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
JUST IN: CBN reduces banks’ LDR to 50%
The Central Bank of Nigeria has announced a review of the loan-to-deposit ratio (LDR) for banks, from 65 percent to 50 percent to align with the current monetary tightening.
LDR is used to assess a bank’s liquidity by comparing its total loans to its total deposits.
An increase in the loan-to-deposit ratio allows banks to expand their credits to businesses and individuals, however, a decline in LDR reduces their ability to loan customers from depositors’ funds.
The CBN disclosed the increase in a circular on Wednesday titled ‘Re: Regulatory Measures to Improve Lending to the Sector of the Nigerian Economy’, signed by Adetona Adedeji, its acting director of the banking supervision department.
“Following a shift in the Bank’s policy stance towards a more contractionary approach, it is imperative to review the loan-to-deposit ratio (LDR) policy to align with the current monetary tightening by the CBN,” the apex bank said.
“Accordingly, the CBN has decided to reduce the LDR by 15 percentage points to 50%, in a similar proportion to the increase in the CRR rate for banks.
“All DMBs are required to maintain this level and are further advised that average daily figures shall continue to be applied to assess compliance.
“While DMBs are encouraged to maintain strong risk management practices regarding their lending operations, the CBN shall continue to monitor compliance, review market developments, and make alterations in the LDR as it deems appropriate.”
Business
WhatsApp launches chat filters to allow users find messages faster
WhatsApp, the messaging app, has introduced chat filters to allow users to navigate through messages faster and more efficiently.
The Meta-owned platform announced the new feature in a blog post on Tuesday.
WhatsApp said it launched the new feature so that users can get to their important messages without having to scroll through their full inbox.
The social media service said the chat filters have three different features: “All, Unread, and Groups”.
It added that users can choose between any of the three filters that will appear at the top of their chat list.
“Opening WhatsApp and finding the right conversation should feel quick, seamless, and simple,” the post reads.
“As people increasingly do more on WhatsApp, it’s more important than ever before to be able to get to your messages fast.
“We believe filters will make it easier for people to stay organized and find their most important conversations and help navigate through messages more efficiently.
“We will continue to build more options to help you focus on what matters most.”
In recent times, WhatsApp has been actively rolling out new features to enhance user experiences and keep up with evolving communication trends.
In July last year, the Meta-owned firm unveiled an instant video messaging feature.
On August 8, the social network introduced a screen-sharing feature to enhance the video calling experience on its platform.
WhatsApp also introduced a feature that allows users to operate multiple accounts on a single device.
Business
NCAA suspends three private jet operators for engaging in commercial flights
The Nigerian Civil Aviation Authority (NCAA) says it has suspended the permit of three private jet operators for engaging in commercial flights.
Chris Najomo, acting director general of the NCAA, announced the suspension of the three private operators in a statement read to all airlines on Tuesday.
This is coming a day after Festus Keyamo, minister of aviation and aerospace, said the federal government would arrest and sanction illegal flights and non-certified personnel.
Najomo said the use of private jets for commercial purposes got Keyamo’s attention in November 2023, prompting the minister to issue directives for the cessation of such activities.
“Subsequently, in March 2024, the NCAA had issued a stern warning to holders of the permit for noncommercial flight (PNCF) against engaging the carriage of passengers, cargo or meal for hire reward,” Najomo said.
“The authority had also deployed its official to monitor activities of private jet terminals across airports in Nigeria. As a consequence of this heightened surveillance, no fewer than three private operators have been found to be in violation of the annexure provision of the PNCF and part 9114 of the NCAA regulations.
“In line with our zero tolerance for violation of regulations, the authority has suspended the PNCF of these operators.
“To further sanitise the general aviation sector, I have directed that a reevaluation of all orders of PNCF be carried out on or before the 19th of April 2024 to ascertain compliance with regulatory requirements.”
Najomo also said all PNCF holders will be required to submit relevant documents to the authority within the next 72 hours.
“This riot act is also directed at existing air operators certificate (AOC) holders who utilise aircraft listed on the PNCF for commercial chatter operations,” Najomo said.
“It must be emphasised that only aircraft listed in the operation specifications of the AOC are authorised to be used in the provision of such charter services.
“Any of those AOC holders who wish to use the aircraft for charter operations must apply to the NCAA to delist it from their PNCF and include it into the AOC operations specifications.”
The NCAA also urged travellers not to patronise any airline or charter operator who does not hold a valid AOC issued by the NCAA when they wish to procure chartered operation services.
Najomo also encouraged legitimate players in the aviation industry to report the activities of such “unscrupulous” elements to the authorities promptly for necessary action.
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