LG Electronics Middle East and Africa (MEA) leads with innovation in new Home Entertainment Line-up

LG Electronics Middle East and Africa (MEA) leads with innovation in new Home Entertainment Line-up

LG Electronics (www.LG.com), a global leader in consumer electronics recently hosted its LG Showcase MEA 2024 at the Conrad Hotel in Abu Dhabi. With the overarching theme “Reinventing Together,” the event focused on showcasing the latest innovations and extending relationships with its stakeholders. Hosting over 500 esteemed guests, the event offered hands-on experience with its latest products.

A key focus area during the exhibition was LG’s line-up of home entertainment products, which ranges from its televisions, audio and gaming products.

Commenting on the event, Mr. Il Hwan Lee, Chief Executive Officer, LG MEA Region said “We design each product with the goal of enhancing the daily lives of our customers. This LG Showcase MEA 2024 event is a testament to this commitment, and we are proud to exhibit our flagship products today. Each of these home entertainment products are designed with practical innovations while keeping customer use-case requirements at heart, which aligns with our goal of creating a better life by elevating everyone’s entertainment experience and the interior of their homes.”

During the event, LG brought to the region its latest innovations in OLED technology; including its flagship 97-inch LG SIGNATURE OLED M, the world’s-first consumer TV with Zero Connect technology which enables the transfer of 4K video and audio, wirelessly at 120Hz. This iconic feature resolves all cable management nightmares and allows for an uncluttered space by having all devices connected to the Zero Connect Box and positioned away from the TV.

Also featured during the event is LG’s innovative StanbyME Go, the 27-inch FHD smart screen that boasts a unique carry bag design, that allows users to easily with them on-the-go. It keeps mobility in mind with its unique design and a built-in battery that lasts up to three hours of screen time. It comes with various connectivity options such as wireless mirroring and NFC, which can be activated with a simple tap. The screen itself also rotates, giving users the option of a vertical or horizontal orientation. In addition to the streaming options, screen is also ideal for listening to music with its turntable skin or for playing chess with the pre-installed Chess game. Customers can also control the unit through voice control, even from a distance. The unique design of the StanByME Go promises enhanced durability, keeping the screen safe from bumps, temperature fluctuations, low pressure, dust, salt fog and vibrations.

During the course of the event, LG also showcased its latest LG webOS which brings to the table a completely revamped home screen with wider title cards and smoother tiles for categories such as Game, Music and Home Office. The smart operating system, now celebrating its 10th anniversary, expanded into 300 TV brands and 3,500 content partners, including local partners and has an active user growth increase in the MEA region by 20 times.

LG also showcased its new α (Alpha) 11 processor that will be used in its flagship TVs, one that will deliver powerful AI capabilities and enhance the overall viewing experience. This new processor is four times more powerful than its predecessor and will refine clarity, colour and sharpness, as well as providing a 70 percent improvement in graphics performance and a 30 percent faster processing speed.

LG displayed its range of XBOOM speakers which deliver bold and loud sounds with strong bass and massive sound. For instance, the LG XBOOM XL9T, the most powerful-in-class party speaker, produces immense sound of 1000W with booming base and high notes. Additionally, the pixel art and multi colour ring lights further step up the party. Its smaller variant, the LG XBOOM XL5S with a 200W output for powerful party music, complete with the series’ iconic party lighting. Amongst these audio products, LG presented their portable speakers, such as the XBOOM Go XG8T, a 120W speaker with 15 hours of battery life. This on-the-go speaker not only packs a powerful punch in audio but can also boost sound further and turns up the party with its studio light feature. Also on display were the LG XBOOM Go XG7Q and the compact XG5S with a 30W output and 20W output respectively, which comes in a unique design with ambient lighting, perfect to set the mood. It is also IP67 rated, making it the perfect musical companion for the outdoors.

Additionally, LG showcased the LG TONE Fit TF7, which focuses primarily on comfort, convenience and immersive sound. The LG TONE Fit TF7 offers a superior fit for fitness enthusiasts, ensuring customers can focus solely on their workout without any distractions. Featuring a patent-pending skirt shape hook, these earbuds offer optimised fit and usability for various outdoor activities. Apart from its superior sound quality, these earbuds are also focused on health, with the UVnano technology integrated into the earbuds’ cradle actively sanitises the ear gel surfaces, creating a more sanitary listening experience.

