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MOMAS, NASENI Sign MoU on Development of Smart Prepaid Meters

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Momas Electricity Meter Manufacturing Company (MEMMCOL) and the National Agency for Science and Engineering Infrastructure (NASENI) have signed a Memorandum of Understanding for the development of smart prepaid meters in the country.

A statement issued in Lagos by MEMMCOL said the agreement was signed by Mr Kola Balogun, Chairman, MEMMCOL and Prof. Mohammed Haruna, Executive Vice Chairman, NASENI recently in Abuja.

Balogun said the partnership would help to address the metering challenges in the Nigeria Electricity Supply Industry (NESI).

“The terms of reference is that we collaborate and synergise to develop local capability on meters and some other technology inclined devices that will be useful for the nation.

Essentially, it is to develop the first set of meters that will address the incoming Internet of Things (IoT) smart meters. This meter will make energy more accountable, it will be consumer friendly, ease revenue collection and monitoring of power theft in the sector,” Balogun said.

He said the processes have already started and expressed optimism that the new meter would be launched before the end of the year.

He said when the prototype of the meter was developed, it would serve as a standard and guide for other companies involved in meter manufacturing in Nigeria.

“This will be a more modern type of meter and will address all the peculiarities being faced currently by prepaid meter users. We believe this is an opportunity to close to huge metering gap in the country which is one of the problem bedeviling the power sector,” Balogun said.

On his part, Haruna said NASENI was ready and committed to partnering with the company in areas of meter installation, training design, maintenance, amongst others.

He said NASENI’s mandate was to collaborate with organisations like MOMAS for national development and job creation.

 


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Omatek Board Meets to Review, Approve Q2 Results

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The Board of Omtek Ventures Plc will meet on July 25 to among others review and possibly approve the Company’s Unaudited Financial Statements (UFS) for the second quarter (Q2) of 2024.

Omtek also told the Nigerian Exchange Limited (NGX) that its Board will meet to also update the stakeholders on the business status of the Company.

Consequently, the Company commenced its closed period from Monday, July 1, 2024, and this will remain in force till 24 hours after the filing of the UFS at the Nigerian Exchange Limited.

“All Insiders and related persons are duly informed and prohibited from trading in the Company’s shares during this period,” it said.


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Mastercard and Kalabash54 launch innovative travel card in Nigeria and Ghana

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Mastercard has collaborated with Kalabash54, the fintech subsidiary of one of West Africa’s leading online travel tech company, Wakanow Group, to introduce innovative travel cards for customers in Nigeria and Ghana. This collaboration aims to offer a secure and convenient payment solution designed to meet the unique needs of travellers across the region.

L-R: Ladi Ojuri, Chief Executive Officer of Kalabash54; Folasade Femi-Lawal, Country Manager and Area Business Head for West Africa, Mastercard; Bayo Adedeji, Group Chief Executive Officer, Wakanow Group, and Akintunde Ajayi, Director, Business Development, Fintech & Enablers, EEMEA, Mastercard.

The Kalabash54 travel card empowers travellers with a convenient all-in-one payment solution. Benefits include the ability to fund trips directly from the Kalabash54 app using the physical or virtual card, available in local currency or USD. Users can easily manage their card through the app, handling activation, PIN changes, and security controls while enjoying worldwide acceptance, airport lounge access, exclusive discounts, no hidden fees, free card loading, and a loyalty program with cashback, discounts, and more.

This offering will allow consumers to leverage their spend through a product that will enhance their travel experience, supported by Mastercard’s global network and Wakanow’s strength with travel suppliers globally.

“We are thrilled to team up with Kalabash54 and Wakanow to bring this innovative travel card to Nigeria and Ghana. Mastercard is committed to fostering a more inclusive, digital economy, where every journey is powered by seamless financial services.

“Through this collaboration, we aim to leverage the collective strengths of our global network and Wakanow’s industry expertise to transform travel payments in West Africa with secure, convenient, and rewarding options,” said Folasade Femi-Lawal, Country Manager, West Africa, Mastercard.

The timing of this collaboration is particularly significant given the current landscape of the payments industry in Nigeria and Ghana. Both markets have seen a surge in the adoption of digital payment solutions, driven by increased internet penetration and growing purchase power of consumers.

