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CWG Plc Ends Financial Year with Net Revenue of N9.56Bn, Holds 15th Annual General Meeting
CWG Plc held its 2019 Annual General Meeting on the 25th June 2020, where the company was declared to have recorded net revenue of N9.56Billion in the 2019 Financial Year, representing a 23 percent increase from 2018 gross profit growth rate of 25 percent.
L-r: Adewale Adeyipo, CEO, CWG Plc, Phillip Obioha, Chairman Board of Directors, CWG Plc and Tosin Kembi representing DCSL corporate services limited, Company Secretary at the just concluded CWG Plc 2019 Annual General Meeting.
The 2019 AGM was held online by the largest system integration company in Nigeria, owing to the Covid-19 pandemic ravaging the world, which has forced many organizations to constitute a remote-working policy.
Reading the summary of the 2019 financial year report which ended in December 2019 to shareholders, the Chairman of CWG Plc, Mr. Phillip Obioha, noted that the value-added revenue and gross profit were due to the re-introduction of some valuable IT services and an increase in customized service businesses.
“In 2019, revenue and total profit growth were as a result of the renewed partnership with our strategic partners. OPEX was reduced by 23 percent, 2019 over 2018, due to different optimization exercises that were carried out in the year. We also closed 2019 with a positive EBITDA of N892m and PBT of N634m. Right now, we are charting a course of a new organization that would be around for the next 50 years,” he told the shareholders.
While assuring the shareholders that CWG Plc will continue to innovate and create cutting-edge technology and services that will be relevant today and fit for the future, Mr. Obioha stated that CWG is well-positioned and equipped to redefine innovation that provides solutions to the technologically-based institution gaps that are seen in potentially viable and critical sectors of the Nigerian economy and Sub-Saharan Africa.
Meanwhile, Mr. Adewale Adeyipo, Chief Executive Officer of CWG Plc, has attributed the performance in the 2019 financial year to what he described as the ‘five pillars’ strategy the company adopted two years ago. The five pillars, according to him are Growth, Profit, Liquidity, Brands and Dividend.
He disclosed that strict adherent to the five pillars has helped CWG to deliver on its mandate to enable the growth of its clients.
“That is the level of focus we have delivered with the five pillars we created. If you also want to go to some certain deliverables; then we can begin to talk of our BillsnPay platform presentment platform, which is an app of CWG 2.0. On BillsnPay last year, we recorded a transaction volume of over N12 billion, which is a major chunk of over 3000 percent of what we had in 2018, 2017 and 2016 combined. So, I can tell you that the underlining principles that have kept us focused are these five pillars,” he said.
He added that these pillars have created an essential guide on what CWG Plc does and how to do it, explaining that CWG evaluates every decision and determine what will be the contribution of the decision on any of these pillars.
“These pillars have enabled us to create some focus and clarity. It has given us insights on what we need to take seriously and what we need to stop doing. With these pillars, we measure the success or otherwise of our company,” he further stated.
The World Bank Group has announced the 31-month debarments of United Aviation Services Limited (UNASEL), a transportation services company based in Nigeria, and Air Vice Marshal Alkali Mamu, its owner and president, “in connection with fraudulent practices under the Enhancing Niger Northeastern Connectivity Project,” according to a press release issued by the multilateral development bank.
The statement said that the project aims to enhance connectivity and road safety along the Zinder-Agadez Road section and improve access to basic socioeconomic infrastructure for selected communities in that road section.
However, according to the statement: “UNASEL and Mr. Mamu presented false experience documents in a prequalification application to qualify for a contract under the project. This was a fraudulent practice under the World Bank’s sanctions framework.”
“The debarments make UNASEL and Mr. Mamu ineligible to participate in projects and operations financed by Bank Group institutions. The debarments are part of two settlement agreements under which UNASEL and Mr. Mamu admit culpability for the underlying sanctionable practices,” it added.
The statement further said: “Per the Bank Group Sanctioning Guidelines, the settlement agreements provide for a reduced period of debarment in light of UNASEL and Mr. Mamu’s cooperation.
As a condition for release from sanction under the terms of the settlement agreements, UNASEL and Mr. Mamu commit to developing and implementing integrity compliance measures that reflect the relevant principles set out in the Bank Group Integrity Compliance Guidelines, and Mr. Mamu further agrees to complete corporate ethics training.
UNASEL and Mr. Mamu also commit to continue to fully cooperate with the Bank Group’s Integrity Vice Presidency.
“The debarments of UNA SEL and Mr. Mamu qualify for cross-debarment by other multilateral development banks under the Agreement for Mutual Enforcement of Debarment Decisions that was signed on April 9, 2010.”
Governor Peter Mbah of Enugu State, has approved the allocation of a parcel of land in Enugu, the state capital, for the establishment of a state-of-the-art Digital Fabrication Centre by the Industrial Training Fund.
