Glo cuts cost of international calls by up to 55%

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Glo cuts cost of international calls by up to 55%

Nigerian operator Globacom has cut international call tariffs by as much as 55 per cent. Globacom said the reduced tariffs come without any subscription fee and cover major destinations such as the UK, France, Italy, Ireland, South Africa, Spain and Saudi Arabia.

Other countries covered by the reduction are Cameroon, Niger, Benin Republic, Togo and Cote d’Ivoire.

“United Kingdom which used to cost between N30 and N130 per minute now cost between N24 and N100 per minute depending on the network the call is landing. Similarly, calls to Spain and Italy have been reduced to N75 and N60 per minute from N90 and N130 respectively,”

The company further said that calls to South Africa will now attract N85 per minute instead of N150, while calls to Saudi Arabia will cost N55 per minute instead of the former N60 per minute.

The tariff for France and Ireland has been reduced to N50 and N40 respectively from N65 and N60, while calls to Cote d’Ivoire, Benin Republic, Cameroon, Togo and Niger will now attract N150 instead of the old N200 per minute tariff.

COVID-19 Pandemic in H2-2020: Any vaccine in sight?

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COVID-19 Pandemic in H2-2020: Any vaccine in sight?

Since the novel Coronavirus became a pandemic, the focus of governments, the World Health Organization, and multilateral agencies, has been on the need to “flatten the curve”.

With top pharmaceutical research houses racing to get a vaccine. Herein, we examine the prospect for early development of a vaccine.

According to widespread medical opinions, the development of a vaccine is a long and complex process that takes between 10-15 years.

Given the dire situation of the world, researchers and pharmaceutical companies are racing to develop a vaccine as soon as possible.

Reports have it that medical researchers have been able to cut the time between the exploratory stage and clinical stage significantly and 123 different possible vaccines are in the pre-clinical stage while 10 are in clinical stage.

The question remains how soon can we get a vaccine?

No doubt, regulators are ready to speed up the process of a vaccine approval. However, ample time must be given in conducting clinical tests and human trials to ensure that harmful drugs are not released to the public.

Bearing the above in mind, the most optimistic case is that a vaccine will be available by June 2021.

Notably, Janssen Pharmaceutical Companies, a subsidiary of Johnson & Johnson anticipates that the first batches of a COVID-19 vaccine could be available for emergency use and authorization in early 2021.

Overall, with the faint prospect of a vaccine in H2-2020, economic activities are expected to remain at a record low for the rest of the year.

United Capital Plc Research

How to protect Nigeria’s economy from oil price volatility

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How to protect Nigeria’s economy from oil price volatility

The Nigeria Extractive Industries Transparency Initiative (NEITI) has called on the government to insulate the economy from the perennial oil price volatility by weaning Nigeria off its unhealthy dependence on oil which accounts for the bulk of its revenues and foreign exchange earnings.

NEITI made the call in its latest policy brief, titled: “Insulating Nigeria from Perennial Oil Price Volatility”. In the brief, NEITI urged the government to adopt sustainable strategies for robust fiscal cover for the Nigerian economy during periods of cyclical oil price shocks.

NEITI stated that “Price volatility is a constant feature of the oil market, exposing oil-dependent countries like Nigeria to regular economic crises when oil prices tumble”. It noted that though, price slumps have always been accompanied by severe pains that linger beyond the price crash, “The virus will eventually be tamed. Oil prices will go up again. So the pain of the moment shall pass. But the next slump in oil prices is not a matter of if but when”.

The latest NEITI policy brief examined the impacts of COVID-19 on the nation’s economy, explored inherent dangers in natural resources dependence and recommended ways through which Nigeria can be insulated from this predictable but perennial challenge.

Examining the impacts of COVID -19, the brief noted that the pandemic has put Nigeria’s public finances and by extension its economy, in dire straits. “The 2019 coronavirus disease has thrown most countries into the throes of sudden and multiple crises…exposed the inherent economic vulnerabilities of resource-dependent countries like Nigeria…This is largely due to the sudden slump in oil prices, caused by the collapse in oil demand as countries imposed lockdowns in a bid to contain the health crisis”, the brief stated.

