Connect with us

Tech

Nigeria’s NGX Group enters into strategic investment partnership with Ethiopian Securities Exchange

Published

on

Leading Nigerian integrated market infrastructure group in Africa, the Nigerian Exchange Group (NGX), has announced strategic investment in the Ethiopian Securities Exchange (ESX).

Chairman of the NGX Group,
Alhaji Umaru Kwairanga, who made the announcement in a statement, said the pivotal move would not only mark the group’s entry into the East African market but also “underscores its commitment to driving growth and innovation in the African capital markets, while strategically positioning itself as the largest foreign institutional investor in the ESX.”

He noted that the “investment in the ESX reflects NGX Group’s confidence in the potential of Ethiopia’s rapidly growing economy and capital market.”

“By partnering with ESX, NGX Group aims to support the development of a vibrant and resilient financial ecosystem in Ethiopia, fostering increased investor participation and capital formation.

“Through this investment, NGX Group aims to contribute to robust regulatory frameworks and foster best practices within the ESX ecosystem.

”We extend our congratulations to the ESX on its successful capital raise and commend the Government of Ethiopia and the private sector for their support in bringing this pioneering initiative in the country to fruition.

“Our partnership with ESX is a resounding affirmation of our unwavering dedication to promoting economic development, transparency, and exemplary corporate governance standards that foster an environment conducive to inclusive growth, even as we aim to maximize value for our esteemed shareholders.

“The Group remains dedicated to providing ongoing technical assistance and capability enhancements to support the successful operations and growth of the ESX,” the NGX Chairman said.

Also speaking on the partnership, Temi Popoola, Group Managing Director/CEO of NGX Group, said:

“We are excited to announce our investment in the Ethiopian Stock Exchange, which represents a significant milestone in our expansion strategy. Ethiopia is one of Africa’s fastest-growing economies, with immense potential for investment and growth.

“We believe that by partnering with the Ethiopian Stock Exchange, we can leverage our expertise and experience to contribute to the development of a robust and dynamic capital market in Ethiopia.”

Tech

Meta faces $220 million fine from Nigeria for breaking consumer, data rules

Published

on

Nigeria’s competition watchdog has fined Meta Platforms $220 million after findings that data-sharing on social media platforms breached regional consumer, privacy, and data protection rules.

According to the Federal Competition and Consumer Protection Commission (FCCPC) of Nigeria, Meta exploited its market dominance by forcing users to agree to exploitative privacy policies, appropriated the data of Nigerian users on its platforms without their consent, and treated Nigerians differently and discriminatorily than people in other jurisdictions with comparable laws.

Meta refrained from commenting right away, but the FCCPC stated in a statement that the business had given some papers and had hired attorneys who had interacted with the agency.

The investigations, which lasted more than 38 months, were conducted in tandem with Nigeria’s Data Protection Commission, according to FCCPC head Adamu Abdullahi. He also claimed that the investigations revealed that Meta policies do not give users the choice or chance to decide for themselves whether or not to provide consent for the collection, use, and sharing of personal data.

“The totality of the investigation has concluded that Meta over the protracted period has engaged in conduct that constituted multiple and repeated, as well as continuing infringements… particularly, but not limited to abusive, and invasive practices against data subjects in Nigeria,” Abdullahi said.

“Being satisfied with the significant evidence on the record, and that Meta has been provided every opportunity to articulate any position, representations, refutations, explanations or defences of their conduct, the Commission has now entered a final order and issued a penalty against Meta,” Abdullahi said.

 

According to Abdullahi, the final ruling specifies the procedures that Meta must follow in order to abide with local legislation.

Turkey’s Competition Board penalized Meta 1.2 billion lira in May after looking into data-sharing on the company’s WhatsApp, Facebook, Instagram, and Threads services.

Meta has encountered opposition in Europe and other regions due to purported violations of data privacy regulations. Europe has expressed disapproval of Meta’s proposal to develop its artificial intelligence algorithms using personal data without obtaining authorization.

