Investigation of Coca-Cola Nigeria Limited and Nigerian Bottling Company Limited

Investigation of Coca-Cola Nigeria Limited and Nigerian Bottling Company Limited

 

The Federal Competition and Consumer Protection Commission (FCCPC) has initiated an investigation into Coca-Cola Nigeria Limited and Nigerian Bottling Company Limited . This probe is focused on potential issues related to misleading or deceptive product labeling, the management of non-harmful production errors, and possible abuse of market dominance, which may contravene the Federal Competition and Consumer Protection Act (FCCPA), 2018.

Mr. Tunji Bello Takes the Helm at FCCPC

In related news, Mr. Tunji Bello officially assumed his role as the Executive Vice Chairman/Chief Executive Officer of the FCCPC today. Mr. Bello, who brings extensive experience to the role, was welcomed to the Commission by Dr. Adamu Abdullahi, Executive Commissioner Operations, and Mr. Kola Alabi, Executive Commissioner, Corporate Services. Dr. Abdullahi had been serving as the acting chief executive prior to Mr. Bello’s appointment.

In his first address to the FCCPC staff, Mr. Bello expressed his optimism and confidence in the team’s capabilities. “I have been well received and I am confident that I am in the midst of people who can accomplish more,” Mr. Bello stated. He emphasized the importance of expanding the Commission’s outreach and increasing its visibility among Nigerians. “We need to expand to the minds of Nigerians; they need to feel us. How can we be of assistance to the ordinary consumer? You need to assist the Commission to feel the pulse of the people.”

Mr. Bello also highlighted the challenges posed by high inflation and fluctuating prices, urging the need for enhanced market surveillance. “There is high inflation. Prices are high, some unavoidable while others are teleguided. We need to do more market surveillance to assist our work.”

Before officially beginning his duties, Mr. Bello took the opportunity to tour the Commission and familiarize himself with the staff.

Anthony Nwosu

“I have been well received and I am confident that I am in the midst of people who can accomplish more,” Mr. Bello stated. He emphasized the importance of expanding the Commission’s outreach and increasing its visibility among Nigerians. “We need to expand to the minds of Nigerians; they need to feel us. How can we be of assistance to the ordinary consumer? You need to assist the Commission to feel the pulse of the people.”

 

Zoracom Shines at Titan Tech Conference & Expo, Takes Home Two Major Awards

Zoracom Shines at Titan Tech Conference & Expo, Takes Home Two Major Awards

 

Zoracom made a significant impact at the Titan Tech Conference & Expo held in Lagos, clinching two prestigious awards and solidifying its reputation in the tech industry.

The company was honored with the Excellence in Cybersecurity award, a testament to its advanced and effective cybersecurity measures that set industry standards. Additionally, Mr. John Nwachukwu, Zoracom’s Chief Executive Security Officer (CSEO), was awarded the Award of Honor for his exceptional contributions to the ICT sector.

In a statement celebrating the achievements, Mr. Nwachukwu remarked, “We Did It! Zoracom rocked the Titans of Tech Conference & Expo and brought home TWO prestigious awards! A big thank you to our phenomenal team for their dedication and hard work. Here’s to more milestones and success!”

The recognition highlights Zoracom’s continued commitment to excellence in cybersecurity and acknowledges the impactful leadership of Mr. Nwachukwu in driving innovation and progress within the industry.

The Top Seven selected start-ups for the Irish Tech Challenge       

The Top Seven selected start-ups for the Irish Tech Challenge       

 

Innovative entrepreneurs advance with €10,000 in funding and a curated networking tour to Ireland

 

The Embassy of Ireland in South Africa, in partnership with Wits University’s Tshimologong Digital Innovation Precinct, the Department of Science and Innovation (DSI), the Technology Innovation Agency (TIA) and Dogpatch Labs Ireland are delighted to announce the selection of seven tech start-ups for the prestigious Irish Tech Challenge South Africa 2024.

 

Now in its third successive year, the collaboration aims to forge mutually beneficial partnerships between South African entrepreneurs and Irish technology expertise, leveraging Ireland’s global tech hub status.

 

This year’s Challenge saw more than 350 entries from South African-owned, growth-stage tech start-ups focused on fulfilling the United Nations’ Sustainable Development Goals (SDGs). The seven selected start-ups will undergo an intensive pre-acceleration programme with workshops, masterclasses, and mentorship sessions in South Africa. These will conclude with a showcase at Tshimologong Digital Innovation Precinct at the end of August. Thereafter, they will head to Ireland in September 2024 for an acceleration programme with Dogpatch Labs, a 500-member strong start-up and innovation hub located in Dublin.