On predicaments being faced by resource-dependent nations, the paper described it as “sequence of delusions, dependencies and distortions. First, the onset of resource windfall creates the delusion that the country will continue to be rich from its natural resources. Then over time, the country becomes dangerously dependent on revenues from mineral resources due to this delusion, and also because resource rents are relatively easier to earn and spend”.

The paper further explained that this dependence ultimately creates severe distortions to the economy where productive sectors become moribund as they are crowded out by the extractive sector. It noted that as an inevitable consequence, any disturbance in the flow of revenues from such resources produces an automatic threat to the economy of such a resource-dependent country.

A trend analysis of oil price shocks by the policy brief covering May 1987 to May 2020 showed that the global economy had witnessed about 8 oil price shocks in thirty-four years. 4 of these crises brought about oil price spikes namely; the Gulf War in 1990, War on Terror/ Venezuelan crises in 2005, Global economic expansion and OPEC Plus Agreement in 2018 and 2019.

On the other hand, there was a global price fall during the East Asian Financial Crisis in 1998, Global financial crisis in 2008 and 2009, shale oil production period in 2014 and recently during the Covid-19 Lockdowns in 2020.

Further analysis of total federation revenue against oil prices revealed a very strong close relationship between oil prices and government revenue within the period under review. Thus, as oil prices rise, the federation revenue also shots up; and as oil prices fall, federation revenue dwindles.

A look at oil revenue as a percentage of total federation revenue showed that from 1981 to 2014, oil revenue consistently accounted for about 65% to 85% of total federation revenue. “It is only in recent years (2015 – 2018) that oil revenue was below 60% of the total revenue. And this can be attributed to low oil prices and increased efforts to boost non-oil revenue”, NEITI stated.

Further analysis also showed that revenue from oil export has consistently contributed over 90% of total exports revenue, indicating the dominance of the oil sector in the generation of foreign exchange.

NEITI noted that though dependence on oil is reducing, oil still accounts for about 50% of government revenues and over 80% of exports and foreign earnings which makes Nigeria highly vulnerable to oil price shocks. The policy brief advised that “Beyond surviving the latest oil price slump largely occasioned by COVID-19, Nigeria needs a sustainable strategy for coping with future oil price shocks”.

The policy brief listed three important pathways that will insulate Nigeria from this predictable but perennial challenge. First is for the country to “Maintain a robust ‘rainy day’ fund, the size of which should reflect not only the volume of revenues from mineral resources but also the size of the national economy”.

This savings fund is supposed to help Nigeria smoothen spending, form a hedge against the cyclical volatility of oil prices and keep part of the accrued benefits for the future generation among other reasons. While Nigeria has an oil savings fund, NEITI stated that the savings are too small to serve its intended purposes.

The paper, however, identified challenges towards Nigeria achieving and maintaining a healthy oil savings fund. The constraints are constitutional and the difficulty in achieving centralised savings in a regime of fiscal federalism.

NEITI, therefore, recommends that Section 162 (1) of the 1999 Constitution should be amended to mandatorily allow for part of the oil earnings to be saved; that the 0.5% stabilisation fund and the Excess Crude Account (ECA) be abolished and the balances in the accounts transferred to the NSIA; the Oil Price-based Fiscal Rule (OPFR) where revenue in excess of oil price benchmark is saved should be abolished and replaced with mandatory savings of a percentage of daily oil production. “This will remove the constant political jousting about oil benchmark price and quantity”, the policy brief advised.

NEITI also recommended that proceeds from the percentage of daily oil production should be transferred to the NSIA and the funds invested in convertible instruments while the NSIA’s stabilisation fund should be increased from 20% to 40% and dividends from its earnings shared every year.

According to the brief, increasing NSIA’s stabilisation fund and sharing the dividends from investments will give comfort to the states and LGs to support the constitutional amendment and the scrapping of ECA.

The second strategy recommended by the policy brief is that Nigeria should wean itself off its dependence on oil revenue. The policy brief acknowledged the efforts of government in this direction but noted that a lot more needs to be done in order to boost non-oil revenue and export to improve foreign exchange earnings.

Increasing revenues from taxes and tariffs and boosting raw and processed agricultural and solid minerals exports are some of the strategies the policy brief put forward that could help Nigeria diversify its earnings from exports.