The introduction of the Kalabash54 travel card, officially launched at the ‘Wakanow Unpacked’ tech and innovation expo in June, is poised to capitalize on this trend, offering a reliable and widely accepted payment method for international travellers.

Bayo Adedeji, Group Chief Executive Officer of Wakanow Group emphasized the impact of the strategic alliance, stating, “We are thrilled to collaborate with Mastercard to introduce this unique payment solution to our customers in Nigeria and Ghana. This collaboration underscores our dedication to enhancing the travel experience by offering secure and efficient payment options.

“Our customers can now enjoy the convenience of a global payment solution managed through the Kalabash54 app, providing ease and flexibility. The collaboration aims to enhance electronic payment adoption in the travel and tourism sectors.”

Ladi Ojuri, Chief Executive Officer of Kalabash54, said, “We believe this collaboration with Mastercard will set a new standard in the travel and payment industry. Our goal is to empower our customers with the most innovative and reliable financial tools, enhancing their travel experience and providing them with the confidence to explore the world seamlessly. This collaboration reflects our commitment to leveraging global partnerships to deliver unparalleled value and convenience to our customers.”

This collaboration aims to boost financial inclusivity by providing more secure, easy, and accessible payment solutions. With the travel industry Ghana and Nigeria on the rise, the demand for convenient payment methods is high. The Kalabash54 and Mastercard alliance is set to meet this demand, offering tools for seamless international travel.


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AfDB Appoints Dr Babatunde Samson Omotosho as Director of Statistics Department

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African Development Bank has appointed Dr Babatunde Samson Omotosho, an economist and statistician, as Director of the Statistics Department, effective June 16, 2024.

Dr Babatunde Samson Omotosho

Dr Omotosho, a Nigerian national, has more than 21 years experience in developing data strategies to align with the strategic objectives of organisations. He also brings expertise in data compilation, data analytics, macroeconomic research, and policy analysis.

Omotosho previously served as Director of Research and Statistics at the West African Monetary Agency (WAMA) in Sierra Leone, where he was seconded from the Central Bank of Nigeria. At WAMA, he provided advice on monetary and economic integration within the Economic Community of West African States (ECOWAS).

Prior to that he held various positions within the Statistics and Research Departments of the Central Bank of Nigeria.

As an Assistant Director in the Statistics Department, he led the data analytics team and managed the Central Bank’s strategic initiatives on big data and data analytics. He oversaw projects aimed at enhancing data analytics capabilities for policymaking, automating surveys and statistical systems, improving data sharing infrastructure and developing social media listening tools. His leadership fostered a culture of data analytics within the Central Bank, driving innovation and efficiency in operational and policy processes.

Dr Omotosho holds a PhD in Economics from the University of Glasgow, United Kingdom (2021); a master’s degree in Applied Statistics and Datamining from the University of St Andrews, United Kingdom (2011); a master’s degree in Economics from the University of Benin, Nigeria (2008); and a Bachelor’s degree in Economics from the University of Ilorin, Nigeria (2000).

He has contributed extensively to academic literature, with publications in reputable journals, including the Journal of Economic Dynamics & Control, Journal of International Money & Finance, Macroeconomic & Finance in Emerging Market Economies, and the Central Bank of Nigeria Journal of Applied Statistics. His research covers big data, econometrics, monetary and fiscal policy interactions, business cycle drivers, and the macroeconomic implications of resource shocks for small open, emerging economies.

Omotosho is a member of the Nigerian Statistical Association, the International Association for Official Statistics, and the Royal Statistical Society.

Commenting on his appointment, he said, “I am grateful to President Adesina for this appointment, and I am excited about the opportunity to contribute to the continued success and growth of the African Development Bank Group, an institution that plays such a pivotal role in the economic and social development of our beloved continent, Africa. I am fully committed to fulfilling the responsibilities of the position while collaborating effectively with the Bank’s senior leadership team, colleagues, and other strategic partners.”

Dr Akinwumi A. Adesina, President of the African Development Bank Group, commented: “I am pleased to appoint Dr Babatunde Samson Omotosho, a respected statistician, as Director of the Statistics Department. Dr Omotosho brings to this role an impressive track record in statistics, economics, and data analytics. He will support the Bank in building a robust data ecosystem to achieve our strategic objectives and sustain our long-term development goals.”


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