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Nigerian fintech Traction Apps cuts jobs following OmniRetail acquisition 

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Nigerian fintech Traction Apps cuts jobs following OmniRetail acquisition 

Traction Founders: Dolapo Adejuyigbe and Mayowa Alli (L-R)

Traction Apps, a fintech startup, will lay off some employees following its recently announced acquisition by OmniRetail, the startup confirmed in a statement to Techpoint Africa noting that the decision was partially motivated by the acquisition.

 

“Following the acquisition of Traction Apps, as with all mergers and integrations, we are optimising certain departments to align with our broader vision. This restructuring is a strategic step to enhance efficiency and scalability across our value chain, ensuring that we remain well-positioned for long-term growth. Most of the senior team members who played a key role in the growth of Traction have been retained,” the statement read.

 

Traction Apps declined to share specifics on the number of affected employees or departments, but a source close to the matter revealed that the sales, engineering, and marketing teams were affected.

 

The startup added that some members of the Traction team have transitioned to roles within OmniRetail even as it continues exploring “further opportunities for others.”

 

Affected employees were reportedly informed of the decision about a week before the acquisition which saw co-founders Mayowa Alli and Dolapo Adejuyigbe join OmniRetail as Director of Technology for Payments and Director of Operations for Payments, respectively.

 

According to the startup, severance packages will be provided for affected employees in accordance with Nigerian labour laws, while it offers them career counselling and job placement services.

 

“With the acquisition of Traction Apps, we are strengthening our leadership capabilities to deliver best-in-class services across the retail value chain,” the statement read, clarifying that no members of Traction’s leadership team will be affected by the layoffs.

 

Both founders, ex McKinsey consultants, founded Traction Apps in 2020 following their experience working on financial inclusion initiatives at McKinsey. The startup built point-of-sale software, virtual accounts, inventory management, and invoicing solutions for small and medium-sized businesses in Nigeria.

 

It also provided PoS terminals, loans, and a customer management tool for businesses. A partnership with OmniRetail ultimately ended in an acquisition by the latter.

 

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Financial details of the acquisition were not disclosed although OmniRetail Founder and CEO, Deepankar Rustagi disclosed that it was taking on both debt and equity from Traction Apps.

 

Legal battle may delay N102bn Lekki airport project

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Legal battle may delay N102bn Lekki airport project

The Lagos State Government’s move to build an airport to complement the Murtala Muhammed Airport, Lagos, may face legal resistance as an existing agreement with a terminal operator in the state forbids the construction of the airport, The PUNCH has learned.

 

The construction of the proposed new airport, if not repealed, will be in violation of an existing agreement between Bi-Courtney Aviation Services Limited and the Federal Government.

 

On Friday, in a bid to commence the construction of the airport in the Lekki area of Lagos State, Governor Babajide Sanwo-Olu met with senior officials of the Nigeria Civil Aviation Authority and the Federal Airport Authority of Nigeria.

 

The details of this meeting were said to have been centred around how work can be expedited for the proposed airport construction.

 

Sources with knowledge about the meeting said the governor did not only appeal for the professional advice of the regulators but also appealed for the approval of the Nigeria Civil Aviation Authority to commence the building of the airport.

 

This development received endorsement from industry experts, who stated that when completed the airport will reduce traffic on the popular Murtala Muhammed Airport.

 

In October 2022 the Federal Government approved the construction of the Lekki International Airport in the Lekki-Epe area of Lagos State with a promise to begin the construction in 2023.

 

Former Minister of Aviation, Hadi Sirika, presented the approval for the new airport to Sanwo-Olu at the Lagos Economic Summit 2022 in the state.

 

However, prior to April 7, 2007, when the Murtala Muhammed Airport Two, Lagos was commissioned, the Federal Government reached an agreement with the Bi-Courtney Aviation Services Limited, a private firm operating the terminal, not to construct another new airport terminal in the state once the concession agreement for MMA2 was still on course.