NEITI also pointed out that the present efforts by the Nigerian government to correct the distortions to the economic structure should be intensified.

It also adds that macro-economic stability should be maintained, ease of doing business improved with incentives and reforms put in place to further attract foreign and local investors in areas where Nigeria has comparative advantage and investments in physical and human infrastructure should be increased so as to reduce the cost of doing business.

The policy brief also put forward a third strategy which is to get more from the oil and gas sector in other to aid the development of other revenue and export streams. “Blocking leakages and maximising opportunities in the sector will help in increasing government revenues and the contribution of the sector to national productivity”.

This can be achieved through the following: elimination of crude oil and refined product theft, fully deregulate the downstream sector and boosting gas production and utilisation.

Other recommendations include: fast-tracking the passage of the Petroleum Industry Bill (PIB), institutionalise transparency in the oil and gas sector as well as systematic and proactive disclosures in areas of contracts, productions, revenues, commodity trading, beneficial ownership, bid rounds and production costs, among others.

NEITI’s policy brief also recommended for a level-playing field for all operators, including Nigeria National Petroleum Corporation (NNPC) and a more deliberate strategy for boosting local refining capacity so as to reduce the pressure on external reserves from the importation of refined products while positioning Nigeria to meet the refining needs of the Africa sub-region.

The publication welcomed measures already taken by the Federal Government to address the economic impact of COVID-19. The government had revised the 2020 budget, cut some aspects of the capital and recurrent expenditures, slashed revenue projections and production benchmarks; secured a $3.4 billion emergency facility from the International Monetary Fund (IMF) and augmented federation allocation with $150m which was withdrawn from the stabilization fund of the Nigerian Sovereign Investment Authority (NSIA).

Government has also removed subsidy on petroleum products and adjusted the exchange rate from N305 for $1 to N360 for $1 with N2.3trillion economic sustainability plan put in place to cushion the various economic dimensions of the pandemic.

The removal of subsidy or under-recovery on petrol, which cost the country about N9.8 trillion between 2006 and 2018, will ensure savings and availability of scarce resources for more impactful areas. It will also help curb the corruption and smuggling associated with petroleum subsidies.

NEITI commended all the measures so far put in place by government as very important steps towards minimizing the economic impact of COVID-19 crisis. The transparency agency, however, reiterated the need for Nigeria to “Look beyond surviving this latest episode of a lingering malaise”.

According to NEITI, “It is important to use this crisis to significantly reduce Nigeria’s vulnerability to regular oil price shocks and also emplace a framework for robust fiscal cover”.

The NEITI Policy Brief is one of the agency’s policy and advocacy instruments, designed to focus the attention of policymakers and citizens on important issues in the extractive sector, especially those requiring urgent attention.

Hyundai Motor Unveils Rendering of New Elantra N Line

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Hyundai Motor Unveils Rendering of New Elantra N Line

Hyundai Motor Company today released a design rendering of the new Elantra N Line sport sedan and revealed other details about the new performance-inspired offering that will hit showrooms.

Hyundai‘s all-new Elantra N Line is distinguished by low and wide styling, expressed on the fascia by an edgy N Line version of Hyundai’s signature cascading grille, N Line badging and motorsport-inspired air intake. Elantra N Line’s side skirts and 18-inch alloy wheels with larger brakes further emphasize the sporty aesthetic. The side mirrors, N Line window accents and side skirts are all finished in the N brand signature gloss black. The sculpted rear brings the low and wide styling to its natural conclusion with single twin exhausts and rear diffuser.

“Elantra N Line offers a more aggressive design that incorporates N Line’s signature red accents inside and out at an attractive price,” said Thomas Schemera, Executive Vice President, Head of Product Division at Hyundai Motor Group. “This will definitely satisfy those who are looking to join the Hyundai N community.”

With its well-established Elantra nameplate – now in its seventh generation – Hyundai expects the Elantra N Line to provide an attractive entry point for the N Brand, which is gaining popularity with drivers and performance enthusiasts around the world. Hyundai already offers Veloster N, i30 N and i30 Fastback N, as well as several N Line models in select markets. The N models bring full performance capability to daily driving while N Line trims add performance-inspired elements to base model vehicles.

