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Category: Science and Technology

  • Nigerian Banks Begin Repaying ₦200 Billion Ussd Debt as Telcos Express Concerns Over Delay

    Nigerian Banks Begin Repaying ₦200 Billion Ussd Debt as Telcos Express Concerns Over Delay

    Recent reports indicate that nigerian banks have initiated the repayment of a ₦200 billion debt owed to telecom companies, as agreed upon in late 2023. This debt accrued from the use of unstructured supplementary service data (ussd) services provided by telecom firms, with payments beginning following the involvement of central bank of nigeria (cbn) governor olayemi cardoso.

    However, concerns have been raised by gbenga adebayo, president of the association of licenced telecommunication operators of nigeria (alton), over the slow pace of these repayments. Adebayo emphasized that delays in payments could potentially increase the debt due to accrued interest, urging banks to expedite the process.

    The dispute over ussd fees between telcos and banks has spanned six years, necessitating regulatory interventions from both the cbn and the nigerian communications commission. Some have speculated that the sluggish repayment may reflect lingering tensions between banks and telcos over fee-sharing disagreements.

    In a related development, unnamed bank ceos have defended their stance, highlighting initial disagreements on ussd fee obligations and criticizing the transparency of billing processes initiated by telcos. Despite regulatory directives for banks to collect and remit ussd fees to telcos, ongoing delays in repayments suggest a broader friction in fee management between the two sectors.

    The ussd technology, originally intended for airtime and subscription services, gained popularity in banking due to its accessibility without requiring internet or smartphones. Recent regulatory actions, including approvals for potential disconnections and calls for standardized transaction codes, underscore the complexities surrounding ussd fee management in nigeria.

  • NIMC Flags Unauthorized Websites for Data Breach

    NIMC Flags Unauthorized Websites for Data Breach

    The National Identity Management Commission (NIMC) has flagged five websites for allegedly collecting Nigerians’ personal data without authorization. These websites include idfinder.com.ng, Verify.Ng/sign in, championtech.com.ng, trustyonline.com, and anyverify.com.

    NIMC’s spokesperson, Kayode Adegoke, issued a warning to the public, advising them to avoid these sites as they may be scams intended to collect personal information without consent. This action follows a report by the Paradigm Initiative, which highlighted concerns about some websites selling personal data, such as National Identification Numbers (NIN), Bank Verification Numbers (BVN), and International Passports, for as low as ₦100. The Paradigm Initiative warned that such unauthorized data sales could lead to identity theft, financial fraud, and other severe risks, potentially endangering individuals and compromising national security.

    In response to these concerns, NIMC reassured the public that their sensitive data is secure and has not been compromised. The commission emphasized that only authorized partners are allowed to verify NINs and cautioned against using unauthorized websites. NIMC is working closely with security agencies to identify and prosecute fraudulent vendors, urging citizens to remain vigilant and trust in NIMC’s security measures.

    In a positive development for the Nigerian fintech sector, the Central Bank of Nigeria (CBN) has fully reinstated the license of Eyowo, a leading fintech company. This reinstatement allows Eyowo to resume offering its range of products, including digital banking, payment solutions, and financial management tools tailored for both individuals and businesses.

    Eyowo had previously faced significant challenges in 2023, including rumors of potential shutdowns. However, the company clarified its strategy, emphasizing a shift towards becoming a financial technology platform focused on “financial connectedness and intelligence.” In March, Eyowo’s Microfinance license was provisionally restored by the CBN after the company met the necessary regulatory requirements. To enhance safety, fraud prevention, and regulatory compliance, Eyowo partnered with ProvidusBank, ensuring continued customer access to funds.

    CEO Yomi Adedeji acknowledged the difficulties encountered with regulatory processes but assured stakeholders that these challenges are nearing resolution. He urged patience regarding account reactivation timelines and highlighted the company’s commitment to addressing past issues and strengthening its market position. Stakeholders, including customers and investors, eagerly await further updates on Eyowo’s strategic roadmap.

  • Nigeria Advocates for Global Collaboration on Technological Challenges

    Nigeria Advocates for Global Collaboration on Technological Challenges

    By Milcah Tanimu

    Nigeria has called upon global leaders to unite in addressing technological challenges and building a resilient, inclusive society for future generations.

