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Oracle is simplifying IT – Pegrume

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Tom Pegrume ,vice president, Oracle Hardware Sales, Middle East and Africa was in Nigeria on a working visit and he spoke next generation data index; R&D and host other issues.
He also spoke of excited some innovations in Nigeria and other countries in Middle East and Africa in this interview with peter ugwu
 
Next Generation Data Index, What Are The Expectations?
Anyone who had opportunity of going through our recent report which established that many businesses are lagging behind in their use of innovative technology in data centres, will understand that it makes them less efficient, especially in meeting industry demands and responding to change quickly.
Many were also found to be lagging behind in terms of managing spiraling energy costs. We discovered two key things.
Firstly, from the time we released the previous report to the present time where we clamoured for improvement in data management; now there is a general intent, and there has been a big swing to the use of cloud-based data services to manage data offsite.
What we have seen happening more recently are companies buying into the essence of using cloud for saving their data.
Just as the report also showed, there has been improvement in the general performance of many organisations, as measured in three key areas: achieving data centre flexibility, sustainability and supportability.
We are seeing increasing alignment between IT and business with many companies taking advantage of the radically improved price performance on new technology to develop innovative products and services that were not possible two or three years ago.
There is a visible stepping up in consolidation, virtualisation and systems management. Now, the focus should be to implement necessary strategies and innovations meant for business to operate optimally.

Are Companies Buying Into The R&D Results?
We have organisations across the regions that are really eager to embrace research results before embarking on new projects.
They are following the roadmap that will lead to transformation; that is, appreciating the need to take advantage of the technology and tools available to solve issues to do with data management in an organisation.
 Oracle’s strategy is to reduce complexity and assist organisations to manage their IT costs.
 When we do that, they can channel the savings into innovations and transformation; that will further help them get services delivered to their customers and be responsive as situations may call.
Oracle’s investment in R&D enables us to engineer hardware and software to work together in the cloud and in the data centre – from servers and storage, to database and middleware, through applications.
This R&D results in Oracle systems providing better performance, reliability, security, and flexibility, lowering the cost and complexity of IT implementation and management, and delivering greater productivity, agility, and better business intelligence to our customers.

Success Stories
We have success stories to share, mainly around cost savings. We have customers in this region that are already seeing the benefits of Oracle’s Engineered Systems in their businesses, and many more that are currently evaluating these technologies.
Personally, I am excited seeing some innovations in Nigeria and other countries in Middle East and Africa.

Target Business Segment
We have expertise and experience across a large number of industries, and we will continue to invest and expand in these industries.
 However, we are not targeting just a segment of the business circuit. Small and medium businesses are very important, because they need innovation and solutions for growth, at the same time; we are not limiting ourselves to that area.
Every business needs ICT, especially in the areas of data security and optimization. In essence, whilst we are deploying solutions in the sectors like health, education, government, transport/utilities, Oracle solutions address complex business issues that are relevant across many industries and size of organisation.
 
Oracle In The IT Environment
Innovation and complexity are two critical topics on executives’ minds. Innovation is what gives them a competitive edge; increased complexity is their greatest challenge.
Complexity keeps organizations tied to systems that aren’t as effective as they need to be and it stifles the ability of IT groups to support new ideas and gain a fresh perspective.
Oracle is simplifying IT by engineering hardware and software to work together—from servers and storage to database and middleware to applications.
The idea behind Oracle’s integrated technology stack is that the whole is greater than the sum of the parts.
 There are best-of-breed products throughout the stack, and every product and every layer of the technology stack is designed and engineered to work together. Integrated solutions engineered for specific industries make delivering IT simpler.
And when IT is simple, you can focus on business innovation. With more than 390,000 customers—including 100 of the Fortune 100—and with deployments across a wide variety of industries in more than 145 countries around the globe, Oracle offers an optimized and fully integrated stack of business hardware and software systems.
 
Adaptability of Oracle Software to the Nigerian Business Background  
Historically, Oracle has been strong in Nigeria. We have a huge Nigeria software customer base, using Oracle applications like eBusiness suite, our Flexcube banking products and others. We have been talking to customers, which formed my earlier comment that there has been progression and a shift from the old path.
 This change started; particularly in the last ten years through the revival of the telecommunications sector which enable people to communicate more whilst doing business. It has really pushed a number of organisations to be more competitive and since then Nigeria has been witnessing change.
 
Plugging $2M Network Downtime
There is a need for people to appreciate that downtime is something that can happen to any company that relies on IT. It is just for the companies to realise what the fault is and try to install advanced technologies to contain such.
 Meanwhile, there will always be technologies that will help plug areas like disaster recovery; we will always have that to make it easier for them.
For example, if you buy Oracle storage today, you get a server and platform that offers you a huge space to save data. A lot of pressures that surround disaster recovery revolve around the storage capacity.
 
Impression on Nigeria’s IT Market
We have really started to see innovation in Nigeria. Organisations in the country are very dynamic and forward looking.
Nevertheless, prior to them trying to align themselves with the business strategies we saw the hunger. And the trend has been such that when a particular company goes that way, others would want to follow… they now think outside the box trying to adopt and adapt to the input technology has to offer.
And it also speaks volumes about the leadership, because the leadership seemed to have asked the question like how do we abolish the old inclinations.
 I think that is why companies are thinking ahead, appreciating the efficacies of research and development.
They are getting out of their complacencies, moving ahead with the new ways of doing things. My advice is that they should not derail, there are going to be cross-competition and pressure on them, but they can compete. 


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Banks Close 2m Accounts over BVN, NIN, Others

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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

 

 


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

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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.


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234Finance Moves to Boost Economic Progress in South East

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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.


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