VenturesNow

Mobility giant, GIGM, strengthens industry position with new leadership team to run its W’African operations

Published

3 years ago

May 16, 2022

GIG Mobility (GIGM), a tech-enabled mobility company, under the management and leadership of Greatman Legend (formally GIG Group) has announced the appointment of Enahoro Okhae as Chief Executive Officer for GIGM.

Enahoro will drive the company’s strategic objectives while focusing on creating an agile and innovative culture that promotes proactive responses to emerging trends, changing market conditions and the dynamic needs of consumers in the digital age.

He brings over 16 years of senior leadership experience working with leading brands.

In his new role, Enahoro will further position the company for the next phase of growth while building an aligned team with a disruptive productive mindset across the diverse cadets within GIGM.

“I believe that GIGM is ready to move from its founders, and engaging on actionable steps to strengthen our goal to provide innovative and disruptive products as well as build an empowered and efficient workforce is something we are committed to at GIGM,” he said.

“Enahoro brings unquantifiable experience to this role and will drive value for all stakeholders through his leadership and initiatives. I am delighted that we were able to get him to embrace the long-term vision of GIGM as he takes on this new role”, said Chidi Ajaere, CEO, Greatman Legend.

Following the appointment of a new CEO and an expanded senior leadership team, the mobility-based company is focused on building tech-focussed solutions that promote shared ownership of GIGM with customers as well as simplify daily transactions. A recent innovation is the deployment of a self check in system powered by technology.

Commenting on his new role, Enahoro said, “technology has been pivotal in positioning GIGM as an industry leader, and technology will be the premise on which the company will continue to lead the industry.

“The digital age is primarily characterized by customer-first features with crucial attention paid to customized services. This new dispensation will focus on implementing future-proof business strategies while integrating more lifestyle features into the GIGM application enabling users to “do things freely while moving freely.”

The new CEO also seized the opportunity to share his vision with the public as he takes over the leadership.

According to him, “Mobility is beyond movement; it is about the ability to move easily and unhindered irrespective of the channel; land, rail, water, air or virtual/augmented reality.

“While moving freely, people should also be able move things freely. This is the new renaissance of GIGM and the bedrock upon which we will embed more lifestyle features in the existing customer app.”

Enahoro also hinted that he would address the generic challenge of maintaining high service delivery standards, which could deter growing businesses if not handled foundationally.

“GIGM is executing plans to increase the company’s value, offerings and reach, and as a team, we look forward to this new chapter of the GIGM story. I am excited to continue working on meaningful products that create value for users while also strengthening my capacity,” he concluded.

VenturesNow

Food prices drive second straight monthly hike in Nigeria’s inflation

Published

8 hours ago

November 17, 2024

Ifeoluwa Dada

According to official statistics released on Friday, Nigeria’s inflation rate increased for the second consecutive month in October, rising to 33.88% in annual terms from 32.70% in September, mostly as a result of increasing food costs.

In an attempt to boost economic development and strengthen public finances, President Bola Tinubu devalued the naira and reduced subsidies, which caused inflation to spike in the second half of last year.

As the effects of the naira devaluation started to lessen in July of this year, a slew of hikes in the price of petroleum and devastating floods that destroyed crops once again exacerbated pricing pressures, making the greatest cost-of-living crisis in decades worse in Africa’s most populous country.

According to the National Bureau of Statistics, price increases for basics such as rice, maize, bread, potatoes, and cooking oil prompted food inflation to surge from 37.77% in October to 39.16% year over year.

This year, more than 1.5 million hectares of agriculture have been damaged by torrential rain and floods in 29 of Nigeria’s 36 states, leaving millions hungry and displacing large numbers of people.

In an effort to curb inflation, the central bank has raised interest rates five times this year. On November 26, it is expected to make its final rate decision of the year.

VenturesNow

MTN financial report reveals drop in group service revenue

Published

8 hours ago

November 17, 2024

Ifeoluwa Dada

Due to operational difficulties in Sudan and the depreciation of the Nigerian naira, MTN Group, Africa’s largest telecom provider, announced on Thursday an 18.5% decline in service revenue for the third quarter that concluded on September 30.

With 288 million users in 17 African regions, MTN said that its group service revenue dropped from 156.3 billion rand ($6.99 billion) in the same quarter of the previous year to 127.4 billion rand.

Despite stating that “the naira was less volatile on a sequential basis in Q3 than in preceding quarters,” the business reported a 48.7% decline in MTN Nigeria’s income due to the currency’s depreciation.

Due to a stronger Ugandan shilling than the previous year, Uganda’s largest contributor, MTN South Africa (MTN SA), expanded by a meagre 3.3%.

Due to “subscriber registration regulations in Nigeria and a decline in users in Sudan, where the conflict has displaced millions of people,” the business reported that its subscriber base increased by 1.6% to 288 million.

Given the higher demand in Nigeria despite the legal obstacles, MTN plans to increase its capital expenditures, which it expects would total between 28 and 33 billion rand for the entire year.