News
Odu’a Investment Receives “A” Rating from Agusto & Co
Agusto & Co. has assigned Odu’a Investment Company Limited (OICL), an “A” rating with a stable outlook. The rating acknowledged OICL’s strong financial standing as a standalone entity.
Agusto & Co’s rating report took into consideration various factors, including OICL’s diversified portfolio of investments across key sectors of the Nigerian economy, the expertise and experience of its board and management team, as well as recent efforts to revitalise and reposition the company.
Over the past three years, OICL has implemented a range of strategic initiatives aimed at optimising its assets, improving governance structures, and driving growth in investments and profitability. The company has successfully adapted its business models to align with market trends, making it well-positioned for accelerated growth.
One significant move made by OICL was the transfer of its investment properties to Wemabod Limited, which transformed it into a comprehensive property management, development, and facility management subsidiary. He stressed that OICL has also finalised an agreement with a joint venture partner to upgrade the Premier Hotel in Ibadan, turning it into a luxurious five-star hotel.
As gathered, the Agusto & Co’s rating highlighted OICL’s strong operating cash flows, supported by its diverse income streams and portfolio of subsidiaries and associates. The company’s lean operating structure and low leverage, thanks to strong equity funding, also contribute to its favorable rating.
Otunba Bimbo Ashiru, Group Chairman of Odua Investments, expressed his satisfaction with the rating, stating that OICL is committed to becoming a world-class conglomerate for the benefit of its owner states and other stakeholders.
Mr. Adewale Raji, the Group Managing Director, also credited the consistent hard work of the board, management, and staff for the accomplishment, emphasising the team’s excitement about the rating.
The “A” rating will play a crucial role in supporting OICL’s growth strategy, which will be funded through equity investments, debt financing, and joint venture partnerships.
At the core of this strategy is leveraging OICL’s substantial property portfolio to develop new residential, commercial, and hotel assets. One notable project in the pipeline is the transformation of the Lagos Airport Hotel in Ikeja into a modern facility. Additionally, OICL aims to venture into high-growth sectors such as Oil and Gas, Power, ICT/Digital, Agriculture, Transportation and Logistics, and Healthcare.
With the impressive “A” rating from Agusto & Co, OICL is poised to attract more investors and partners, fueling its ambition to become a leading player in Nigeria’s corporate landscape.
News
Prof. Aliyu, AI Practitioner to Keynote ABoICT 2024
CommunicationsWeek Media Limited, a certified global ICT company with over two million online subscribers, is delighted and proud to announce Prof. Yakub Aliyu, as the keynote speaker at Africa’s Beacon of ICT Merit and Leadership Distinguished Lecture series 2024.
Aliyu, will be speaking on the theme: Artificial Intelligence (AI): The Good, The Complex and The Anticipated”, this leans heavily on the fact that AI changing our lives– we just need to know where to look today.
This year’s rebranded Africa’s Beacon of ICT Merit and Leadership Distinguished Lecture/Awards Series is slated for Saturday, May 25, 2024 at the Four Points by Sheraton, Lagos.
The event is the most prestigious annual event that brings together captains of industry in both technology and financial worlds.
According to Ken Nwogbo, CEO, Communication Week Media Ltd, organisers of the ABoICT Distinguished Lecture/Awards Series, “the choice of Prof. Yakub Aliyu is deliberate because of his exceptional career in Artificial Intelligence (AI)”.
He added that, AI is considered to have the potential to instigate a fourth industrial revolution,1 and is dramatically changing people’s patterns of interaction and economic activities.
“The traditional factors of production and physical capital and labour may no longer promote substantial economic growth. It is generally believed that AI will be one of the most important factors determining future economic growth,” he said.
A professor of microelectronics and a scholar-practitioner in artificial intelligence and deep machine learning for industrial applications and high-speed application processors. His research interests include Multimodal AI models for high-efficiency industrial robot applications and Human AI interactions.
He also has adjunct academic professorships at five African, USA, and UK universities. Holds a BS in Applied Physics Electronics from Karlsruhe and A Bello Universities in Germany and Nigeria, an MBA in International Business Management from the University of London, an MSEE (Master of Engineering, Electronics), and a Ph.D. in Electronics Engineering from the University of Wales.
Prof. Aliyu is the global quality director for Bourns Inc., Riverside, California, USA, an electronics system, and components manufacturer. I oversee quality functions in 21 factories worldwide.
He has also held quality and operational management leadership positions at National Semiconductors, Bell Labs-Lucent Technology, Texas Instrument, Global Foundries, and Roper Technologies USA.
