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Google Map Adds 1,000 New Addresses to Lagos

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  • Google Map Adds 1,000 New Addresses to Lagos

Google Map has added no fewer than 1,000 new addresses to Ikeja, Ikoyi and other areas of Lagos State.

The Chief Executive Officer, Google, Sundar Pitchai, stated this on Thursday in Lagos at the ‘Google for Nigeria’ event.

He said that the company made the additions because the number of people using Google Map in Nigeria had doubled in the past one year.

“We have improved our address search experience in Lagos by adding over 1,000 new addresses and streets. The new additions will help users improve on their address search experience in Ikeja, Ikoyi and other areas of the state,” Pitchai said.

He explained that the second batch of additions was to buildings, adding, “Google added detailed outlines of more than a million buildings in commercial and residential areas, and more than 100,000 additional Nigerian small businesses on Google Maps.

“This building footprint will help users get a better understanding of the world around them.

“We have launched the ‘Lagos on Street View’, with 10,000 kilometres of imagery, including the most important historic roads in the city. You can virtually drive along the Carter Bridge to the National Stadium or across the Eko Bridge, down to the Marina, all on your smartphone.”

Pitchai said that Google had added more than 100,000 small businesses across leading cities in Nigeria, like Abuja and Lagos “to help improve local search experience significantly.”

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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OPay Urges Customers to Complete BVN, NIN Verification Following CBN Directive

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OPay, a prominent financial services firm, has called upon its customers to finalize the verification of their accounts by linking their Bank Verification Numbers (BVN) or National Identity Numbers (NIN) in accordance with the recent directive from the Central Bank of Nigeria (CBN).

The CBN, in a circular dated December 1, mandated all deposit money banks to enforce a ‘Post no Debit’ restriction on accounts lacking BVN or NIN.

Accounts without BVN would be placed under a ‘Post No Debit or Credit’ status from March 1, as outlined in the circular jointly signed by Chibuzo Efobi and Haruna Mustapha, Directors at the Payments System Management Department and Financial Policy and Regulation Department, respectively.

OPay affirmed the CBN’s directive and emphasized the necessity for account holders to complete the verification process.

Dauda Gotring, the Managing Director/Chief Executive Officer of OPay, emphasized the importance of a secure and seamless experience for customers.

He encouraged users to comply with the verification process, reassuring them of the company’s commitment to a smooth process and 24/7 customer support.

OPay provided multiple channels for customer assistance, including in-app self-service, WhatsApp, phone lines, and social media platforms.

The company’s commitment to inclusivity and technological advancement underscores its mission to enhance financial services accessibility across Nigeria.

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MTN Group Ltd. Reports 90% Plunge in Profit Amid Nigeria’s Currency Woes

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MTN Group Ltd., Africa’s largest wireless service provider, has announced a 90% decline in its full-year profit following the plunge in Nigerian Naira.

The company revealed that its earnings per share for the year ending December fell to a range of 1.07 rand to 3.21 rand (approximately 6 to 17 US cents), a significant drop from 10.71 rand recorded in 2022.

The Nigerian naira, which experienced a 49% depreciation in 2023 and an additional 44% decline this year, has emerged as a significant factor impacting MTN’s financial performance.

As one of the world’s worst-performing currencies against the dollar, the naira’s instability has created a volatile economic environment, prompting concerns among international businesses operating in Nigeria.

The currency crisis, stemming from a shortage of dollars and exacerbated by policy missteps and corruption, has led to an exodus of multinational corporations seeking to repatriate earnings from Africa’s largest economy.

Nigeria, with its burgeoning young population and growing tech sector, has struggled to address economic dysfunction despite its vast natural resources.

MTN Group Ltd., which boasts approximately 77 million customers in Nigeria, historically derives a substantial portion of its earnings from the country.

However, the company’s shares plummeted by as much as 7.2% in early trading following the profit announcement, reflecting investor concerns over the challenging operating environment.

Despite the bleak financial report, MTN highlighted positive metrics such as a 45% increase in data traffic and a 49% surge in mobile money transaction volumes.

However, the company refrained from providing guidance on its earnings margins, further adding to uncertainties surrounding its future financial performance.

Analysts underscored the importance of regulatory stability and economic reforms in Nigeria to restore investor confidence and mitigate the impact of currency fluctuations on companies like MTN.

As businesses navigate the economic landscape, the resilience of Nigeria’s currency and regulatory framework remains a critical concern for investors and industry stakeholders alike.

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Leatherback Set for International Growth as EFCC Drops all Fraud and Misconduct Allegations

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Nigeria’s Economic and Financial Crimes Commission (EFCC) has dropped all allegations of fraud and misconduct against Leatherback, a leading financial services technology company, and the company’s CEO, Toyeeb Ibrahim Ibitade.

In November 2023, EFCC announced that it had been made aware of the possibility of fraudulent activities on the Leatherback platform, leading to an investigation into the company’s operations to establish the facts. Cooperating fully with EFCC and working transparently with the organisation’s officials to provide a forensic view of its operations, Leatherback was able to unequivocally prove its innocence, leading the EFCC to drop all allegations and take down all previous communications on its website and social media platforms (Facebook, Instagram, and Twitter) around the matter.

Leatherback supported the EFCC investigation by making over 5,000 printed documents available to officials to enable as much clarity as possible. Leatherback also filed Suspicious Activity Reports (SARs) in the UK and Nigeria.

According to Toyeeb Ibrahim Ibitade, CEO of Leatherback, “I am relieved to see the end of this arduous episode, but I am even more delighted to see that myself and Leatherback, as an organisation, have been completely cleared of all wrongdoing. With this episode firmly behind us, we are poised to accelerate our mission to provide a single access point that empowers individuals and businesses to be truly global, delivering best-in-class financial, payment, and commerce solutions that remove barriers to global growth and mobility for all citizens of the world.”

Headquartered in London, Leatherback is regulated in the United Kingdom, Nigeria, Ethiopia, Canada, India, Pakistan, Nepal, and Sri Lanka, enabling the platform to serve customers across a wide range of markets effectively. Tens of thousands of individuals and businesses already use the platform to support business and lifestyle opportunities every day. Leatherback is also FCA Authorised, PCI DSS Compliant, and ISO Certified.

About Leatherback

Leatherback offers financial services to businesses and individuals in multiple countries with no restrictions. Users can access up to 15 currencies from 21 countries, including NGN, GBP, INR, EUR, USD, and many other currencies. Users can also send and collect money locally and internationally, with invoicing, analytics, and permissions features available for businesses.

For more information, please visit: http://www.leatherback.co

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