Two weeks after the Lagos State House of Assembly passed the 2019 budget, Governor Ambode is yet to receive it.
According to a report by Punch, the Assembly might be awaiting May 29 when the governor-elect, Babajide Sanwo-Olu, would be sworn into office. A source revealed that government projects had been stalled due to the impasse.
He said, “They just refused to pass it to the governor because they want to play politics with the budget. Most of the people in the Assembly are loyal to one man and he appears to be dictating to them. But what more do they want to do to Ambode? They have humiliated him, denied him his return ticket, and even threatened to impeach him. What has he done to deserve all that?
“What they failed to realise is that this is beyond Ambode. It is about Lagos State. It is about governance. Since they took this decision not to pass the budget to him, things have been at a standstill. No development; nothing. This is wrong at all levels because people’s lives are being held.”
However, another government source said while the Assembly might have certain reasons for not passing the bill to the governor, the law permits Ambode to spend a certain percentage of the previous year budget.
She said, “It is true that the budget has not been transmitted to the governor. But their reason is immaterial. Whatever they like they can do. The law allows the governor to spend a certain amount of last year’s budget pending the time the new budget would be ready. The governor will do his best within the time available.”
The Ambode administration had said it sent the budget to the Assembly early, but the lawmakers went on a break and could not sit over it in December 2018. Early 2019, the Assembly had issued an impeachment threat to the governor for allegedly spending from the budget when it had not been passed. After protests and public demonstrations, the National Leader of the All Progressives Congress, Bola Tinubu, and some party stalwarts called the lawmakers and the governor into a meeting, where the matter was reportedly resolved. On April 29, the Assembly passed the N873.532bn budget, more than 80 days after the governor eventually presented it.
The wife of Ghanaian actor, Chris Attoh, has been shot dead. According to multiple reports, Bettie Jennifer was killed by an unknwon gunman while leaving her office in Maryland in the United States of America on Friday evening May 10th at about 5pm.
Accoridng to reports, Bettie had left the office in the 6300 block of Ivy Lane and was walking to her car when a man armed with a handgun approached her. When she tried to run away, the man followed her and fired at her multiple times, with at least one shot hitting her.
The gunman then fled in a vehicle and has since been declared wanted by the Maryland Police.
Police described the suspect as “a black male with a think build and black hair, wearing a dark shirt and pants.”
Chris Attoh and Bettie Jenifer married at a ceremony in Accra October 2018. This was shortly after divorcing his first wife, Nollywood actress, DamiloIa Adegbite, who he shares a son with.
Just last week, Chris Attoh sparked speculation on social media that their marriage was in crisis after he deleted all her photos on his Instagram page.
The Federal Road Safety Corps (FRSC) has advised motorists plying the Lagos-Ibadan Expressway to use alternative routes due to ongoing rehabilitation work.
Corps Public Education Officer, Mr Bisi Kazeem, gave the advice in a statement in Abuja on Saturday.
”This is due to the ongoing rehabilitation work on the Lagos-Ibadan Expressway, which has necessitated the construction company, Julius Berger Nigeria PLC, to erect barriers around the Magboro area of the corridor, to enable them lay asphalt on that stretch of the road.
“This has further narrowed lanes and diversions available to traffic but the action is to allow the freshly laid asphalt dry off, hopefully by Sunday, May 12 when the additional barriers would be removed.
“This particular action has been responsible for traffic build up on both sections of the Lagos-Ibadan Expressway, around Ibafo/Magboro to Long Bridge of the corridor.
“To this end, the FRSC wishes to advise the motoring public to exercise patience while using the corridor during this period and avoid driving against traffic,” Kazeem said.
He further advised motorists to use alternative routes to avoid unnecessary delay.
These routes include Lagos-Ota-Abeokuta, Ajah-Epe-Ijebu-Ode, and Ikorodu-Ijebu-Ode.
“The FRSC is warning motorists to refrain from driving against traffic as those apprehended would be booked for dangerous driving which attracts fines of N50,000.
“FRSC personnel are complemented by sister traffic and military personnel to manage the traffic situation,” he said.
The Joint Admissions and Matriculation Board (JAMB) has released the results of 1,792,719 candidates who sat for the 2019 Unified Tertiary Matriculation Examination (UTME).