LG Electronics also showcased the LG CineBeam Q, the much awaited, stylish and smallest 4K portable projector from LG. This mighty 4K laser projector not only delivers stunning picture quality, but also a range of streaming features, while its minimalist design fits into any home design ethos.

This was all be topped off with LG’s innovations in monitors, with the new LG UltraGear™ OLED gaming monitor and LG MyView Smart Monitor.

The latest lineup of LG UltraGear OLED gaming monitors is a true testament to LG’s commitment to the gaming industry. Available in sizes of 32-inch (model 32GS95UE), 34-inch (model 34GS95QE) and 45-inch (model 45GS95QE), these OLED gaming monitors are the pinnacle of gaming displays, bringing in a true immersive experience. The new 32GS95UE, the world’s first VESA certified Dual Mode gaming monitor, which enables it to switch between 4K (3840 x 2160) up to 240Hz and Full-HD (1920 x 1080) up to 480Hz with one simple click. It also comes with a range of other features such as the LG’s Pixel Sound technology, which projects sound directly from the display using vibrating film components built into the monitor itself.

Meanwhile, the LG MyView Smart Monitor, a must-have for productivity and entertainment even without having to connect to a PC, was showcased alongside. Available in sizes of 27-inches with FHD and 32-inches with 4K resolution, these smart monitors pack in LG’s webOS software along with support for AirPlay 2, ScreenShare and Bluetooth. Designed for multi-tasking, this monitor will allow you to do your daily work, control home gadgets and even stream your favorite content, all from one display. Also, the 27SR50F is available in four colour options (beige, pink, green) to cater to various tastes and seamlessly blend into any interior design.1

What’s more, LG unveiled the LG MAGNIT (https://apo-opa.co/3wyjoNW) (model LSAL006), a stunning 118-inch, 4K (3840 x 2160) resolution Micro LED display. Delivering unparalleled picture quality through the brilliance of Micro LED technology, the LG MAGNIT allows customers to enjoy complete viewing immersion in the comfort of their own spaces, be it personal or professional.

Morocco Becomes Africa Top Car Exporter

Morocco Becomes Africa Top Car Exporter

 

In a remarkable surge, Morocco has solidified its position as Africa’s leading car exporter, boasting record-breaking revenues of $13.7 billion in 2023, according to recent reports from the country’s automotive industry.

The North African nation witnessed a substantial increase in car production, reaching a remarkable 535,825 units in 2023, marking a significant rise from the 464,864 cars manufactured in the previous year, as reported by the Automotive Branch of the Moroccan Association for Exporters (AFZ).

Of the total revenue, Morocco exported cars worth $11 billion, showcasing its pivotal role as the largest exporter of passenger cars to Europe. This achievement underscores the nation’s growing importance in the global automotive market, particularly in supplying vehicles to European markets.

The surge in Morocco’s automotive industry can be attributed to several factors, including strategic investments in infrastructure, favorable government policies, and the presence of leading multinational automotive companies within the country. These factors have contributed to creating a conducive environment for automotive manufacturing and export.

The success of Morocco’s automotive sector is a testament to the country’s commitment to economic diversification and industrial development. By leveraging its strategic location and competitive advantages, Morocco has emerged as a key player in the global automotive supply chain.

The Automotive Branch of the Moroccan Association for Exporters (AFZ) continues to play a crucial role in supporting and promoting the growth of the automotive industry in Morocco. Through strategic initiatives and partnerships, AFZ aims to further enhance the competitiveness and sustainability of Morocco’s automotive sector on the global stage.

With its impressive performance in 2023, Morocco has firmly established itself as Africa’s largest exporter of cars, signaling a promising future for the country’s automotive industry and its contribution to the continent’s economic growth and development.

