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In a recent interview on Arise TV, Dr. Femi Kuti, CEO & Co-Founder of Reliance Health and a prominent figure in the Nigerian healthcare sector, provided a deep dive into the Nigerian healthcare system, passionately shedding light on game-changing solutions and innovations poised to reshape the future of healthcare in Nigeria.
The insightful conversation highlighted some critical aspects of infrastructure development and the immense potential of digital health solutions to enhance healthcare access and quality in Nigeria.
However, Dr. Kuti emphasized the need for collaboration between various stakeholders (public and private) to address the emerging challenges.
While acknowledging the key improvements in the healthcare landscape over the past decade, he highlighted the importance of addressing infrastructure gaps, ethical considerations, and distribution hurdles to ensure equitable access for all Nigerians.
The discussion touched upon the ongoing efforts by the National Health Insurance Authority (NHIA) and the Ministry of Health to strengthen regulations and raise the bar for HMOs.
Dr. Kuti commended these efforts, highlighting their potential to build trust within the healthcare ecosystem.
During the interview, Dr. Kuti shared his perspective on the progress made within the Nigerian healthcare system, stating,
“if you look broadly at the Nigerian healthcare system, we’re not there yet. We still have our challenges, but there has been significant improvement over the last 10 years. We now have significant multi-specialist hospitals that have opened across Lagos and other major cities offering high-end surgeries, that were previously only available abroad. Likewise, we are witnessing a reverse trend of skills transfer, where doctors, surgeons, and physicians who trained abroad are returning to Nigeria, bringing their expertise back to their home country after initially starting their training here.”
This compelling insight from Dr. Kuti highlights the progress made in Nigerian healthcare, while acknowledging the existing challenges that still need to be addressed.
Building Solutions on Existing Infrastructure for Wider Reach
The dialogue also emphasized the need for digital health solutions to be designed with Nigeria’s existing infrastructure in mind to maximize their impact and ensure they reach a wider audience.
In corroboration, there is a need for increased support to enhance the distribution of digital health services.
He pointed out that an appreciable portion of the population has access to mobile phones, but internet connectivity and reliable power supply remain challenges. Dr. Kuti urged stakeholders to focus on solutions that function well within these constraints.
Another important aspect of the dialogue centers on the need for concerted efforts from the government and private entities like Health Maintenance Organizations (HMOs) to push the envelope further.
In addition, the dialogue also touched on the current state of healthcare insurance in Nigeria and offered insights into the ongoing improvements and challenges within the sector.
Dr. Kuti described the situation as an “inflection point” with significant potential for positive change to be spearheaded by key health authorities and private sector innovation.
Watch the full interview here: Nigeria’s Digital Healthcare System

 
Transparency and Data Privacy: Fundamental of Trust
The discussion also shed light on the ethical considerations surrounding digital health. Dr. Kuti identified quality of care and data privacy as the two most critical aspects that should be safeguarded.
“As we implement these solutions, we must ensure they uphold the highest standards of care and protect the sensitive health data of individuals,” Dr. Kuti stated.
He assured listeners that reputable HMOs like Reliance Health prioritize providing patients with access to the best possible care,  understanding that proper treatment at the outset translates to lower costs in the long run.
Dr. Kuti also commended the enforcement of the Nigerian Data Protection Regulation, underscoring Reliance Health’s commitment to safeguarding sensitive patient information.
Dr. Kuti also advocated for clear communication and the fulfillment of promises, which are cornerstones of a healthy healthcare ecosystem.
These are also fundamental drivers for strengthening trust among healthcare providers, insurers, and patients. Citing an example of prompt delivery updates, Dr. Kuti explained that keeping patients informed throughout their healthcare journey fosters a sense of security and fosters trust in the system.
Nigeria stands at the cusp of a healthcare transformation, with digital health innovations promising to enhance access, improve quality, and ensure an ethical approach towards patient information.
Dr. Kuti’s interview serves as a call to action for stakeholders across the Nigerian healthcare sector.
As the sector continues to evolve, collaboration between government bodies, the private sector, and healthcare professionals will be crucial to realizing the full potential of these technologies.
Who is Dr. Femi Kuti?
Dr. Femi Kuti – CEO Reliance Health

Femi Kuti is a leading innovator at the vanguard of Africa’s digital healthcare revolution.