The selected innovators are:

 

Charnté Marthinus – Smartview Technology

SmartView Technology provides enterprise-grade utility management solutions. Their advanced software and mobile application allows for real-time monitoring and management of consumption, making it easier for businesses to control costs, improve efficiency and reduce environmental impact.

 

Ahren Posthumus – Momint

Momint uses blockchain technology to ensure that capital is invested in renewable energy projects in a fast and safe way. They do this by fractionalizing renewable energy projects enabling individuals to co-invest in the financing of the projects, enabling a return on investment and contributing to a just and sustainable transition.

 

Priaash Ramadeen – The Awareness Company

The Awareness Company is a situational awareness company that uses data to help organizations achieve operational efficiency and sustainability through their software product called Hydra. This integrates with organizations sensors and third party systems, thus enabling automated data storytelling and quality insights.

 

Jabulani Nyembe – Athena

Athena enables affordable access to healthcare services through a platform that allows patients to pay their medical treatment costs in monthly installments. They use technology to administer this process for both doctors and patients.

 

Michelle Geere – AdBot

Adbot provides online advertising solutions for small business owners by handling all their digital marketing needs through its AdBot. They make online advertising easy, effective and accessible.

 

Prudence Simelane – Samanjalo

Samanjalo is a fly ash beneficiation business that uses geo-polymer technology to turn coal waste (fly ash) into green products used in construction and infrastructure environments such as green cement, bricks, pavers and barricades.

 

Kgololo Lekoma – Credipple

Credipple is a talent marketplace for trusted creative and digital professionals. They reduce friction in the process of hiring remote work professionals by matching clients to trusted professionals and streamlining the admin processes, to make it easier to collaborate and do great work.

 

“This initiative exemplifies the strength of Irish-South African collaboration in technology and innovation. It underscores Ireland’s commitment to fostering global technological partnerships and supporting young entrepreneurs in realising their potential on the world stage. We look forward to their journeys and the impact they will have in promoting inclusive economic growth in South Africa,” says Ambassador of Ireland to South Africa, H.E. Mr. Austin Gormley.

 

The Irish Tech Challenge will award the seven selected entrepreneurs:

  • Up to €10,000 each in funding.
  • A funded trip to Ireland where they will be part of a curated business networking programme with access to the country’s top business leaders.
  • Access to the Irish tech ecosystem with potential opportunities for further funding.
  • Acceleration Support to position their global scaling strategy in collaboration with Dogpatch Labs.

 

The Acting Director-General of the Department of Science and Innovation, Mr Daan Du Toit says, “The Irish Tech Challenge represents a significant step in our ongoing efforts to bridge the gap between South African ingenuity and global markets. Through this partnership, we are unlocking new opportunities for our local tech entrepreneurs, contributing significantly to sustainable economic development.”

 

Mark Harris, CEO of the Tshimologong Digital Innovation Precinct, adds, “The talent and innovation we’ve seen this year are testament to the vibrant entrepreneurial spirit in South Africa. Our role in nurturing these startups in the pre-acceleration phase at the Tshimologong Precinct has always been immensely rewarding, and we’re excited to see how they evolve and make their mark globally.”

 

Hesus Inoma, Entrepreneur in Residence (EIR) at Dogpatch Labs Ireland agrees, “We are excited to play a part in South Africa’s brightest tech startups journey. We believe in the power of cross-border collaboration to catalyse innovation, and this challenge is a perfect example of how international partnerships can ignite transformative growth in the tech sector.”

 

High-growth tech entrepreneurs are pivotal for innovation, economic growth, job creation, and poverty alleviation. However, South African tech entrepreneurs face challenges like limited resources, lack of access, and high technology costs when scaling globally. The Irish Tech Challenge plays a crucial role in breaking down these barriers, empowering South African start-ups to thrive on the global stage.

 

You can register here to see the startups at the showcase on the 30th of August 2024 at the Tshimologong Digital Innovation Precinct.

Flutterwave Gains Ground in Ghana with Enhanced Payment Service Provider License

Flutterwave Gains Ground in Ghana with Enhanced Payment Service Provider License

Flutterwave (www.Flutterwave.com), a leading payments technology company, has recently been granted a Payment Service Provider license (Enhanced Category) by the Bank of Ghana. The milestone marks a significant expansion of Flutterwave’s operations in Africa, enabling the company to offer a comprehensive suite of payment services directly within, and through Ghana.