Black Box Announces Grand Opening of a Hyperscale Data Center of Excellence in Minnesota

Black Box Announces Grand Opening of a Hyperscale Data Center of Excellence in Minnesota

Black Box®, a global leader in delivering innovative communication and technology solutions, today announced the grand opening of its state-of-the-art Hyperscale Data Center of Excellence (DCoE) in Inver Grove Heights, Minnesota. With over 30 years in the Minnesota region, the company marks a significant milestone with this new facility, demonstrating its commitment to innovation and excellence in data center services and the technology industry.

The Hyperscale DCoE is designed to meet the evolving needs of hyperscale data centers, offering a comprehensive suite of services tailored to optimize performance, efficiency and reliability. Key focus areas of the DCoE include complete custom cable management, hyperscale-specific training, quality assurance, DAS and public safety solutions, logistics-as-a-service (LaaS), server refresh, fit-outs, AV integration and comprehensive networking support. At Black Box, safety is a fundamental value ingrained in the organizational culture, ensuring the safety of the company’s employees, clients and communities. As part of the commitment to safety, the Hyperscale DCoE will integrate safety training programs to uphold the highest standards of occupational health and safety.

“With the opening of the Hyperscale Data Center of Excellence, Black Box reaffirms its dedication to providing cutting-edge solutions that empower our clients to thrive in the digital age,” said Sanjeev Verma, CEO of Black Box. “This facility represents a significant investment in the future of data center infrastructure, enabling us to deliver unparalleled service and support to hyperscale data centers across the region.”

The DCoE leverages Black Box’s decades of experience in technology solutions and its commitment both to innovation and to delivering best-in-class services to clients. From advanced networking solutions to AI-driven optimization, the center is equipped to address modern data centers’ most complex challenges.

Black Box understands that the success of data centers depends on agility, scalability and reliability. The DCoE embodies these principles, offering comprehensive services aligned to an organization’s growth and success.

The DCoE is located at 8210 Courthouse Blvd, Suite 200, Inver Grove Heights, Minnesota, 55077. More information about Black Box and its Hyperscale DCoE is available at www.blackbox.com/en-us/solutions/infrastructure/data-center.

SERVICOM Urges Enhancements in Service Delivery Initiatives Across FCT Schools

SERVICOM Urges Enhancements in Service Delivery Initiatives Across FCT Schools

 

The National Coordinator/CEO of SERVICOM, Mrs. Nnenna Akajemeli, has urged the management of the Federal Capital Territory Administration (FCTA) to prioritize improvements in service delivery initiatives within FCT schools. This call to action was made during a SERVICOM Induction ceremony organized by the SERVICOM Office of the FCTA, where over eight hundred teachers were appointed as SERVICOM Desk Officers.

Mrs. Akajemeli emphasized the importance of aligning FCT school processes with global best practices in areas such as learning standards, admission procedures, organizational structures, leadership models, teaching methods, and professional development. She underscored the significance of recognizing school staff as crucial components of the education sector, stressing the need to enhance their efficiency and professionalism to meet the expectations of Nigerian citizens.

Highlighting the heightened awareness among citizens regarding their rights to quality services, Mrs. Akajemeli reiterated SERVICOM’s role as the government’s solution to addressing poor public service delivery. She emphasized the necessity for collaboration among internal departments and units within the FCTA to ensure citizen-focused service delivery nationwide.

The SERVICOM committee, comprised of SERVICOM Officers from various technical service departments, was acknowledged for its pivotal role in spearheading service delivery improvements in FCT schools. Mrs. Akajemeli emphasized the committee’s responsibility in monitoring the implementation of service charters and ensuring compliance with relevant guidelines, as well as managing customer relations policies to address stakeholder concerns effectively.

Mrs. Akajemeli called upon FCT management to provide full support to the SERVICOM committee and enhance the capacity of schools to drive service delivery initiatives effectively. She assured SERVICOM Desk Officers of support from the SERVICOM National Office through training and retraining programs to equip them with the necessary knowledge, skills, and attitudes for sustained service improvement.

In his address, Mr. Samuel Atang, representing the Head of Civil Service, highlighted the FCT Administration’s commitment to ensuring effective and efficient service delivery across all schools. He stressed the importance of instilling a culture of excellence and service delivery in FCT schools and urged Desk Officers to embrace this initiative as a cornerstone for service excellence.