As the CEO/Co-Founder of Reliance Health, the visionary company behind Reliance HMO (a Next-Gen HMO catering to businesses in Nigeria), Dr. Kuti has consistently led the charge in transforming healthcare delivery through groundbreaking technological solutions.
He is a licensed general physician focused on medicine and surgery. He worked as a healthcare investment banker at Goldman Sachs, advising healthcare, biotech, and pharmaceutical corporations in the EMEA region before co-founding Reliance Health in 2016.
Today, Reliance Health is spearheading a much-needed digital transformation in the healthcare sector, changing the way healthcare services are delivered.
As the foremost provider of both B2C and B2B healthcare solutions, they have emerged as the leading force driving innovation and accessibility in Nigeria’s healthcare landscape.
Kuti is a trained physician specializing in the intersection of healthcare, business, and technology. With a professional focus on developing innovative healthcare experiences and products in low-resource environments, he brings a unique perspective to his work.
With a deep understanding of the challenges faced by the African healthcare system, Dr. Kuti has dedicated himself to improving access to quality healthcare services for individuals and organizations across the continent.

The post Transforming Nigerian Healthcare: Dr. Femi Kuti Reveals Promising Solutions appeared first on Tech | Business | Economy.

LG Showcase MEA 2024 today welcomed guests and partners in Abu Dhabi to in-person experience the latest and greatest the brand has to offer.
The two-day event held at Conrad Abu Dhabi Etihad Towers Hotel in Abu Dhabi, UAE had over 500 guests who witnessed all of LG Electronics’ new innovations that will be rolled out in the region.
The LG Showcase, returning after a successful event last year, will create a common platform for experiencing LG Electronics’ unique customer-focused innovations and reaffirm the company’s vision to bring innovative products to the market that enhance the customer’s overall experience.
The event revolved around the theme of Reinventing Together, which expresses the brand’s commitment and passion toward its customers and their requirements.
Mr. Il Hwan Lee, Chief Executive Officer, LG Middle East & Africa (MEA) Region said:
“We saw a huge success when we returned to the LG Showcase MEA event last year and we are elated to see the same success in today’s event as well. It is a great pleasure to showcase our latest innovations and give our guests the chance to experience them all firsthand. We are happy to see the love and appreciation received for each product and look forward to bringing more to this region overall.”
He further added,
“This event is a platform that showcases not just our products, but also reiterates our commitment to our customers. This event also serves as a platform for networking with our business partners and fostering relationships, another vital element of our work.”
The large-scale event was also home to multiple exhibition zones, where LG Electronics’ products were displayed in their ideal use-case scenario.
This included a hero zone with the 97-inch LG SIGNATURE WIRELESS OLED M, the world’s-first consumer TV with Zero Connect technology which enables the transfer of 4K video and audio, wirelessly at 120Hz.
Also, on display was LG’s innovative StanbyME Go, the 27-inch FHD smart screen that comes in a carry bag design and a three-hour battery built in that allows for the ultimate in portability and making it a perfect companion for outdoor use, such as picnics and BBQs.
The event highlighted the latest in LG Electronics’ innovation in processors and software with the new α (Alpha )11 processor that will be used in its flagship TVs and the latest WebOS respectively.
The α (Alpha )11 processor will be actively used in flagship TVs for powerful AI features that enhance the viewing experience, while the new WebOS brings a revamped home screen with wider title cards and smoother tiles.
The new WebOS will expand into 300 TV brands and 3,500 content partners, including local partners and has an active user growth increase in the MEA region by 20 times.
A dedicated zone for audio visual products was also present, including the latest in XBOOM speakers which deliver bold and loud sounds with strong bass.
LG XBOOM XL9T
This included the LG XBOOM XL9T, the most powerful-in-class party speaker, its smaller variant, the LG XBOOM XL5S with a 200W output, topped off with a dynamic pixel lighting effect that offers animation patterns, visual EQ or even characters, making it the perfect accessory for hanging out with friends or a must-have at parties.
The exhibition zone also included an area for home appliances, including washing machines and air conditioning solutions as well as the brand’s premium built-in solutions.
Featured in this zone was the MoodUP refrigerator, which adds a unique personality to any home kitchen with the ultimate in customization by allowing users to choose from 22 colors for the upper door panel and 19 colors for the lower panel.
Also, on display was the LG built-in-kitchen package, a unique lineup that comprises of an InstaView oven, QuadWash dishwasher, bottom-freezer refrigerator and microwave oven, making it easier for customers to build an all-inclusive experience powered by LG Electronics.
