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MainOne Launches Data Centre Project

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MainOne - Investors King
  • MainOne Launches Data Centre Project in Sagamu

MainOne has pledged its commitment to boost Information and Communications Technology (ICT) in Ogun State with the launch of a data centre project in Sagamu, Ogun State.

During a recent courtesy visit of the company’s board and management to the Executive Governor of Ogun State, Senator Ibikunle Amosun and his cabinet, the company’s Chairman, Fola Adeola, disclosed that MainOne’s plans to make investments that would boost ICT development in the state.

Affirming the company’s commitment to the digital transformation of Nigeria, Adeola highlighted the untapped investment opportunities in the country, noting that ICT infrastructure investments will support rapid technology proliferation in the state.

“Given its market and reputation as haven for manufacturing and other enterprises, growth potential, investment-friendly disposition and proximity to Lagos State, Ogun State has the potential to become one of the major hubs of industrialization in Nigeria. Technology has a major role to play in that evolution. The focus of the state government on infrastructural development is a welcome development, and technology will be critical to achieve the full potential for economic development,” Adeola said.

The governor highlighted the investor-friendly posture of his administration, and its focus to ‘Rebuild the Gateway State’, which is already attracting a significant portion of new Foreign Direct Investment (FDI) into Nigeria to the state.

“We believe that infrastructure development is a vital component for Ogun State’s economic growth and have continued to invest in new road and rail infrastructure within the state, which is already transforming the ease of doing business. In addition, Ogun State has a network of 21 tertiary institutions, which guarantees employers a capable indigenous workforce”, the governor said.

Corroborating these statements, the Chief Executive Officer of MainOne, Funke Opeke, said:“As a pioneering broadband company in Nigeria, we are excited to partner with Ogun State by creating in Sagamua technology hub, capable of attracting local and international technology companies to do business in the state. This is similar to what we have achieved in Lagos, where we transformed the Yaba area into Nigeria’s undisputed ‘Silicon Valley’ that is now attracting international attention and investments.”

“Yaba is home to a significant number of Nigeria’s tech hubs and start up community and has created thousands of direct jobs and tens of thousands of indirect jobs, by stimulation of the ISP, eCommerce and ICT sectors,” Opeke said.

MainOne hopes to start building its Data Center in Sagamu, Ogun State later this year. The facility which is based in the Flowergate Industrial Park is designed to provide services to the burgeoning base of industry in the state and serve as a backup for businesses in Lagos who will enjoy easy access through the Lagos-Ibadan expressway, once repairs are complete.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Fintech

From Trading to Credit: Robinhood Launches No-Fee Credit Card with Gold Membership Perks

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Robinhood

Robinhood Markets Inc. has announced the launch of its highly anticipated no-fee credit card and it was accompanied by exclusive perks for Gold membership subscribers.

This bold move is a step in the company’s mission to evolve into a comprehensive financial services provider.

The Robinhood Gold Card boasts an array of enticing features. Chief among them is the absence of annual costs or foreign transaction fees, positioning it as an attractive option for consumers seeking financial flexibility.

Moreover, cardholders stand to benefit from a generous 3% cash back on all categories of purchases, a competitive offer in comparison to industry rivals.

Vlad Tenev, CEO of Robinhood, emphasized the company’s commitment to innovation and industry leadership in an interview.

He expressed the intention to not merely introduce a credit card, but to revolutionize the market with a product that sets new standards for customer satisfaction and financial empowerment.

The announcement has sparked enthusiasm among investors, with Robinhood’s shares witnessing a 6.9% surge in early market trading following the news.

This surge further underscores the market’s confidence in the company’s strategic direction and its potential to disrupt traditional financial services.

Beyond the credit card venture, Robinhood has been steadily diversifying its offerings. With the introduction of retirement products and the expansion of commission-free trading services internationally, the company is positioning itself as a formidable player in the global finance landscape.

As Robinhood continues to innovate and expand its suite of services, its trajectory suggests a promising future as a leading force in democratizing access to financial tools and services.

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Telecommunications

NCC Files Copyright Infringement Charges Against MTN Nigeria and Others

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Karl O Toriola - Investorsking.com

The Nigerian Copyright Commission (NCC) has taken legal action against MTN Nigeria Communications Ltd. and four individuals, including its Chief Executive Officer, Karl Toriola, over alleged copyright infringement.

The charges, filed in the Federal High Court, Abuja Division, revolve around the unauthorized use of musical works belonging to artist Maleke Idowu Moye.

According to the NCC, the defendants are accused of offering for sale, selling, and trading musical works of Maleke without his consent between 2010 and 2017. These works were allegedly used as Caller Ring Back Tunes without proper authorization.

The musical pieces in question include popular tracks such as “911,” “Minimini-wanawana,” and “Stop racism,” among others.

The commission further alleges that the defendants distributed these musical works to subscribers without authorization, infringing upon the rights of the artist.

The charges are based on provisions of the Copyright Act, Cap. C28, Laws of the Federation of Nigeria, 2004.

As the case awaits assignment to a judge and a fixed date for mention, it marks a significant development in the ongoing efforts to uphold copyright protection in Nigeria’s telecommunications sector.

This legal action underscores the NCC’s commitment to safeguarding the intellectual property rights of artists and creators within the country.

MTN Nigeria, a major player in the telecommunications industry, now faces a legal battle that could have broader implications for how intellectual property rights are respected and enforced within Nigeria’s digital landscape.

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Telecommunications

MTN’s MoMo Sees 32.2% Surge in Transaction Volumes

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MTN Nigeria - Investors King

MTN Group’s mobile money platform, MoMo, has experienced a 32.2% surge in transaction volumes.

With 72.5 million active users, MoMo continues to solidify its position as a leading fintech service provider in Africa, tapping into the continent’s burgeoning mobile banking sector.

The company’s success underscores the growing trend of Africa’s young and tech-savvy population embracing mobile technology to address financial needs.

Mobile phones are increasingly becoming a tool for bridging gaps in services, particularly in banking, presenting a lucrative opportunity for wireless carriers like MTN to capitalize on the burgeoning fintech market.

MTN’s achievement comes as it finalizes a deal with Mastercard Inc., valuing its fintech business at an impressive $5.2 billion.

This strategic partnership further enhances MTN’s position in the digital finance space, positioning it for continued growth and innovation.

However, MTN is not alone in its fintech endeavors. Rivals such as Airtel Africa Plc, Safaricom Plc, and Vodacom Group Ltd. are also making strides in digital transformation, with plans to separate and monetize their fintech businesses in the long term.

Airtel Africa, for instance, is reportedly considering an IPO for its mobile money unit, indicating the high stakes and intense competition within the sector.

Despite the remarkable success in its fintech ventures, MTN faced challenges in its core telecommunications business, with service revenue growth slowing to 6.8%.

Inflation and currency devaluation in key markets, particularly Nigeria, impacted profitability, highlighting the complexities of operating in diverse African markets.

As MTN continues to expand its fintech footprint and invest in infrastructure to enhance connectivity across the continent, it remains poised to capitalize on the immense potential of Africa’s digital economy.

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