 

The Federal Government had signed a 36-year agreement with Bi-Courtney Aviation Services Limited for the reconstruction of the once burnt Terminal under a design-build-operate-transfer arrangement.

 

However, the terminal operators have only operated the terminal for 17 years.

 

The Lagos State government under the Babatunde Fash¬ola’s administration mooted the idea of a new airport in 2009 under the Public Private Partnership scheme.

 

In 2011, as part of the com¬petitive tender process for the construction of the airport, the government, through its consultants, advertised a request for pre-qualification.

 

33 Nigerian and international firms indicated interest in participating in the ambitious project, but the project was delayed by opposition from landowners and difficulties in raising finance.

 

In 2011, a report by local newspapers, where the then Commissioner for Commerce and Industry was quoted, Adeniyi Oyemade, noted that about N102bn had been voted for the project.

 

But since Fashola left office in 2015, not much was heard of the project again until when San¬wo-Olu revived it with approval from the Federal Government.

 

Sanwo-Olu said that con¬struction on the new airport would be built alongside the Lekki–Epe Expressway and would be on 3,500 hectares of land in the area.

 

However, efforts to get Bi-Courtney to speak on the matter have been futile.

 

A senior staff member who spoke on the condition of anonymity in the company told our correspondent that the company had no response on the matter at the time of filing this report.

 

The Head of Corporate Communications of the company, Ajoke Yinka-Olawuyi, said she cannot comment on the development.

 

“I cannot comment on that matter for now,” Olawuyi told our correspondent.

 

The Commissioner for Information in the State, Gbenga Omotoso, refused to comment on the development as he ignored both text messages of enquiry and calls from our correspondent.

 

Meanwhile, the Director of Research at Zenith Travel Limited, Olumide Ohunayo, said the state needs an additional airport.

 

“Lagos state is the biggest commercial city in Nigeria with a population of about 20 million and a high group in the middle class. You can be sure that a second airport is a necessity and of importance to further expand the economy of the state.”

 

The Managing Partner, TMSS Logistics, an aviation logistic consulting and service provider company, Nuhu Adam, said the announcement by the state government was a good development and a game changer for the state.

 

He said, “The announcement by the Lagos State Government is a good development and a game changer. The airport is being promoted within the concept of a free-trade zone. It is definitely going to be a game changer, given the strategic location of Lagos as an aviation hub in West Africa.

 

“However, the promoter should be mindful of the existing agreement between the current operator of a terminal and the Federal Government. I see this as an encumbrance if the legal hurdle is not properly ironed out.

 

“It won’t be in the interest of who-be investors, given the last experience of Virgin Nigeria Vs Federal Government on the issue of operation of domestic flights from international terminals.”

 

 

Meet Vwakpor Efuetanu, founder of AI Start-up investing in Africa, valued at $10 Million  

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Meet Vwakpor Efuetanu, founder of AI Start-up investing in Africa, valued at $10 Million  

Meet Vwakpor Efuetanu, founder of AI Start-up investing in Africa, valued at $10 Million NM Partners

Artificial Intelligence (AI) stands as one of the most influential innovations in human history, reshaping the global ecosystem.

 

This disruptive technology significantly impacts the financial market, particularly the technology sector. Projections indicate that the anticipated revenue in the next decade will soar to $2.74 trillion.

 

As depicted, the global estimated market size for Artificial Intelligence stood at $129.28 billion in 2022, and it is expected to surpass $2.7 trillion by 2032, exhibiting a remarkable Compound Annual Growth Rate (CAGR) of 36.8 %.

 

Elite Global AI, a subsidiary of its parent company, Elite Global Intelligence Technology has made significant strides in empowering young people worldwide through artificial intelligence training, creating over 1000 jobs, and connecting participants to global opportunities.

 

Under the leadership of CEO Dr. Vwakpor Efuetanu, the company has enrolled more than 10,000 young individuals in AI programs focused on Data Analytics, Content Creation, Business Development, AI in Education, and more. These initiatives have led to numerous success stories, with participants securing internships and externships with Fortune 500 companies across the globe.