 

Ghana presents an exciting market for Flutterwave’s innovative solutions. With a stable democracy, a tech-savvy youth population, and a high mobile internet penetration rate of 71%, Ghana is well positioned for rapid digital adoption. The country’s digital payments market is projected to reach $7 billion in 2024, with an anticipated growth rate of 15.78%, resulting in a total value of $12.96 billion by 2028.

For potential customers in Ghana, Flutterwave’s license translates to more seamless and secure money transfers across the country. Businesses will benefit from direct collection and payout services, automated invoicing, payment links, and a checkout solution that supports multiple payment methods including cards, mobile money, and bank transfers.

Commenting on the license approval, Olugbenga ‘GB’ Agboola, Founder & CEO of Flutterwave said, “When we started this journey, our goal was to unite the fragmented payment infrastructure in Africa, and securing this license in Ghana brings us a step closer to achieving that mission. At Flutterwave, we are committed to using our platform to promote economic growth to the nation, while also providing unparalleled service to all our prospective customers in Ghana and in the diaspora ”

The Payment Service Provider license (Enhanced Category) allows Flutterwave to operate without the need for third-party services, streamlining payment processes for businesses and customers alike. The Enhanced Category license further empowers Flutterwave to support other licensed fintech companies in Ghana by providing essential payment services, ultimately promoting a more integrated and efficient financial ecosystem.

Oluwabankole Falade, Chief Regulatory Officer at Flutterwave, said: “We are grateful to the Bank of Ghana for their trust and support in granting us this license. This milestone highlights our commitment to regulatory compliance and delivering secure, reliable payment solutions. We are excited to contribute to Ghana’s dynamic business ecosystem and support the financial inclusion of Ghanaians, both locally and globally.”

Nigerian Bank Deposits Surge to N21 Trillion in Q1 2024

Nigerian Bank Deposits Surge to N21 Trillion in Q1 2024

 

By Chukwudi Iwuchukwu

According to data from the Central Bank of Nigeria (CBN), Nigerian bank customers, including individuals and businesses of all sizes, deposited a staggering N21 trillion into their accounts in the first quarter (Q1) of 2024, spanning January to March.

In 2023, the total deposits for the entire year reached N115 trillion, indicating significant public confidence, trust, and participation in the banking sector, as well as a strong relationship between Nigerians and their banks.

Zenith Bank led the pack in customer deposits, with deposits rising from N8.98 trillion in 2022 to an impressive N16.78 trillion by March 2024. FCMB Group also showed substantial growth, increasing its deposits from N2.07 trillion in 2022 to N3.7 trillion in Q1 2024.

Newer banks like Premium Trust Bank exhibited remarkable growth, with deposits surging by 382 percent from N55 billion in December 2022 to N309 billion in March 2024. Fidelity Bank’s deposits increased steadily from N2.58 trillion in 2022 to N4.02 trillion in 2023, reaching N4.71 trillion by the end of Q1 2024.

United Bank for Africa (UBA) saw its deposits grow from N10.86 trillion in 2022 to N14.9 trillion in 2023, hitting N18.4 trillion in March 2024. Access Holdings experienced a significant rise, with deposits jumping from N11.3 trillion in 2022 to N19.8 trillion in 2023 and N24.7 trillion by March 2024.

Sterling Holding Financial Company crossed the N2 trillion mark, reaching N2.15 trillion in Q1 2024, up from N1.4 trillion in 2022 and N1.8 trillion in 2023. Guaranty Trust Holding Company (GTCO) doubled its deposits from N4.6 trillion in 2022 to N9.2 trillion in the first quarter of 2024.

These figures underscore the substantial financial capacity of Nigerians and the robust growth of the banking sector.

President Tinubu Addresses National Concerns, Emphasizes Unity and Progress

President Tinubu Addresses National Concerns, Emphasizes Unity and Progress

President Tinubu Addresses National Concerns, Emphasizes Unity and Progress

Abuja, Nigeria – In a recent address, President Bola Tinubu has reaffirmed his commitment to addressing the concerns of citizens, emphasizing the need for unity and collaborative effort in building a brighter future for Nigeria.

“Violence and destruction must not tear our nation apart,” President Tinubu stated. “We must work together to create a future where every Nigerian can live with dignity and prosperity.”

Highlighting the collective nature of the task ahead, the President stressed the importance of staying focused on economic stabilization efforts. “A lot of work has gone into stabilizing our economy, and I am dedicated to ensuring that the benefits reach every single Nigerian as promised.”

The President also outlined his administration’s efforts to improve and expand national infrastructure, create more opportunities for young people, and address misinformation. “Let nobody misinform and miseducate you about your country or tell you that your government does not care about you. We are in a new era of Renewed Hope, working hard for you, and the results will soon be visible and concrete for everyone to see, feel, and enjoy.”

