Connect with us

Uncategorized

G-MAX Will Slash Internet Costs, Make it Ubiquitous- Nwosu

Published

on

Kindly share this post

Engr. Gerald Nwosu, is the Chief Executive Officer of Galaxy Wireless Communications Ltd, a Broadband Internet Solutions company providing the revolutionary G-Max brand of convergent services in Nigeria. A trained and chartered engineer of the Institution of Engineering and Technology (IET) London, Nwosu is also registered as a Professional Engineer in Alberta, Canada. He has worked in both the ICT and the Petroleum industry in many parts of the world since 1985. Nwosu spoke about his company and other issues in this interview with chris alu in Abuja.

About G-Max
G-Max stands for Galaxy Wireless Communications’ implementation of the WiMAX broadband technology. We not only utilize the principles of WiMax but hope to extend it such that we are not confined to that technology alone.
Our aim is to give a speedy broadband internet service using the necessary infrastructure at an affordable price, in order to make it ubiquitous in the country.
Right now we started our services in Abuja and Port-Harcourt but we hope to extend our services to 16 states before the end of the year.
We plan to build an internet cloud over Nigeria so that everyone can have access to it in and around the country.
Accessibility and Cost
The challenge we always face is in providing these services at an affordable operating cost, the most dominant of which is the cost of internet bandwidth.
As you may be aware, the same bandwidth costs ten times in Nigeria than in North America or India for that matter. For instance in this country satellite bandwidth goes as much as $7,000 per Mbit/s full duplex while those in India pay about $500 per Mbit/s for a fibre-optic connection with its superior latency characteristics.
It is because of the high cost of bandwidth that made us to sign the agreement with O3b Networks Ltd to deploy a new high capacity backhaul infrastructure to provide high-speed, low-cost Internet connectivity to our subscribers in Nigeria.
We hope that within a span of one or two years, we would be providing quality service with high speed connectivity at much cheaper rates than we have today.
We are also planning some new strategies that will make people get used to or have greater access to internet facilities at an affordable rate. Even though we are encountering other challenges which include erratic power supply and manpower shortages, we are still confident that broadband internet will spread through the country.
High Speed Internet
We do not, as a nation, even have enough fibre-optic capacity and that is an impediment to greater internet speeds. If we have reliable fibre-optic connectivity then it will be a different proposition. But there is hope because Galaxy Wireless is collaborating actively with other companies to use other innovative technologies including satellite technology and provide internet services and connectivity at high speed.
For now majority of Nigerians are not experiencing genuine broadband internet services because of the high cost of bandwidth and so many other issues.
Interconnectivity between Operators
We are not a telephone operator but a broadband internet company so I cannot really comment on interconnectivity issues between the different phone operators in the telecom industry. In the broadband space however, there is really no issue of interconnectivity between operators. In the internet, connectivity is simply having access to the Information Super Highway as quickly as possible so that you can do your business without delay, while in the telecoms sector you need to be connected to various networks like MTN, Glo, Zain.
Infrastructure Issues
Nigeria is still behind in the provision of necessary infrastructure needed for ubiquitous broadband. I think what the government should do is provide infrastructure for the private sector to move in and do the last-mile or if government cannot do it, then the enabling environment needs to be created for private sector participation. 
Sea Cable Initiative and Laying Of Fibre Optics Around the Country
As I mentioned earlier, what we need is fibre-optic capacity and every other thing boils down to bandwidth, whether by sea cables or fibre optic on land. The most important thing is the provision of the needed infrastructure so that ISPs can dispense their services on to consumers at affordable rates.
However, there are several initiatives in the pipeline and we are hopeful that on fruition, Nigeria will really be connected to the Information Super Highway.
What Government Must Do
Government is supposed to provide the needed infrastructure for ISPs to ride on and provide better services or sustain the enabling environment for some sort of collaboration with the private sector. We are aware that government is equally trying to work out some initiatives for basic infrastructure deployment that will help our operations in the country.
There are initiatives like SABI (State Accelerated Broadband Initiative) and others being handled by USPF but is still some time before we are yet to start reaping those dividends.
The much needed infrastructure investment needs to be addressed quickly to avoid Nigeria falling into the Information Dark Age.
Global Recession
The big issue is that if the recession bites deeper, people may cut down on the use of internet services as it may be classed as a luxury item.
We do believe that when people really understand what internet is all about, despite the crisis it will be necessary for them to use it, especially during difficult times in order to even find out how to cope.
We hope though that the crisis does not deepen and adversely affect the sector but we are taking several measures to cushion the effect on our business.
Of more serious concern is the sharp depreciation of our local currency against the US Dollar over the past few months which increased our cost of doing business by more than 55% as we buy bandwidth in US Dollars and sell our services in Naira.
Other Challenges
One of the biggest challenges we are facing is power.
Poor power supply is really affecting the industry making us spend a huge portion of our operating expenses on fuel, diesel and plant maintenance.
Another challenge that we tend to forget is manpower.
The needed manpower to fill several vacancies in the communication sector is difficult to come by in this country and this has been a serious challenge to all the operators. It is really unfortunate that in a country with high unemployment, there still remain many jobs that cannot be filled due to lack of local expertise.
Many companies have now resorted to hiring expatriates as a way of attempting to solve this problem which entails additional expenses.
This really goes back to the quality of education in Nigeria and this remains an issue that requires urgent and concerted attention by both the government and the private sector. A situation where we produce illiterate graduates from the universities must be seen as unacceptable. We therefore need to take a hard look at this issue and address it for our own national interest as no nation can develop without a sound educational backbone.
Galaxy has recently launched an e-Learning Initiative to connect our universities to the World Wide Web in order to provide the much-needed access to content required by our schools. This is our way of contributing to education in our country.