The induction ceremony, occurring at a time when the FCT Administration seeks to promote a world-class city with a focus on innovation and quality service delivery, signifies a step forward in enhancing service standards within FCT schools.

Andropause and What Wives should Know About it !

Andropause and What Wives should Know About it !

ANDROPAUSE (THE MALE MENOPAUSE

Men also have their menopause and the truth is that it affects them as severely as women’s menopause does, in fact it could be worse. It’s just that Men don’t talk about weaknesses and vulnerabilities.

But it’s important that they also understand what is happening in their bodies, why and how to combat it. We as women and wives too need to understand these things because our understanding and help is most needed at such times.

So first what is ANDROPAUSE. Simply put, Andropause describes an age-related reduction of testosterone in Men. Andropause starts to set in for Men from 50/55 years upwards. And we have Male outliers like I am a female outlier who may start noticing it from late 40s. Remember also that the Testosterone is not just responsible for men’s sexual wellbeing, but is also responsible for their mental and physical energy, body mass etc.

Now, the signs and symptoms of Andropause in Men are as severe and troubling as Menopause in women. In fact, theirs is more complicated because of the peculiar socio-culturural factors that men are generally predisposed to in this part of the world. And I’ll be focusing a bit more on this complications in this write up later. But first The symptoms.

SIGNS OR SYMPTOMS OF ANDROPAUSE.
Men face the following issues when Andropause begins to set in:

1. LOW ENERGY & DECREASED MOTIVATION: That feeling of not being up to doing anything at all.

2. DEPRESSION or SADNESS : seemingly unexplainable feeling of sadness, and hopelessness.

3. LOWERED SELF-CONFIDENCE : They just start feeling that they are worthless or have not succeeded enough. Making them to be quiet sensitive and reactive. Depending on his temperament. The quieter ones just becomes withdrawn more than before.

4. DIFFICULTY CONCENTRATING : Not being able to focus on things long like before. Loosing trends of conversation. Forgetting where they left off a train of thoughts… 😁

5. INSOMNIA OR DIFFICULTY SLEEPING : Not being able to sleep well or not at all sometimes.

6. INCREASED BODY FAT: They grow bigger too, in the midriff and generally.

7. REDUCED MUSCLE MASS : Their muscles are not as firm as before or starts shrinking.

8. PHYSICAL WEAKNESS : That general weakness and tiredness, even without doing much.

9. BREAST DEVELOPMENT: Just like some of us menopausal women develop beard and moustache. Some Andropausal Men develop breasts. 😓🫂. Very frustrating.

10. DECREASED BONE DENSITY : The bones looses it’s strength and so they can easily break with little accidents or impact.

11. ERECTILE DYSFUNCTION : This one really is a big problem to them because remember this sexual performance is a big deal to men. But when Andropause sets in, they either are unable to sustain erection; so the erection will come, but they can’t keep it strong and rigid for long like before. Or some find it difficult to have the erection at all.

12. REDUCED LIBIDO : They too sometimes looses the excitement or desire to have sex

13. INFERTILITY: For some, Andropause can affect the quality and visibility of their sperm.

Now, I feel compelled to talk a bit about certain factors up there, so that the wives of these kind of men can help them and the Men too can start adjusting from now.

DEPRESSION AND LOW SELF CONFIDENCE:
This particular symptoms affects Andropausal Men a lot because most often than not, Andropause happens to them also around the time that the notorious midlife crisis occurs. By the time most of them reach 50 and above, they begin to evaluate their lives and often they feel they have not achieved much. They somehow focus more on the things that are not working and just can’t see the ones that are. And since unfortunately men have been trained that talking about their problems are a sign of weakness, they bottle these things up without sharing it, and when it now collides with the moodiness that Andropause itself causes, things can really go bad. They become so irritable, withdrawn and easily riled up. And their wives are so frustrated about why he has suddenly changed. Some of them gets suicidal (two men still committed suicide in our area here in one week). Unfortunately, the socioeconomic challenges in this part of the world also aggravates it for them. A lot of burden is on a man actually. A LOT.

ERECTILE DYSFUNCTION: This particular symptom also is very troublesome and troubling for them. Without the advent of Andropause, emotional instability is one of the causes of erectile dysfunction even in younger men. So now imagine how the point above depression and low self esteem, coupled with the reduced testosterone that Andropause causes will affect their erection. They just realize that they can’t sustain erection like before.