    Speaking at the 112th session of the International Labour Conference (ILC) in Geneva, Switzerland, Nkeiruka Onyejeocha emphasized the need for joint efforts to mitigate the impacts of technology on the workforce and to promote a productive, equitable, and inclusive society for the future.

    Onyejeocha’s address responded to the director-general’s report on the renewed social contract, reinforcing Nigeria’s stance on decent work and social justice. She highlighted the Nigerian government’s commitment to fostering constructive social dialogue and promoting fair working conditions.

    She pointed out that the government’s policies focus on food security, job creation, poverty alleviation, and social cohesion, in alignment with President Bola Tinubu’s Renewed Hope Agenda. She praised the ILC’s theme, which underscores the interdependence of individuals and societies in promoting social unity, economic robustness, and political stability.

    The minister reiterated that President Tinubu’s Renewed Hope Agenda aims to transform Nigeria into a premier global investment hub, focusing on democracy, economic development, harnessing demographic potential, and engaging with the diaspora community. The agenda prioritizes economic prosperity through food security, poverty eradication, job creation, access to capital, inclusiveness, security, rule of law, and anti-corruption measures.

    Onyejeocha assured that Nigeria is prepared to embrace future challenges and conduct business according to international standards. She highlighted the government’s support for social dialogue to advance social justice and align with its labor sector agenda, promoting worker welfare and national productivity.

    Regarding the new national minimum wage, she mentioned that the Federal Government is negotiating through its tripartite committee to review the wage as part of efforts to ensure decent work for both public and private sector workers.

    The minister also highlighted Nigeria’s progress in implementing international labor standards and promoting social justice through initiatives like the Labour Employment and Empowerment Programme (LEEP), aimed at creating jobs and equipping youths with entrepreneurship skills.

    Onyejeocha emphasized the importance of skill acquisition for youth empowerment and job creation, noting that the informal sector drives economic growth in developing countries. The LEEP initiative aims to train and equip 2.5 million people annually over the next four years with essential entrepreneurship skills.

    She concluded by expressing confidence that the government’s efforts to promote entrepreneurship will rejuvenate Nigeria’s economy, enhance job creation, and reduce unemployment and insecurity.

  • Top 3 iPhone Rivals in Camera Quality

    Top 3 iPhone Rivals in Camera Quality

    By   Milcah   Tanimu

    In the realm of smartphone photography, iPhones have long been regarded as the gold standard for camera quality. However, recent advancements in technology have introduced several competitors that challenge the iPhone’s dominance.

    These smartphones not only match but sometimes exceed the iPhone’s capabilities with their impressive features and cutting-edge camera systems.

    Google Pixel 7 Pro

    The Google Pixel 7 Pro is a standout device known for its exceptional photography capabilities. Google’s advanced AI-driven image processing delivers superior low-light performance, excellent dynamic range, and highly detailed photos. The Pixel 7 Pro’s Night Sight mode, portrait mode, and HDR+ are often praised for their quality. A key feature that sets the Pixel 7 Pro apart from some iPhone models is its software processing, which optimizes images to look vibrant and detailed. Overall, the Google Pixel 7 Pro’s camera quality and innovative features make it a strong competitor to iPhones in the smartphone photography realm.

    Samsung Galaxy S23 Ultra

    The Samsung Galaxy S23 Ultra features a versatile camera setup with a high-resolution 200 MP main sensor and powerful zoom capabilities. Its dual telephoto lenses with 3x and 10x optical zoom offer impressive detail and clarity at long distances. The S23 Ultra excels in high-resolution photography and 8K video recording, providing more detailed and sharper images compared to some iPhone models. Many users appreciate the zoom capabilities and overall performance of the S23 Ultra’s camera, making it a compelling choice for those who prioritize photography and videography on their smartphones. The Samsung Galaxy S23 Ultra is undoubtedly a worthy competitor to iPhone cameras.

    Huawei P50 Pro

    The Huawei P50 Pro is renowned for its cutting-edge camera technology, featuring a 50 MP main sensor and a 64 MP telephoto lens with 3.5x optical zoom. Huawei’s image processing technology delivers excellent vibrant color accuracy, dynamic range, and low-light performance. When comparing the camera quality of the Huawei P50 Pro with iPhones, the P50 Pro stands out for its innovative camera features and impressive low-light capabilities.

    While the iPhone excels in smartphone photography, these alternatives offer unique strengths and advanced features that cater to diverse photography needs, making them excellent choices for capturing stunning images.

