Danbatta, NCC Boss, Bags Prestigious Zik Prize

He’s a square page in a square hole — Prof. Utomi The Executive Vice Chairman and Chief Executive of the Nigerian Communications Commission (NCC), Umar Garba Danbatta, has emerged the winner of the 2019 Zik Prize, in the professional leadership category. Announcing the winners in a webinar on Thursday, September 24, 2020, Prof. Pat Utomi, a member of the Advisory Board of the prestigious award, said Prof, Danbatta and Mr. Kennedy Uzoka, the Group Managing Director/Chief Executive Officer of United Bank for Africa (UBA) are the winners in that category.…

Read more

COVID-19’s Negative Impact on Health and Education May Last Decades

I would like to provide another update on some of the work underway at the World Bank Group to address the COVID-19 pandemic and other significant development challenges. The pandemic is hitting developing countries hard, and the inequality of that impact is clear. From declining remittances to the collapse of the formal and informal markets, the pandemic has disproportionately impacted the world’s poorest, especially women and children. It threatens to push over 100 million people into extreme poverty and is exacerbating inequality throughout the world. The negative impact on health…

Read more

IDC: Global edge computing market to value $250bn in 2024

IDC: Global edge computing market to value $250bn in 2024

  Worldwide spending on edge computing has been estimated to reach $250 billion by 2024, growing by a Compound Annual Growth Rate (CAGR) of 12.5 per cent, according to the International Data Corporation (IDC). In the new Worldwide Edge Spending Guide from the IDC, the globa edge computing market will reach $250.6 billion in 2024. According to Dave McCarthy, research director, edge strategies at IDC, edge products and services are powering the next wave of digital transformation. “With the ability to place infrastructure and applications close to where data is…

Read more

R.T. Briscoe declares N618.9 million loss in H1 2020

R.T. Briscoe posts lost in H1 2020 report

R.T. Briscoe, the pioneer dealer of Toyota automobiles, suffered a loss of N618.9 million in the first half of 2020. The loss increased by 84%, when compared to the corresponding period in 2019. This was disclosed in the company’s H1 2020 published by the Nigerian Stock Exchange (NSE). According to the report, the decline in revenue negatively impacted the company’s bottom line. Briscoe for the first half of this year reported N2.42 billion as revenue, which is 21 per cent lower when compared with a revenue of N3.07 billion in H1 2019. In a swift highlight, the company’s revenue decreased by 21 per cent, cost of sales decreased by 19 per cent,…

Read more

COVID-19: Global eCommerce ad spend to hit $58.5bn this year

Global advertising spend on eCommerce platforms will grow by 18.3 per cent this year, reaching $58.5 billion, as brands look to pounce on the online shopping boom caused by the COVID-19 pandemic. Worldwide spend on eCommerce platforms such as Amazon, Tmall, Rakuten, Walmart, Carrefour, TikTok, and Pinduoduo will grow 30 times faster than the wider online ad market this year, according to Warc, while the overall advertising industry is expected to see a fall in spend of 8.1 per cent. Alibaba, the world’s third-largest ad business after Alphabet and Facebook,…

Read more

NCC, Digital Encode support NITRA innovative tech forum

The nation’s telecommunications regulator, the Nigerian Communications Commission (NCC) and Cybersecurity and Compliance advisory company, Digital Encode have indicated interest to partner with the Nigeria Information Technology Reporters Association (NITRA), the national umbrella body of ICT reporters, as it organizes a forum that will x-ray the industry’s future plans for ICT growth post pandemic era. The event, slated to hold on October 15, 2020, will seek to discuss the needs for a fortified ICT sector after the COVID-19 era, and the level of preparedness of ICT stakeholders to embrace the…

Read more

AfDB intimates Asian business leaders on Africa’s huge investment opportunities

Honored

The African Development Bank (AfDB) today held a workshop to convey the continent’s immense investment and partnership opportunities to Asian business leaders, particularly as the continent seems poised to return to economic growth in 2021 following the impact of the COVID-19 pandemic. The two-hour virtual event, held in English, Korean, and Chinese, offered participants an opportunity to learn more about the Bank and its operations. The webinar came on the heels of the recently launched African Economic Outlook 2020 -Asia Supplement, which revised growth projections and outlook for Africa for…

Read more

FG September bonds oversubscribed by 148% as investors stake N360.22bn

The Debt Managemy Office (DMO) has disclosed that the federal government’s bonds for the month of September worth N145 billion have enjoyed over 148 per oversubscription as they were auctioned on Wednesday. Specifically, the DMO indicated that the bonds were oversubscribed by N215.22 billion, as the total subscription received from investors for the bonds was N360.22 billion. These comprised of N83.83 billion for 12.5 per cent FGN January 2026 bonds; N71.4 billion for 12.5 FGN March 2035 bonds; N41.06 billion for 9.8 per cent FGN July 2045 bonds; and N163.93…

Read more

FG places nine-year presidential jet on sale

The Federal Government has put up for sale a jet in the presidential fleet, Hawker 4000 aircraft with registration number, 5N-FGX/: RC 066. The business-size jet which entered into service in December 2011, has capacity for nine passengers and three crew members. Findings indicate that only 73 Hawker 4000 aircraft were manufactured by Hawker Beechcraft between 2001 and 2013 and they were sold for $22.91m each as of 2012. The FG in a published advert on Wednesday disclosed that the aircraft with a range of 3,190-nautical mile had flown for…

Read more

Shareholders of Dangote Cement shared N1trn dividends in 7 years

Being a shareholder of Dangote Cement Plc must have been rewarding as the company disclosed that it has paid over N1 trillion as dividend to its shareholders in the last seven financial years. According to Guillaume Moyen, the company’s group financial officer, Dangote Cement had succeeded growing the wealth of its shareholders as it focused on growing the Nigerian economy over the years. A breakdown of the seven-year dividend history gleaned from the company’s financial statements indicated that N51.1 billion was paid in 2013, N119.3 billion in 2014, N102.2 billion…

Read more