Connect with us

Saturday 25th March, 2023

Business

OMS Controversy: Insiders Fault Police Report Clearing Okunbo

Published

on

Dr Tunde Ayeni

The Inspector-General of Police (IGP) Monitoring Unit report clearing the Chairman of Ocean Marine Security Ltd, Captain Idahosa Well Okunbo of the allegations of stealing and criminal diversion of company funds made by Dr Tunde Ayeni, has been faulted by knowledgeable insiders who insist that the police did a shoddy job.

Sources familiar with the case disclosed that the petitioner, Dr Tunde Ayeni, shortly after submitting the petition to the police, actually withdrew same having got hold of some information about further huge cash withdrawal from OMS to the tune of $1 million and the possibility of the investigation being compromised.

But in a bizarre turn of event, according to insiders, the police sent a team of its officers and men to arrest the petitioner and was subsequently practically compelled to adopt the petition.

Sources close to the police last evening expressed dismay at an investigation in which the directors of the company were never invited for interrogation let alone have them to write statements on the grave allegations made by the petitioner.

“It is common knowledge that the Chairman, Okunbo, who is the subject of the petition, is in far away London. So when did the police interrogate him? When did he write a statement to the police? Did the police visit OMS or invite the Fincance and Accounts Department of the company before arriving at its findings?

“Given all these holes, it is difficult to dismiss the allegation that investigators may have been compromised in the course of its investigation,” the source further revealed.

ALSO READ  Vulnerable Households In Yobe State To Benefit From Mercy Corps, MoMo Agent Partnership

Another source raised even more disturbing issue saying, “We are talking of alleged serious financial infractions here. Now the questions that you should ask are: did the police freeze the accounts of the company while investigating these allegations? The answer is No.

“Did the police do a forensic combing of the books of the company in order to verify the authenticity or otherwise of the claims by the petitioner, the answer is No. Were the OMS bankers called in by the police to authenticate the financial transactions of the company? Of course, not. With all these yawning holes, how credible can the police report be?

While Dr Tunde Ayeni has chosen to remain silent on this development for now, sources close to him disclosed that the police never reached out to him to request for any documents to back up his allegations while the investigations lasted. How do you investigate such serious allegations without as much as demanding proofs from the petitioner, the insider wondered.

The contention in many quarters is that there seems to be an indecent haste to give Okunbo a clean bill of health, in a move insiders say was aimed at clearing the way for OMS to ensure the renewal of its contract with Shell Petroleum Development Company and the Nigerian National Petroleum Corporate, NNPC.

Sources disclosed that Shell decided not to renew the OMS contract following the company’s (OMS) failure to pass Shell’s integrity test owing largely to the poor state of its vessels. OMS, according to insiders, can only execute the contract with hired vessels.

ALSO READ  Konga Partners Edo State Govt To Empower SMEs, Create Jobs

The ownership crisis in OMS, it was learnt, was also a critical factor that informed Shell’s decision not to renew the contract.

A source said OMS is desperately lobbying some fat cats at NNPC to force the hands of Shell to rescind its decision on the contract.

Insiders insist that part of the plot to make Shell change its position on the contract is to secure the clean bill of health from the police since the petition is a major obstacle to the contract renewal.

Mr Femi Falana, SAN, Tunde Ayeni’s lawyer was emphatic in his submission that the police has not even commenced its investigation into the petition and therefore cannot be talking of a ‘report’ on it as at now.

He said: “Contrary to media reports, the Monitoring Unit of the Inspector-General of Police has not commenced investigation into the allegations contained in the petition of Tunde Ayeni against his business partner, Capt. Okunbo.

“Apart from inviting Tunde Ayeni to adopt his petition, the Monitoring Unit of the Inspector-General of Police has not taken any other step in the matter. Specifically, Capt. Okunbo has not been invited to react to the said petition. To that extent, the petition has not been challenged in any material particular.”

Said another source last night: “Thank goodness, the petition was not submitted to only the police. The EFCC and other government agencies are  also in receipt of the petition. Armed with the petition and this police report, the EFCC and the Attorney – General’s office certainly have more work to do. Certainly the last has not  been heard of the matter.

ALSO READ  Andela Learning Community Exceeds 100, 000 Learners

Share Post
Continue Reading

DIGITAL CURRENCY

Hyperspace Technologies Unveils Keymaster VAULT

Keymaster VAULT is a Low-Cost, Near Field Communication (NFC) technology-Based Hardware Wallet for the African Market

Share Post

Published

on

Chidera Anyanebechi, General Manager, Hyperspace Technologies

Hyperspace Technologies, a Lagos-based Web3 startup specializing in next-level smart security infrastructure and key management systems, Monday announced the launch of its groundbreaking product, the Keymaster VAULT.