On display was also its Residential Air Conditioning units, such as the ARTCOOL lineup which features the LG DUAL Inverter Compressor, a critical element that brings powerful cooling without affecting efficiency.
Also, on display was LG’s new WashTower Compact laundry solution, which focuses on efficiency and space by combining both a washer and dryer with an all-in-one control panel and advanced AI in a single unit with a capacity of 13 kilograms for the washer and 10-kilogram capacity for the dryer.
Hyoungsub Ji, managing director, LG Electronics
Speaking at the event, Mr. Hyoungsub Ji, managing director, LG Electronics West Africa Operations said, LG is committed to bringing the latest innovations and cutting-edge technology to the West African market.
“Our showcase highlighted our newest products and solutions, which will soon be available in the region. We are dedicated to enhancing the customer experience through our expanded retail presence, improved after-sales service, and engaging brand activations,” he said.
On LG CSR activities, he said LG is passionate about empowering the local community through CSR initiatives, focusing on providing water to as many communities in Nigeria every month.
LG Electronics also set up Life Style zones, with a range of products appropriate for them. This included the ThinQ powered home setup, an elegant café setup as well as a camping setup.
The post LG Showcase MEA 2024 Returns with Latest Innovations appeared first on Tech | Business | Economy.

9mobile which prides itself as a customer-centric telecommunications company, recently partnered with tech giant, Microsoft to host a capacity-building session for journalists aimed at empowering them with innovative tools to improve their skills for maximum performance in their field.  
The learning session held at Microsoft Africa Development Center (ADC) had in attendance media partners from print and online platforms and publications.
The training session provided a platform to introduce journalists to the benefits of Microsoft Copilot and its potential to revolutionize the profession.
Microsoft Copilot
Microsoft Copilot is an advanced AI-powered tool which offers a wide array of functionalities designed to streamline workflow, enhance productivity, and elevate the quality of their output.
Through this partnership, 9mobile and Microsoft sought to equip journalists with the skills and knowledge necessary to leverage Copilot effectively in their day-to-day work.
Speaking at the training session, Chineze Amanfo, PR lead, 9mobile, expressed her enthusiasm and satisfaction with the session, emphasizing the company’s commitment to fostering innovation and empowerment within the media industry.
She stated, “We are thrilled to collaborate with Microsoft in providing this invaluable training opportunity for journalists. At 9mobile, we recognize the pivotal role that the media plays in shaping public discourse and driving societal change. Therefore, equipping them with the requisite knowledge and tools such as the Microsoft Copilot, will enhance their capability to deliver on their respective assignments efficiently by disseminating accurate and impactful information to the public.”
“We prioritize our relationship with the media hence, the need for the periodic capacity building session for journalists. With this training, we have clearly demonstrated our unwavering commitment to sustaining the initiative. We will continue to explore new avenues for collaboration and innovation, ensuring that our partners in the media industry have access to the tools and resources they need to thrive, Amanfo added.”
Orimolade Oluwamuyemi, the senior business programme manager, Marketing Communications, Microsoft Africa Development Center, appreciated the participants for their contributions in making the session an engaging experience and enjoined them to champion the message of AI responsibility.
He said, “Microsoft’s Copilot is poised to be a game-changer for journalists. It is a reliable tool for generating and optimising content, staying informed, and enhancing productivity. Our commitment is to harness the transformative potential of AI for societal betterment. Welcome to the future of journalism, working smarter with Microsoft Copilot.”
L-r: Lucas Ajanaku, ICT News Editor, The Nation Newspaper; Emma Okonji, ICT Reporter, ThisDay Newspaper; Orimolade Oluwamuyemi, Senior Business Program Manager, Marketing Communications, Microsoft Africa Development Center; Chineze Amanfo, Public Relations, Lead, 9mobile, and Chike Onwuegbuchi, Deputy Editor, Nigeria Communications Week, during the 9mobile capacity building training for Journalists held in collaboration with Microsoft recently in Lagos.
The capacity-building session received an overwhelmingly positive response from participants, who lauded the practical insights and demos provided.
Attendees expressed their appreciation for the opportunity to familiarize themselves with a tool as powerful and versatile as Microsoft Copilot, acknowledging its potential to revolutionize their workflow and enhance their journalistic endeavours.
