The Minister of Communications and Digital Economy, Dr Isa Ibrahim Pantami, has said the Federal Government through the Nigerian Communications Commission (NCC) has instructed telecommunication companies operating in the country to put measures in place to reduce the cost of data in Nigeria.
The minister disclosed this on Thursday.
He said the price of 1GB has been reduced from N1000 to N487 since November.
“The average cost of 1GB of data has reduced from the January 2020 cost of N1,000 to N487.18 in November, 2020.
“This was based on a report by the Nigerian Communications Commission (NCC) submitted to the Honourable Minister following the implementation of the directives,” Dr Pantami’s Technical Assistant, Mr Femi Adeluyi said in a statement issued on Thursday in Abuja.
“Adeluyi who is Technical Assistant, Information and Technology said: “The Honourable Minister had inaugurated a Committee that developed the Nigerian National Broadband Plan (2020-2025) on the 16th of December, 2019.
“The Plan was unveiled and launched by His Excellency, President Muhammadu Buhari, GCFR, on the 19th of March, 2020.
“One of the goals of the Plan is to reduce the average cost of 1GB of data to a maximum of N390 by 2025.
“With the January 2020 baseline of N1,000 per GB, the maximum projected steady decrease for the end of each year was as follows: 2020 (N925), 2021 (N850), 2022 (N775), 2023 (N700), 2024 (N545) and 2025 (N390).
“In line with Dr Pantami’s commitment to under promise and over deliver, the measures have caused the current cost of data to reduce significantly beyond the December 2020 projection of N925.
“Based on the Report by NCC, the average cost of data as at November 2020 was N487.18, which amounts to 47.33% lower than the projected value.
“The Report also indicates that the cost of data in November 2020 was less than 50% of the cost of data in January 2020.
“The Federal Ministry of Communications and Digital Economy, through the NCC, will continue to ensure that consumers enjoy a price regime that supports fairness and is friendly to consumers.
“Policies are in place to ensure that operators adopt competitive pricing that eschews unjustifiable margins. The general public may also wish to note that complaints about rapid data depletion are also being investigated.
“For more enquiries, the Honourable Minister has directed NCC to respond to all issues raised by our citizens and customers.
“All hands will remain on deck to achieve the goals of the Broadband Plan as the Ministry supervises its implementation in line with our National Digital Economy Policy for a Digital Nigeria.”
Autochek Secures $13.1M Funding to Scale Across Africa
Automotive and Fintech company, Autochek has raised $13.1 Million in seed funding to expand its operations across Africa.
Participants in its latest funding round include existing investors such as Golden Palm Investments, Enza Capital, Lateral Capital, TLcom Capital, and 4DX Ventures. First-time investors such as Mobility 54 Investment SAS, the venture capital arm of Toyota Tshusho, and ASK Capital also participated in the round.
Recall that last year, Autochek raised $3.4 Million in pre-seed funding to grow its markets in Nigeria and Ghana. That round also saw TLcom Capital, 4DX Ventures, and Golden Palm Investments in participation. The funding came months after Autochek acquired marketplaces Cheki Ghana and Cheki Nigeria from one of Africa’s largest classifieds Group, ROAM Africa. The company continued its expansion by acquiring Cheki Kenya and Cheki Uganda to expand into East Africa. The company also partnered with CFAO Group to bring its marketplace into the Francophone region.
Cheki was launched in 2010 as an online car classified for dealers, importers, and private sellers in Nigeria. The startup, headquartered in Lagos, expanded operations to Kenya, Ghana, Tanzania, Uganda, Zambia, and Zimbabwe. In 2017, Cheki got acquired by ROAM and joined a list of online marketplaces and classifieds in its network like Jobberman.
Autochek is currently present in five African countries, Nigeria, Ghana, Kenya, Ivory Coast, and Uganda and according to reports, the company has set its sights northwards and southward on the continent towards the second-largest and third-largest economies in Africa, South Africa, and Egypt.
Autochek is an automotive/fintech company that was founded by the co-founder and chief executive of Jiji subsidiary Cars45, Etop Ikpe. Autochek’s platform operates a marketplace-driven model and has a focus on financing and after-sales. The company generates revenue through fees charged on customer transactions and commissions paid by dealers and service shops on the platform, the company also has financing partnerships with banks.
Nigerian Agri-tech Procurement Platform, Vendease Secures $3.2M Seed Round To Expand Operations
Vendease, a Nigerian agri-tech startup that allows restaurants and hotels to order food supplies directly from farms and food manufacturers at the best price, has raised US$3.2 million in a seed round to expand operations.
The seed round was led by San Francisco-based venture capital firm Global Founders Capital. Others are local investors and early backers such as Paga CEO Tayo Oviosu, Remita CEO John Obaro, and Magic Fund. Y Combinator participants like Hustle Fund, Liquid 2 Ventures, Hack VC and Soma Capital also invested in the startup.
