Equinor profit jumps to $4.64 in Q2, launches $300M share buyback

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Equinor profit jumps to $4.64 in Q2, launches $300M share buyback

Equinor reports adjusted earnings of USD 4.64 billion and USD 1.58 billion after tax in the second quarter of 2021. IFRS net operating income was USD 5.30 billion and the IFRS net income was USD 1.94 billion.

The second quarter of 2021 was characterised by:

  • Strong results due to higher prices, sustained value focus and strict capital discipline.
  • Solid operational performance and progress in the project portfolio, some projects impacted negatively by Covid-19.
  • Strong cash flow and significant improvement of adjusted net debt ratio to 16.4%.
  • The cash dividend of USD 0.18 per share and launch of the share buy-back programme.

Anders Opedal, President and CEO of Equinor ASA commented:

“We deliver a strong result in the second quarter. Solid operational performance and continued focus on value creation have enabled us to capture additional value from higher commodity prices. Strict capital discipline and a net cash flow of more than USD 4.5 billion, reduce our net debt ratio to 16.4 percent and make us robust for volatility in commodity prices going forward,”

Equinor
Anders Opedal, President and CEO | Brand Spur Nigeria

“Systematic and sustained improvements on the NCS enable us to capture additional value in the quarter. We progressed our project portfolio with the Norwegian government’s approval of the development plan for Breidablikk, the start-up of Martin Linge on NCS and the final investment decision on Bacalhau Phase 1 in Brazil. Projects in execution are progressing despite the impact of Covid-19,” says Opedal.

“We continue to accelerate within renewables through strategic positions and partnerships. In Poland, we made significant progress with the award of the support regime for Baltyk II & III with a potential total capacity at 1,440 megawatts. We continue our efforts to reduce emissions. In this quarter we submitted the plan for development and operation of the Troll West electrification, and we have made good progress on Hywind Tampen, the world’s first floating windfarm to power offshore oil and gas platforms”, says Opedal.

Adjusted earnings [5] were USD 4.64 billion in the second quarter, up from USD 0.35 billion in the same period in 2020. Adjusted earnings after tax [5] were USD 1.58 billion, up from USD 0.65 billion in the same period last year.

IFRS net operating income was USD 5.30 billion in the second quarter, up from negative USD 0.47 billion in the same period in 2020. IFRS net income was USD 1.94 billion in the second quarter, compared to negative USD 0.25 billion in the second quarter of 2020.

Net operating income was impacted by higher prices for gas and liquids, and net reversals of impairments of USD 0.28 billion including USD 0.11 billion impairment of exploration licences in the second quarter of 2021.

The results of all E&P segments are positively impacted by the higher commodity prices. Strong operational performance, continuous improvement focus and strict capital discipline supported additional value creation.

E&P Norway benefited from improved prices and solid operational performance. Combined with taxes paid based on the low 2020 results this contributed strongly to the group cash flow.

Results from the Marketing, midstream and processing segment were impacted by losses on hedges of gas forward sales, shut down of the Hammerfest LNG plant and weak refinery margins.

Compared to the same quarter last year the Renewables segment experienced lower winds for the offshore wind assets, partially offset by improved availability. The segment delivered adjusted earnings of negative USD 31 million, down from negative USD 1 million in the second quarter last year.

Equinor delivered total equity production of 1,997 mboe per day in the second quarter, down from 2,011 mboe per day in the same period in 2020. High planned maintenance, divestment of Bakken and shut down of the Hammerfest LNG plant were partially offset by higher flex gas volumes to capture higher prices and increased production from Johan Sverdrup.

Equity production of renewable energy for the quarter was 282 GWh, down from 304 GWh for the same period last year, impacted by lower winds than the same quarter last year.

At the end of the second quarter of 2021, Equinor had completed 11 exploration wells with 5 commercial discoveries and 12 wells were ongoing. Adjusted exploration expenses in the second quarter were USD 0.21 billion, compared to USD 0.28 billion in the same quarter of 2020.

Cash flows provided by operating activities before taxes paid and changes in working capital amounted to USD 6.54 billion for the second quarter, compared to USD 2.36 billion for the same period in 2020.

Organic capital expenditure was USD 4.03 billion for the first six months of 2021. At the end of the quarter adjusted net debt to capital employed was 16.4%, down from 24.6% in the first quarter of 2021. Including the lease liabilities according to IFRS 16, the net debt to capital employed was 23.2%.