With the successful hosting of the capacity-building session, 9mobile and Microsoft look forward to more areas of sustained collaboration to drive positive change and innovation within media ecosystem in Nigeria.
The post 9mobile and Microsoft ADC Train Journalists on AI appeared first on Tech | Business | Economy.

Sanjay Rupani, the sales director, JET Motor Company Electric Vehicles, said greater percentage of the compressed natural gas (CNG) vehicles the Federal Government of Nigeria commissioned the company to deliver, are available in Nigeria. 
Although, Rupani couldn’t give TECHECONOMY specific number of the CNG Vehicles currently available for delivery, our correspondent gathered that the company was commissioned to provide 200 CNG Vehicles for the FG’s initiative.
CNG Vehicle pump station (Photo Credit: VON)
His words:
“We are working towards our deliverable, as we talk most of the vehicles are already available and been assembled now.”
Recall that JET Motor Company Electric Vehicles, is one of the four plants, said to have received  the SKD parts, coupling the buses in Lagos and working towards delivering 200 units before the first anniversary of the President Tinubu administration.
Other plants includes; Mikano, Mojo, and Brilliant EV.
While efforts to get update from Mikano proved abortive as there was no response to the inquires by our correspondent as at time of filing this report, earlier Mr. Bayo Onanuga, special adviser to the President on Information and Strategy, confirmed that the first set of compressed natural gas (CNG) vehicles will be inaugurated before Tinubu administration’s first anniversary on May 29.
According to him, the Federal Government allocated N100 billion from the N500 billion palliative budget to purchase 5,500 CNG vehicles (buses and tricycles), 100 electric buses, and over 20,000 CNG conversion kits.
CNG Vehicle parts (Photo Credit: VON)
He further explained this funding also supports the expansion of CNG refilling and electric charging stations.
“After months of detailed planning and background work, the committee driving the initiative is set to deliver on President Tinubu’s vision and promise.
The CNG Initiative was designed to deliver compressed natural gas especially for mass transit.
The Federal Government as part of the many intervention programmes to reduce the burden of increase in pump price on the masses, provided N100 billion (part of the N500 billion palliative budget) to purchase 5500 CNG vehicles (buses and tricycles), 100 Electric buses and over 20,000 CNG conversion kits, alongside spurring the development of CNG refilling stations and electric charging stations.
After months of detailed planning and background work, the committee driving the initiative is set to deliver on President Tinubu’s vision and promise.
The committee, being led by Michael Oluwagbemi, an oil and gas expert, has delivered some major foundational reforms to enable the new CNG and Electric Vehicles future the President promised. All is now ready for delivery of the first set of critical assets for deployment and launch of the CNG initiative ahead of the first anniversary of the Tinubu administration on May 29.
With necessary tax and duty waivers approved by President Tinubu in December 2023, the PCNGI committee is partnering with the private sector to deliver the promise on the initiative.
The private sector has responded with over $50 million in actual investments in refuelling stations, conversion centres, and mother stations.
Also, a safety policy document on 80 standards and regulations that must be strictly adhered to by operators has been developed and approved to ensure CNG conversions are done safely and reliably.
The deployment of CNG buses and tricycles and the vision to get at least one million natural gas propelled vehicles on our roads by 2027 will mark a major energy transition in our country’s transportation industry.
The use of more expensive diesel and PMS will gradually be phased out, when many vehicles, including trucks run on natural gas, which our nation has in abundance in at least 30 out of the 36 states of the federation.
Studies have shown that, one of the main causes of air pollution is primarily the amount of gases emitted by gasoline and diesel engines. To reduce the pollution, some countries of the world, such as India, China, Iran, Pakistan, Brazil , Argentina, Italy have built fleets of natural gas powered vehicles, instead of going the route of relying on liquid petroleum products propelled vehicles.
Natural gas vehicles reduce tail pipe emission by up to 40 percent, and Nigeria’s commitment to this course will enable her meet her nationally determined commitments (NDCs) under Paris Climate Accord to which we are signatory.
Assembling of CNG tricycles (Photo: VON)
Hence, towards the end of May 2024, Nigeria will take some baby steps to join such nations that already have large fleets of CNG vehicles.
Remarkably, the Tinubu administration, in driving the nation to the desired destination, has flagged open a new industry, along with thousands of new jobs.
The post EXCLUSIVE: JET Motors Set to Deliver FG’s CNG Vehicles appeared first on Tech | Business | Economy.