  • Nigeria Charts Course for 20 GW Renewable Energy Market

    Nigeria Charts Course for 20 GW Renewable Energy Market

    In a bid to bridge the energy gap in Nigeria, the Rocky Mountain Institute (RMI) and the Global Energy Alliance for People and Planet (GEAPP) have unveiled an ambitious roadmap to develop a 20 gigawatt (GW) renewable energy market over the next decade. This plan focuses on expanding distributed renewable energy sources and battery storage solutions.

    The unveiling coincided with a visit from representatives of GEAPP, the Rockefeller Foundation, and SEforAll, underscoring Nigeria’s progress in transitioning to clean energy.

    Ije Ikoku Okeke, RMI’s Managing Director, highlighted the benefits of the initiative, noting its potential to increase revenue for electricity distribution companies (DisCos), significantly reduce carbon emissions, and address Nigeria’s power supply challenges. Okeke emphasized the economic advantages for consumers and the expanded opportunities for renewable energy developers.

    A recent SDG7 tracking report revealed slow progress towards universal access to sustainable energy by 2030, with Nigeria having over 85 million people without electricity—the largest such population globally. RMI’s collaboration with five Nigerian DisCos identified a substantial market opportunity for distributed energy resources (DERs), projecting a national potential of approximately 2 GW per year over the next decade.

    Okeke stressed the importance of DisCos partnering with private developers to leverage DERs, addressing power availability and reliability issues while increasing revenue through enhanced sales and service charges.

    Joseph Nganga, GEAPP’s Interim CEO, emphasized the roadmap’s role in accelerating DER deployment and providing clean, reliable, and affordable electricity to millions of Nigerians. The Nigerian Electricity Regulatory Commission (NERC) is also involved, aiming for at least 10 percent of DisCo energy to come from embedded generation by next year, with half sourced from renewables.

  • Multichoice’s Betting Expansion Amidst DSTV Decline

    Multichoice’s Betting Expansion Amidst DSTV Decline

    Multichoice, the pay-TV operator, has witnessed significant growth in its betting business in Nigeria, with its betting platform, KingMakers, experiencing a 37% increase in users for the financial year ending March 31, 2024. This growth was highlighted in the company’s recently released financial results.

    This surge comes amidst an 18% decline in subscribers for its main business, DStv and GOtv, partly attributed to economic challenges and consecutive price increments over the past year. The decline indicates a shift towards betting among Nigerians, seen as a means of coping with economic difficulties and hoping for additional income through gambling.

    While Multichoice faced declines in its pay-TV business across operations, it reported a 26% year-on-year revenue increase from Nigeria in constant currency in its online gaming business. However, in reported currency (USD), the $147 million revenue for the year was 26% lower than FY23 due to the impact of the weaker naira. Despite this, KingMakers reported a positive EBITDA of USD2 million, with a retained cash balance of USD113 million at the end of December.

    In its overall financial performance for the year, Multichoice reported a loss of 4.148 billion rands ($224.87 million), an increase from a loss of 2.9 billion rands ($157.21 million) the previous year, attributing it to foreign exchange losses in Nigeria, Kenya, Zambia, and Angola.

    Multichoice ventured into the betting business in Nigeria by acquiring a 20% stake in Nigerian online sports betting company BetKing, now known as KingMakers, for R1.3 billion in 2020. In 2021, it increased its stake to 49% for $281.5 million. Leveraging its extensive sports coverage, Multichoice aimed to boost the betting business. Internal data cited by KingMakers showed that 77% of DStv subscribers are active betters or engage in match predictions, providing a vast customer base for a betting product.

    The move aligns with the remarkable growth projections of Africa’s gambling market, which was predicted to reach a value of $37 billion by 2022, with sports betting accounting for most of that growth. MultiChoice’s acquisition was driven by the impressive growth projections of the sports betting industry.

  • “Meta embraces desk sharing, reduces office space in Lagos, optimizing operations.”

    “Meta embraces desk sharing, reduces office space in Lagos, optimizing operations.”

    “Meta Streamlines Operations in Lagos: Introduces Desk Sharing Amid Office Downsizing”
    In a strategic move aimed at optimizing resources, Meta, the parent company of Facebook, Instagram, and WhatsApp, is implementing significant changes in its Lagos operations. Under the banner of office downsizing, Meta is transitioning to desk sharing for employees, particularly those with limited in-office presence.

