Connect with us

Tech

105-year-old Union Bank launches co-creation hub, SpaceNXT, in Lagos

Published

on

105-year-old Union Bank launches co-creation hub, SpaceNXT, in Lagos

Nigeria’s 105-year old financial institution, Union Bank, has launched SpaceNXT, a technological and innovation hub, in Nigeria’s seat of commerce, Lagos.

The bank revealed this on Friday in a press release forwarded to Ripples Nigeria.

According to the bank, the development was “to promote innovation and encourage collaboration within the tech ecosystem in Nigeria.”

Described as a future-forward purpose designed co-working hub for innovators, creators and techpreneurs, the facility is located within the Union Bank Head Office in Lagos.

Commenting on the significance of the facility to the tech ecosystem, Union Bank’s Executive Director and Head in charge of Retail Banking and Digital, who spoke during the launch ceremony, noted that there was need to creating enabling environment for the development of technology in the country.

She said: “Globally, technology and innovation are key drivers of growth, and here in Nigeria, the tech community is at the forefront of our ongoing digital revolution.

“To unlock the massive potential of the sector, we must create an enabling environment that promotes collaboration and fosters strong partnerships within the ecosystem, this is why we launched SpaceNXT – to serve and enable the growth of the tech community.”

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published.

18 − 13 =

News

Microsoft retires iconic Internet Explorer after 27years

Published

on

Microsoft retires iconic Internet Explorer after 27years

For millions it was their first ever web browser but as of today – after 27 long years – Microsoft is no longer supporting Internet Explorer.

It is a long-delayed retirement. Even when the company previously planned to pull support last August its usage had shrivelled to a fraction of what it once was.

Anybody who now tries to use the desktop application will find it is disabled and out of support and will be automatically redirected to the Microsoft Edge browser.

For some the browser inspires nostalgia, and for many more it provokes memories of slow-loading pages, bugs, crashes and frustrations.

It was released in 1995 and, by being bundled with Microsoft’s Windows operating system, quickly became the web’s most used browser with a share of 95% by 2003.

But as web functionality developed with video streaming and other services, Internet Explorer – despite updates – lagged behind rivals such as Mozilla Firefox in 2004 and Google Chrome in 2008.

Microsoft’s successor browser, Edge – which the company announced would be replacing Internet Explorer in 2015 – is bundled with Windows and is today used by about 4% of all web traffic.

The following year, Internet Explorer was dethroned as the most used browser with Chrome taking the top spot – something it has continued to hold ever since.

Partially this is due to mobile browsing dominating the web. Google’s Chrome and Apple’s browser Safari have succeeded with roughly 65% and 20% of the market share respectively.

This market share has won both companies some trouble.

In 2018 Google was fined €4.34bn (£3.8bn) for forcing phone makers to pre-install apps including Google Search and Chrome to the exclusion of other search engines and web browsers.

Microsoft had a similar tangle with the US Department of Justice around the turn of the millennium, fighting a suit launched in 1997 – and settling it in 2002 – that alleged it used its monopoly with Windows to force out competitors.

Microsoft says that Edge is “a faster, more secure and more modern browsing experience than Internet Explorer”, as well as one that crucially remains compatible with “older, legacy websites and applications”.

Continue Reading

News

Musk to hold first meeting with Twitter staff this week

Published

on

Musk to hold first meeting with Twitter staff this week

The multi-billionaire Tesla boss is expected to take questions from Twitter’s workers at the meeting.

Mr Musk has warned he may quit the deal if the firm fails to provide data about fake accounts on the platform.

The event was announced by Twitter’s chief executive Parag Agrawal in an email to staff on Monday.

Mr Agrawal told employees they could submit questions to Mr Musk in advance of the meeting.

The news, which was first reported by Business Insider, was confirmed to the BBC by a spokesperson for Twitter.

The all-hands meeting will be the first time Mr Musk will have spoken directly with the company’s workforce since launching his takeover bid.
Earlier this month, he threatened to walk away from the deal, accusing the social media company of “thwarting” his requests to learn more about its user base.

In a letter filed with regulators, Mr Musk said he was entitled to do his own measurement of spam accounts.

The letter formalised a dispute that had simmered for weeks after he declared the deal “on hold” pending further information.