In the meantime, intentions to look into whether digital platforms, like Meta, unfairly compete with news publishers by leveraging their content to earn ad revenue have been announced by South Africa’s competition authority.

Continue Reading

Tech

SA’s e-health startup RecoMed partners Discovery Vitality to simplify flu vaccinations

Published

on

South African e-health startup, RecoMed, has struck a partnership with Discovery Vitality to simplify bookings for flu vaccines and Vitality Health Checks.

RecoMed is a technology-driven online healthcare marketplace and booking platform that seamlessly connects practitioners, patients, and other stakeholders in the healthcare ecosystem.

According to its profile, patients can easily book appointments with a diverse selection of healthcare practitioners in their area quickly and privately from a phone, tablet, or PC, 24/7.

Vitality, on the other hand, is the largest global platform for behaviour change, underpinning the insurance products of leading insurers worldwide, impacting 30 million lives in over 40 markets.

Sheraan Amod, CEO at RecoMed who issued a statement on the partnership, said the collaboration between Discovery Vitality and RecoMed has reimagined bookings and efficiencies for independent members and corporates.

“This collaboration showcases Discovery Vitality’s commitment to supporting and empowering their members,” Amod said.

“Members can easily manage their family’s health within a simple system that allows them to stay ahead of their Vitality Health Checks, and the benefits this delivers, as well as to protect themselves ahead of flu season.

“As South Africa has entered the flu season, it’s important that we make it as easy as possible for our members to find an approved Discovery Vitality partner at a convenient location for their flu vaccine and Vitality Health Check.

“Moving the booking journey onto this accessible, digital platform has allowed our members to simply click and book vaccines and Vitality Health Checks without waiting in a queue or spending time navigating long lists.

“The collaboration has allowed for Discovery Vitality to radically modernise and speed up access to healthcare providers for these essential services while transforming member experiences,” he added.

Continue Reading

EDITOR’S PICK

VenturesNow3 hours ago

As inflation slows down, Angolan central bank maintains stable interest rate

The central bank of Angola maintained its main interest rate at 19.5% on Friday, noting a possible short-term improvement in...

Metro5 hours ago

Over 10 million people displaced by Sudan war— IOM

The International Organization for Migration (IOM) reported that as the world’s worst displacement crisis worsens in Sudan, almost 10 million,...

Tech5 hours ago

Meta faces $220 million fine from Nigeria for breaking consumer, data rules

Nigeria’s competition watchdog has fined Meta Platforms $220 million after findings that data-sharing on social media platforms breached regional consumer,...

VenturesNow6 hours ago

Bean disease affects 81% of major cocoa region in Ghana

The International Cocoa Organisation (ICCO) reports that 81% of a significant cocoa-producing region in Ghana, the second-largest cocoa grower in...

Musings From Abroad6 hours ago

Niger, Turkey expand energy, defence cooperation

Following Niger’s request for the departure of Western military forces and the cancellation of many Western countries’ mining contracts, Turkey...

Metro7 hours ago

Nigerian govt to spend N3tn on new minimum wage, pensions, gratuities— Minister

Nigeria’s Minister of Budget and Economic Planning, Atiku Bagudu, on Friday, disclosed that the Federal Government would spend N3 trillion...

Sports20 hours ago

Sex scandal rocks Cameroon Volleyball Federation as officials accused of assaulting underage players

Sex scandal rocks Cameroon Volleyball Federation as officials accused of assaulting underage player A raging sex scandal is currently rocking...

Culture21 hours ago

Jesus never raised the dead nor healed the sick, Ghanaian actor Majid says

Jesus never raised the dead nor healed the sick, Ghanaian actor Majid say Veteran Ghanaian actor, Majid Michel, has raised...

Metro21 hours ago

Commotion in Zambian parliament as opposition MPs stage walkout

There was serious commotion in the Zambian parliament on Thursday which led to members of the Patriotic Front (PF) and...

Metro1 day ago

Nigerian labour unions settle for N70k minimum wage, give reasons

After a lingering row over a national minimum wage between the Nigerian government and organized labour, the unions have decided...

Trending