Calling for unity, the President urged citizens to choose hope over fear, unity over division, and progress over stagnation. “The economy is recovering; please, don’t shut out its oxygen. Now that we have been enjoying democratic governance for 25 years, do not let the enemies of democracy use you to promote an unconstitutional agenda that will set us back on our democratic journey. FORWARD EVER, BACKWARD NEVER!”

The President concluded by instructing security operatives to maintain peace, law, and order while adhering to human rights conventions. “The safety and security of all Nigerians are paramount.”

He expressed gratitude to the citizens and invoked blessings for the nation. “Thank you for your attention, and may God continue to bless our great Nation. Thank you very much.”

 

NITDA’s Director General Highlights Data-Driven Public Health at eHealth Africa Forum

NITDA’s Director General Highlights Data-Driven Public Health at eHealth Africa Forum

Kashifu Inuwa Abdullahi, the Director General of the National Information Technology Development Agency (NITDA), presented a compelling paper titled “Transforming Data-Driven Public Health Policy – Case Studies from Nigeria” at the Insight Learning Forum. The event, organized by eHealth Africa, took place at the Transcorp Hilton Hotel.

Inuwa’s address, delivered by Engr. Salisu Kaka, Director of the Digital Economy Development Department, underscored NITDA’s dedication to advancing data-driven digital healthcare. The presentation highlighted the agency’s ongoing initiatives to cultivate a robust culture of digital health innovation in Nigeria.

Meghan, Duchess of Sussex, Celebrates Her Birthday

Meghan, Duchess of Sussex, Celebrates Her Birthday

 

Today marks the birthday of Meghan, Duchess of Sussex, born Rachel Meghan Markle on August 4, 1981. As an American member of the British royal family and former actress, Meghan has garnered international attention and acclaim. She is married to Prince Harry, Duke of Sussex, the younger son of King Charles III.

Meghan was born and raised in Los Angeles, California, and began her acting career at Northwestern University. She is best known for her role as Rachel Zane on the TV legal drama “Suits,” where she starred for seven seasons from 2011 to 2018. During her acting career, she also ran a successful lifestyle blog, The Tig, from 2014 to 2017, which further bolstered her public profile. Meghan’s commitment to social causes, particularly those focusing on women’s issues and social justice, became a prominent part of her public persona during this time.

In 2011, Meghan married American film producer Trevor Engelson, but the couple divorced in 2014. Meghan retired from acting upon her marriage to Prince Harry in 2018, becoming the Duchess of Sussex. The couple has two children, Archie and Lilibet, and in January 2020, they stepped down from their roles as working royals. They subsequently relocated to Southern California and founded Archewell Inc., a mix of for-profit and nonprofit ventures.

In March 2021, Meghan and Harry participated in a highly publicized interview with Oprah Winfrey, shedding light on their experiences and challenges within the royal family. Meghan has also authored a children’s book, “The Bench,” and presented a podcast titled “Archetypes.” The couple’s lives and work were further explored in the Netflix docuseries “Harry & Meghan,” released in December 2022.

Meghan’s early life was marked by her mixed-race heritage, with her father, Thomas Markle Sr., being Caucasian, and her mother, Doria Ragland, African American. Raised in Los Angeles, she attended the Hollywood Little Red Schoolhouse and later Immaculate Heart High School, an all-girls Catholic school. Meghan’s activism began early; at eleven, she successfully campaigned for a gender-neutral advertisement by Procter & Gamble.

She attended Northwestern University, earning a bachelor’s degree in theater and international studies in 2003. Despite initial challenges in her acting career due to her “ethnically ambiguous” appearance, Meghan eventually secured roles in various TV shows and films, including “Deal or No Deal” and “Fringe,” before her breakthrough on “Suits.”

Meghan Markle’s journey from actress to duchess and her continued influence through Archewell Inc. and other initiatives underscore her multifaceted career and enduring impact.

WhatsApp’s Potential Exit from Nigeria: FCCPC’s Regulatory Actions and Findings

WhatsApp’s Potential Exit from Nigeria: FCCPC’s Regulatory Actions and Findings
  •  

    In light of recent reports, the Federal Competition and Consumer Protection Commission (FCCPC) wishes to clarify the situation regarding WhatsApp’s claim of a potential exit from the Nigerian market. This statement appears to be a strategic move aimed at swaying public opinion and possibly pressuring the FCCPC to reconsider its recent order.