Is-haq Oloyede, JAMB Registrar, disclosed this to journalists in Abuja on Saturday.
He said the board withheld the results of 34,120 for various infractions during the examination across the nation.
…MTN fingered in fraud report
When a couple of weeks ago, Jumia made headlines by listing in the New York Stock Exchange, not a few people saw it as a big deal and a welcome development. But no sooner had the company sold itself as ‘Africa’s first unicorn’ to trade in the prestigious NYSE than the fraudulent claim of being an “African company” began to fall flat on its face.
Records submitted by the ecommerce firm indicated clearly it is a German company with corporate structure spread across different cities in Europe. Nevertheless, the firm rode on the controversy of its initial public offer (IPO) as the value of its share rose, but only for a short time.
Besides operating in Nigeria as a business against which a lot of infractions have been reported, the fraud that Jumia is has now assumed a global dimension. Moving from a frim with a lot of skeletons in its wardrobe in that it operates an online travel business without an online IATA licence which is one of the requirements for such operation, and also does not have CBN mobile money licence though it operates like one, the Jumia brand is deeply enmeshed in corporate fraud with dire consequences as the NYSE would launch into series of investigations to mete out the right treatment to the firm.
Citron Research, a US Based online investment Newsletter, has declared Jumia shares as “worthless” and that they had never “seen such an obvious fraud”. Jumia share price was down by over 18% as at closing of trading at the New York Stock Exchange. According to the report by Citron, Jumia forged its numbers ahead of filing documents for its listing in the US. Two of Jumia’s largest shareholders, MTN and Rocket Internet wanted to exit the company after it reported in 2018 that it has a year’s cash left.
The company’s revenue also declined from $145million to $131million while adjusted EBITDA loss went from $161million to $150million. Jumia removed certain information and went ahead to distort the figures and facts in its investment memorandum with a view get its stock overpriced that its actual value.
Citron, in its 18 years of publishing said it “has never seen such an obvious fraud as Jumia.” Cited as material discrepancies deliberately made up by Jumia include: inflating active customer base (from 2.1 million in October 2018 to 2.7 million by April 2-19) and active merchant numbers (from 43,000 to 53,000 between same period) which represented 20% to 30% growth – a claim which Citron suggests cold not have been true.
It also claimed that “the most disturbing disclosure that Jumia removed from its F-1 filing was that 41% of orders were returned, not delivered, or cancelled. This was previously disclosed in the Company’s October 2018 confidential investor presentation,” implying that most of its orders were cancelled in 2018.
The damaging report is an absolute vote of no confidence in Jumia which it accused of corporate fraud. “When a company markets to investors ahead of its IPO and then a few months later omits material facts and makes material changes to its key financial metrics to make the business seem viable, this is securities fraud,” the report says.
The Chairman and Founder, Sickle Cell Foundation, Nigeria, (SCFN), Prof. Olu Aki
Speaking at the closing/certificate award ceremony of the 18th Genetic Counselling Training course on Sickle Cell Disorder at the National Sickle Cell Centre in Lagos, Prof. Akinyanju said Mu
The two-week counselling course was aimed at raising awareness about and deepening understanding of the Sickle Cell Disorder (SCD) as well as pointing out ways that SCD victims could lead normal lives.
The Chairman of the Foundation, while appealing to participants to use the knowledge they received from the course to support and manage the sickle cell disorder professionally, also appealed to corporate bodies to emulate the kind gesture of MultiChoice in supporting the fight against the disorder.
In his remarks, John Ugbe, Chief Executive Officer, MultiChoice Nigeria, who was represented by Caroline Oghuma, Executive Head; Corporate Affairs, MultiChoice Nigeria said MultiChoice Nigeria is an organization that promotes values and views its support for training courses as well as other contributions to the fight against SCD as part of its propagation of strong family values.
“As an organization that promotes family values we cannot but contribute to the fight against Sickle Cell Disorder in Nigeria. From time to time, we have been supporting the SCFN in many ways, including development of awareness materials, fundraising through donation boxes at our offices and donation of vehicles for its operations,” she said.
The genetic training course which had in attendance 31 participants from across the countryand from other countries in Africa, also had 27 resource people who shared new knowledge and methods in the management and treatment of SCD in Nigeria.