In a recent revelation from the Nigerian Communications Commission (NCC), Airtel Nigeria has emerged as a standout performer in the country’s telecommunications sector, marking significant gains in market share over the past year.
Analysis of NCC’s data shows that by the end of March 2024, Airtel Nigeria has grown its market share over the last year into a remarkable 29%, solidifying its position as a leading telecom provider in the region.
In stark contrast, other mobile network operators such as MTN and 9mobile have faced considerable setbacks, with MTN witnessing a notable 3.19% decline in market share and 9mobile experiencing a 0.5% decrease.
Even Glo, a prominent player in the market, saw a decline, albeit less pronounced, with a 0.58% drop in its share of internet subscribers.
Airtel Nigeria’s success story goes beyond market share gains. The company has also witnessed a substantial surge in its share of internet subscribers, boasting an impressive 165% basis points increase.
This surge correlates with the launch of Airtel 5G, which the company began rolling out in June 2023 and underscores the telco’s continued push to grow its customer base nationwide.
Airtel Nigeria’s ascendancy in the telecom market comes at a pivotal moment when mobile network operators face challenges of rising operations cost and exchange rates volatility.
The company’s recent results solidify its position as a frontrunner in Nigeria’s telecom landscape.
The post Airtel Nigeria Leads Telecom Market Surge appeared first on Tech | Business | Economy.

Goodwell Investments, an impact investor focused on innovative businesses in emerging markets, said it recently invested in OmniRetail – a B2B ecommerce platform digitising sub-Saharan Africa’s informal supply chain.
The amount was undisclosed as at the time of filing this report.
Working in collaboration with long-term partner Alitheia Capital, Goodwell invested via its uMunthu II fund, effectively kickstarting OmniRetail’s Series A fundraising round.
The firm is proud to be the first to commit, underscoring its desire to support the growth of companies driving financial inclusion in underserved communities.
Founded in 2019, OmniRetail provides the necessary digital infrastructure to tackle some of the most pressing challenges within Africa’s commerce value chain, particularly by addressing the needs of informal retailers.
This often-overlooked group constitutes the backbone of commerce across sub-Saharan Africa, contributing significantly to the region’s GDP and providing livelihoods to millions of individuals.
Despite their economic importance, these small businesses grapple with uncoordinated supply chains and fragmented distribution networks, hindering their growth and economic stability.
Archit Bagaria, head of Investments at OmniRetail, encapsulated the company’s mission, saying,
“Africa deserves a robust digital infrastructure layered on top of the existing informal retail – the impact of which cannot be overstated. As the largest employer and the only ecosystem that can truly ensure efficient distribution of essential goods, healthcare, and financial inclusion – informal retail plays a very important role in the economies we want to transform. With support from Goodwell, one of the top impact funds focused on the continent, we are just getting started on our journey of a true digital infrastructure play that will impact and transform retail in Africa!”
Through its flagship platform, Omnibiz, and innovative tools like OmniPay and Mplify, OmniRetail equips retailers with essential resources and tools to procure products, build and access credit, and optimize their business for higher profitability and scale.
With over 140,000 small retailers and 90 brands onboarded, the company is well-positioned to redefine the retail industry in the region.
With social impact at the core of its business model, OmniRetail is an ideal addition to Goodwell and Altitheia’s uMunthu II investment portfolio, which is dedicated to supporting local businesses providing essential goods and services to underserved populations.
Reflecting on the company’s potential for delivering positive impact, Oti Ilentamhen, Investment Principal at Alitheia commented,
“With a strong focus on empowering underrepresented entrepreneurs, particularly women who make up 78% of its customer base, OmniRetail exemplifies the potential for technology-driven solutions to drive positive change in underserved communities. As the company continues to expand its reach and impact, encompassing distribution, logistics and financial services, it sets a compelling example for the broader investment community, showcasing the immense value of supporting businesses that prioritise both financial success and social responsibility.”
As OmniRetail continues its journey to modernise informal retail across West Africa, this investment will fuel the company’s expansion plans.
In addition to strengthening its presence in Nigeria, OmniRetail has extended and is scaling its digital offerings to Ghana and Cote d’Ivoire, with the aim of doubling in size by the end of 2024.
Goodwell looks forward to partnering with OmniRetail throughout this exciting growth phase, supporting its vision to enable retailers and communities to thrive in the digital age.