    The FCCPC conducted a thorough investigation into Meta Platforms, Inc. and its subsidiary WhatsApp (collectively referred to as “Meta Parties”) for alleged violations of the Federal Competition and Consumer Protection Act (FCCPA) and the Nigeria Data Protection Regulation (NDPR). The investigation revealed multiple and repeated infringements, including:

    – Denying Nigerians the right to control their personal data.
    – Unauthorized transfer and sharing of Nigerian user data.
    – Discriminatory practices against Nigerian users compared to those in other regions.
    – Abusing their dominant market position by enforcing unfair privacy policies.

    As a result, the FCCPC has issued a final order requiring Meta Parties to:

    – Comply with Nigerian laws.
    – Cease exploiting Nigerian consumers.
    – Adjust their practices to meet Nigerian standards.
    – Respect the rights of Nigerian consumers.

    Additionally, the FCCPC has imposed a monetary penalty of $220 million to deter future violations and ensure accountability for these infringements.

    The FCCPC’s actions are based on legitimate concerns regarding consumer protection and data privacy. This order is a significant step towards establishing a fairer digital market in Nigeria. Similar regulatory measures have been enacted in other jurisdictions without necessitating companies’ withdrawal from the market, and we expect Nigeria’s case to be no different.

    The FCCPC remains committed to protecting Nigerian consumers and ensuring that all companies operating within the country adhere to its laws and regulations.

     

Routed appoints Lee Syse as director to drive channel and product development growth

Routed appoints Lee Syse as director to drive channel and product development growth

 

 

In a significant coup, Routed, Africa’s only vendor neutral VMware cloud provider and now a VMware by Broadcom Premier CSP Partner, has appointed Lee Syse as its Director of Product and Go-to-Market (GTM). Globally recognised as one of the most experienced VMware cloud product expert across the continent, Syse brings immense depth of both product and channel knowledge and experience to Routed, at a critical time in its growth trajectory.

 

Andrew Cruise, founder and CEO, Routed, says that the appointment of Syse is part of the company’s strategy to grow an already successful and exciting business: “Lee is joining at a director level to drive the daily business and the overall GTM strategy. Routed has spent eight years building a service-to-partners business and the addition of Lee will enable us to amplify our visibility from a sales and marketing perspective, while also being able to offer enhanced partner support.”

 

It’s been nine months since Broadcom completed its acquisition of VMware in a move to build out what the company sees as a multicloud strategy.  Since then, local channel partners have been adapting to the new structure and Syse says that he is excited to use his prowess in driving a partner-centric GTM strategy, with a particular emphasis on optimising a joint solution approach across the business, where mutual support drives collective success.

 

Routed is well placed to become a pivotal force within a collaborative business ecosystem according to Syse. While at VMware, he managed the VMware Cloud Service Provider (CSP) business. Initially in supporting the area, after which he managed over 60 VMware Cloud Service Providers across the Sub-Saharan Africa region. “This role allowed me to engage with CSPs in various capacities, including technical architecture and engineering, productisation, sales, and GTM strategies. This comprehensive experience has been invaluable and provides a robust foundation for my role at Routed, where I am excited to contribute to the organisation’s continued rapid growth.”

 

Syse believes that Routed will achieve additional success by engineering and operating enterprise-grade solutions that deliver critical products to organisations. “Our strong reputation for exceeding Service Level Agreements has established Routed as a trusted brand among partners and customers.”

 

He says that to align with Routed’s growth strategy, the focus will be on implementing a channel-based GTM approach to address the complex IT challenges associated with physical infrastructure. Central to the business is the design, deployment and operation of VMware Cloud platforms.

 

“We are committed to significantly enhancing these core offerings and will invest in initiatives to support our partners in driving VMware Cloud GTM strategies, whether through white-labelling our cloud solutions or assisting in the development of their own cloud capabilities.”

 

According to Cruise, Routed operates with a highly developed business model that provides substantial value to both partners and customers. “Lee has joined Routed during significant market transitions, most especially the VMware acquisition by Broadcom. His primary objective is to assure our partners and customers that Routed’s established service catalogue will remain central to the business and that the model is both well-established and highly valued.”

 

Given his years in the channel, Syse is geared to work within the channel and says that partners are crucial to Routed’s success: “One of my key responsibilities will be to enhance our approach to partnering, with a focus on enabling our partners to achieve greater self-sufficiency.”

 

Looking ahead, Cruise and Syse both agree that given Routed’s current level of maturity, it is essential to evaluate the expansion of its service and product offerings. “We will assess emerging technology trends to make informed, strategic decisions about the future growth of our business.”