 

At the heart of this impact is Elite Global AI’s mission to make AI very accessible, and understandable and provide practical opportunities to young innovators. One such success story is that of AGWO INALEGWU JAMES, a Nigerian participant who, after completing Elite Global AI’s Data and Business Analytics course, secured an externship with IgniteXL Venture USA. “The training was amazing, and after my final project, I was offered an externship that helped me gain hands-on experience in venture capital,” James shared.

 

Similarly, Bahast Mohammed Baba Ali, a Kurdish innovator from Kurdistan, Northern Iraq, credits Elite Global AI’s training program with helping him build Mtmana, the first Kurdish-based AI tool for creating presentation slides. Bahast said, “The Elite Global AI course helped me bring new and creative ways of releasing my product to the market.”

 

These examples showcase Elite Global AI’s commitment to shaping the future of AI by providing real-world experiences and facilitating connections with top companies such as HP, National Research Group, Beats by Dre, Expedia, and the National Geographic Society, among others.

 

As part of its growing presence in Nigeria, Elite Global AI recently partnered with the Edo State Government to host the Conference on Artificial Intelligence Technology. Held in collaboration with the Edo State Ministry of Science, Technology, and Innovation, and the John Odigie Oyegun Public Service Academy, this conference was an important milestone in the company’s efforts to train and certify over 100 young people from Edo State in AI technologies.

 

The company also plans to launch its AI product, the Elite Coach AI, a productivity, educational, and financial empowerment tool. In September 2024, the company was valued at ten million dollars by financial experts.

 

Meet the CEO, Vwakpor Efuetanu

 

Vwakpor Efuetanu is a distinguished leader and innovator with a profound impact on the fields of artificial intelligence, education, and renewable energy. He has made history as the first Nigerian to receive an honorary Doctorate in Artificial Intelligence Technology and Entrepreneurship Sustainability from the Chartered Institute of Public Resources Management and Politics, Ghana.

 

This prestigious recognition highlights his groundbreaking contributions to AI and his commitment to fostering sustainable development.

 

As the CEO and founder of Elite Global AI, Efuetanu is at the forefront of making AI technology a powerful tool for transformation across Africa. His leadership has propelled Elite Global AI to train over 10,000 students, with an ambitious goal of reaching more than a million by 2030.

 

The organization focuses on enhancing professional skills and driving economic growth, particularly in underserved communities, by developing innovative AI solutions that promote sustainable entrepreneurship and inclusivity.

 

Efuetanu is currently pursuing a Master of Business Administration with a specialization in Artificial Intelligence from Nexford University, headquartered in Washington, DC, and a Master of Procurement Services from the University of Benin, Benin City, Nigeria. These academic endeavors further equip him with the expertise to drive impactful change in his fields of interest.

 

Through his initiative, The Elite Class, Efuetanu has provided students and youths with clarity in pursuing personal development across all spheres, offering guidance on career paths and personal growth. His mentorship has led to numerous testimonials from young individuals who have secured jobs in Fortune 500 companies and achieved significant financial success. Efuetanu’s efforts have helped students become high achievers and leaders in their fields.

 

Efuetanu is also a member of the Association for the Advancement of Artificial Intelligence (AAAI) in New York, further affirming his dedication to advancing the field of AI. His influence extends into the renewable energy sector as the CEO of Blizz Renewable Energy Empire Limited (BREE) in Port Harcourt, Nigeria. Through BREE, he has successfully provided affordable solar power to over 5,000 homes, establishing the company as a leader in renewable energy solutions.

 

His journey from Medical Biochemistry to becoming a leading advocate for AI and renewable energy showcases his dedication to innovation and empowerment. Efuetanu’s mentorship initiatives, such as The Elite Class, have impacted thousands of young individuals and facilitated numerous training sessions for university students, underscoring his commitment to education and professional development.

 

Vwakpor Efuetanu’s achievements are a testament to his visionary approach and unwavering dedication to creating positive change. By harnessing the power of AI and renewable energy, he is not only transforming industries but also inspiring a new generation of leaders to build a brighter, more sustainable future for Africa and beyond.

