- Nigeria to Save N2bn Annually From Internet Hosting
The Executive Vice-Chairman, Nigerian Communications Commission, Prof. Umaru Danbatta, has said that the nation will save at least N2bn annually if the recent data hosting with the Internet Exchange Point of Nigeria continues.
He said that public and private organisations in the country were losing about N10bn annually to frequent hosting of Internet content overseas, and could lose twice the amount should the recession continue in 2017.
Danbatta disclosed this at the Telecoms Executive and Regulators Forum in Lagos, which was organised by the Association of Telecommunications Companies of Nigeria.
“The utilisation of the Internet Exchange Point of Nigeria by some telecoms and Information Technology companies in the country could steadily reverse the situation and save Nigeria at least N2bn, rather than losing N10bn or more annually,” he said.
An Internet Exchange Point (IX or IXP) is a physical infrastructure through which Internet Service Providers and Content Delivery Networks exchange Internet traffic between their networks.
The IXPs reduce the portion of an ISP’s traffic, which must be delivered through their upstream transit providers, thereby reducing the average per-bit delivery cost of their service.
The NCC executive vice-chairman, who was represented by the Executive Director, Technical Services, Ubale Maska, said that the IXPs were the focal point of the Internet.
He, therefore, said that they were critical for the development of the Internet in any country and would not only reduce the cost of Internet traffic by keeping local traffic local, “but more importantly, they enable additional applications, which have a considerable multiplier effect on the economy.”
He said, “Internet Exchange Point of Nigeria is an initiative of the NCC that enables Internet service providers, telcos, content providers and educational institutions to exchange Internet traffic locally within Nigeria.
Danbatta said the NCC also provided the seed funding that set up the IXPN as a not-for-profit organisation with the key objective of improving the Information and Communications Technology ecosystem.
“The Nigerian IXP is now the second largest IXP in Africa. It has been estimated that the IXPN saves the nation above N2bn yearly, which would have been paid out to international carriers in the United States dollars if this facility was not available in Nigeria,” he said.
He said that the IXPN also reduced the delay associated with routing local traffic internationally, adding that, “This drop in latency increases speed and better quality of service to end users.”
He added, “For every Internet content hosted locally, it saves Nigeria foreign exchange, which would have been paid to foreign companies. This ensures that local data centres flourish, hence, creating more jobs and increase in technical competency for our engineers.”
The Managing Director, IXPN, Muhammed Rudman, shared the same view, saying that Nigeria had won the bid to become a regional Internet exchange point in the African Internet Exchange System project under the African Union Commission.
Dana Motors Ignites a Green Revolution in Nigeria’s Auto Industry with CNG-Powered Vehicles
Dana Motors Limited, the exclusive distributor of Kia in Nigeria, is leading a groundbreaking charge to revolutionize the transportation landscape in the country.
In response to the escalating fuel prices and mounting vehicle-related expenses, Dana Motors Limited has unveiled ambitious plans to introduce Compressed Natural Gas (CNG) vehicles into the Nigerian market.
This strategic move underscores Dana Motors Limited’s unwavering dedication to innovation and sustainability within Nigeria’s automotive sector, effectively tackling the pressing need for more economical transportation options.
Having previously set a precedent by launching Nigeria’s inaugural electric vehicle, the Kia Soul, Dana Motors Limited is now poised to introduce an array of high-efficiency CNG-powered vehicles.
Francis Ogboro, Vice Chairman of the Group, passionately stated, “At Dana Motors Limited, our ultimate objective is to provide Nigerians with innovative, environmentally-friendly, and budget-conscious automotive solutions. The introduction of CNG-powered vehicles seamlessly aligns with our overarching vision to elevate the quality of life for all Nigerians, while simultaneously mitigating the surging costs associated with vehicle ownership.”
Further amplifying this commitment, Olu Tikolo, Vice President of Dana Motors Limited, emphasized, “Recognizing the transformative potential of CNG vehicles for public transportation, we are steadfast in our dedication to making transit more accessible and affordable. Through this visionary initiative, we aspire to elevate the overall quality of life for all Nigerians.”