The board of directors has declared a cash dividend of USD 0.18 per share for the second quarter of 2021. 28 July Equinor commences execution of the first tranche of around USD 300 million of the USD 600 million share buy-back program for 2021 announced 15 June.

The twelve-month average Serious Incident Frequency (SIF) for the period ending 30 June was 0.5 for 2021, and down from 0.6 in 2020. The twelve-month average Recordable Injury Frequency (TRIF) for the period ending at 30 June was 2.5, up from 2.2 in 2020.

On Capital Markets Day on 15 June 2021 Equinor presented its updated strategy for accelerating its transition while growing cash flow and returns. Equinor’s ambition is to deliver a competitive capital distribution and presented an updated programme for cash dividend and share buy-back.

Equinor has the ambition to reach a 40% reduction in net carbon intensity by 2035, on the way towards net-zero by 2050, and interim ambitions to reduce net carbon intensity by 20% by 2030.

Equinor expects gross investments in renewables of around USD 23 billion from 2021 to 2026, and to increase the share of gross investments for renewables and low carbon solutions from around 4% in 2020 to more than 50% by 2030.

Based on early low-cost access at scale, Equinor expects to reach an installed capacity of 12 – 16 GW (Equinor share) by 2030. Early access followed by targeted farm down is an integrated part of Equinor’s value creation proposition. So far, Equinor has divested assets for USD 2.3 billion and booked a capital gain of USD 1.7 billion.

By 2035, Equinor’s ambition is to develop the capacity to store 15 -30 million tonnes CO2 per year and to provide clean hydrogen in 3-5 industrial clusters.

Equinor commences first tranche in share buy-back program

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Equinor commences first tranche in share buy-back program

Equinor today commences the first tranche of around USD 300 million, of the new share buy-back program announced at Capital Markets Day on 15 June 2021.

At Capital Markets Day, Equinor announced a competitive capital distribution with an increase of the quarterly cash dividend to 18 cents per share and the start of a new share buy-back programme, providing a capital distribution structure with increased flexibility.

The first tranche of the share buy-back programme is up to USD 300 million, including shares to be redeemed from the Norwegian State, and will end no later than 28 September 2021. For 2021 the share buy-back programme is expected at USD 600 million, including shares to be redeemed from the Norwegian State.

Anders Opedal taking over as president and CEO of Equinor from 2 November 2020
FILE PHOTO: A logo of Equinor is seen at the company’s headquarters in Fornebu, Norway May 21, 2018. REUTERS/Nerijus Adomaitis/File Photo

Starting in 2022 the annual share buy-back programme of around USD 1.2 billion is expected to be executed when Brent oil prices are in or above the range of 50-60 USD/bbl, Equinor’s net debt ratio(1) stays within the communicated ambition of 15-30% and this is supported by commodity prices.

The purpose of the share buy-back programme is to reduce the issued share capital of the company. All shares repurchased as part of the programme will be cancelled.

According to an agreement between Equinor and the Norwegian State, represented by the Ministry of Petroleum and Energy, the Norwegian State will participate in share buy-backs on a proportionate basis, ensuring that its ownership interest in Equinor remains unchanged at 67%.

The share buy-back programme will be structured into tranches where Equinor will buy back a certain value in USD of shares over a defined period. For the first tranche, running from 28 July 2021 up to no later than 28 September 2021, Equinor is entering into a non-discretionary agreement with a third party that will make its trading decisions independently of the company.

In this first tranche, shares for up to around USD 100 million will be purchased in the market, implying a total first tranche of around USD 300 million including redemption of shares from the Norwegian State.

The execution of further tranches of the programme will be notified to the market. Tranches executed after Equinor’s next annual general meeting is conditional upon future annual general meetings renewing the authorisation to buy back own shares and renewal of the agreement with the Norwegian State.

Further information about the share buy-back programme and the first tranche:

The share buy-back programme is based upon the authorisation to purchase own shares granted to the Board of Directors at the annual general meeting on 11 May 2021 and registered in the Norwegian register for business enterprises.

According to the authorisation, the maximum number of shares to be purchased in the market is 75 000 000, the minimum price that can be paid for shares is NOK 50, and the maximum price is NOK 500. The authorisation is valid until the earliest of 30 June 2022 and the annual general meeting in 2022.