OMO Bears Emerge As Annual AMCON Charge Further Squeezes System Liquidity

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OMO Bears Emerge As Annual AMCON Charge Further Squeezes System Liquidity

KEY INDICATORS

FGN Bonds

The FGN bonds market traded on a mixed sentiment today, slightly bullish at the short-end and bearish at the long-end of the bond curve. We still saw interest in the 2023s paper, largely driven by client orders, with trades settling around 4.15% levels.

At the tail of the curve, we saw a bit of profit-taking on the 2034s and 2036s maturities which offered around 10.10% for most of the trading session. Subsequently, yields compressed by c.19bps across the benchmark curve.

We expect more profit-taking action the rest of the week, especially at the long-end of the bond curve.

Benchmark FGN Bonds

Treasury Bills

The OMO bills space traded on a very bearish note as system liquidity was further squeezed following another statutory debt (AMCON Charge) hit banks. January papers weakened by 70bps D/D, with trades settling around 6.10% for most of the trades executed.

We also saw a bit of action on October bills in small volumes which traded around 5.35%. The benchmark OMO curve expanded slightly at an average of c.6bps at the close of the trading session.

We expect the market to remain bearish in the interim triggered by the liquidity shortage in the interbank market.

Money Markets

The interbank market opened the day at c.N292.72BN negative as AMCON Charge debit from the APEX bank threw the interbank market into further funding pressure causing banks to scurry to raise funds.

Most of the banks camped at the SLF window consequently causing rates to move upward slightly by an average of c.63bps.

We expect interbank rates to hover around this level as the banks are expected to remain at the SLF window to plug funding gaps in the short term.

FX Market

The FX remained muted with rates remain flat on most of the market indices. The IEFX window saw a bit of action although remained bided at N387/$ and N389/$. However, at the Cash and transfer market, the naira depreciated by an average of N0.85k to close the day at N458.50/$ and N462.50/$ respectively.

Eurobonds

It was a typical session in the NIGERIA Sovereigns, with trickles of demand seen across the short- and mid-tenor papers causing yields to compress slightly by another c.6bps on the average across the sovereign curve.

In the SSA space, the Angola 2025s had a second consecutive weak session as sellers continue to improve offers in another profit-taking driven session for the paper.

The NIGERIA Corps papers had a quiet session, as local demand on the FIDBAN 2022s caused yields on the paper to compress by c.16bps D/D.

UAC Restaurants donates products, facemasks to health workers, traders, marks anniversary of Combo Store in Lekki

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UAC Restaurants donates products, facemasks to health workers, traders, marks anniversary of Combo Store in Lekki

Imbued by the pass off ‘ doing good’, Mr Bigg’s alongside the premium UAC Restaurants Pizza brand, Debonairs Pizza lived up to the billings by taking the corporate social responsibility initiative to connect with front-line responders -health workers and traders within Lekki-Ajah axis in Lagos to mark the first combo store anniversary situated in Northwest filling station near Victoria Garden City, Lekki Lagos.

The Ikota Primary Health Care Centre, Lekki and OrisunmiBaareOlumegbon Market, Ajah were two public places visited yesterday by Mr Bigg’s and Debonairs Pizza team to donate products and facemasks

L-R, Mrs. Opara Francisca, Out Patient, Mrs. Cecelia Oluborode, Officer In Charge/Assistant Director Nursing, Ikota Primary Health Care Centre, Lekki, Mrs. Eustesia Ogunsusi, Marketing Services Manager, UAC Restaurants Limited and Mrs. Funmilayo Taoreed, Marketing Assistant at the CSR initiative to mark 1st Anniversary of Combo Store at Northwest filling station at Primary Health Care Centre in Lekki Lagos yesterday.

The first combo store was commissioned on July 9, 2019, followed by the second combo store at Amuwo Odofin’s on September 30, 2019. This is an initiative created by the brand to stimulate new consumer experience across all touchpoints.

Recognizing the health workers response towards the fight against the COVID-19 pandemic, UAC Restaurants’ Mr Bigg’s and Debonairs Pizza yesterday donated Mr Bigg’s meals, Debonairs Pizza’s Snackie and facemasks to staff and patients of the Ikota Primary Health Care Centre, Lekki.