Vendease was founded by Tunde Kara, Olumide Fayankin, Gatumi Aliyu and Wale Oyepeju in January 2020 to help solve food supply chain problems by digitising procurement processes, storage operations and logistics. A flexible payment system was integrated to facilitate transactions on the platform.
Earlier this year, Vendease was part of Y Combinator’s Winter 2021 cohort and has developed mobile and web apps that allow food businesses to place orders for food supplies, manage inventories, track expenses and gain access to their credit facilities with a buy now pay later service.
In achieving this, Vendease has built a network of farmers and food manufacturers to foster a solid food supply on its platform, speed up delivery and ascertain the quality of food production.
In September, Vendease reported to have delivered approximately 100,000 metric tonnes of food and plans to expand its capacities with the $3.2 million seed round.
Mr. Tunde Kara, Cofounder and chief executive officer (CEO) of Vendease said, “the rising food inflation coupled with effects of COVID-19 across Africa has positioned Vendease to scale up food systems by digitising end-to-end processes from farm to table. We currently operate out of Lagos, Ibadan and Abuja, but this funding will act as a buoy for us, as we scale our solution to other cities across the continent,”
Mr. Kara further explained that the company has created a predictive analysis and storage system that will help businesses predict future food prices, store food in advance and peg their prices for any duration depending on the food category.
This process, according to the CEO, has saved businesses on the platform a lot of money and human capital. He said, “when we compare market prices to what users buy on our platform, we’ve approximately saved them about $480,000 in the last nine months, cutting a lot of unnecessary expenses from their general costs — savings that can go into other things in terms of expansion and growth.”
Mr. Kara says the company hopes to 10x this number in the next 12 to 18 months. “Proactively, in our small way, we are helping to grow the GDP for the food businesses both on the farmers and vendor side of the marketplace.” He said.
The CEO said Vendease will use the newly raised $3.2 million to expand its operations to other cities and countries before the end of the first quarter of 2022. In addition, the funding would allow Vendease to continue to build out its technology stack, as well as secure partnerships with some payment platforms and banks to deepen its financial products, especially its buy now and pay later.
Don Stalter, the managing partner of Global Founders Capital, said it was the quality of the team that attracted his firm to Vendease. He said, “as a backer of one of Africa’s very first unicorns, Jumia, we’ve seen a great deal of talent in the market – and Tunde and the Vendease team are best in class both in EMEA and globally. Their laser focus and rapid growth are unprecedented, and there’s a massive opportunity ahead,” he said.
Tesla Has the Highest PE Ratio Among the World’s Ten Largest Companies
Using a stock’s price-to-earnings (P/E) ratio is one of the quickest ways to learn whether a company is overvalued or undervalued. If a company’s stock is undervalued, it may be a good investment based on the current price. If it is overvalued, then investor should consider whether the company’s growth prospects justify the stock price.
According to data presented by StockApps.com, Tesla has the highest PE ratio among the world’s top ten companies by market cap. Last week, the price-to-earnings ratio of the tech giant hit 473 or seven times more than the second-ranked Amazon.
Tesla`s PE Ratio Almost Halved in a Year
The PE ratio is calculated as a stock’s current share price divided by earnings per share in the last twelve months. A high PE ratio could mean a company’s stock is overpriced or that investors are expecting high growth rates in the future. On the other hand, a low PE can indicate either that a company may be undervalued or that it is doing exceptionally well relative to its past trends.
Although Tesla has the highest price-to-earnings ratio among the world’s ten largest companies, the YCharts data showed its PE ratio almost halved in the past year.
In October 2020, the PE ratio of the tech giant stood at around 875. By the end of the year, this figure jumped to over 1,300. In January, Tesla’s PE ratio hit an all-time high of 1,401 and then dropped to 680 by the end of June. Statistics show the company’s price-per-earnings ratio more than halved in the following week, falling to around 350 in the first days of July.
Although this value jumped to 473 over the past three months, that is still 45% less than the PE ratio measured in October 2020.
Far below Tesla, Amazon ranked as the company with the second-highest PE ratio among the top ten. The price-per-earnings ratio of the eCommerce giant stood at 58.1 last week, significantly down from 95.8 a year ago.
As the company with the third-largest PE ratio among the top ten, Microsoft saw its PE ratio slightly increase from 35.5 to 37.4 during the last year.
Health Equity the Company with the Highest PE Ratio Globally, 6,759 as of Last Week
Although Tesla has convincingly the highest price-to-earnings ratio among the top ten companies, the tech giant ranked on the thirty-eight place of the global PE ratio list.
According to MarketBeat data, HealthEquity has the highest PE ratio globally. Last week, the price-to-earnings ratio of the US health care company stood at 6,759 or fourteen times more than Tesla.
The US transportation manufacturing corporation, The Greenbrier Companies ranked second, with a PE ratio of 4,565.
American online retailer of pet food, Chewy, and medical devices manufacturers NuVasive and Tandem Diabetes Care close the top five list, with PE ratios of 3,273, 2,879 and 2,544, respectively.
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