    The decision to reduce office space comes as Meta renegotiates its tenancy agreement at the Kings Tower building in Ikoyi, Lagos. A Meta spokesperson emphasized the company’s commitment to aligning its real estate footprint with evolving business needs, including those specific to its Nigerian operations.

    With a focus on efficiency, Meta is embracing desk sharing to accommodate employees who predominantly work remotely. This shift follows recent layoffs in Nigeria, which notably impacted the engineering team. Despite these adjustments, Meta reaffirms its long-term commitment to Nigeria, pledging continued investments in strategic endeavors.

    In a parallel development, Microsoft clarified recent closures, indicating that only the engineering team at the Microsoft Africa Development Centre (ADC) in Lagos was affected, with operations for Microsoft Nigeria remaining intact. Meanwhile, during a visit to Nigeria, Meta’s President of Global Affairs, Nick Clegg, unveiled plans to empower Nigerian content creators through new monetization features released in June 2024.

  • Scientists Develop Humanoid Robot with Emotion Recognition Technology

    Scientists Develop Humanoid Robot with Emotion Recognition Technology

     

    Chinese scientists have created a groundbreaking real-time emotion recognition system that combines various facial expressions to accurately depict human emotions.

    This innovative device, resembling a wearable mask, was developed by researchers at the Ulsan National Institute of Science and Technology (UNIST). They claim it’s the first technique of its kind.

    “We have developed a skin-integrated face interface (PSiFI) system that can be customized for individuals,” said Professor Jiyun Kim, who led the development, in an official press release.

    According to the press release, the sensor can simultaneously record both verbal and nonverbal cues. The system includes a data processing circuit for wireless data transmission, enabling real-time emotion recognition.

    Using machine learning algorithms, this technology can accurately and instantly detect human emotions, even for individuals wearing masks.

    “The system has also been successfully applied in a digital concierge application within a virtual reality (VR) environment,” the press release added.

     

  • Unlocking Success: Mastering Online Trading with Top Platforms

    Unlocking Success: Mastering Online Trading with Top Platforms

    With every passing day and in today’s digital life, online trading is becoming increasingly popular and people can safely trade financial markets around the world, even from the comfort of drawing rooms. After all, using platforms like Exness means that all possible tools for trading are readily available. Hence one can capture market moves’ opportunities as they benefit from price changes. In this comprehensive guide, we’ll delve into the world of commodities trading, explore the role of the stochastic indicator in technical analysis and provide tips for success in online trading.

    Understanding Commodities Trading

    Commodities are bulk goods or primary farm products that can be bought and sold, such as gold, oil, wheat and coffee. Essentially, trading in commodities is buying or selling what is considered to be good in the financial markets, to make money from changes in prices arising in the said goods. Unlike stocks or bonds, representing ownership in a company or debt obligation, commodities trading is based on supply and demand dynamics coupled with several geopolitical occurrences and global economic trends. Generally, commodities are distinguished into two: hard and soft. Rigid is mainly associated with natural resources, such as metal and energy, whereas soft is all about agricultural products and livestock. Since natural resources and hard are fundamentally driven by the market and are price-influenced differently, commodities represent one of the most interesting, dynamic and diverse areas of the financial markets.

    Exploring the Stochastic Indicator

    The stochastic indicator is a standard tool in technical analysis, used to detect possible trend reversals and uncover overbought or oversold conditions. The indicator measures momentum using the price movement by comparing the current price to its range over a defined period, usually 14 days.

    Two lines make up the stochastic oscillator: the %K line denotes the difference between the closing price and the current price relative to the trading range, while the %D line can be said to be a moving average of the %K line.

    The trader uses the stochastic indicator to give buying and selling signals based on overbought or oversold conditions. With every stochastic line crossing above level 20, which is quite an oversold level, the possibility to buy arises since the price can be regarded as undervalued. On the other hand, in case the lines cross under the overbought threshold of 80, it may signal a selling opportunity due to the price being considered overvalued. In this way, the traders are more effective in making judgments concerning trade concerning this indicator.

