the fourth quarter of 2023, Netflix welcomed over 13 million new users, including 5.05 million from Africa and the Middle East

Tosin Ranks
-
0
In the fourth quarter of 2023, Netflix welcomed over 13 million new users, including 5.05 million from Africa and the Middle East

Netflix’s Q4 2023 report reveals a substantial milestone, with 13.12 million new subscribers, bringing the total to 260 million. The Europe, Middle East, and Africa region contributed significantly, adding 5.05 million subscribers.

Q4 2023 saw a remarkable 12% revenue increase, surpassing expectations by 2%, and marking a 6% rise from the previous year.

Despite a robust Q4, Netflix had added 7.66 million subscribers in Q4 2022.

The year 2023 showcased Netflix’s steady growth, boasting a 12.5% YoY revenue increase.

The 13.12 million paid net additions in Q4 marked their “largest Q4 ever.” The success is attributed to features like paid sharing, recent pricing adjustments, and a strong content lineup.

Netflix hints at occasional extra charges for platform improvements amid a surge in subscribers.

The company plans to phase out the Basic Plan in select markets, starting with Canada and the UK in Q2 2024.

Adding World Wrestling Entertainment (WWE) to its lineup in January 2025 is a strategic move, potentially boosting ad reach and subscriber growth.

WWE’s extensive global viewership and strong social media presence make it a valuable addition.

A comprehensive report released in December 2023, “What We Watched: A Netflix Engagement,” highlights subscribers’ watch lists, revealing a staggering 100 billion hours of view time on over 18,000 titles.

In the African market, Showmax, owned by MultiChoice, surpassed Netflix in market share in 2023.

Showmax’s announcement of new prices and the launch of Showmax 2.0 on February 12, 2024, indicates a competitive stance.

Contrastingly, Amazon Prime Video in Africa is streamlining operations by cutting jobs and reducing local content production, focusing on European markets and discontinuing acceptance of local content.

 

OPay Commemorates Outstanding Milestones of 2023 and Reveals Ambitious Goals for 2024

Tosin Ranks
-
0
OPay Commemorates Outstanding Milestones of 2023 and Reveals Ambitious Goals for 2024

Nigeria – OPay, a prominent fintech company, is delighted to highlight its remarkable achievements in 2023 and unveil its ambitious plans for the upcoming year.

Guided by CEO Mr. Dauda Gotring’s visionary leadership, OPay has firmly established itself in the financial industry, poised to achieve new milestones in 2024.

According to Mr. Dauda Gotring, “In 2023, OPay achieved significant milestones by dominating the financial industry, experiencing exponential growth in its customer base, empowering people through Agent and Merchant networks, and offering affordable financial services through our robust technology payment platform.

We extend our gratitude to our valued customers for their continuous support and to regulators for their guidance in ensuring strict compliance with our services.”

2023 Milestone Achievements

Business Achievement

Leveraging modern robust technology, OPay facilitated superfast financial payments during the redesign of Naira notes, shifting the focus to digital payments amidst a cash crunch.

In the same year, millions of Verve debit cards were issued at subsidized prices, equipped with seamless card-linking technology, enabling customers to purchase cards locally.

OPay opened 17 customer centers across Nigeria, addressing complaints and inquiries while enhancing Agent and Merchant solutions.

Continuous reinforcement of the platform’s security mitigated fraud, establishing a “Safe and Secure” environment for customer funds.

Brand Recognition

In 2023, OPay received recognition from various independent organizations for its outstanding financial services, including CNBC and Statista’s global ranking as the “Sole” Nigerian Digital Platform and the ADVAN African Consumer Choice Award 2023 for Best FINTECH.

2024 Plans – “The Next Milestone

Mr. Gotring Dauda, the CEO, outlined OPay’s plans for 2024, emphasizing the commitment to modern technology and delivering cutting-edge financial services while upholding core values of “customer first” and “excellence in innovation.”

2024 Market Penetration Plans

OPay aims to enhance the payment user experience, introduce value-added services like the “Pay with OPay Wallet solution,” and persistently work towards making financial services more inclusive through technology.

Additional focuses for 2024 include:

1. Innovative Customer Service

Introducing a first-of-its-kind online customer service accessible via the Mobile App, equipped with 500+ experienced staff members, allowing customers to make inquiries and resolve issues efficiently.

2. Platform Securit

Leveraging technology for continued reinforcement of the payment platform’s robust network, introducing new security tools, and enhancing various security features to ensure 100% secure transactions.

3. Corporate Social Responsibility

OPay commits to corporate social responsibility by providing long-term educational scholarships to secondary and tertiary institutions nationwide, alongside internship programs to empower youths for their future careers.

About OPay

Established in 2018, OPay is a leading financial institution in Nigeria, dedicated to making financial services more inclusive through technology.

 

Licensed by the CBN and insured by the NDIC, OPay offers a range of payment services, including money transfer, bill payment, airtime & data purchase, card services, and merchant payments, known for its super-fast experience and reliable network.