As further described in the notice to the annual general meeting in 2021, Equinor has an agreement with the Norwegian State whereby the State will vote for the cancellation of shares purchased pursuant to the authorisation, and the redemption of a proportionate number of its shares in order to maintain its ownership share in the company.

The price to be paid to the State for the redemption of shares shall be the volume-weighted average of the price paid by Equinor for shares purchased in the market plus an interest rate compensation, adjusted for any dividends paid, in the period up until final settlement with the State.

In the first tranche, shares will be purchased on the Oslo Stock Exchange. It will be conducted in accordance with applicable safe harbour conditions, and as further set out i.a. in the Norwegian Securities Trading Act of 2007, EU Commission Regulation (EC) No 2016/1052 and the Oslo Stock Exchange’s Guidelines for buy-back programmes and price stabilisation February 2021.

Upon completion of the first tranche of the programme, the Board of Directors will propose to the annual general meeting in 2022 to cancel purchased shares and redeem the proportionate number of State shares. Any shares purchased in subsequent tranches will follow a similar process with cancellation and redemption at the following annual general meeting.

How Spotify Keeps Nigerian Fans Connected Through Music

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How Spotify Keeps Nigerian Fans Connected Through Music

Music has always been a universal language helping people through the ages to communicate and connect without the need for added conversation or even words.

Music can help us unlock the deepest parts of ourselves, and act as a unifier. Bringing people together to share their thoughts, feelings and emotions whether they are suburbs, cities or continents apart.

This has never been truer than in recent times. Removing the opportunity for people to connect in person has amplified the need to create experiences to still engage with those closest to us in ways that are both meaningful, emotive and transcend distance.

Spotify Revenue Surges 16% in Q1 2020 to €2.1Billion Brand spur nigeria
Photo by Cezar Sampaio

Several surveys conducted over the past year have showcased how the Gen Z audience in particular has been craving shared communal experiences.  Over the same period, Spotify has also noted an increase in content streaming as people seek out ways to stay entertained and informed as well as connected.

The outbreak of COVID-19 pandemic has, as expected, led to a significant increase in e-commerce and other online activities in Nigeria and across the globe. The subscription to music streaming apps surged by 44%, with the usage of Spotify increasing the most by 83%.

Spotify has also seen an increase in the number of people using the platform to co-create and share audio content – using their favourite music as a key communication form to create those engaging experiences.

Collaborative playlists are a fun and easy way for users to co-curate playlists with friends, by each adding their favourite tracks. Creating a playlist that has a ‘feel’ of each user gives people the experience of being together.  The popularity of collaborative playlists across sub-Saharan Africa was showcased in recent data released by Spotify. 

Over the past 90 days, collaborative playlists in Nigeria increased by 35%, with “Far Away” by Nigerian Afro-fusion singer Brainboy being the most played in the country. Only South Africa and Kenya received more plays in Africa, with South Africa’s “The Business’’ by Tiësto being the most played track in local collaborative playlists in that country, and “Calling My Phone” by 6LACK & Lil Tjay taking the most plays in Kenya.

Ghana, Uganda and Tanzania also saw an increase in the plays on collaborative playlists over the period.

Another wonderful way to share is through Group Sessions, which allow for the simultaneous listening of songs and podcasts. In the past 90 days, South Africa had the highest group session listening rate across sub-Saharan Africa. The most popular track in group sessions in Nigeria was  “Dimension (feat. Skepta & Rema)’’ by JAE5. In South Africa, it was “05:12 Space Caress’’ by Danger while in Kenya, it was “Baby Bumblebee’’ by Julie Gardner.

 “Features such as collaborative playlists and group sessions aid music discovery – a key imperative for Spotify. As Spotify’s presence and popularity continue to grow across Africa, we are encouraged that our audience is continuing to uncover and explore the many features on offer that can only amplify their listening experience. Spotify is so much more than simply an audio streaming service.

“Users can ‘’soundtrack their lives’’ from the moment they wake up to when they go to sleep at night, and everything in between and seamlessly shares this across other social media apps like Facebook and Instagram. The platform provides an opportunity to connect through a shared love of music, providing comfort to many over the isolation of the past months,” says Phiona Okumu, Head of Music, Sub Saharan Africa.

The Future Of Facebook: Will The Oldest Surviving Social Media Platform Remain Relevant?