In the same vein, Branded facemasks alongside pastry products were distributed to traders and shoppers at the Orisunmi Baare Olumegbon Market, Ajah to celebrate the first anniversary of the combo store located within Northwest filling station by VGC in Lekki.

While thanking the health care centre management and the market leaders for welcoming the brands, the UAC Restaurants’ marketing services manager, Mrs Eustesia Ogunsusi said that the brand was excited to come the centre and market to identify with them since this aligns with the principle of the organisation.

L-R, Mr. Anreti Owolabi, Area Official Ikota Area Office Eti-Osa Local Government, Mrs. Ayanlowo Bose, Community Health Extension Worker, Ikota Primary Health Care Centre, Mrs. Cecelia Oluborode, Officer In Charge/Assistant Director Nursing, Ikota Primary Health Care Centre and Mrs. Eustesia Ogunsusi, Marketing Services Manager, UAC Restaurants Limited during the Debonair Pizza CSR initiative to mark 1st anniversary of the Combo Store in Lekki.

“We have recognized the critical role you have played during this uncertain time and we are not unaware of the risk you face in protecting others, hence we have come here today to say ‘thank you’,” she said.

Speaking to the market leaders and shoppers at the Orisunmi Baare Olumegbon Market Ajah, Mrs Ogunsusi reiterated the importance of wearing a facemask and urged the traders and shoppers to adhere strictly to the government protocol by wearing facemask at the public space as well as maintaining social and physical distancing.

She, however, promised consumers that the brands- Mr Bigg’s and Debonairs Pizza will continue to address the stakeholders concerns as well as giving back to society.

Responding to the visit, the Officer-in-Charge/Assistant Director of Nursing, Mrs Cecilia Oluborode said, that it was pleasing to receive a corporate organization in her facility. “We are excited to have you and also identifying with us. The government cannot do it alone, therefore, we are grateful and appreciative, “she added.

L-R, Mr. Sakiru Adekola, Meat Seller Chairman, Orisunmi Baare Olumegbon Market Ajah, Mrs. Funmilayo Taoreed, Marketing Assistant, UAC Restaurants Limited, Mrs. Maryam Lawal, Iya Loja, Orisunmi Baare Olumegbon Market Ajah and Mrs. Eustesia Ogunsusi, Marketing Services Manager, UAC Restaurants Limited during the Mr Bigg’s CSR initiative to mark 1st anniversary of the Combo Store in Lekki.

The Iya Oloja of the Orisunmi Baare Olumegbon Market Ajah, Mrs Maryam Lawal thanked UAC Restaurants’ team for identifying with the market. She implored other stakeholders to emulate Mr Bigg’s & Debonairs Pizza by giving back to their customers and the people within their operating environment to enable them to weather the hard occasioned by the pandemic.

Meanwhile, the Chairman of the Meat Seller Association of Orisunmi Baare Olumegbon Market Ajah, Mr Sakiru Adekola commended the brands for choosing the market to give back.

“We are very grateful not for the foods alone but especially for the facemask the company has donated to us. We will ensure our members wear it appropriately,” he added.

Tech PR Firm, Phyllion Set To Hold First Of Its Kind Tech Conference Online

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Tech PR Firm, Phyllion Set To Hold First Of Its Kind Tech Conference Online

First, of its kind in the Public Relations Space, Phyllion Tech PR Conference is a convergence of players in the technology and communications ecosystem. It aims to chart the future of African tech through conversations from key leaders and players within these sectors on how businesses now and in the future can leverage technology to drive transformation in Africa.

Themed “Embracing Technology Transformation in Africa, What Next,” this event is slated for Friday, July 17, 2020. It already boasts of a robust panel of speakers from communications and tech sectors alike. This event is one to look out for, registrations have already begun on the event website while download link to a mobile app will be shared with attendees upon registration to foster networking and upgraded virtual event experience.

The conference has a simple agenda phased into three sessions; the general, panel, and pitch session. The Pitch session happens to be another high point of the day, this is because of the potential of start-ups getting an opportunity to pitch to a panel of judges for a chance to win an investor or investment. This session further buttresses why the Phyllion Tech Conference is a rare and commendable online conference. It was indeed carefully thought through to ensure attendees get value for their time and it bridges the gap between the start-up and the investment community.