7-YEAR-OLD UNVEILS HER DEBUT BOOK OF POEMS IN LAGOS

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7-YEAR-OLD UNVEILS HER DEBUT BOOK OF POEMS IN LAGOS

A 7- year-old Araola Ola-Awakan, has unveiled a collection of poems in Lagos. The child author achieved a notable feat in the literary world with her book of poetry titled “My First Book of Poems”, a collection of 30 poems that explores several areas of her life from being ‘left-handed’, her mother’s glasses and even mundane things like her Bed, Old Basket and Tablet.

The event was held at the Ibeshe Housing Estate Community Hall in Ikorodu and was a two-part occasion which included the celebration of her 7th birthday.

 

Her father, award-winning broadcast journalist and playwright, Mr. Ola Awakan, revealed that the event is dedicated to all children and it stands to encourage and reassure them that they can become whatsoever they aspire to be in life. He further urged parents and guardians to give children the opportunity for self-expression with lots of encouragement as they are the future of our nation.

 

“The more we encourage them, the more we build a better future for our nation but it all starts from the home. We need to build a good home for our children and put them in the right light, so in the coming future, they will be better leaders and give us a nation better than what we have now”

 

The book reviewer, Mrs Tope Israel, a celebrated educator and head teacher of Reign In Life International School, also shared her views on how children’s creativity are being stifled by adults. She pointed out that when an out-of the normalcy trait is found in a child like being a lefty, parents and guardians should not insist on changing the child’s natural preference but should instead encourage and give them space for growth.

 

She continued that in order to build children in speech and vocabulary, their parents should always listen. “When you listen to them, you build up their vocabulary and confidence. But nowadays, parents are shutting them, saying they talk too much causing them to stop talking and not building up their vocabulary.

Parents should listen more to their children, see the spark in them and fan it till it glows”

 

Mrs Tope Israel also commended Araola’s book of poems revealing it as an interesting guide to seeing life and perspectives from the eye of a child. She also commended Ara’s parents for giving her the room for self-expression, urging parents around the world to grant their wards the same as it will bring the best out of them.

 

The entire poem collection was later performed in a quirky yet light-hearted presentation to the admiration of the audience by the Gifted Steppers, an award winning children theatre group famous for their arts and culture perfomances.

 

Mrs Omolola Ola-Awakan, the poet’s mother revealed that she noticed her interest in creative writing since she was 2 years and she was fond of always writing as far as scribbling on any piece of paper, writing letters to friends and family on their birthday and requesting for a diary to record poems and stories. She reiterated that she was proud that her daughter discovered her creative side and urges parents to stand firm with their children in their journey of self-discovery

 

Araola’s book launch was attended by family, friends, arts patrons as well as well-wishers.

 

Tolulope Ayileka

Hustle is Hard – Funke Akindele Takes To The Street To Market Her Movie

Victoria Vick
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Hustle is Hard – Funke Akindele Takes To The Street To Market Her Movie

The Nigerian movie industry is obviously a competitive one. A lot of blockbusters will be premiering this December and as such Veteran actress, Funke Akindele has taken to the streets of Lagos to market her movie, “Everybody Loves Jenifa”.

Hustle is Hard - Funke Akindele Takes To The Street To Market Her Movie
Hustle is Hard – Funke Akindele Takes To The Street To Market Her Movie

“Everybody Loves Jenifa” is Funke’ latest cinema production. The movie is set to premiere on 13th December. Ahead of this, the box office queen has been marketing her movie by creating content on her social media pages.

Hustle is Hard - Funke Akindele Takes To The Street To Market Her Movie
Hustle is Hard – Funke Akindele Takes To The Street To Market Her Movie

In a twist, Funke has taken her hustle a bit harder as she and her team took to the streets of Lagos to market “Everybody Loves Jenifa”.

If there is anything admirable about Funke Akindele, it is her shameless marketing style which is otherwise known as “Guerilla Marketing Strategy”.

