Business
Lagos is now closer to its smart city dream with 5G technology — Sanwo-olu
The Governor of Lagos State, Babajide Sanwo-Olu, has said that the State is now closer to realizing its dream of becoming a smart city with the deployment of 5G technology in the state.
The Governor stated this on Thursday at the Lagos launch of the 5G network by MAFAB Communications (Mcom).
Speaking at the launch, Governor Sanwo-Olu, who was represented by the State’s Commissioner for Science and Technology, Akeem Fahm, said the overall objective of the administration is to harness technology to enhance and empower the residents and investors in Lagos to achieve the transformation of Lagos State into a smart City Hub in Africa.
The 5G opportunity: Expressing the confidence that the 5G technology will bolster the government’s efforts in the smart city drive, the Governor said:
“I am now very optimistic that we will achieve resounding success because the opportunity that the Mcom5G network represents has met our preparedness part of which is the country’s technology hub found in the Yaba district of Lagos, which when completed will be our own African Silicon Valley.”
The Governor noted that Mcom, though relatively new in the telecommunications industry, has recorded a milestone achievement in the tech space through the launch of the 5G Network.
“I want to commend the management of MAFAB Communications for working hard to deliver this next-level technology that outguns the 4G network by a very wide margin. As such, its capabilities exceed expectations.
“It is a fact that the contribution of the telecommunications industry has been a significant economic driver for Lagos State in particular and Nigeria as a whole, contributing more than $70 Billion and helping to create over half a million jobs.
The prospects of what we can accomplish with the 5G network, which is the next-level technology, fills me with high hopes for the future of the different sectors of our economy, most especially the Security sector,” Governor Sanwo-Olu said.
Mcom which is rolling out a 5G network in 6 cities across the country in the first phase of its rollout obligation, including Kaduna, Kano, Enugu, and Port-Harcourt, landed in Lagos after a launch in Abuja on Tuesday.
Highlighting the impacts the 5G technology will have on Nigeria as a country, the Chairman of MAFAB Communications, Dr Mushabu Bashir, said:
“Putting things in proper perspective; Mcom will play a major role in advancing new technologies that will push Nigeria beyond just being a consumer of technology but a country playing an active role in developing and implementing new technologies.
“It will also enable our country to take its position as a global technology hub in Africa and the world at large.
You may have heard it before, but it bears re-telling that the 5G network will usher into this country a wide array of business opportunities, wherein various business outfits will expand their frontiers with operational ease and speed, especially in the fields of education, medical sciences, engineering, security, businesses like the banking sector, SMEs, smart cities, transportation, entertainment, etc., and allow Nigerians meet the long-term goal of ensuring that everybody is connected.”
Business
Nigeria’s GDP rate grew by 3.46% in Q3 2024, says NBS
The National Bureau of Statistics (NBS) says Nigeria’s annual gross domestic product (GDP) grew by 3.46 percent in the third quarter (Q3) of 2024.
The NBS, in its GDP report published on Monday, said the growth rate is higher than the 3.19 percent recorded in Q2 2024.
Business
Dangote refinery reduces ex-depot price of petrol to N970 for oil marketers
The Dangote Petroleum Refinery has announced a reduction in its ex-depot price of premium motor spirit (PMS), also known as petrol, to N970 per litre for oil marketers.
This is a cut from the refinery’s N990 ex-depot price announced earlier this month, according to a statement on Sunday.
The slash would help marketers save about N20 on each litre of petrol bought from the Lekki-based plant.
Anthony Chiejina, Dangote Group’s chief branding and communications officer, said the move is the refinery’s way of appreciating Nigerians “for their unwavering support in making the refinery a dream come true”.
“In addition, this is to thank the government for their support as this will complement the measures put in place to encourage domestic enterprise for our collective well-being,” the statement reads.
“While the refinery would not compromise on the quality of its petroleum products, we assure you of best quality products that are environmentally friendly and sustainable.
“We are determined to keep ramping up production to meet and surpass our domestic fuel consumption; thus, dispelling any fear of a shortfall in supply.”
Business
Allegation of missing fund untrue, says Access Bank
Access Bank Limited has dismissed as untrue allegations of missing fund and unethical behaviour.
The Bank in a statement said: “Our attention has been drawn to a video on social media wherein allegations of missing funds and unethical behaviour have been made against Access Bank PLC.
“First and foremost, we wish to emphasise that the safety and security of our customers’ funds are core priorities which we take seriously. Second, Access Bank Plc does not engage in or condone any unethical behaviour.
“In the instant case, the allegations of missing funds in the Bank are most untrue and baseless.
“There is no N500million or any other fund or amount missing from the subject customer’s account or from any other customer’s account with us.
“We and other independent stakeholders in the banking industry have thoroughly investigated these allegations and independently arrived at the same conclusions.
“Access Bank PLC operates with the highest ethical standards, and we protect our customers’ interests whilst also respecting privacy laws.
“Consequently, whilst we have engaged and will continue to engage with our customers, we must advise the public not to rely on or believe sensational and unverified claims that are designed to titillate and mislead the public.
“We remain committed to serving our customers.”
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