Now, something about their wives at this stage also affects them:
1. Because most often than not, their wives too have reached menopause before them sef, this means that she will not be as wet during sex as before. So often, by the time the poor guy does a long foreplay which is expected of him, then has to wait for her to use lubricant, by then the rod of authority has come down because he can’t sustain the erection for long again, so he can’t enter.

This frustrates both of them, him especially. It makes him to feel more worthless, which of course worsens the condition. If the wife is now the Type that is also ignorant of these things, and she expresses shock or complain too much, it worsens it again. So some of them will even start avoiding sex entirely. Or like one of my beloved brother said yesterday, they start looking for “Agbo Mokole” (erection enhancing concoctions) 🤣🤣.
Also, for some of them with health issues like hypertension and diabetes. Some of the drugs that they use for these conditions can cause erectile dysfunction or sometimes total inability to have an erection at all.

HOW TO HANDLE IT?
Let me first share how to handle the two cases I coned down on first , then I’ll give general tips.

Apart from the general measures. Handling these particular 2 issues of menopause will require the involvement and understanding of the wife.

1. Build a good relationship with your wife long before Andropause, in the early and younger days of the marriage, build a solid and intimate relationship together. Also make your sexual life enjoyable for each other and fulfilling in all those earlier days. These are the insurances and down payments for the challenging times of Meno-Andropause. It will help your wife who has always felt loved by you and had enjoyed years of sexual pleasures from you to be willing and ready to show the needed understanding and patience that is required in those seasons and also to gladly make the sacrifices I’ll be asking wives to make in the remaining points.

2. Whenever this issue of erectile dysfunction happens. Wives should please calm down and not raise any alarm. Then deliberately tell him that it’s okay to suspend sex for a while so as to reduce the pressure of performance on him. Because every episode that he tries and fails increases his low self esteem and worsens it all.

3. Wives should also be ready and willing to allow certain sexual episodes whereby you allow him to enter from the moment he has the strong erection. Yes , this may not pay you very well at such times. But it helps him to achieve successful coitus, which now boosts his self esteem and confidence. Remember that a greater part of the issue is psychological. So this wins you give him does a lot for his mind.

4. Wives should please be their best fans in this season. Celebrate him, encourage Him. Let him know he’s still your Man no matter the things that aren’t working. Help him to focus on the good things that God has done for the family and all his own achievements too. This will combat the depression cum midlife crisis issues.

THE GENERAL METHODS
Guys, you are to have started doing these things I’m going to be saying well before you hit 50. From your 40s start the following:

1. CHANGE YOUR DIET: Eat healthy. More vegetables and fruits, less carbs. Especially fruits like Banana, watermelon, pomegranate. And if you will eat watermelon, eat that white part with it. Reduce your sugar intake or totally stop. Avoid alcohol etc. Remember that normally weight affects the sexual performance of Men.

2. START REGULAR EXERCISES: In fact, you need it more than the women o. Apart from the fact that it keeps you fit and controls weight and high BP. It helps blood circulation and remember it’s blood flow that helps erection.

3. REST!!! : Please, I’m on my knees begging all of you men REST!. Get enough sleep. You men don’t rest ooo. I know the responsibility is much, but please Rest and reduce your stress.

4. CHANGE YOUR DRUGS: For those on drugs for hypertension and diabetes. Some of those drugs have erectile dysfunction etc as side effects. So you may need to see your Doctor and change them.

5. Please seek medical help if necessary. Don’t bottle things up till a sudden health issues comes up. Speak out on time. It’s not weakness to seek help please.

6. THE GOD FACTOR: I believe every man needs JESUS. Look, with all the burdens and responsibilities and expectations over your life as a Man, you need a back up plan o. And no back up is like God o.

If you as a Man combined the two together , i.e both the help of your wife and the general rules. Most of the symptoms will reduce and balance out. And if you start early, you may not even experience most of them at all.

