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Business News

Microsoft launches Lagos Development Centre, as Sanwo-Olu drums support

Microsoft Corporation, has officially launched its Lagos Development Centre, which is now ready to swing into full operations. Ten Nigerian software engineers have already been selected

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Microsoft, Artificial Intelligence, 4Africa, Microsoft appoints Gafar Lawal as new Managing Director 

American technology giant, Microsoft Corporation, has officially launched its Lagos Development Centre, which is now ready to swing into full operations. Ten Nigerian software engineers have already been selected.

The Backstory: Niarametrics earlier reported that Microsoft Corporation established two Development Centres situated in Nigeria and Kenya. The total cost of the investments was put at $100 million.

We also reported that Microsoft plans to hire highly-qualified software engineers to develop the technologies suitable for Nigeria. Meanwhile, ten new Nigerian recruits were presented to flag off Microsoft operations.

Lagos to be a global hub: According to a video clip obtained by Nairametrics from its Twitter handle, Microsoft‘s Head of Mixed Reality and AI, Alex Kipman, stated that the focus in Nigeria is mixed reality services. In other words, the engineers at the Lagos outfit will focus on solutions that make mixed reality devices from phones to tablets. This will, therefore, make Lagos the scale of such service worldwide.

Governor-elect declares support: Present during the Microsoft Lagos ADC launching was Lagos State Governor-Elect, Babajide Olusola Sanwo-Olu, who expressed his readiness to create enabling environment for the centre. Commenting further, the Governor-Elect stressed that international partnerships will be a priority for his administration.

“Technology is one of the things required to leapfrog the economy and to take the state and the country to the next level.

“Microsoft has come to validate this, I will make sure the environment is conducive for Microsoft to operate. Looking at the 10 Nigerians recruited, i can see diversity in them to champion the microsoft ai vision”

The Upshots: The Development Centre will serve as a premier centre of engineering for Microsoft, building world-class talent capable of creating innovative solutions for local and global impact. It is expected to establish a collaborative engineering springboard for new technology investments.

Earlier, while commenting on the plans for the Africa Development Centres, Microsoft‘s Vice President for Gaming, Phil Spencer, stressed;

“THE Centre WILL BE UNLIKE ANY OTHER EXISTING INVESTMENT ON THE CONTINENT. IT WILL HELP US BETTER LISTEN TO OUR CUSTOMERS, DEVELOP LOCALLY AND SCALE FOR GLOBAL IMPACT.

“BEYOND THAT, IT’S AN OPPORTUNITY TO ENGAGE FURTHER WITH AFRICAN PARTNERS, ACADEMIA, GOVERNMENTS AND DEVELOPERS – DRIVING IMPACT AND INNOVATION IN SECTORS IMPORTANT TO AFRICA.”

Samuel is an Analyst with over 5 years experience. Connect with him via his twitter handle

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    Financial Services

    Ratings agency, Moody’s reveals it is reviewing First Bank’s ratings

    Moody’s explained why it might downgrade First Bank’s ratings.

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    Moody’s Ratings agency said on Thursday that it has put First Bank of Nigeria on review for a downgrade after the central bank sacked the board of directors and replaced them with new directors.

    Moody’s made this statement in a report titled ‘Removal of Non-Executive Board Members Highlights Governance Shortcomings.’

    In a quote, Moody’s said:

    “Moody’s Investors Service, (“Moody’s”) has today placed all long-term ratings and assessments of First Bank of Nigeria Limited (First Bank) on review for downgrade. The review will focus primarily on an assessment of evolving governance considerations at First Bank, specifically corporate governance developments. The rating action follows the dissolution of First Bank’s board by the Central Bank of Nigeria (CBN), the bank’s primary regulator, on 29 April 2021. As a result of this action by the CBN, all the non-executive directors were removed while the executive management remained in place.”

    The Governor of the Central Bank of Nigeria, Godwin Emefiele, had last week announced the sack of the entire board of directors of FBN Holdings Plc and its subsidiary, First Bank of Nigeria Ltd following the initial removal of its MD/CEO Dr Sola Adeduntan. Following his sacking of the board, he set up a new board for the bank holding company and its subsidiary and also reinstated Adeduntan as MD/CEO.