Analysts have said that Mr Musk might be using the issue to try to renegotiate the price or even walk away from the deal. They said his decision to raise the matter on social media was unconventional, making it difficult to establish how serious he was.

When Mr Agrawal defended the company’s process for identifying fake accounts in a series of tweets, Mr Musk responded with a poo emoji.

The company’s shares stood at $37.03 each at the end of New York trading on Monday, well below Mr Musk’s offer price of $54.20.

Continue Reading

News

Tech investor, Victor Asemota, rubbishes Tinubu’s claim over Econet

Published

on

By

Tech investor, Victor Asemota, rubbishes Tinubu’s claim over Econet

Tech investor, Victor Asemota, has denied the claim by a presidential aspirant, Bola Tinubu, that he brought default telecommunications company, Econet, into Nigeria, during his time as Lagos State Governor.

During his screening before the All Progressive Congress (APC) presidential aspirants screening committee, Tinubu, told the panel that he was crucial to the growth of the telecoms industry by introducing Econet Wireless into the Nigerian market.

But Asemota said on Tuesday, via Twitter, that Tinubu’s statement was false, as the state governor was only brought in at the latter stage following Econet Zimbabwe’s failure to pay for its 40% share in Econet Wireless Mobile (EWM).

He explained that his uncle had pitched a telecoms company, “CyberTel” to many state governors in Benin in 2000, but only Delta State showed interest. Following the meeting, CyberTel merged into a consortium called “First Independent Networks Limited (FINL)”.

He explained further, that FINL went on to establish license entity, Econet Wireless Nigeria (EWN), under which is the operating entity, EWM, which Tinubu had claimed to have brought into Nigeria. He explained that the former governor came into the picture through Wale Tinubu, the founder of Oando, which became one of the investors in Econet Wireless.

It was gathered that due to Econet Zimbabwe’s failure to provide its share capital, the investors in Econet Wireless had solely taken on a burden of $285 million license fee, and in order to ease the financial burden, a decision was made to go back to state governments to buy off the secondary shares that the investors had taken on – that was how Wale introduced Tinubu to the Econet Wireless deal.

“My uncle held a party for Tony Anenih Jr after his wedding in 2000 in Benin City. Many of the new state governors were in town and came for the party. He got five of them into his bedroom and pitched a company called “CyberTel” which was supposed to bid for a GSM license.

“Only Delta State was very keen on it. The others told us that they would get back. Cybertel meged into the consortium called First Independent Networks Limited which was started by Bolaji Balogun and his team at City Securities Limited. It was a harrowing period.

“I remember traveling to Delta and Akwa Ibom to try to ensure the commitment of the states. FINL was supposed to hold 60% of the license holding company and 40% went to the foreign partner. We later selected a small company from Zimbabwe called Econet because we felt it was easier.

“Econet was supposed to bring 40% of the license money and the technical know-how. We had the equity agreement as shareholder and technical services agreement as operator of the license. That 40% never came. It was excuse after excuse. We finally had to go back to the states.

“The initial structure we had proposed was for the license entity Econet Wireless Nigeria (EWN) owned by FINL and the technical partner to own 60% of the operating entity Econet Wireless Mobile (EWM) and the remaining 40% coming into that entity from states like Delta and AKSG.

“When the 40% from the operator wasn’t coming and other shareholders were leveraged to the hilt, state governments were allowed in to buy secondaries from existing shareholders who had covered the initial $285m license fee they didn’t bargain for. Shareholders approached states.

“OANDO was a shareholder too. I had convinced them to buy into EWN/FINL in spite of Jite’s reservations. He was asking me why India had not seen growth because of GSM? Wale was convinced that it was the right thing. Osaze Osifo from HSBC Capital also had convinced him that it was.

“Osaze and Wale were old classmates. Osaze was running the entire financing of the deal and was a true genius. He was the one who arranged the primaries and secondaries in a manner I am still learning from till today. Wale got Lagos State to buy their secondaries and come in.

“That was the extent of the Lagos State involvement in the deal. His relative was the state governor and it made it easier for OANDO to convince them. Tinubu didn’t even commit to Cybertel initially. Delta State and Oceanic saved ECONET. David Edevbie saved us all.

“David was also the one who suggested still giving the operator 5% even though they didn’t bring any money and almost got us wrecked. That proved to be the biggest mistake we made.” Asemota wrote.

Continue Reading
Advertisement

Trending