It comes on the heels of the enduring disruptive technology which have impacted business operations in this period of the coronavirus (COVID-19) pandemic that has greatly altered the way things are done, with a change in the definition of normal.

Founder Phyllion & Partners, a Tech PR consulting firm in Lagos, Temi Ophylia Ibekwe, said the tech panel discussion is aimed at re-awakening the consciousness of African business owners, tech ecosystem, and government to the realities of our time, and how stakeholders can leverage technology to survive and thrive.

She affirmed that the importance of this conference is to bring industry leaders, thought-leaders, key influencers, and major stakeholders together to discuss the future of technology in Africa. “There is a need for massive sensitization, birthing a necessity for discussions about embracing modern technologies in Africa,” Ibekwe stated.

Temi Ibekwe also pointed out that as businesses are adjusting to the new realities of operations, the opportunity presents itself for businesses in Nigeria and Africa at large to leverage Technology to their advantage and create a future that is beneficial to our economy.

She said the situation has paved way for technological powerhouses now to re-think their strategies and effecting immediate changes to remain on top, thus marking a revolution not only for affordability and accessibility but that of increasing demand for adequate exploitation for maximum productivity.

The situation depicts that one of the great advantages the continent has over others in riding the disruptive wave of technology is that there is far less legacy to get in the way than in other regions, creating a clean sheet on which companies can develop their distinctive models. All these are pointers to the fact that Africa would now be positioned as an increasingly attractive environment for global business entry and investment.

The goal of public relations in the tech sector like in any other sector is that of an enabler. The Phyllion Tech Conference presents a platform for communication to enable technology transformation in Africa through impact-driven conversations and actions.

Paxful announces strategic partnership with global cryptocurrency exchange OKEx

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Paxful announces strategic partnership with global cryptocurrency exchange OKEx

Paxful, a leading peer-to-peer bitcoin marketplace that aims to bring financial inclusion and access to the underbanked and unbanked in developing countries, has joined forces with OKEx, one of the world’s largest and most diverse cryptocurrency spot and derivatives exchanges.

The strategic partnership will offer several payment methods for new and existing OKEx users to buy bitcoin with over 160 fiat currencies through Paxful’s Kiosk. Users will have access to in-demand payment methods such as bank transfer, gift cards, online wallets, and many more. Overall, the partnership will integrate over 100 million users allowing them the freedom to utilize Paxful’s existing infrastructure and payment options while enjoying the benefits of OKEx’s advanced technology and diversified product suite.

“To help grow the crypto community, industry businesses are increasingly collaborating to uplift each other in providing more options for their users. We admire OKEx’s work and know that our values and strategy are aligned. With this partnership, not only do we open new opportunities for customers on both platforms and increase functionality, but we jointly contribute towards strengthening the overall ecosystem and help make crypto more accessible as a real-world payment method by expanding to different geographic markets,” commented Ray Youssef, CEO, and co-founder of Paxful.

As a result of the new integration, Paxful and OKEx provide easier access to the global cryptocurrency market specifically in the regions of South Africa, and Nigeria, but also in Kenya, Vietnam, Russia, Indonesia, Thailand, UK, India, Argentina, Canada, Chile, Korea, Germany, France, Japan, Poland, Turkey, Ukraine, and Venezuela.

“We’re delighted to partner with Paxful and share very similar goals about onboarding more people to cryptocurrency. Through this partnership, we can reach more users in developing regions using Paxful’s existing infrastructure and payment options and give them exposure to the benefits of OKEx’s advanced technology and diversified product suite. This is a great step forward for us and the crypto space in general,” said Jay Hao, CEO of OKEx.

Removing borders and limitations

With an unbanked population of more than 60%, Africa is a major focus for both Paxful and OKEx. In addition, the continent is also spearheading cryptocurrency adoption around the globe with key drivers being high inflation rates, weak national currencies, inadequate financial infrastructures, and growing economic uncertainty stemming from the COVID-19 pandemic. All these conditions are combined with a growing population that is largely young and digital-oriented.