 

NeuRaL AI unveils BionicBox, designed for enterprises implementing Large Language Models (LLMs)

Tosin Ranks
-
0
NeuRaL AI unveils BionicBox, designed for enterprises implementing Large Language Models (LLMs)

NeuRaL AI, a Lagos-based company supporting organizations in developing and deploying Large Language Models (LLMs) for generative text, has unveiled BionicBox, a groundbreaking advancement that enhances the accessibility, adaptability, security, and speed of large language models.

The AI Readiness Report 2023 reveals a rising demand for generative AI technologies, such as Chat GPT, across diverse sectors. However, challenges like specialized expertise, domain-specific requirements, and security concerns often hinder companies, according to Oluseyi Akindeinde, the founder of NeuRaL AI.

Akindeinde emphasizes that BionicBox aims to elevate customer experience by personalizing interactions through its on-premise RAG system, fostering satisfaction, loyalty, and increased profitability.

Additionally, the solution, with Chat GPT-like capabilities, streamlines interactions with live documents, enhancing decision-making and operational efficiency.

He highlights the profitability boost facilitated by AI models within BionicBox, ensuring operational efficiency and unlocking new levels of profitability.

The secure on-premise deployment addresses data privacy concerns, overcoming limitations associated with traditional models.

Regarding innovation in products/services, Akindeinde states that RAG integration supports the development of novel offerings, driving growth and diversification.

These opportunities align with industry trends and demonstrate NeuRaL AI’s commitment to value-driven technological innovation.

BionicBox caters to enterprises facing choices between open-source, Cloud API, or in-house development. It optimizes high-performance models like Llama 2 7 and 70B for enterprises requiring fine-tuning.

The on-premise solutions prioritize enhanced security and control, mitigating risks linked to cloud-based services.

Described as a significant leap forward, BionicBox offers a flexible, secure, high-quality alternative to traditional generative AI, tailored to unique business needs.

Akindeinde emphasizes that it addresses key challenges in inference speed, pretraining, fine-tuning, privacy, and RAG, bringing cutting-edge language modeling to industries in need.

 

Lars Johannisson assumes the role of Chief Executive Officer at Rack Centre

Tosin Ranks
-
0
Lars Johannisson assumes the role of Chief Executive Officer at Rack Centre

Rack Centre, acclaimed as West Africa’s premier Carrier and Cloud-neutral data centre, proudly introduces Lars Johannisson as its new Chief Executive Officer, effective January 2024.

Mr. Johannisson, a seasoned leader in transformative industries, brings a wealth of experience to the role, as noted by Jasper Lankhorst, Rack Centre’s Group CEO.

Jasper Lankhorst expresses excitement about Lars’s appointment, anticipating that his strategic leadership will propel Rack Centre to new heights.

Lankhorst has full confidence in Lars’s ability to guide the company towards continued success and eagerly anticipates collaborating closely with him to solidify Rack Centre’s position as a leading data centre provider.

In his own words, Lars Johannisson highlights Rack Centre’s market leadership and its pivotal role as a Carrier and Cloud-neutral Tier-III Data Centre in Nigeria.

He expresses dedication to contributing to the digital ecosystem’s growth in Nigeria and is thrilled to be part of the team launching a cutting-edge, hyperscale-ready 12MW data centre facility in Lagos in 2024.

Lars, with a background in Telecom, IT Delivery, Managed Services, and Digital skilling, has a passion for leading transformative organizations in Africa. Over the last 14 years, he has executed large B2B projects in more than 30 Sub-Saharan countries.

Holding an MBA from the Stockholm School of Economics and having completed the Stanford University Executive Program on “Design, Innovation and Business Transformation,” Lars is well-equipped for his new role.

Before joining Rack Centre, Johannisson served as the CEO of Teleperformance in Sub-Saharan Africa and held significant roles at Ericsson, SolarNow, and the YNV Group.

Rack Centre, with over 64 telecom carriers and global Tier 1 networks, achieved a notable milestone as the first International Finance Corporation (IFC) EDGE certified data centre in Europe, the Middle East, and Africa, earning recognition as the first Green Certified Data Centre in Africa.

Rack Centre, established in 2012, offers best-in-class colocation services, boasting a robust Carrier and Cloud-neutral ecosystem.

The company’s commitment to Carrier and Cloud neutrality empowers customers to optimize traffic, ensuring better value, lower latency, higher resilience, and fostering an open market for collaborations.

For further details, visit [Rack Centre’s official website](https://rack-centre.com/)

Media Contact:
Frances Eza
Head, Marketing and Communications
Rack Centre
Email: frances.eza@rack-centre.com

 

1...282283284...590Page 283 of 590

About us

Our platform serves as a dynamic canvas that celebrates and chronicles the convergence of ideas, artistry, and industry, shaping the very landscape of modern aesthetics.

Company

The latest

Sultana Auduson: Turning Signature Style into a Luxury Fashion Brand

Founder Stories 0
Farida Sultana Auduson Ibrahim, popularly known as Sultana, is...

Dr. Chidinma Akpa Is Building Africa’s Future in Aesthetic Medicine

Founder Stories 0
In a world that often tells women they are...

Tomiwa Tegbe: The Creative Force Who Keeps Reinventing Himself

People 0
Never one to chase the spotlight, Tomiwa has steadily...

Subscribe

© 2023 Ranks Africa. All Rights Reserved.