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The Future Of Facebook: Will The Oldest Surviving Social Media Platform Remain Relevant?

Founded in 2004 by Mark Zuckerberg, Facebook is today the oldest surviving social media platform. But with more and more platforms entering the market, will it go the way of MySpace and MxIt?

Kyle Oosthuizen, Chief Operating Officer at Blue Robot, the leading provider of socially powered messaging solutions, doesn’t believe it will. “Because of Facebook’s development power, it’ll never fall behind other platforms. It is also catering to a changing audience and has changed with that audience.”

He explains that when Facebook first launched, it was catering to the age group that is now using TikTok, Snapchat, and Instagram. “Now Facebook’s original audience is 30 plus, and the platform provides value to this market through features such as Marketplace, groups, albums. Other platforms either lack this functionality or, if they do offer it, it is inferior.”

But what will happen to Facebook when this generation is no longer around, will it expire with them? Oosthuizen says that if Facebook isn’t clever, it will always run that risk, but if it continues to keep up with trends and introduce new functionality like Live Audio Rooms – and do it well – it will be able to compete with other platforms. “Facebook will also need to focus on what it is already good at to remain relevant.”

The Future Of Facebook: Will The Oldest Surviving Social Media Platform Remain Relevant?-Brand Spur Nigeria
The Future Of Facebook: Will The Oldest Surviving Social Media Platform Remain Relevant?-Brand Spur Nigeria

For brands wondering whether to have a presence on the platform, he reassures them that Facebook will dominate the digital ad space for quite a while. “One of the main reasons is that it is the easiest platform to advertise on – you can activate Facebook ads and at the click of a button extend that to Instagram.

Globally, Facebook has 2.85 billion monthly active users[1], so it’s one of the most cost-effective platforms since it has such a massive audience to target. Other platforms’ user numbers are more limited, so it’s more costly to target those users. Facebook gives you economy of scale in a competitive marketplace.”

The COO suggests that brands combine their presence on Facebook with other social media platforms to harness what each is best for and to reach relevant audiences, but warns them not to try a one-size-fits-all approach.

“Rather play to each platform’s strength. For instance, if you want to target a younger audience, create a filter or interactive functionality for Instagram; if you are an SME, run a WhatsApp Business account with a chatbot connected to it; if you want to do a live event, stream it across Twitter and TikTok; and if you have a lot of information that you want to share with users, there’s always Facebook Pages.”

He notes that, with Facebook Messenger being the second most used messaging app in the world after WhatsApp, brands should be exploring it for conversational commerce – the trend of interacting with businesses through messaging and chat apps.

“Currently, there are over 300,000 Facebook Messenger chatbots which show the demand for and volume of activity on this platform within a platform. Best of all you can use it for everything from games and quizzes to commerce.”

“Looking to the future, I believe that if Facebook understands and stays true to its audience it will continue to remain relevant, “concludes Oosthuizen.

Piggyvest Acquires Wealth Management App Savi.ng

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Piggyvest Acquires Wealth Management App Savi.ng

Online savings and investment platform, Piggybank.ng, has completed the acquisition of Savi.ng, a wealth management app launched in 2018 that allowed users to save via various features like automated savings, fixed deposits, joint savings and PAYE.

Founded in 2016, Piggybank.ng is one of the largest online savings & investment platform in Nigeria, targeted primarily at low- and middle-income Nigerians, allowing them to deposit and put aside small amounts on a daily, weekly or monthly basis. In 2020, Piggyvest paid back N90 Billion to its users in the course of the year.

What does this acquisition mean?

Brand Spur gathered that for the existing 3 million Piggyvest users, nothing changes as everything will continue to work as normal. Piggyvest will continue to provide its customers with the best savings and investment options available within its function.

Piggyvest
Piggyvest Acquires Wealth Management App Savi.ng

All existing Savi.ng users will be automatically migrated to Piggyvest. Piggyvest’s vision remains the same: financial freedom for all, and with this acquisition.

Piggyest’s parent company, Piggytech Global Limited, continues to grow with a suite of consumer-focused finance products.

MPC Maintains all Policy Parameters, Clamps down on BDC Operators

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MPC Maintains all Policy Parameters, Clamps down on BDC Operators

At the last MPC meeting held in May 2021, all twelve committee members unanimously voted to retain all policy parameters. The MPR was kept at 11.5%, with an asymmetric corridor of +100/-700 basis points around the benchmark interest rate; CRR was retained at 27.5%, and the Liquidity Ratio was put at 30%.