Aside from “Everybody Loves Jenifa”, other movies are also premiering in December. These movies includes; “ALAKADA BAD AND BOUJEE”, produced by Toyin Abraham among other movies set to premiere this December.

It’s obvious that Nigerian film producers love to give their audience something to keep us entertained every December.

Watch video below;

Video Player

 

Nigeria supplies 24 hour electricity to Togo, Benin, Niger – TCN

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Nigeria supplies 24 hour electricity to Togo, Benin, Niger – TCN

Nigeria supplies 24 hour electricity to Togo, Benin, Niger – TCN

 

The Transmission Company of Nigeria, TCN, has said that the country supplies 24-hour electricity to neighbouring countries such as Niger, Togo and Benin Republic.

 

He said the electricity supply are consistent and stable in those country despite the fact that Nigeria could not boast of constant supply of power.

 

TCN Chief executive officer, Sule Abdulaziz, who appeared on Channels Television’s Sunday Politics programme, said that Nigerians know there’s improvement in power suply now.

 

“We suply power to Togo, Benin and Niger. We suply them power consistently. They get power from Nigeria on 24-hour basis and they’re paying.

 

“Nigerians are getting 24-hour electricity suply. Not everybody. Those people in Band A. You’ll see that they get 20-22 hours.

 

“Some Nigerians are getting 24 hours. Every distribution company has Band A and that is their priority.”

 

The electricity sector in Nigeria generates, transmits and distributes megawatts(MW) of electric power that is significantly less than what is needed to meet basic household and industrial needs of the country.

Federal Government Investigative Panel Clears Bobrisky Of Allegations In Prison Scandal

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Federal Government Investigative Panel Clears Bobrisky Of Allegations In Prison Scandal

Federal Government Investigative Panel Clears Bobrisky Of Allegations In Prison Scandal

 

An investigative panel instituted against Idris Okuneye, popularly known as Bobrisky, has found no evidence that he/she left prison or received special treatment during the six-month sentence.

 

Bobrisky, a well-known crossdresser, was sentenced on April 12, 2024, for abusing the Nigerian naira and was released on August 5, 2024.

 

The probe was initiated by the Minister of Interior, Olubunmi Tunji-Ojo, following a viral video posted by controversial activist, VeryDarkMan.

 

In the video, a voice, allegedly Bobrisky’s, claimed that she bribed officials from the Economic and Financial Crimes Commission (EFCC) to drop a money laundering charge.

 

It was further alleged that a “godfather” and Haliru Nababa, the Controller General of the Nigerian Correctional Service (NCoS), helped ensure that Bobrisky served her sentence in a private apartment instead of prison.

 

On September 30, 2024, Tunji-Ojo launched an investigation into the Nigerian Correctional Service, led by Magdalena Ajani, the Permanent Secretary of the Ministry of Interior. The panel was tasked with looking into the allegations of corruption and other violations.

 

On Monday, Uju Agomoh, Executive Director of Prisoners’ Rehabilitation and Welfare Action (PRAWA), presented the initial findings of the panel at the Ministry of Interior.

 

According to the report, there was no evidence to support claims that Bobrisky slept outside the prison facility during her imprisonment.

 

The report confirmed that Bobrisky served her full sentence from April 12 to August 5, with standard remission applied.

Multimedia Journalist Ayo Adams Honoured with Omoluabi Pataki Award

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Multimedia Journalist Ayo Adams Honoured with Omoluabi Pataki Award

Ayo Adams, a respected multimedia journalist, was honoured with the prestigious Omoluabi Pataki Award by the Yorùbá Council of Youth Worldwide, Oyo State chapter. The award recognizes Adams as an embodiment of integrity, demonstrated both through his professional works and his personal character.

The award ceremony, which took place on Saturday, October 19, celebrated Ayo Adams alongside other nominees who have made significant contributions to the cultural space. The event highlighted individuals who uphold and promote Yorùbá values, with Adams standing out for his unwavering commitment to integrity.

