FG, IHS Tower to Create 3 Million Technical Talent Learning Community

By Aduragbemi Omiyale A new data centre business known as Nxtra by Airtel has been unveiled by Airtel Africa Plc, with Mr the former head of Global Data Centre Portfolio Management at Amazon Web Services, Mr Yashnath Issur, appointed to lead the new organisation. Mr Issur is armed with about 16 years of experience in the industry and has, over the past year, built a team of experts to execute the strategy. Business Post gathered that Nxtra was established to meet Africa’s growing needs for trusted and sustainable data centre capacity and to serve the fast-growing African digital economy. The

By Kehinde Ogundare In recent years, the global economy has faced and continues to face numerous challenges, including a pandemic, war, climate change, and inflation. Businesses have had to adapt and find new ways of working to tackle these challenges. Nigeria is no exception. According to the National Bureau of Statistics of Nigeria, the annual inflation rate accelerated to 24.08% in July 2023, the highest since September 2005. This has affected everything from electricity tariffs to transportation, all crucial to the performance of Nigerian enterprises. Fortunately, by adopting the right technologies and using them the right way, enterprises can ensure that they’re

By Adedapo Adesanya The Minister of Communications, Innovation, and Digital Economy, Mr Bosun Tijani, has revealed that plans to onboard three million tech talents in Nigeria will be done in phases, starting with the training of 30,000 persons in the next three months. Appearing as one of the lead guests at Moonshoot by TechCabal, a two-day event organised by the tech publication in Lagos on Wednesday, he said his ministry would apply a 1-10-100 model, which by definition is a three-phase model. “We are using a 1-10-100-model. We are starting with 1 per cent of our 3 million target, and

By Dipo Olowookere After initially declining to be part of the African Continental Free Trade Area (AfCFTA), Nigeria has rescinded its decision to stay away from the initiative backed by almost all the nations on the continent. On Sunday, July 7, 2019, President Muhammadu Buhari signed the Agreement Establishing AfCFTA. He signed for the continent’s largest economy at the opening of the 12th Extraordinary Session of the Assembly of African Union Heads of State and Government on #AfCFTA in Niamey, Niger Republic. With this development, Africa will operate as a single market, allowing easy movement of goods across borders. The

By Adedapo Adesanya A United Bank of Africa (UBA) branch in the Abule Egba area of Lagos and a First Bank branch in Ibafo, on the outskirts of the state, have been targeted by protesters, who are reacting to Nigeria’s cash crunch, Business Post reports. On Friday morning in the Abule Egba area of Lagos, witnesses told this newspaper that places, including Super and Ile-Epo, saw spates of attacks while the UBA in the popular U-Turn after Abule-Egba faced an attack. It could not be verified independently at this time. “I was trying to work on some issues in my

By Investors Hub The major US index futures are pointing to a mixed opening on Monday, as stocks appear poised to extend the lacklustre performance seen over the past several sessions. A sharp increase by the price of crude oil may lead to strength among energy stocks after the Saudi Arabian and Russian energy ministers indicated an agreement to freeze oil output would be extended until March of 2018. However, other stocks may come under pressure amid concerns about the impact of the WannaCry ransomware attack, which has reportedly affected 200,000 victims in 150 countries. With traders shrugging off disappointing

By Modupe Gbadeyanka By the end of second quarter of 2017 (next month), the profit before tax of Jaiz Bank Plc should have risen to N316.28 million, Managing Director of the lender, Mr Hassan Usman, has revealed. Also, the total income of the financial institution should have increased to N2.4 billion within the period, while its total assets of Jaiz Bank Plc must have grown to N101 billion by the end June 2017. As at the end of first quarter of this year, the total assets of the firm, according to its financial statements, stood at N78.7 billion, while its

By Modupe Gbadeyanka The International Islamic Trade Finance Corporation (ITFC), member of the Islamic Development Bank Group, and the University of Cambridge Institute for Sustainability Leadership (CISL), an academic institution within the University of Cambridge that builds sustainability leadership capacity to tackle critical global challenges, have joined together in partnership for shaping the future of sustainability through innovation, policy advancement and technology development. “In Supporting innovation, and innovation catalysts, we have the intention to intensify collaboration in the coming months and years. As a first step to this end, ITFC and CISL will work towards a grant agreement in which

By Dipo Olowookere Mr Igbinidu Inneh has been appointed by the Edo State Governor, Mr Godwin Obaseki, as the new Executive Chairman of the Edo Internal Revenue Service (EIRS). A statement issued by the Secretary to the State Government, Mr Osarodion Ogie, disclosed that the appointment was approved by the Governor. However, he emphasised that Mr Inneh’s appointment is subject to the confirmation of the State House of Assembly. It was further disclosed that Mr Inneh, whose appointment takes immediate effect, will be assisted by other members of the Board; Mr Charity Aimanyaevbo, Mr Michael Ohio-Ezomo, and Mr Emmanuel Ehimare

By Aduragbemi Omiyale A global rating company, Moody’s Investors Service, has expressed doubts over the ability of Nigerian banks to meet their foreign currency obligations due to the foreign exchange (FX) crisis in the country. As a result, the agency has placed on review for the downgrade of the long-term deposit ratings, long-term issuer, and senior unsecured debt ratings, where applicable, of nine lenders in Nigeria. These banks are Access Bank, FCMB, Fidelity Bank, First Bank, GTBank, Sterling Bank, UBA, Union Bank, and Zenith Bank. In a report, Moody’s said it was concerned about the rationing of forex in Nigeria,

By Modupe Gbadeyanka Some foreign companies have concluded plans to invest about $140 million in Nigeria and Pakistan, both members of the Commonwealth nations. This is expected to boost jobs and economic development in the Commonwealth’s growing market, especially in Nigeria and Pakistan. Business Post reports that the new investments were announced as Pakistan and Nigeria joined 53 nations in London for the Commonwealth Heads of Government Meeting (CHOGM), with the benefits of intra-Commonwealth trade high on the agenda. Global consumer brand, Unilever, will invest £86 million in new manufacturing capacity at its four factories in Pakistan. Anglo-Dutch oil giant,