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Flutterwave announces restructuring, lays off 24 workers

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Flutterwave, a payment technology company, has laid off 24 workers, representing 3 percent of its workforce.

Olugbega Agboola, chief executive officer (CEO) of Flutterwave made the announcement in a statement on Monday.

According to Agboola, the move is part of its strategy to restructure and efficiently utilise the opportunities in its core business segments.

He added that the company made a data-backed decision to recommit resources to its core business; enterprise payments and has also committed to doing more with its growing remittance segment; ‘Send app’.

“Consequently, we’ve made the difficult decision to support the transition of 24 Wavers accounting for 3% of our workforce,” Flutterwave said.

“These Wavers are some of the most hardworking people you’d meet. We put in the work and I can confidently say that at Flutterwave, we have a competent workforce where everyone actively contributes.

“But once the data and the business is pointing us to a specific direction, it would be counterproductive for us not to listen and create the right mechanisms to move faster on the opportunities awaiting us.”

Agboola further said an average of three months gross salary, depending on the country where the employee is based, will be paid.

“We will also be monetising your unutilised accrued leave days. You will continue to have free access to our professional training platform for 12 months after your transitioning,” he said.

“We will be providing you with free outplacement service for 3 months. For Wavers with stock options, we will support you with an additional vesting period of 6 months.

“You will have 3 months of free healthcare. You will continue to have access to our mental health and career coaches for 3 months post transitioning.”

For remaining employees, the CEO said there would be a company-wide compensation review.

This includes a market-aligned base salary increase for most employees and a new performance-based bonus structure tied to individual and team performance metrics.

Agboola said this was in response to recent employee feedback and a thorough analysis of market trends.

In addition, Flutterwave said it is expanding its remittance service, SendApp, to new markets and exploring ways to personalise its enterprise payment solutions.

“We’re in the process of operationalising some of the additional licenses we’ve received, which means that more countries will come online, for both senders and receivers,” the company added.

“For our enterprise solutions, we’re experimenting with ways to provide faster and more personalised support.”

Agboola also said the company will continue improving its solutions and ability to give customers the best-in-class services they deserve.

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Nigerians can now obtain UAE visas, says FG

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Mohammed Idris, minister of information and national orientation, says Nigerians can now apply for and obtain visas to the United Arab Emirates (UAE).

Idris said the federal government has reached an agreement with the UAE to allow Nigerian passport holders to obtain visas for travel to the Arab nation starting today, July 15.

The minister spoke with the State House correspondents in Abuja on Monday, shortly after the weekly federal executive council (FEC) meeting.

He said the agreement includes updated controls and conditions to be fulfilled before the issuance of a UAE visa.

On December 13, 2021, the UAE issued a travel restriction on passengers from Nigeria and the Democratic Republic of the Congo, citing a surge in the countries’ COVID-19 cases among passengers from the two African nations.

However, TheCable reported the travel ban might not be unconnected with the diplomatic row between Nigeria and the UAE over Air Peace’s flight frequency to the Arab country.

Air Peace had requested a slot of three weekly flights from Nigeria to Sharjah Airport in the UAE, but only one was granted by the country’s General Civil Aviation Authority (GCAA).

GCAA said Air Peace should not expect to retain its flight frequency after pulling out of Sharjah Airport; the Nigerian airline, however, denied the claim.

In retaliation for Air Peace’s treatment in the UAE, the federal government dropped Emirate’s slots from 21 to one, leading to the Dubai-based airline suspending all its flights to Nigeria.

In September 2023, the federal government said the airline would resume services in Nigeria, signaling a resolution of the dispute.

The assurance followed a meeting between President Bola Ahmed Tinubu and Mohamed bin Zayed, president of the United Arab Emirates.

But since the meeting and the federal government’s announcement, Emirates has yet to begin scheduled flight operations.

In April, Festus Keyamo, minister of aviation and aerospace development, said Emirates Airlines is prepared to resume flight operations to Nigeria.

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Lagos state government designates 5 operational parks for trucks in Lekki-Epe corridor ahead of e-call up system launch

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The Lagos State Government has designated five operational parks for trucks in the Lekki-Epe corridor in anticipation of the e-call-up system’s launch on August 1, 2024.

This strategic initiative aims to regulate truck movements and prevent the traffic congestion previously seen at Apapa and Tin Can Ports.

According to Lagos State Commissioner for Transportation Oluwaseun Osiyemi, the designated parks for articulated trucks in the Lekki-Epe corridor are Hog Marketing Limited in Okorisan, Epe; Nilmage Two4Seven in Poka, Epe; Goldspeed Freight Agency Ltd. opposite Dangote Refinery on Lekki Coastal Road; Diamond Star Ports and Terminal Ltd. in Abule Panu, Lekki-Epe; and Tal Concept Ltd. at HFP Brick Industry on Lekki-Epe Expressway.

“Five operational parks for trucks: Hog Marketing Limited (Okorisan, Epe), Nilmage two4seven (Poka, Epe), Goldspeed Freight Agency Ltd (Opp. Dangote Refinery, Lekki Coastal Road), Diamond Star Ports and Terminal Ltd. (Abule Panu, Lekki-Epe), Tal Concept Ltd (HFP Brick Industry, Lekki-Epe Expressway),” the statement read in part.

Furthermore, the Lagos State Government has mandated that all articulated trucks operating in the corridor must be equipped with Radio Frequency Identification (RFID) tags. This requirement aims to streamline and automate the management and tracking of truck movements once the system goes live next month.

Additional initiatives in the implementation plan include the separation of wet and dry cargo and the deployment of vehicle inspection services at parks for vehicle certification.

These measures are designed to eliminate traffic congestion, address environmental concerns, and reduce accidents caused by trucks along the corridor. They will also help manage the increased activity expected from the Dangote Refinery, Lekki Port, and other entities.

The Lagos State Government provided additional details on the e-call up system, clarifying that it will officially launch on August 1, 2024, through the platform mycallup.com, with full enforcement beginning on August 7, 2024.

Compliance with this system is mandatory, and trucks that fail to comply will be impounded to ensure strict adherence to the new regulations.

The government emphasized the necessity of cooperation from all stakeholders for the success of this initiative. This includes truckers, organizations, security agents, and local communities, all of whom must work together to prevent a recurrence of the severe traffic congestion and logistical issues previously experienced at Apapa and Tin Can Ports.

The active participation and commitment of these groups will be instrumental in ensuring a smoother and more efficient transportation process along the Lekki-Epe corridor.

The state government emphasizes that by adhering to these regulations and fully cooperating, stakeholders can contribute to a more organized, safer, and environmentally friendly transport environment in Lagos.

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Nigeria’s inflation rate increases to 34.19% amid rising food prices

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Nigeria’s inflation rate rose to 34.19 percent in June 2024 — up from 33.95 percent in May.

The data is captured in the National Bureau of Statistics (NBS) in its consumer price index (CPI) report for June, released on Monday.

The CPI measures the rate of change in prices of goods and services.

According to the bureau, food inflation also surged to 40.87 percent in the month under review as prices of food and non-alcoholic beverages continued to surge.

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