 


Kindly share this post

Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

Continue Reading
Advertisement
Comments

Uncategorized

Banks Close 2m Accounts over BVN, NIN, Others

Published

on

Kindly share this post

Commercial banks in Nigeria closed 2.021 million bank accounts in the first quarter of 2024, Q1’24, to clean their books of questionable accounts and comply with regulatory orders on the linkage of bank accounts to the National Identity Number (NIN).

Banks Close 2m Accounts over BVN, NIN, Others

This is contained in a report by the Nigerian Interbank Settlement System (NIBSS), which also indicated that the number of inactive bank accounts grew month-on-month, MoM, by four million or 2.0 per cent to 19.7 million in March 2024 from 19.3 million in the previous month, February.

A bank account is classified inactive when it records zero transactions including deposits, withdrawals, transfers or point-of-sale transactions for six months.

However, details of the “Industry Bank Account Database”, a monthly data reported by banks, and compiled by the Nigerian Interbank Settlement System, NIBSS, also indicated that the number of active bank accounts grew by 6.62 million or 3.0 per cent to 219.64 million from 213.02 million in February.

Recall that in December 2023, the CBN issued a directive to all commercial banks in the country to restrict tier-1 accounts without proper Biometric Verification Number (BVN), and National Identity Number, NIN, that are not linked by Thursday, March 1st, 2024.

According to NIBSS data on BVN enrollment count, 61.6 million Nigerians have BVN as of April 2024.

 

Credit: Vanguard

 

 


Kindly share this post
Continue Reading

Uncategorized

Dubai-Based Citizenship Firm Imperial Citizenship Expands to Lagos, Targets Africa’s Growing Wealth

Published

on

Kindly share this post

Imperial Citizenship, a Dubai-based firm specialising in Citizenship and Residency by Investment (CRBI) solutions, has set its sights on Africa’s burgeoning wealth with the launch of a new office in Lagos, Nigeria.

This strategic move positions Imperial Citizenship to capitalise on the continent’s growing population of high net worth individuals (HNWIs) seeking international investment and mobility options.