Since the last MPC meeting in May 2021, there have been noticeable movements in dominant macroeconomic variables. The YoY headline inflation decelerated for the third consecutive month to 17.75% in June 2021; Brent crude surged by 8.52% from $68.65/bl on the 25th of May 2021 to $74.50/bl yesterday; local oil production fell by 2.31% from 1.344mbpd in May 2021 to 1.313mbpd in June 2021; the exchange rate of the I&E FX Window rose marginally by 2bps from $1/N411.56 to $1/N411.50; and the position of our reserves dwindled by $1.04 billion from $34.29 billion on the 25th of May 2021 to $33.25 billion on the 23rd of July 2021, on the back of the lower oil production levels and efforts by the Apex Bank to stabilize the currency and clear the existing dollar backlog.

The MPC closely examined the economic data, finding some comfort in the third consecutive month of moderation in headline inflation recorded in June 2021, and also in the improvements seen in economic growth in Q1’2021 and in the composite PMI in July 2021.

Pre MPC Notes – Hold or cut?
Pre MPC Notes – Hold or cut? – www.brandspurng.com

However, the MPC remained trapped in the cross arrows of rising prices and tepid growth, leaving dovish or hawkish adjustments unfitting. Accordingly, at the end of the two-day bi-monthly MPC meeting, all policy levers were maintained following a unanimous vote by all members of the committee.

  • Monetary Policy Rate (MPR) – 11.50%
  • The asymmetric corridor around the MPR – +100/-700bps
  • Cash Reserve Ratio – 27.50%
  • Liquidity Ratio – 30.00%

CBN Reins in BDCs

Speaking on the FX situation, the Governor expressed concerns regarding the speculative activities by bureau de change operators (BDCs) and noted that the Apex bank will end the $20,000 weekly intervention given to all operators and also halt the issuance of new licenses to BDCs including those in the pipeline.

Hence, while the policy levers were left unchanged, the MPC’s strong stance on the FX situation and the subsequent clampdown on BDC operators will reverberate through the FX market, creating more scarcity and causing a further depreciation of the Naira. Hoarding of dollars is expected to accompany and exacerbate the kneejerk reaction in the market, as participants gear up for a tighter FX market.

CBN stops forex sales to Bureau De Change operators | Learn Why

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CBN stops forex sales to Bureau De Change operators | Learn Why

The Central Bank of Nigeria (CBN) has stopped the sales of forex (FX) to the Bureau De Change (BDCs) operators in the country with immediate effect. The apex bank Governor, Godwin Emefiele, disclosed this after the Monetary Policy Committee two-day meeting in Abuja on Tuesday.

Why the ban on forex sales?

Speaking on the the decision to stop forex sales to the BDCs, Emefiele stated that MPC noted with disappointment and great concerns that the BDCs had defeated their purpose of existence to provide forex to retail user, but instead, they had become wholesale and illegal dealers (conduit for illicit forex flows and graft). The apex bank Governor added that it will also no longer process applications for BDC licences in the country.

Brand Spur gathered that weekly sales of foreign exchange by the CBN will henceforth go directly to commercial banks, the CBN governor, Godwin Emefiele, said Tuesday in a live TV broadcast after announcing that the bank has retained its benchmark policy rate.

The BDCs, he observed had continued to make huge profits while Nigerians suffered in pain.

forex Nigeria Saving Interest rates Brandspurng3
CBN Governor, Godwin Emefiele | www.brandspurng.com

He said international bodies, including some embassies and donor agencies, have been complicit in illegal forex transactions that have hindered the flow of foreign exchange into the country.

He said the organisations have chosen to channel forex through the black market than use the official Investors and Exporters (I&E) window, called Nafex.

Mr Emefiele said the regulator will “deal ruthlessly” with banks allowing illegal forex dealers to use their platforms and will report the defaulting international organisations to their regulators.

“We will deal with them ruthlessly and we will report the international bodies,” he said.

Accordingly, Mr Emefiele said banks are mandated to “immediately” and transparently sell forex to customers who present the required documents. All banks are to immeidtaely create dedicated tellers for the same purpose.”