MultiChoice Nigeria has supported the SCFN in a variety of ways, notably in supporting increased awareness about the disorder via documentaries covering key facts on SCD, which was broadcast across its DStv platform and other free to air channels in the country. MultiChoice Nigeria equally assisted the SCFN to generate funds for its activities through the placement of donation boxes in all its branches across the country, with collated funds sent to the SCFN account.
By Adebayo Sanni, MD of Oracle Nigeria
The joint forces of the Internet of Things (IoT), Artificial Intelligence (AI) and Blockchain, represent an unprecedented opportunity for enterprises in the public as well as private sectors. Every institution has the capability to exploit these technologies, securing a competitive edge to radically streamline and enhance their existing processes. This would further enable the development of innovative products and services for an entirely new generation of consumers.
While each of these technologies individually present exciting opportunities for enterprises, we think that the transformative impact of IoT, AI, and blockchain together – will be unprecedented. This is the first time in modern history that three transformational technologies have emerged in the same generation, and their whole effect is yet to emerge.
There are three major issues that these emerging technologies can help address in Lagos; Traffic Management, Waste Management and Land Related issues.
IoT senses, AI thinks
IoT is the sensing part of the transformational technology and AI is the part that thinks. AI has the potential to enable fast, intelligent decision-making – either in support of human intelligence, or in place of it. Businesses can delegate mundane or complicated tasks to achieve a level of accuracy and efficiency beyond the capabilities of humans.
For example, in Nigeria, the potential to combine real-time data from IoT devices from intelligent trash bins with historical waste-level of each trash bin can help waste management become smarter; especially for a city like Lagos that generates about 13,000 metric tonnes on a daily basis. The entire waste management system can become smarter overtime, learning from the data collected. A solution like this will help an organisation like Lagos Waste Management Authority to make better data-driven decisions for a cleaner Lagos.
This application can be replicated to address traffic management. The current traffic lights can be IoT enabled to ensure an efficient flow of traffic. The roads can also have sensors and information about road conditions, combined with data coming from road users to provide drivers with real-time traffic information. With such a system, drivers can be alerted to take alternative roads in case of an accident.
Machine learning in action
The insights generated by machine learning will help businesses better understand their customer expectations, enabling automated and personalised engagements. It will help in the creation of new goods and services, designed to quickly and accurately meet the demands of modern consumers.
Machine learning powers customer service chatbots, provides marketing insights, identifies cybersecurity vulnerabilities, and enables personalised products and services, and much more. Undoubtedly, the impact of machine learning on the enterprise will be profound.
So why aren’t we seeing more ground-breaking machine learning–powered products, services, and business models in Nigeria today?
The answer, as with IoT, is that maximising the business benefits of machine learning can be more challenging than it seems. Implementation of these technologies is not a case of throwing a switch and watching it come to life. It is an incremental and long process.
Nigerian businesses and public sector need to understand how best to exploit the true value of machine learning in the real world. Businesses have no choice but to find a way to permeate their business models with machine learning, or else they will fall behind more-agile competitors. Machine learning is the present – not the future.
Businesses need to make automation a part of their business processes – taking advantage of self-driving, self-securing cloud platform services such as the Autonomous Database, Analytics, Management and the many other Cloud Platform Services from Oracle.
Transforming with blockchain
We question a lot of information entering our homes, and businesses; for instance, when it comes to land transactions – how sure are you that the document received is the legitimate document? A blockchain solution can bring transparency to all stakeholders (lawyers, buyers, sellers, government, surveyors etc.) in the property business. Government can use such a system to track and ensure the right taxes have been paid to the government for every transaction; buyers can also have peace of mind as all the documents for the transactions can be verified real-time.
These transformational technologies will bring change – in our professional lives, our personal lives and country as a whole.
With these very simple examples, the question is not when, the question is how do you bring the future forward and empower African governments and businesses to take advantage of the transformative impact of IoT, AI, and blockchain?
The answers are in the cloud.
Without cloud, implementing any new technology is extremely difficult. It effectively levels the playing field. With cloud, even small companies can access the same compute power and resources as large organisations, while traditional businesses can adopt the same flexibility as agile tech start-ups.
A technologically enabled future has arrived. It is time to carve your niche in it.