The forthcoming launch of CNG-powered vehicles by Dana Motors Limited is poised to make substantial contributions to Nigeria’s emission reduction efforts, foster sustainability, and establish a more economical transportation system. Dana Motors Limited is not just leading but reshaping the trajectory of the Nigerian automotive industry, forging a greener, more cost-effective future for all.
Nigerian Autotech Startup, Fixit45, Secures $1.9 Million for East Africa Expansion
Nigerian autotech startup Fixit45 has successfully secured $1.9 million in equity and working capital to fuel its ambitious expansion plans into East Africa.
The funding round, spearheaded by Launch Africa Ventures, witnessed significant participation from notable investors, including Soumobroto Ganguly and Dave Delucia, alongside a diverse group of angel investors.
In a press release issued on Wednesday, Fixit45 underscored the significance of this capital infusion as a substantial stride towards broadening its footprint and influence within Africa’s thriving automotive aftermarket industry.
The company revealed that these funds have been earmarked to fuel its strategic expansion initiatives, with a particular emphasis on fortifying its automotive repair business.
Fixit45 also shared its unwavering commitment to enhancing its spare parts distribution capabilities through its online-to-offline platform, xparts.africa. With a keen eye on the East African market, Fixit45 has set its sights on Kenya and Uganda.
Co-founded by visionaries Chioma Ahueze-Okochukwu, Goodluck Ikporo, and Pankaj Bohhra, Fixit45 offers a unique platform that empowers car owners to seamlessly connect and engage with a vast network of aftermarket stakeholders.
This extensive network encompasses automobile service providers, specialized technical teams, spare parts suppliers, and end-consumers.
Pankaj Bohhra, one of the co-founders of Fixit45, expressed his enthusiasm, stating, “This funding represents a pivotal moment for Fixit45. We are profoundly grateful to our investors for their faith in our vision and our unwavering commitment to revolutionizing the African automotive aftermarket sector. With this capital infusion, we are well-positioned to advance towards our expansion objectives.”
Fixit45’s strategic move into East Africa holds the promise of ushering in transformative developments in the automotive industry across the region.
As the company intensifies its efforts, the future of automotive repair and spare parts distribution in East Africa appears poised for a remarkable evolution. Stay tuned for more exciting updates as Fixit45 continues to make waves in the autotech sector.
Payday’s $3 Million Seed Round: From Hope to Headaches
Six months after securing $3 million in a seed round led by Moniepoint, Nigerian fintech startup Payday finds itself embroiled in controversy and uncertain about its future.
Founder and CEO, Favour Ori, confirmed that the company is actively engaged in discussions with potential buyers.
In March, reports surfaced that Moniepoint was in talks to acquire Payday, with an expected deal closure within three months. However, the deal fell through, reportedly due to Moniepoint’s board’s lack of enthusiasm. Despite this setback, negotiations to sell the company continue.
Payday faced a wave of negative publicity in August after suspending access to customer accounts following fraudulent activities that resulted in customer losses. The company was accused of misappropriating customer funds before acknowledging the account restrictions.
Internal issues further marred the company’s reputation, especially after Payday implemented contentious salary reductions for some Nigerian staff in July and failed to issue promised stock options to affected employees.
This led to dissatisfaction and several employee departures.
Payday’s COO, Ogechi Obike, also departed, citing goal misalignment and clashes with Favour Ori.
Accusations arose that Favour marginalized Obike in crucial meetings and decision-making processes.
Favour Ori’s management style came under scrutiny, with allegations of impulsiveness and a lack of transparency.
Employees claimed that he hired top talent but stifled their input, resulting in customer disruptions, including difficulties creating virtual cards and accessing accounts.
Amid these controversies, Favour Ori has reduced his involvement in the company, focusing on external work with GitHub while the co-founder, Elijah Kingson, is employed at Revolut.
Payday’s future remains uncertain, with the potential sale of the company and the need to regain customer trust and employee satisfaction hanging in the balance.
The company faces the challenge of restoring its reputation and stability while navigating a tumultuous period in its young history.
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