I am not a Man, so I can never know exactly how you feel or know what you are going through. But I acknowledge that it is not less demanding than what we Women go through, nor is it less traumatic too. I respect your seasons too and pray that the needed fortitude and grace will be given to you by God to come out on top always.

 

Senegalese President Shakes Tradition with Airport Protocol Decision

Senegalese President Shakes Tradition with Airport Protocol Decision

 

In a surprising move, President Bassirou Diomaye Faye of Senegal has announced a departure from the customary airport protocol during his official trips. Henceforth, he will no longer expect to be greeted by military and civilian authorities upon arrival.

This unconventional decision marks a break with long-standing traditions, signaling President Faye’s desire for simplicity and efficiency. The President aims to streamline procedures, eliminating formal welcoming ceremonies that he deems unnecessary.

Explaining his rationale, President Faye emphasizes the need for a quicker and more straightforward approach. He believes that the time and efforts of important individuals mobilized for airport greetings could be better utilized elsewhere, addressing more pressing matters.

Under the new directive, President Faye will arrive and depart from the airport without fanfare, accompanied only by his team. This approach aims to save time for executives who would typically await his arrival, allowing them to prioritize their duties effectively.

The decision reflects President Faye’s commitment to modernity and practicality, demonstrating his leadership style focused on efficiency and respect for everyone’s time. By eschewing formal ceremonies, he underscores the importance of humility and consideration for others.

In essence, President Faye’s decision represents a departure from entrenched traditions, ushering in a new era of simplicity and respect for everyone’s schedules. It is a move likely to garner appreciation from many quarters.

– John Ogunlela

Heirs Holdings Group Prioritizes Employee Wellbeing with Upgraded Salary Compensation Packages

Heirs Holdings Group Prioritizes Employee Wellbeing with Upgraded Salary Compensation Packages

 

 

As the world commemorates Worker’s Day, the Chairman of Heirs Holdings Group, Tony O. Elumelu, reflects on the challenges and successes of the past year, emphasizing the importance of putting people first in business.

In a statement released today, Elumelu acknowledges the difficulties faced by individuals and families amid ongoing global challenges. He emphasizes the unity and resilience of the Heirs Holdings family, recognizing their collective efforts in driving the group’s success.

Elumelu highlights his commitment to staying connected with HH People, engaging with them daily to understand their needs and concerns. He reaffirms the company’s belief that its people are its most valuable asset, a principle ingrained in the philosophy of Africapitalism.

In response to insights gained from these conversations, Heirs Holdings Group announces upgraded salary compensation packages across the entire organization and its investee companies. This decision, made in recognition of Worker’s Day, underscores the company’s dedication to rewarding excellence and loyalty among its workforce.

Despite the challenges faced over the past year, Heirs Holdings Group acknowledges the outstanding performance of its staff, numbering over 5,000 individuals. The salary increase serves as a token of appreciation for their unwavering commitment and contribution to the group’s achievements.

Elumelu extends his gratitude to the Heirs Holdings People, commending their dedication and hard work. He emphasizes their role as the backbone of the business, essential to the continued success and growth of the organization.

As Heirs Holdings Group continues to create value for stakeholders, Elumelu concludes by expressing his appreciation to all employees and reaffirming the company’s commitment to their wellbeing and professional development.

 

Meet Professor Rose-Margaret Ekeng-Itua: The First Black Woman to Achieve a Ph.D. in Cybernetics

Meet Professor Rose-Margaret Ekeng-Itua: The First Black Woman to Achieve a Ph.D. in Cybernetics

 

In a groundbreaking achievement, Professor Rose-Margaret Ekeng-Itua has emerged as the world’s first black woman to earn a doctorate degree (Ph.D) in Cybernetics. Cybernetics, the scientific study of information communication in machines and electronic equipment, now sees a historic milestone with Ekeng-Itua’s remarkable feat.

Ekeng-Itua’s journey to this pioneering achievement reflects her dedication to advancing Science, Technology, Engineering, and Mathematics (STEM) fields across Africa, particularly for girls. With over 20 years of experience in engineering and STEM education, she has carved a path of innovation and leadership, transcending continents.