The Buzz: Toke Makinwa To Host New Showmax Exclusive, BBNaija Season 6

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The Buzz: Toke Makinwa To Host New Showmax Exclusive, BBNaija Season 6

Starting August 3rd, fans can expect an exciting BBNaija scoop with Toke Makinwa as she kicks off hosting duties on the brand new Showmax exclusive, BBN S6: The Buzz.

Streaming on Showmax Tuesdays and Saturdays from 7 pm, BBN S6: The Buzz will see the award-winning media personality share her no-holds-barred opinion on happenings in the BBNaija house. Fans can also expect a Secret Diary room rant session from the housemates, which is exclusive to Showmax.

Speaking on what to expect on BBN S6: The Buzz, Toke, who currently hosts The Late Morning Show on Rhythm 93.7 said: “I am unfiltered. This is almost like the unfiltered version of Big Brother where we bring you weekly highlights so I’m looking forward to them messing up, I’m looking forward to them creating more drama because that way my show gets even more interesting.”

Toke has co-hosted numerous events including the 2013 Future Awards and 2014 Headies awards. She also served as host of Trending on Hip TV, and was one of the co-hosts of Moments on EbonyLife TV. In 2012, she became one of the first Nigerian celebrities to launch a YouTube channel with her vlog, Toke Moments where she discusses relationships and lifestyle.

The Buzz: Toke Makinwa To Host New Showmax Exclusive, BBNaija Season 6-Brand Spur Nigeria
The Buzz: Toke Makinwa To Host New Showmax Exclusive, BBNaija Season 6-Brand Spur Nigeria

In 2016 she released her memoir On Becoming which took her on a book tour across Nigeria, South Africa, the UK, the US and parts of East Africa. She has also starred in several movies including the Nigerian box office hit Sugar Rush.

This year, for the first time, BBNaija fans in the United Kingdom will be streaming the reality show 24/7 on Showmax. There will also be daily and weekly highlights, as well as the Head of House challenge available on the platform.

Earlier in the year, Showmax premiered its first Nigerian Original, I Am LAYCON, a reality show based on BBNaija season 5 winner, Olamilekan “Laycon” Agbeleshe.

The streaming service also launched several other original series this year, including the Kenyan series Crime and Justice in February. Devilsdorp, the first Showmax Original true-crime docu-series, is set to launch on 29 July.

BBN S6: The Buzz will be available only on Showmax across Africa and the UK.

The Vital Role Of Managed Services To Deliver Secure Networks

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The Vital Role Of Managed Services To Deliver Secure Networks

The exciting evolution of connectivity will undoubtedly touch every aspect of society and change it for the better.

With the deployment of 5G and the demand for reliable, secure, and robust connectivity, mobile network operators need to address the intensifying complexity of their networks that is driven by the increasing volume of devices, multiple new technologies, and more diverse service requirements.

From the nuisance of a funny clip on social media applications annoyingly freezing to critical communications where a glitch could be serious, if it affects remote surgery or an automated factory, secure user experience is now the main end-user expectation as 5G use cases become more demanding, critical and sophisticated.

After 5G networks are planned, designed, built, optimized, and then transferred to operations, the focus shifts to supporting the overall quality and security experience of end-users which necessitates a fundamental shift from the way deployed networks are managed and optimized today.

This shift from the traditional network resource management model – where technology-related capacity, performance, and availability are key – to successfully operating high-performance service-driven networks in a secure manner means that the operations and optimization of 5G networks must transform from being technology to end-user service-centric.

There are critical measures that are adopted by Managed Services Providers (MSPs) to protect data and ensure the ongoing confidentiality, integrity, and availability of Services. These ‘Technical and Organizational Measures for Security’ include, but are not limited to the following:

  1. Business Continuity Management: MSPs should design and implement the process and tools with the right expertise to ensure the continuity of information security management in adverse situations, such as during a crisis or disaster.
  2. Information Protection & Information Assets Handling: MSPs should ensure the protection of Communication Service Providers (CSPs) data against unauthorized access, and to maintain the policies on the use of cryptographic controls, and the protection and lifetime of cryptographic keys in accordance with industry best practice. In addition, Regular performance of security assessments on Information systems is advised to detect any vulnerabilities.
  3. Identity & Access Management: MSPs are tasked to maintain controlled processes and systems covering the formal registration of users with a unique identity as a prerequisite for granting any access to the user.
  4. Software Development: One of the important tasks of MSPs is to ensure that the development, testing, and operational environments are separated to reduce the risks of unauthorized access or changes to the operational environment.
  5. Network Security: Operating procedures for the management of network security should be maintained by MSPs, including intrusion detection and prevention, firewall protection, denial of service attack and prevention, and web filtering. In addition, the protection of secure areas with appropriate entry controls designed to ensure that only authorized personnel are allowed access and physical access to areas where any data is stored is restricted to Authorized Users.