    Moody’s mentioned that the regulatory actions demanded of First Bank by the CBN introduces a clould of uncertainty over the outlook of the bank. For example, the CBN had asked the bank to divest from its holdings in two listed companies while also recovering its loans from one of them.

    “The review for possible downgrade reflects the rating agency’s view that the removal of all non-executive directors of the bank’s board by the regulator demonstrates corporate governance shortcomings and weaknesses in board oversight. The bank also needs to implement regulatory directives concerning the resolutions of loans to, and shareholding in non-banking related parties, which reportedly had not been executed in the recent past.

    Moody’s notes that the outcomes of these developments are uncertain at this point, and the final and long-term governance, reputational and financial implications of the events for First Bank are also unclear.”

    The central bank directive sacking the board of the bank also retained its executive management perhaps suggesting that the CBN had confidence in the ability of the MD and his team to manage the bank. Moody’s also noted this in its briefing.

    “While the bank’s executive management team remained the same, the rating agency believes these developments could distract management’s focus on implementing the bank’s strategic plan and road to recovery. First Bank management’s immediate key target was to reduce nonperforming loans (NPLs) to levels comparable with domestic peers. The rating agency recognises that, in the context of asset risks, the bank took steps to reduce its stock of problem loans, with its reported NPL ratio falling to 7.7% at year-end 2020 from 25.9% in 2018.”

    Will Moody’s downgrade First Bank?

    The rating agency explained that the decision to downgrade will depend on how strong the bank’s corporate governance structure is and whether the CBN will impose additional sanctions. If any of these crystallizes, it could downgrade its ratings.

    “The bank’s long-term deposit ratings can be downgraded if flaws in the bank’s governance systems exist, and if the CBN imposes additional sanctions on the bank, including, but not limited to, conditions to address any vulnerabilities that may be discovered. Financial output that is less than anticipated could also result in a rating downgrade.”

    Moody’s, however, poured water on any optimism around a rating upgrade.

    Given the review for downgrade and the pessimistic outlook on the government of Nigeria, there is a slim chance that First Bank’s ratings will be upgraded. Stronger solvency progress than currently reflected in the ratings, combined with a stabilization of the sovereign outlook, could result in the outlook being stabilized.

    Why is rating important?

    Corporate Organizations desire positive ratings because of the effect it has on their ability to raise capital as well as the cost of capital. A high credit rating typically attracts positive investor sentiments helping organizations tap the debt and equity markets, especially from institutional investors.

    Jaiz bank

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    Spotlight Stories

    Tip Jar, Twitter’s new giveaway feature that lets users send money to you

    Twitter has introduced a new feature called Tip Jar that allows you send money to your favourite tweeters.

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    US Elections: Twitter, Facebook suspend several news accounts

    Twitter has introduced a new feature called Tip Jar that allows you send money to your favourite tweeters.

    According to the blog post, “Tip Jar is an easy way to support the incredible voices that make up the conversation on Twitter. This is a first step in our work to create new ways for people to receive and show support on Twitter – with money.”

    The new feature utilizes different payment platforms like PayPal, Venmo, Patreon, CashApp, and others.

    Users can link their Twitter accounts with Tip Jar to any of these payment providers. Twitter takes no cut.

    READ: Facebook is creating an audio chat product similar to Clubhouse

    You’ll know an account’s Tip Jar is enabled if you see a Tip Jar icon next to the Follow button on their profile page. Tap the icon, and you’ll see a list of payment services or platforms that the account has enabled. Select whichever payment service or platform you prefer and you’ll be taken off Twitter to the selected app where you can show your support in the amount you choose.

    Twitter has released series of features this year as part of its efforts to grow Twitter’s user base to 315 million daily active users by the end of 2023.

    The company also launched Twitter crop where images don’t get crop again on Twitter for Android or iOS. Standard aspect ratio images (16:9 and 4:3) will now display in full without any cropping and images will look just like they did when you shot them.

    Hotflex

    READ: Does YouTube stand a chance against TikTok?

    Lauren Alexander, a Twitter spokesperson said, “Today’s launch is a direct result of the feedback people shared with us last year that the way our algorithm cropped images wasn’t equitable, The new way of presenting images decreases the platform’s reliance on automatic, machine learning-based image cropping.”

    Twitter has tested several features and more will be rolled out soon.

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