    Maximizing Your Trading Potential

    It will be of utmost importance in exploiting the trading potential within the commodity markets to prepare a definitively defined trading plan and stick to appropriate risk management principles. Volatile market conditions require significant effort in doing research and analysis to pick out prospective trading positions, which may come about because of market trends, economic indicators, or geopolitical events. Consider diversifying your portfolio by trading a mix of commodities to spread risk and capitalize on different market conditions. It should be remembered that the stochastic indicator is one more tool in your toolbox and should be used in alliance with other tools of technical analysis and indicators when devising your trading strategy. Do not base trade signals solely on the stochastic oscillator; a signal must be proven by additional confirmation from other indicators or chart patterns.

    Analyzing Macro Trends and Geopolitical Events

    Traders must exhibit a high degree of adaptability and vigilance when monitoring prevailing macroeconomic indicators and potential geopolitical developments that may have an impact on commodity prices. This entails staying attuned to the constantly changing dynamics of market supply and demand, ongoing geopolitical tensions and the release of economic data, all of which have the potential to influence commodity prices and market sentiment. By attentively observing these factors, traders can make more judicious trading decisions and adjust their trading strategies in response to news and events that may exert an influence on the commodities being traded. To thrive in the fast-paced environment of commodity trading, it is crucial to proactively monitor and respond to evolving market conditions.

    Practicing Responsible Trading

    When engaging in trading, it’s crucial to prioritize responsible practices, particularly by incorporating effective risk management strategies that safeguard your capital and sustain your trading account. It’s also essential to establish clear trading goals and objectives and to maintain realistic return expectations. Implementing stop-loss orders to minimize potential losses, employing proper position sizing techniques and avoiding allowing a single trade to excessively impact the account balance are all key considerations.

    Commodities trading offers substantial prospects for profit across the global financial markets. Integrating the stochastic indicator into your trading strategy, combined with sound risk management practices, can significantly enhance your potential for realizing profits within the global financial markets. It’s critical to consistently stay informed, exercise discipline and trade responsibly to maximize your success.

  • Elon Musk Threatens to Ban Over 1.4B Apple Users Amid OpenAI Integration Concerns

    Elon Musk Threatens to Ban Over 1.4B Apple Users Amid OpenAI Integration Concerns

    Billionaire Elon Musk has announced a potential ban on Apple Inc. devices from his companies if OpenAI’s artificial intelligence software is integrated at the operating system level, labeling the move a significant security risk.

    Apple boasts over 1.4 billion active iPhone users worldwide, alongside an estimated 100 million Mac users and a substantial Apple Watch user base. The tech giant recently unveiled plans to integrate OpenAI’s ChatGPT chatbot with its Siri digital assistant, as part of a broader suite of new AI features.

    Musk expressed his concerns following Apple’s presentation, arguing that integrating OpenAI at the OS level poses a security violation. In a bold statement on social media platform X, Musk stated that visitors with Apple devices would need to leave them at the entrance of his companies, where they would be stored in a Faraday cage to prevent potential electronic interference or data transmission.

    “If Apple integrates OpenAI at the OS level, then Apple devices will be banned at my company. That is an unacceptable security violation. And visitors will have to check their Apple devices at the door, where they will be stored in a Faraday cage,” Musk tweeted.

    Apple announced a suite of AI enhancements across its software ecosystem, including a partnership with OpenAI to embed ChatGPT technology within its devices. Apple maintains that these AI developments prioritize privacy, combining on-device processing with cloud computing to safeguard user data.

    Despite Apple’s assurances, Musk remains skeptical. “It’s patently absurd that Apple isn’t smart enough to make their own AI, yet is somehow capable of ensuring that OpenAI will protect your security & privacy!” Musk remarked, casting doubt on Apple’s ability to manage AI integration securely.

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    Musk’s opposition to OpenAI is rooted in his history with the organization. Founded in 2015 with a mission to create AI for the collective good of humanity, OpenAI has shifted towards profit-oriented ventures, a change that Musk disapproves of. In March, Musk initiated legal action against OpenAI and its CEO, Sam Altman, alleging a deviation from their foundational goals.

    Simultaneously, Musk has launched his own AI venture, xAI, as a counterbalance to OpenAI’s advancements. With a valuation of $24 billion following a $6 billion Series B funding round, xAI aims to develop AI solutions aligned with Musk’s vision of responsible and ethical AI development.

    Musk’s latest stance against Apple and OpenAI highlights the growing industry battle over AI’s future and the control of user data. This clash underscores the broader debates surrounding AI integration, privacy, and security in the tech world.