As bitcoin offers more convenient, and fast alternatives for financial transactions, use, and ownership of the cryptocurrency are significantly increasing amongst African consumers.

“Aside from being a decentralized, efficient, and a borderless payment method, one of the most striking features of bitcoin is that it’s considered to be an excellent means of preserving wealth in many countries, especially in uncertain times. It’s often compared to precious metals, specifically gold, in terms of storing value,” Youssef added.

A recent report identifies that bitcoin is of keen interest to many in Africa. Kenya topped the list with 94.7% of all cryptocurrency-related searches attributed to bitcoin, while Nigeria and South Africa had high percentages of 89.4% and 89%, respectively.

Nigeria and South Africa increasing trade volumes

Nigeria and South Africa are emerging as key hubs of the crypto economy on the continent. Nigeria’s use of bitcoin has surged exponentially with recent statistics showing that between May and June this year, the country recorded more than $35 million (R604 136 750) in peer-to-peer bitcoin trades, while rival South Africa saw a transactional value of $7 million (R120 827 350).

The surge in trade volume is attributed to various elements, including uncertainty in the ‘traditional’ economy, increasing education about the crypto-economy, and the emergence of various virtual currency marketplaces in Africa yielding more income-generating opportunities through bitcoin.

For South Africa, Africa’s most advanced economy: overall, the year-on-year increase in trading volume for bitcoin currently stands at 994%. The trading volume for bitcoin was approximately $14 483.48 (R250 000) for the week of June 22, 2019, compared to the trading volume of almost $434 504.27 (R7.5 million) recorded for the same period this year, equating to a year-on-year increase of more than 2800% trading volume for the week.

HP Introduces New Multifunctional Printers for Nigerian Families

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HP Introduces New Multifunctional Printers for Nigerian Families

HP Inc. has introduced new printing devices for home use for its consumers in Nigeria, and around the world. They include the Deskjet 2300, Deskjet 2700, Deskjet Plus 4100, DeskJet Plus Ink Advantage 6000 and DeskJet Plus Ink Advantage 6400. The new multi-functional products are designed specifically for today’s families who keep an active lifestyle whilst effectively combining work, study and entertainment.

The updated models offer additional features, and optimized setup procedure and improved print quality thanks to the original HP ink cartridges with increased capacity  – the new high-capacity supplies of the 305 and 653 series.

The HP DeskJet Plus Ink Advantage 6075 and the HP DeskJet Plus Ink Advantage 6475 are designed to meet the needs of each family member and will be able to effectively cope with any tasks. The new MFPs support wireless connectivity and printing from a smartphone using the convenient HP Smart app with mobile fax feature. The HP DeskJet Plus Ink Advantage 6475 features two-sided printing and is equipped with a 35-sheet automatic document feeder (ADF) to minimize downtime.

Thanks to the ergonomic and stylish design, HP DeskJet Plus Ink Advantage model printers will seamlessly fit into any home interior and will not take up much space. In addition, the devices were developed with HP’s Sustainable Impact strategy in mind – their case consists of more than 20% recycled plastic.

With its intelligent interface, its simple and intuitive control panel is equipped with a customizable backlight that displays the status of the printer and automatically lights up if necessary, notifying you of the status of Wi-Fi connections.

The products also come with extensive connectivity options, thus enabling users to choose the most convenient option for connecting the device. In addition to the standard connection via the built-in USB port and mobile printing using the HP Smart application, you can use a dual-band Wi-Fi® adapter with self-healing to check and fix issues  – it provides an extended range, as well as a faster and more stable connection. The models also support Bluetooth® 5.0 technology, which is convenient to set up and allows you to start printing in seconds. With innovative HP ink cartridges, all prints are brighter and more accurate in colour.

During the unexpected transition to remote work and studying, users rediscovered the advantages of home printing devices. During this period, HP, in collaboration with various educational organizations, launched the free Print and Play online platform, where parents can find hundreds of educational materials for their children’s creativity and learning. Now the platform is supplemented with tasks and games by categories: robots, science and mathematics.