The post B2B eCommerce Platform OmniRetail Secures Funding from Goodwell appeared first on Tech | Business | Economy.

TikTok has announced updates to their Community Guidelines that further clarify the rules along with new features that help creators learn policies and check their account status.
It is not hidden knowledge that creators play a fundamental role in helping maintain a safe and entertaining environment for everyone on TikTok.
The focus is to empower people with information about policies and tools so they can safely express themselves and connect with others.
Community Guidelines are the rules and standards that apply to everything and everyone TikTok.
This update, which will take effect on the 17th of May 2024, builds on ongoing work to improve understanding and bring greater transparency about the rules and how the organization will enforce them.
In this latest iteration, TikTok has added and updated definitions to clarify her policies, like those regarding hate speech and health misinformation.
They’ve also included more detail about how they moderate TikTok features such as Search, LIVE, and the For You feed.
‘For You’ eligibility standards are updated as well. This helps to create a safer For You feed experience that’s suitable for a broad audience on TikTok.
They’re introducing a policy to make an entire account temporarily ineligible for recommendation in the For You feed if a creator repeatedly posts content that goes against the For You feed standards.
Their account and content will be harder to find in search.
They will notify creators when their accounts have been restricted in this way, and creators will be able to appeal.
“We always look for opportunities to help creators better understand our unique rules and have introduced a warning strike when a creator violates our Community Guidelines for the first time”, says Adam Presser, TikTok’s head of Operations, Trust and Safety.  “The warning strike does not count toward an account’s strike tally, but any future violations will. We notify creators about which rule they’ve broken and how they can appeal if they believe a mistake has been made. Zero-tolerance policies (for example, incitement to violence) aren’t eligible for these reminders; accounts will immediately be banned”, he further explained.
TikTok Community Guidelines
TikTok will also be making it easier for creators to check their account status as they begin to roll out ‘Account Check’.
This is a new feature that will enable creators to quickly audit their account and their last 30 posts and see at a glance whether they are in good standing on TikTok.
Account Check will also include information about whether access to certain features, like comments or direct messaging, has been restricted due to violations.
Creators will also be able to see whether their content has been removed for breaking our rules or has been restricted from reaching the For You feed.
TikTok Community Guidelines
With this information, creators can both better understand how their content and behaviour may have affected their standing on the platform and how they can appeal decisions if they believe TikTok got it wrong.
This is in addition to the existing “Account status” page, introduced last year, which lists a creator’s video violations.
What’s more? They’re also publishing the TikTok Creator Code of Conduct, which will take effect in the coming weeks.
These are the standards that they expect creators involved in TikTok programs, features, events and campaigns to follow on and off-platform, in addition to their Community Guidelines and Terms of Service.
TikTok believes that being a part of these programs is an opportunity that comes with additional responsibilities, and this code will also help provide creators with additional reassurance that other participants are meeting these standards, too.
Adam Presser concludes, “We’ll continue to focus on helping our community, and in particular our creators, better understand what our rules are and how we enforce them to provide a safer experience for over a billion people on TikTok”.
The post More TikTok Community Guidelines to Take Effect from May appeared first on Tech | Business | Economy.

Ola Olukeyede, the chairman, Economic and Financial Crime Commission (EFCC), said a massive attack on the naira was planned by some forces but for the swift intervention of the commission.
He said this earlier in the week why justifying the reason his Commission moved for the freezing of more than 300 accounts in a quest to defending the naira.
EFCC office in Abuja
The naira on Thursday continued its downward trend against the United States dollar, depreciating to N1,309/$ at the official market and N1,420 at the parallel market.
The new rate which indicates a depreciation of N90 or 6.8 per cent from N1,330 quoted by currency traders on Wednesday followed renewed dollar demand pressure in the foreign exchange market.
Emerging fact revealed that operators bought the greenback note at N1,340 and sold it at N1,420, leaving a profit margin of N80
Thus with  the current exchange rate, the naira has lost 26.2 per cent in two weeks when compared to N1,125 per dollar quoted on April 12, 2023, on the parallel market, popularly called the black market.
On Monday, the Central Bank of Nigeria approved the allocation of $15.83 million to 1,583 BDC operators. The move was aimed at enhancing liquidity in the unofficial market.
