Business
Myrent.ng Sells Controlling Share to Fifth Intel Capital
A significant move has been within Nigeria’s real estate tech industry! Myrent.ng known as a leading online property rental platform has announced the sale of its controlling share.
Myrent.ng is a subsidiary of Multivest Capital. It has been listed as one of the leading companies that transformed property rentals in Nigeria.
The platform was co-founded and majorly owned by Mr. Joshua Seun Makinde and he held over 50% of the company’s shares.
Myrent.ng became a fast growing platform under Mr. Joshua’s leadership, harnessing technology to streamline the rental process for both property owners and tenants.
The transaction was completed with Fifth Intel Capital. Fifth Intel Capital is a prominent investment firm and this move marked a new chapter for Myrent.ng under its new ownership.
Fifth Intel Capital is well known for its strategic investments in technology and real estate. The firm owns Renti.ng which is also a major player in the online property rental market.
Acquiring Myrent.ng created synergies between the two platforms and has lead to a more integrated and comprehensive service offering for customers.
Fifth Intel Capital is represented by Mr. Jude Oseh Mckelvin, a prominent businessman in Lagos, Nigeria. Mr. Mckelvin has extensive experience and knowledge in business and investments.
He is well positioned to guide Myrent.ng through its next phase of growth. Employing advanced technologies to enhance user experience and expanding the platform’s reach across Nigeria is his Vision for the future.
With the acquisition by Fifth Intel Capital, their resources and expertise is expected to significantly enhance the platform, improve user interface, expanded property listings and provide innovative rental solutions.
The collaboration between Myrent.ng and Renti.ng has indeed led to a more robust and competitive market presence.
Mr. Joshua Seun Makinde expressed confidence in the new ownership stating that selling Myrent.ng to Fifth Intel Capital was a strategic decision aimed at unlocking new potentials for the platform.
He said “I believe Mr. Jude Oseh Mckelvin and his team will continue to build on the foundation we have laid and take Myrent.ng to greater heights.”
Fifth Intel Capital’s purchase of Myrent.ng’s main stake shakes up Nigeria’s real estate tech industry. The industry watches to see how this deal will transform property rentals in the country.
Myrent.ng and Renti.ng’s combined forces set the stage for fresh ideas. These changes could bring big perks to landlords and tenants alike.
The market’s buzzing with excitement! who knows what cool new stuff we’ll see next?
Business
Naira depreciates to N1,700/$ at parallel market — lowest in seven months
The naira depreciated to N1,700 per dollar at the parallel section of the foreign exchange (FX) market on Friday.
At the end of trading hours, the naira depreciated by 1.49 percent compared to the N1,675/$ traded on Thursday.
The N1,700 per dollar is the lowest the naira has depreciated since February 19, when the naira recorded a low of N1,730/$.
Currency traders, also known as street traders, in Lagos, quoted the buying rate of the local currency at N1,680/$ and the selling rate at N1,700/$ — leaving a profit margin of N20.
Currency traders, also known as street traders, in Lagos, quoted the buying rate of the local currency at N1,680/$ and the selling rate at N1,700/$ — leaving a profit margin of N20.
WEEK-LONG FLUCTUATIONS
At the parallel market on Monday, the naira depreciated to N1,665/$ from N1,663 on September 20.
Maintaining the depreciation streak, the local currency fell further to N1,670 and N1,680 on Tuesday and Wednesday, respectively.
However, the naira rebounded to N1,675 on Thursday.
At the official FX market, the local currency depreciated to N1,562.66 on Monday — from N1,541.52 on September 20.
Subsequently, the naira further depreciated to N1,658.48 on Tuesday and N1,667.72 on Wednesday, before appreciating to N1,576.1 on Thursday.
On January 29, the Central Bank of Nigeria (CBN) said it had begun implementing a comprehensive plan to improve liquidity in the Nigerian FX markets in the short, medium, and long term.
The apex bank said the FX reforms were designed to streamline and harmonise multiple exchange rates, promote transparency, and lessen the likelihood of arbitrage opportunities.
On September 25, Olayemi Cardoso, governor of CBN, said the multiple interest rate hikes have restored confidence in the naira.
Business
CBN extends suspension of processing fees on deposits to March 2025
The Central Bank of Nigeria (CBN) has extended the suspension of processing fees on cash deposits for six months.
The development comes six days before the suspension date initially fixed, expires.
On May 1, banks resumed the collection of processing fees on cash deposits.
Six days later, CBN suspended charges on the deposits until September 30.
However, in a circular directed to all banks, other financial institutions and non-financial institutions, dated September 24, 2024, and signed by Adetona Adedeji, CBN’s director of banking supervision, the apex bank extended the date to March 31, 2025.
“Further to our letter dated May 6, 2024, referenced BSD/DIR/PUB/LAB/016/023, the Central Bank of Nigeria (CBN) hereby extends the suspension of processing charges on cash deposits above N500,000 for individuals and N3,000,000 for corporates,” the apex bank said.
“The previous suspension, set to expire on September 30, 2024, has now been extended until March 31, 2025.
“This suspension pertains to the 2% and 3% fees outlined in the ‘Guide to Charges by Banks, Other Financial Institutions and Non-Bank Financial Institutions, issued on December 20, 2019.”
CBN asked all financial institutions to continue accepting cash deposits from the public without any charges during the period.
Business
Meta unveils John Cena, others as new AI voice clones
Meta, the giant tech company, announced on Wednesday the integration of celebrity voices into its artificial intelligence chatbot, Meta AI, in an effort to compete with products like ChatGPT.
At the Meta Connect 2024 developer conference in Menlo Park, founder Mark Zuckerberg revealed that users of Instagram, Messenger, WhatsApp, and Facebook can now engage in real-time conversations using a variety of voices, including those of celebrities like Awkwafina, Dame Judi Dench, John Cena, Keegan-Michael Key, and Kristen Bell.
While this new voice feature aims to enhance user interaction, it differs from OpenAI’s Advanced Voice Mode for ChatGPT, which is celebrated for its expressive and emotive tones. In contrast, Meta’s offering resembles Google’s Gemini Live, which transcribes speech and reads responses aloud with synthetic voices.
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