“HP is committed to making the printing process at home as affordable and efficient as possible, we look to offer our customers, new models, with enhanced functionality for work and entertainment for the whole family,” says Ify Afe, Managing Director, HP Nigeria. “Our new MFPs are equipped with technologies for quick setup and connection from any device, an intuitive control panel that allows you to easily cope with the daily tasks of printing documents and photos, scanning and copying,” she added.

MTN Unveiled as Headline Sponsor for Freestyle UNLOCKED Africa 2020, 5 International Judges Announced

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MTN Unveiled as Headline Sponsor for Freestyle UNLOCKED Africa 2020, 5 International Judges Announced

Feet ‘N’ Tricks International, the organisers of the Freestyle UNLOCKED Africa 2020 has announced MTN as the headline sponsor for the fourth annual games kicking off on Monday, July 1, 2020. 

Valentine Ozigbo, the Chairman of Feet ‘N’ Tricks International, in a press statement on Monday, July 6, 2020, revealed that the telecommunications giant will be the headline sponsor of the freestyle football championship whose finale will hold on July 19, 2020.

“We are excited to welcome our returning sponsor, MTN, in this year’s championship which we are hosting in unusual and difficult times for many around the world,” said Mr Ozigbo, who is also the immediate past President and Group CEO of Transcorp Plc.

Commenting on the sponsorship, Rahul De, Chief Marketing Officer, MTN Nigeria said, “As a youth-focused company, Freestyle Football’s brand essence reflects what the MTN brand stands for – excellence and excitement wrapped into one solid platform.”

“Freestyle UNLOCKED Africa 2020 is a worthy platform for MTN to touch the lives of the future freestyle football stars on the continent of Africa. The sport embodies the beauty, diversity and fluidity of the African people and we are proud to partner with Feet ‘N’ Tricks International on this adventure,” De added.

This is the second time that MTN has sponsored the sporting event. The first was in 2018. Other sponsors of the championship are Valentine Chineto Ozigbo Foundation and Eko Disco.

Freestyle UNLOCKED Africa 2020 is the virtual version of the African Freestyle Championships organised by the sports promoter. The competition began in 2017 as the Nigerian Freestyle Football Championship. The following year, it became a continental sports event with over 18 countries participating in the finals in Lagos, Nigeria.

Feet ‘N’ Tricks International, which is hosting this competition in partnership with the World Freestyle Football Association (WFFA) also announced the judges for Freestyle Unlocked Africa 2020.

Daniel Wood, the co-founder of WFFA, informed that the judges are a panel of legendary freestyle footballers selected based on their expertise and vast experience in the sport spanning, cumulatively, several decades.

According to him, the panel of judges demonstrates that “freestyle football is an important sport touching the future of Africa”. 

“We are particularly delighted to welcome, for the first time, two legends of freestyle football in Africa. Chris Njokwana, 2008 South African Freestyle champion who has performed in front of 70,000 people and featured in countless TV adverts and Kamal ‘Kamilio’ Ranchod, who won South African’s Freestyle Streetstyle championship in 2010 and went on to place 2nd in the World Championship later that year.

“Ranchod has served as a judge of international championships such as Super Ball World Open and Sal Beach Games,” Wood announced. 

The other judges are the head judge Lukasz Chwieduk, 27, a Polish freestyle footballer and two-time European freestyle football champion; Caitlyn Schrepfer, an American freestyle footballer and two-time USA female champion, and Yo Katsuyama, 23, a Japanese freestyle football champion who finished 2nd at the 2019 Super Ball World Open Championship.

Mr. Ozigbo, a respected business leader and philanthropist, said he was driven to start the championship with his friends owing to his keen love for the game of football and the expressiveness of the freestyle genre.

Feet ‘N’ Tricks International is Africa’s largest promoter of freestyle football and Freestyle UNLOCKED Africa 2020 will open for entries on July 1, 2020, and the finale will be on July 19, 2020.

While explaining that sustaining the championship will guarantee the growth and continuity of the freestyle football genre, Ozigbo went on to use the opportunity to call on well-meaning sponsors and sports-lovers alike to seize this chance to push forward a culture that can rally people and foster unity and oneness.

Ozigbo reiterated his assertion that he doesn’t plan on dropping momentum with freestyle football until Nigeria hosts the World Football Freestyle Championship.

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