Imperial Citizenship boasts a proven track record of success, having secured over 2,000 approvals for clients seeking alternative citizenship and residency pathways. Their partnerships with over 15 governments worldwide provide a diverse portfolio of investment opportunities that adhere to strict international regulations.

With its Lagos launch, Imperial Citizenship begins its foray into Africa. The continent boasts a burgeoning HNWI population, according to PwC, presenting a lucrative market for investment firms like Imperial Citizenship.

According to the World Bank, African economies are projected to grow by 3.4 % in 2024 as the African Development Bank Africa has reported that Africa will account for eleven of the world’s 20 fastest-growing economies in 2024. Highlighting the market’s potential, Mr. Zaid Al Hindi, Founder and CEO of Imperial Citizenship, says, “our expansion into Lagos allows us to directly cater to this affluent segment, offering them strategic solutions for global asset diversification, optimised investment opportunities, and enhanced global mobility.”

“At Imperial Citizenship, we do not operate through intermediaries, as we differentiate ourselves through direct government partnerships. This ensures transparency, legality, and efficiency throughout the application process, providing peace of mind for investment-minded clients” Zaid stated during the launch event in Lagos.

Speaking on the company’s approach to CRBI, Zaid mentioned, “At Imperial Citizenship, we prioritise a client-centric approach. We go beyond simply offering programs; we provide dedicated advisors who understand the unique needs and aspirations of each client. This personalised service ensures clients receive tailored investment options that align with their financial goals and risk tolerance”.

The launch of the Lagos office underscores Imperial Citizenship’s commitment to global expansion. With physical offices in Dubai and now Nigeria as well as operational representatives in Mexico, Algeria, and Turkey, Imperial Citizenship demonstrates its ability to cater to a geographically diverse clientele.

Looking ahead, Zaid highlighted that Imperial Citizenship plans to broaden its service offerings and expand its reach into new markets. By strategically targeting Africa’s rising wealth, Imperial Citizenship is well-positioned to solidify its role as a leading player in the CRBI industry, offering investors a gateway to global opportunities.


Kindly share this post
Continue Reading

Uncategorized

234Finance Moves to Boost Economic Progress in South East

Published

on

Kindly share this post

In a recent gathering, organized by 234Finance, key stakeholders and HNIs came together to discuss the theme “Fueling Progress in the South East.”

The conversation highlighted the rich heritage, entrepreneurial spirit, opportunities for growth and the potential of the South East to be economic powerhouse.

During the discussion, the Managing Partner of 234Finance, Ezinne Nwazulu unveiled plans for an upcoming event of significant impact: the 4-week intensive SME Bootcamp and Mentor Matchup Challenge South East edition designed to empower SMEs. The program aims to empower SMEs with the knowledge, tools, and capital for rapid expansion and global competitiveness.

This initiative is building on the success of previous Mentor Matchup Challenge events, which equipped SMEs with actionable strategies and one-on-one mentorship, resulting in winners of the pitching competition securing grant funding to scale their businesses by 4x-10x.

The SME Bootcamp will feature an array of activities, including physical and virtual training sessions, onsite industrial training, and a pitching competition.

Ezinne Nwazulu emphasized the rigorous selection process, where the top 100 applicants meeting the criteria will undergo intensive training at two training centres in Abia and Anambra. From there, the most promising 15 participants will have the opportunity to pitch their business for grant funding.

Dr Chima Anyaso, Chairman of Caades Group, expressed his commitment to the region’s development and encouraged entrepreneurs with innovative crafts to seize this opportunity.

Criteria for selection are uncompromising, emphasizing technical expertise in core sectors; Agribusiness, Manufacturing, Supply Chain & Logistics, Fashion & Textile, and Retail, with a particular focus on businesses operating within the South-East region for at least three years and significant growth potential of 4x-10x.

The Bootcamp is set to commence from May 14 to June 14 2024 with Southeast-based entrepreneurs encouraged to visit the 234finance bootcamp to apply.


Kindly share this post
Continue Reading

Trending