The CBN in a letter to BDCs announced the allocation of $10,000 to operators across the country. The allocation comes at a rate of N1,021 per US dollar, aimed at stabilsing the foreign exchange market and ensuring accessibility of foreign currency to eligible end users.
According to a letter released by the CBN to the Association of Bureau De Change Operators of Nigeria, all eligible BDCs are directed to initiate payments of the Naira deposit to specified CBN Naira Deposit Account Numbers starting from Monday, April 22, 2024.
Upon submission of confirmation of payment and necessary documentation, the CBN will disburse foreign exchange at the respective CBN branches.
At the official market, the naira depreciated to N1,309.88 against the dollar by the end of Thursday’s trading. This is a 0.10 per cent drop, from the previous rate of N1,308.52 recorded on Wednesday.
A summary of the forex transaction showed that the intra-day high depreciated by N68, closing at N1,435 per dollar from N1,367 per dollar. The intra-day low reduced to N1,100 from N1,098 recorded on Wednesday.
Naira
Meanwhile,  Professor Graham Penn,  a  scholar of International Finance Law, University College London, has  called on Deposit Money Banks (DMBs),  to pay attention to balance sheet management as this will play a critical role in the Nigerian banking sector as a consequence of the Central  Bank of Nigeria’s (CBN) new regime of minimum capital requirements.
He said this at the annual lecture of the Chartered Institute of Bankers of Nigeria (CIBN), when speaking to the theme: ‘Improving Availability of Credit in the Nigerian Real Economy: The Critical Importance of Secondary Market Liquidity.’
Professor Penn, while delivering his speech as guest lecturer at the 2024 annual lecture of the Chartered Institute of Bankers of Nigeria (CIBN), said the most important way that balance management can be achieved is by improving liquidity in the nascent Nigerian secondary debt market, thereby enabling Nigerian banks to diversify the way in which they fund their lending business.
This is just as the net domestic credit in the Nigerian economy surged to N96.1 trillion as at December 2023.Penn said the call for balance sheet management is in the context of capital adequacy, which needs to be carefully managed in order for Nigerian banks to be in a position to provide much-needed debt finance to the real economy.
According to him, DMBs should shift from traditional “relationship” lending that are held until maturity to securitisation.
He said, “CBN need to develop clear regulations governing the balance sheet and regulatory (capital carrying cost) effect of loan transfers for both the buyer and the seller of the loan/asset.
Those regulations need to cover both the transfer of individual loan assets and portfolios of assets in the case of securitisation transactions.”
The post Another Look at Reasons Naira Slumped to N1,420/$ appeared first on Tech | Business | Economy.

Elon Musk’s AI startup, xAI, is close to securing a $6 billion investment at a valuation of $18 billion, reiterating the increasing interest in artificial intelligence (AI) and Musk’s influence in the tech industry.
This financing round, expected to close in the coming weeks, has been impacted by a rapid escalation in valuation and investment size due to high investor demand. 
Originally pitched at $3 billion with a $15 billion valuation, the deal was quickly adjusted to meet investors’ intense interest surrounding xAI’s potential. 
Notable participants in the funding round include Sequoia Capital, Future Ventures led by Steve Jurvetson, Valor Equity Partners, and Gigafund, all closely associated with Elon Musk’s ecosystem.
The investment will likely lead to competition between xAI and OpenAI, another AI company co-founded by Elon Musk.
One key differentiator is xAI’s plan to leverage data from Musk’s other ventures, including Tesla, SpaceX, and Neuralink, facilitating his vision for xAI to bridge the digital and physical worlds.
This integrated approach could lead to advancements in areas like self-driving cars and robotics.
The success of xAI’s fundraising efforts could also benefit X, Musk’s social media platform. X already uses xAI’s chatbot technology and could potentially gain access to even more sophisticated AI tools in the future.
Grok, xAI’s chatbot, has already found integration with X, Elon Musk’s social media platform, as a paid add-on. Musk’s strategic vision extends beyond chatbots, with plans to incorporate AI insights into Tesla’s humanoid robot, Optimus, enabling advanced tasks in Tesla’s factories by year-end.
With adequate resources at its disposal, xAI can become a major competitor in the field, enhancing various sectors through its unique data-driven approach.
The integration of xAI’s technology across Musk’s ventures, from X’s social media platform to Tesla’s robotics advancements, is a strategy that could potentially bridge the learning gap. 
The implications of AI must also be addressed to ensure its responsible and beneficial use for society.
