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

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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.

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Somalia gives foreign banks licence to operate in decades

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The Somali government has announced the licensing of foreign banks for the first time in over two decades six weeks after President Hassan Sheikh Mohamoud was sworn into office following an elections that took years to conduct following a lingering political crisis.

The announcement which was made on Monday by the governor of the Central Bank of Somalia (CBS) Abdirahman Mohamed Abdullahi, said the war-ravaged country has granted banking licenses to two foreign institutions to operate in the country after President Mohamoud had promised to open the country to international investment during his campaigns for the elections.

The first foreign banking institutions to benefit from the decision are Egyptian bank, Banque Misr, and Turkish bank, Ziraat Katilim, who have been allowed to operate in Somalia.

“The review of the applications of these two banks has been the subject of a lengthy process of several months.

“These are two strong banks that will add value to the development of Somalia’s financial sector and contribute to the growth of our economy,” the CBS governor said

Ranked one of the poorest countries in the world by the World Bank, the average Somalian lives on less than $1.90 a day as the country struggles to recover from decades civil war and and opening its doors to foreign investments is seen as President Mohamoud fulfilment of his pledge to improve the economic situation and provide basic banking services to the population.

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Egypt Suez Canal announces record $7bn profit in 2021-2022

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The management of the Egyptian Suez Canal has announced a record profit of $7 billion for the 2021-2022 fiscal year, which it said was as a result of repeatedly raising transit fees for ships through the crucial passage for world trade.

The Suez Canal Authority (SCA), said on Monday that between July 2021 and June 2022, about 1.32 billion tonnes of cargo transited through the canal, providing a $7 billion rent in transit fees, which is the highest in the history of the SCA, its Executive Chairman, Admiral Osama Rabie, said.

Rabie added that the Canal was able to increase its profit by 20.7% compared to the previous financial year where it made €5.5 billion.

The Suez Canal handles about 10% of the world’s maritime trade and is one of Cairo’s main sources of foreign currency and despite the war in Ukraine and the rise in the oil price which has affected shipping, the canal also recorded its highest monthly turnover in April, valued at €605 million according to Rabie.

“The international crises have demonstrated the importance of the Suez Canal for the stability of global supply chains,” Rabie said.

He added that the Canal has contributed significantly to the growth of the North African country’s economy which has been caught between inflation of over 15% and a recent devaluation of the pound by nearly 20%, which had increased transit fees for oil and gas shipments by 6% in February and then by 5 to 10% in March.

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