Mbah announced this while receiving a delegation from the Industrial Training Fund on a courtesy visit to the Government House, Enugu.
The ITF disclosed this on Friday in a statement signed by its Director of Press and Public Relations, Thomas Ngor.
According to the statement, Mbah described the proposed project as timely and aligned with his administration’s vision of transforming Enugu into a leading destination for investment, innovation and technology-driven industrial development.
He noted that the future of economic prosperity lies in deliberate investments in human capital and emerging technologies, adding that the state has continued to create an enabling environment for innovation, enterprise and sustainable growth.
The governor explained that his administration has made technical education compulsory in the state’s basic education system, with emphasis on digital literacy, robotics and mechatronics to prepare learners for the future of work.
According to him, many traditional trades are now driven by digital technologies, making it imperative to equip young people with relevant technical competencies that will enable them to compete globally and contribute meaningfully to economic development.
Governor Mbah further disclosed that his administration has built smart schools across the state, equipped with robotics centres, mechatronics laboratories and other modern learning facilities, to prepare youths for the evolving global economy.
He noted that artificial intelligence is expected to contribute about $20tn to the global economy in the coming years.
He therefore stressed that the state must be intentional about upskilling its citizens, adding that the establishment of the ITF Digital Fabrication Centre will significantly strengthen the state’s drive to build a knowledge-based economy, foster innovation, promote local manufacturing and create employment opportunities for its growing youthful population.
Earlier, Afiz Ogun, the Director-General of the ITF, who led the delegation, said that upon his appointment by President Bola Tinubu, he was mandated to upskill Nigerian artisans to international standards.
He explained that the Fund subsequently repositioned its technical and vocational skills development efforts through strategic initiatives, including the Skill-Up Artisans Programme, which is designed to train, certify and license Nigerian artisans to international standards.
Ogun disclosed that the Fund had already established a Digital Fabrication Centre in Ikeja, Lagos, with the capacity to produce more than 400 different products. He therefore requested the allocation of land in Enugu State to establish a similar centre with the same production capacity.
According to him, the initiative is aimed at promoting industrialisation, reducing dependence on imports and preparing Nigerians for opportunities in the Fourth Industrial Revolution.
He also reaffirmed the Fund’s readiness to enter into public-private partnerships that will transform Nigeria’s artisanal ecosystem.
Ogun further noted that digital technologies, including artificial intelligence, robotics and computer-aided manufacturing, are rapidly transforming the global economy, making it imperative for Nigeria to deliberately invest in upskilling its workforce to remain globally competitive.
The ITF delegation was later conducted on a guided tour of facilities at one of the smart schools established by the Enugu State Government.
Glovo, a multi-category tech company, has announced its integration into the generative AI ecosystem with the launch of its “Shopping Assistant” for ChatGPT and Claude. Users can now discover retail products, compare prices, and seamlessly order any item using natural conversational language with the AI systems.
The Glovo experience inside such platforms introduces a conversational commerce model that shifts from a search-based web to an intent-based web. Rather than navigating traditional app menus and filters, users can express needs, such as asking for a “last-minute gift for a coffee lover under ₦50,000”, and the assistant handles semantic search, location validation, and product curation.
A Seamless, Concierge-Like Experience
Once both platforms have been connected through either ChatGPT or Claude apps, the user will be able to have a multi-turn dialogue where the assistant remembers context and constraints, such as budget caps. Users receive a visual carousel of up to five highly customised product options available at local stores. Each product displays its image, name, store details and ratings, and price. While the search and discovery experience takes place directly on the Generative AI platforms, selecting a product via the “view on Glovo” button takes the user to the Glovo mobile or web app, where the payment and final purchase are exclusively completed.
Strategic Focus on Retail and Growth
Glovo is prioritising the retail and grocery sectors for this initial launch, capturing the established habit of using AI for product research. Generative AI has driven a significant jump in retail traffic globally, so this first-mover advantage aims to meet customers where they are meeting Gen AI daily, and ensure it captures high-intent organic traffic as search behaviours evolve.
“We’re always looking for ways to meet our customers where they already are. Being available on Claude and ChatGPT means people can discover what Glovo has to offer as part of a natural conversation, with no friction. Glovo has always been about being the everyday app that provides choice and convenience, and this is another step in that direction”, said Shiro Theuri, Chief Technology Officer at Glovo.
How to look for products in the Glovo app through ChatGPT or Claude
- The user must sync ChatGPT or Claude with the Glovo app with the plug-in.
- Once synced, the user must type in @glovo followed by their request.
- The AI platform displays a carousel with 5 available options for the user.
- If the user wants to purchase any of the products or continue searching within the Glovo app, they must click “View on Glovo”, which will redirect the user to the Glovo app or website.
- After the order is confirmed, the store will prepare the item(s) and the courier will head up to the pick-up location. The user will receive the order in minutes.
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