The post Elon Musk’s AI Startup xAI is Raising $6 Billion at $18 Billion Valuation appeared first on Tech | Business | Economy.

An email! That is all it takes for a malevolent cyber attacker to plunder a company’s most precious asset: its data. Infiltrating a network is as simple as an opened email on the targeted company’s network.
Once open, the email becomes a silent intruder, mercilessly siphoning off sensitive information, proprietary codes and confidential business strategies.
An attack of this nature once unleashed, can wreak havoc on an organization’s reputation, finances, and the trust of its stakeholders.
This is why cybersecurity might just be your most valuable investment yet.
In an increasingly interconnected world, where information flows at the speed of light, the battle to protect data has never been more critical.
The digital realm, though a beacon of innovation and convenience, harbours lurking threats that can jeopardize our most sensitive information.
The ever-evolving landscape of cybersecurity demands a vigilant and proactive approach, one that is making a significant impact on organizations across Nigeria and beyond.
To stay competitive and resilient in this landscape, certain mandated steps are essential as no organization – be it small or large – is immune to the malevolence of digital miscreants. As such a fail-proof guide to ensuring the safeguarding of your business is crucial and should begin with finding the right partner.
Each organization is unique, with distinct security needs. This is why when it comes to cybersecurity, there’s no one-size-fits-all approach.
A clear indicator of choosing the wrong cybersecurity partner is failure to grasp the intricacies of your business needs.
Without this foundation, originality, detailing and specifics would be non-existent in the designing of safety measures to cater to your organization’s unique needs.
Another line of defense would be understanding the enemy when an attack surfaces. It’s about getting to the root of who, where and why.
How does this threat operate? What are its weak points? Intelligence gathering of this nature will help your partner of choice determine the best line of action in every situation. With a seasoned partner, however, this step could also be a pre-emptive measure.
When you have a good idea of the type of threats that your business is susceptible to, then your approach to protection can become proactive rather than reactive.
While there may be a plethora of reasons why a business could be attacked, human error remains one of the leading causes of data breaches. Employees would need constant and efficient training so that they are well-equipped with best practices and security protocols, turning them into a formidable first line of defense.
Sometimes, however, no matter how well-trained your staffs is and how great you are when it comes to monitoring the networks for any malicious software, there might be a slip or two.
Where this happens, a swift and efficient response to salvage the situation might just make all the difference.
This is where companies like IT Horizons come in.
IT Horizons or guardians of the cyberspace, understand the glaring importance of cybersecurity and provide services such as an overall fortification of an organization’s digital infrastructure, training of employees and diligent threat detectors, constant monitoring of clients’ networks and proffering proactive remedies to impending danger.
The company offers a wide spectrum of services, ranging from risk assessments and vulnerability analyses to threat intelligence and incident response, helping businesses navigate the complex cybersecurity landscape with confidence and arming them with the tools and knowledge to protect their digital assets effectively with the latest cyber security tools.
AI, Cybersecurity and entrepreneurial confidence
In a world where the digital landscape is continually evolving, the guardians of cyberspace play an indispensable role in ensuring a safe and secure environment for individuals and businesses alike through their unwavering commitment to cybersecurity, helping organizations navigate the complex terrain of data protection with confidence.
According to Mr. Olusegun Enitan Dada, the chief executive officer, IT Horizons, “IT Horizons is a leading provider of extensive Information Communication Technology (ICT) solutions, driving business transformations through the implementation of innovative and customized technology solutions. Whether focusing on system development or offering managed IT services, we consistently achieve exceptional results, enabling businesses to thrive.”
Over the years, the company has been a catalyst for organizations striving for technological excellence, cultivating a robust network of top-tier Original Equipment Manufacturers (OEMs), providing a wide range of state-of-the-art technology solutions, spanning Networking, Security, Compute, Collaboration, and Productivity, including Microsoft products.
“Our central mission revolves around amplifying efficiency, addressing complex business challenges, and heightening overall productivity levels,” Dada added.
As we look to the future, one thing is clear: the battle to safeguard data will continue to evolve. The question is no longer whether or not you need cybersecurity, but how efficient your cyber guardians are in mitigating data breaches.
In this ever-connected world, the quest to mitigate data breaches remains paramount, and IT Horizons stands ready as a trusted ally in this ongoing battle for digital security. They are ready, are you?
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Authored by Barry Awure, Technical Sales Manager, IT Horizons
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