The trustworthiness not only originates from a set of security features, but also from system design principles and implementation considerations that have all been applied with a holistic and risk-based mindset.

As such, Ericsson Managed Services has addressed such challenges and strengthened their security agenda to meet the industry standard requirements using AI and ML algorithms. Ericsson Operations Engine utilizes AI and data-driven solutions to power intelligent, predictive mobile networks. This allows for detection, monitoring and managing threats using real-time risk visibility and automated resolutions – delivering robust security from device to cloud.

With such enhanced data driven operation capabilities and end-to-end improvements based upon predictive forecasting of network performance, MSPs can bring economies, and deliver better operations thus giving CSPs the opportunity to deliver enhanced services to their customers and increasing business opportunities.

Getting the right Managed Services partner will fulfill any CSP’s high mandates on security, ensure confidentiality, integrity, and availability of assets, protecting the brand image, and minimizing any business disruption.

Written By: Mohamed Elsokkary, Head of Managed Services for Gulf Countries at Ericsson

Bigi Hosts Nigerian Idol Winner, Kingdom, Others

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Bigi Hosts Nigerian Idol Winner, Kingdom, Others

Bigi, the proudly Nigerian favorite carbonated soft drink with twelve variants, recently played host to the winner of the Nigerian Idol season 6, Kingdom Kroseide, and other top contestants at its corporate headquarters in Lagos.

It was the first visit by the winner and top contestants to the company since the conclusion of the music competition.

It was a sensational event for the stars at Rite Foods Limited, makers of Nigeria’s premium Bigi drinks that was the headline sponsor of the reality music show.

Kingdom, the 24-year-old singer who was refreshed by the Bigi Premium Water, to clinch the Nigerian Idol crown arrived at the event, accompanied by other contestants to get more in tune with the brands that fantastically energized them all through the stages of the music competition.

At the event, Boluwatife Adedugbe, the Brand Manager, Beverage and Bakery, Rite Foods Limited, on behalf of the company welcomed the Nigerian Idol, Kingdom, and other contestants, assuring them that the Bigi brand will always be there to promote and support them through their careers.

In his remark, Kingdom revealed that his unique style was an important quality that made him victorious at the competition, and he likened it to what the Bigi water stands for. According to him, “Bigi water is just unique with a crisp and refreshing taste and that distinctiveness was what brought me this far,” the Idol stated.

The star further expressed his appreciation to the Bigi brand for supporting the platform that brought him to the limelight, saying it is a whole new level for him. “I thank Bigi, I thank Rite Foods Limited, the proudly Nigerian and truly world-class company for sponsoring the show which has favored me to be announced in my music career.

The platform has exposed me, and this is indeed a whole new level for me,” he added.

On future collaborations and genres of music, the star added that staying in trend is what is important to him as an inspirational singer, and he looks forward to partnering with other established singers to prove himself through his 6 track EP to top the music charts soon.

Bigi Hosts Nigerian Idol Winner, Kingdom, Others

“I am versatile and believe in creativity. I love so many artists and would like to expand my music collaborations to prove myself so that I can top the charts soon. So, watch out for fusions like afro, salsa, soul and others,” he said.

It was an outing that re-echoed the competition’s music experiences by the contestants as they recounted what they went through during the music contest, as well as their interaction with the brand that energized their stunning performance during the show.

Rite Foods’ Bigi soft drinks are known for powering refreshments necessary for a good time, whether at work or play. Its variants include the Bigi Cola, Bigi Orange, Bigi Apple, Bigi Bitter Lemon, Bigi Soda Water, Bigi Lemon & Lime, and Bigi Tropical.

Others are Bigi Chapman, Bigi Tamarind, Bigi Cherry Cola, Bigi Ginger Lemon, and Bigi Ginger Ale, as well as Rite Foods’ Fearless Redberry, Fearless Classic Energy Drinks, Rite Spicy, Bigi Beef Sausage roll, and Rite Sausage roll.

 

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