Hailing from Nigeria, Ekeng-Itua’s fascination with technology traces back to her childhood. Her pursuit of knowledge led her to attain a bachelor’s degree in Electrical and Electronic Engineering and a master’s degree in Mobile and Satellite Communications Engineering in the United Kingdom. Her passion for Mathematics and Physics from an early age has guided her career trajectory.

Her Ph.D. journey culminated at the University of Reading in the United Kingdom under the guidance of her first Ph.D. supervisor, Prof. Kevin Warwick, a notable figure in the realm of cybernetics as the world’s first human cyborg.

Professor Rose-Margaret Ekeng-Itua’s achievements stand as a testament to her unwavering commitment to excellence and her relentless pursuit of knowledge. As a global champion of Nigerian extraction, her triumph inspires and celebrates diversity in academia and beyond. Let us join in honoring her remarkable accomplishment and the path she has paved for future generations.

Central Bank of Nigeria Introduces Cybersecurity Levy on Electronic Transactions

Central Bank of Nigeria Introduces Cybersecurity Levy on Electronic Transactions

The Central Bank of Nigeria (CBN) has announced the implementation of a cybersecurity levy on all electronic transactions within the country, effective two weeks from May 6, 2024.

In a circular jointly signed by Chibuzo Efobi, Director of the Payments System Management Department, and Haruna Mustafa, Director of the Financial Policy and Regulation Department, the CBN directed all commercial, merchant, non-interest, and payment service banks to commence charging a 0.5 per cent levy on electronic transactions.

“The levy shall be applied at the point of electronic transfer origination, then deducted and remitted by the financial institution. The deducted amount shall be reflected in the customer’s account with the narration, ‘Cybersecurity Levy,’” the circular stated.

However, the CBN outlined 16 banking transactions exempted from the cybersecurity levy, including loan disbursements and repayments, salary payments, and intra-account transfers within the same bank or between different banks for the same customer.

The exempted transactions also include interbank placements, cheque clearing and settlements, and transactions involving bank’s internal accounts such as suspense accounts, clearing accounts, and escrow accounts.

 

Transcorp Hotels Plc Achieves Remarkable Financial Milestones at 10th Annual General Meeting

Transcorp Hotels Plc Achieves Remarkable Financial Milestones at 10th Annual General Meeting

Dupe Olusola, the Managing Director/CEO of Transcorp Hotels Plc, has announced the company’s exceptional performance at its 10th Annual General Meeting held on Monday. With resounding applause from shareholders, Transcorp Hotels Plc has once again demonstrated its strong financial prowess and commitment to delivering value.

In her statement, Dupe Olusola highlighted the following key achievements:

– A remarkable 36% growth in revenue to N41.5 billion.
– A notable 37% increase in gross profit to N29.8 billion.
– Profit before tax surged by an impressive 105% to N9.5 billion, more than doubling from N4.6 billion in 2022.
– Profit after tax soared to N6.1 billion, reflecting a remarkable 133% increase from the previous year.

The first-quarter results for 2024 further underscored Transcorp Hotels Plc’s robust performance, with revenue growing by 72.2% from N8.03 billion to N13.83 billion. Profit before tax stood at N6.09 billion, while profit after tax reached N5.02 billion. Additionally, the company’s share price currently stands at N96.50k, showcasing investor confidence and market strength.

Dupe Olusola also provided insights into the company’s exciting projects underway, reinforcing its position as the leading indigenous hospitality brand in Africa. The forthcoming 5000-capacity event center in Abuja, slated to be operational by year-end, will set the stage for hosting prestigious local and international events. Furthermore, the development of a 315-room 5-star hotel in Ikoyi promises to be an exciting addition to Transcorp Hotels Plc’s portfolio.

Expressing sincere appreciation to the Transcorp Hotels team, Dupe Olusola credited their dedication and hard work for the company’s success. She reaffirmed Transcorp Hotels Plc’s unwavering commitment to delivering value to shareholders and stakeholders alike.

Transcorp Hotels Plc is a leading hospitality brand in Nigeria, renowned for its commitment to delivering exceptional guest experiences and creating value for stakeholders. With a diverse portfolio of hotels and resorts, Transcorp Hotels Plc continues to set industry benchmarks and drive innovation in the hospitality sector.

 

Anthony Emeka Nwosu