Ayo Adams is known for his impactful multimedia journalism, focusing on documentary reporting that highlights human and community engagement. His dedication to the craft earned him recognition in 2022, when he was named one of the most influential personalities in media in Oyo State.

Adams has consistently demonstrated excellence in his work, using his platform to promote and preserve Yorùbá cultural values across various mediums.

Revolutionizing Urban Transportation: Meet Aicha Evans, CEO of Zoox Car

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Revolutionizing Urban Transportation: Meet Aicha Evans, CEO of Zoox Car

In the heart of Africa, a trailblazing entrepreneur is transforming the way we think about urban mobility. Aicha Evans, a Senegalese business leader, is at the helm of Zoox Car, a pioneering self-driving vehicle designed specifically for city living.

 

The Future of Transportation

Zoox Car is an innovative, bidirectional vehicle that defies conventional design norms. Without a steering wheel, pedals, or driver’s seat, this sleek ride prioritizes passenger comfort and convenience. The symmetrical design enables effortless navigation, eliminating the need for traditional driving controls.

 

Key Features:

– Seats up to 4 passengers

– Spacious interior for work, rest, or socializing

– No keys required; app-based control

– Bidirectional capability; no need to turn around

 

How it Works

Using the Zoox Car app, passengers can:

 

1. Download and unlock doors

2. Enter destination

3. Ride comfortably, even sleep, as Zoox drives

 

Global Recognition

Aicha Evans’ groundbreaking achievement has caught the attention of experts worldwide, sparking investigations and accolades. This revolutionary transportation solution is poised to disrupt the status quo, making urban mobility more efficient, safe, and enjoyable.

 

Celebrating African Excellence

 

Aicha Evans’ success story embodies the spirit of African innovation and entrepreneurship. As we celebrate her achievements, we honor the continent’s potential for game-changing solutions.

 

Africa Movie Academy Awards Kicks Off October 25

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Africa Movie Academy Awards Kicks Off October 25

Nigeria’s Femi Adebayo, Keppy Ekpeyong Bassey, Osita Iheme, Ghana’s Jackie Appiah, Kenya’s Kenneth Ambani, and Burkina Faso’s Charles Koutou are poised to lead a galaxy of African film stars and creatives to the 20th edition of the Africa Movie Academy Awards, AMAA, scheduled to hold in Lagos, on Saturday, November 2, 2024.

 

This was confirmed by Mr. Raymond Anyiam-Osigwe, the Chief Executive Officer of AMAA, and communicated by the Chief Operating Officer, Mr Tony Anih, after a recent meeting of the board of the Africa Film Academy, owners of AMAA.

 

According to Anyiam-Osigwe, a long list of activities has been lined up for the celebration of the 20th anniversary of the continental awards ceremony that will be graced by over 60 African film stars.

 

“The 20th edition of the AMAA is a big deal and the board of AFA, owners of the continental film awards have concluded to roll out drums and make this edition memorable to all African filmmakers, creatives, nominees, and everyone who had ever been on the AMAA stage”, he said.

 

Billed to be hosted in conjunction with the Lagos State Government in Nigeria at the Balmoral Convention Centre, Ikeja, GRA, Lagos, other African film stars and practitioners, who have confirmed attendance include Lydia Forson, Chinedu Ikedieze, Micheal Majid, Adjetey Anna, Morris Sam, and Zuby Micheals amongst several others.

 

Anyiam-Osigwe also revealed the lineup of activities for this year’s edition, describing the 20th edition AMAA as significant. The official activities scheduled for the 20th edition will begin with the launch of the AMAA coffee book on Friday, October 25 at the Marriott Hotel in Ikeja, GRA, Lagos.

 

The AMAA Africa night of legends takes over on Friday, October 1, 2025 at the Amore Gardens, Lekki Phase I, Lagos, after which the gala night cum awards ceremony will be held on Saturday, November 2, 2024 at the exquisite Balmoral convention center.

 

The activities scheduled for the 20th edition kicked off with the unveiling of the nominees and categories as executed by the AMAA college of screeners and the jury on Wednesday, October 2, 2024.

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