Authored and coauthored over 30 Advanced Technology United States-issued patents in High-Speed Application Processors and Contributed to over 40 international impact Journals, chapters, and conferences; FASI, SMIEEE USA, MIEE UK, M. Inst pf Physics Chartered Phys and C Eng UK.
Past lecturers included Dr. Ernest Ndukwe, then executive vice chairman, Nigeria Communications Commission (NCC); Engr. Yomi Bolarinwa, former Director-General of National Broadcasting Commission (NBC); Dr. Jean Luc Fort, CEO at OR System France and a specialist in Counterparty Risk; and Professor Chris Nwagboso, Chairman, Knowledge Factory International, United Kingdom.
Others are: Uche Orji, managing director/chief executive officer, Nigeria Sovereign Investment Authority (NSIA); Biodu Omoniyi, Managing Director/CEO, VDT Communications; Ayotunde Coker, Managing Director, Rack Centre Limited; Peter Adedayo Arogundade, managing director and chief executive officer, Sidmach Technologies Nigeria Limited; Dr. Adewale Obadare, chief visionary officer, Digital Encode and John Obaro, CEO and founder of Systemspecs; Prof. Isa Pantanmi, minister of Communications and Digital Economy; Dr. Seyi Akindeind, co-founder, Digital Encode; Dr Krishnan Ranganath, Regional Director, Africa Data Centres.
News
Legit.ng, Shade of Life Foundation Partner to Advance Autism Awareness in Nigeria
Legit.ng recently joined forces with the Shade of Life Foundation to become a voice of autism, and drive advocacy for improved media support during Autism Awareness Month.
Conversations around media support exploration was led by Joseph Omotayo, head of Department for Human Interest Stories at Legit.ng, and Dr. Eziafakaku Nwokolo, founder and CEO of the Shade of Life Foundation,
This partnership is a response to the concerns raised by organizations like the Shade of Life Foundation about the level of support received from the media in discussing autism as a disability.
While other disabilities may receive attention, autism, with its critical developmental implications often lacks adequate representation in mainstream media.
Recognizing the importance of addressing these concerns, Legit.ng took proactive steps by integrating itself into the essence of autism awareness.
It facilitated a one-hour workshop with Dr. Nwokolo, the founder of the foundation, to deepen our understanding of autism, its various spectrums, and the language boundaries associated with it.
Other steps we took in advocating autism awareness in the media, can be seen in our attached press release.
Legit.ng believes that by amplifying the voices of autism and advocating for better media representation, we can contribute to creating a more inclusive and accepting society for all.
News
As Nigeria Struggle, Tanzania Turns off Power Plants Due to Excess Supply
While 85 per cent of Nigeria is in darkness, Tanzania, an African country has shut down five hydroelectric stations in a bid to reduce excess electricity in the national grid.
Kassim Majaliwa, prime minister, Tanzania, has said the main plant, Mwalimu Nyerere Hydroelectric Station, alone generated enough electricity to power major cities, including Dar es Salaam, the country’s commercial hub.
It is the first time Tanzania, which suffers chronic power shortages, has closed hydroelectric stations due to excess production.
“We have turned off all these stations because the demand is low and the electricity production is too much, we have no allocation now,” an official from state-run power company, Tanesco, said.
The 2,115MW Julius Nyerere Hydropower Dam is said to be almost filled with water following heavy rains that started early this year.
Meanwhile, while the country has an installed capacity of 1,938MW and the grid installed capacity of 1,899MW, Nigeria which has an installed capacity of 13,000MW is struggling to electrify 85 per cent of its electricity consumers.
- News3 days ago
Legit.ng, Shade of Life Foundation Partner to Advance Autism Awareness in Nigeria
- Telecom3 days ago
Airtel Nigeria Leads Telecom Market Surge
- News3 days ago
President Tinubu Appoints Jim Ovia as Student Loan Fund Chairman
- News3 days ago
As Nigeria Struggle, Tanzania Turns off Power Plants Due to Excess Supply
- E-Financial3 days ago
CIBN says Recapitalization will Empower Banks to Lend more to Economy
- E-Business3 days ago
FG to Fnalise National Intellectual Property Policy Soon– NCC Boss
- E-Business3 days ago
NITDA, ICF Train 100 Schoolgirls in ICT Skills
- Telecom3 days ago
#BuildWithAI Hackathon: Google Developer Groups Lagos Partners SeerBit, GoMyCode