Designed to cater to the African market, Keymaster VAULT is a secure, NFC-based hardware wallet that stores private keys offline, offering an affordable and user-friendly alternative to expensive and complicated traditional hardware wallets.

Leveraging the simplicity of Near Field Communication (NFC) technology, the Keymaster VAULT allows users to securely access their digital assets by merely tapping their NFC-enabled devices.

Digital Times Nigeria understands that this eliminates complex installation processes, making the wallet an ideal choice for both cryptocurrency novices and experienced users.

With offline storage of private keys, the wallet significantly reduces the risk of hacks and malware attacks associated with online storage.

Chidera Anyanebechi, General Manager of Hyperspace Technologies said, “We wanted to create a wallet that combines the highest level of security with ease of use, making cryptocurrency storage accessible to a broader audience in Africa.”

“The Keymaster VAULT not only provides an affordable solution but also offers enterprise clients the ability to leverage blockchain-based identity and access management, which we believe will be a game-changer in the industry,” Anyanebechi explained.

The Keymaster VAULT’s advanced encryption technology ensures the utmost security for users’ digital assets.

Its compact design and portability make it a convenient choice for individuals and businesses looking to store their digital assets securely without breaking the bank or dealing with complicated setups.

“The African market has long been underserved when it comes to secure and affordable hardware wallet solutions,” added Anyanebechi.

ALSO READ  Konga Partners Edo State Govt To Empower SMEs, Create Jobs

“We are excited to bring the Keymaster VAULT to our customers and empower them with a hardware wallet that not only protects their digital assets but also opens doors for innovative applications in blockchain-based identity and access management.”

The Keymaster VAULT is now available for purchase here, giving cryptocurrency enthusiasts and enterprise clients across Africa a secure, affordable, and user-friendly hardware wallet solution.

Share Post
Continue Reading

Business

IWD: TD Africa Commits N10m Seed Fund For Female Entrepreneurs

Published

on

As part of initiatives to mark the 2023 edition of the globally celebrated International Women’s Day (IWD) event, TD Africa, Sub-Saharan Africa’s leading distributor of tech and lifestyle products has rolled out plans to empower women in business with seed funding up to the tune of N10m.

The landmark initiative is being executed through the aptly named “The HERwakening”, a Corporate Social Responsibility (CSR) vehicle pioneered by TD Africa aimed at supporting and empowering female entrepreneurs.

The seed fund is open to female business owners who are retailers of mobile devices and Fast-Moving Consumer Goods (FMCG) or prospective female entrepreneurs looking to start up a business in these identified areas.

Applications, which have commenced for the seed funding, will run from Wednesday, March 8, 2023 (International Women’s Day) through to Saturday, March 18, 2023.

Interested beneficiaries are urged to visit https://tdafrica.com/herwakening-2023/ to register their interest.

“TD Africa is committed to the transformation of lives in Nigeria. In line with the focus of this year’s celebration of International Women’s Day, we understand, as a business, that equal opportunities aren’t enough.

“Therefore, we are going a step further to ensure true inclusion and belonging through equitable action by granting seed funds to female entrepreneurs,’’ disclosed Coordinating Managing Director, Mrs. Chioma Chimere.

“Technology remains a male-dominated sector. However, we are hopeful that this seed funding will go a long way in promoting equity and giving more women a chance to excel in the industry. We are passionate to see dreams come true through this initiative.

“The HERwakening aims to alleviate the hardship and challenges encountered by women-owned businesses. It is also a testament to our pledge to impact and empower female-led businesses and entrepreneurs across Africa with the required resources and technical support to ensure the viability of their ventures.”

ALSO READ  Amazon Will Discover E-Commerce In Africa Not A Tea Party

Furthermore, she revealed that, in addition to the seed funds, TD Africa will continue to provide mentorship and training to effectively equip female entrepreneurs with the right tools to achieve business growth, profitability and sustained success.

As earlier mentioned, the seed funding is targeted at prospective and existing retailers/resellers of mobile devices and FMCG products.

After registering, business owners will proceed through two screening rounds where they will pitch their ideas. Successful participants will receive the sum of N2m each, plus free business mentorship and consultation.

TD Africa’s intervention is driven by global trends which indicate that more women are actively starting up and leading businesses, even as the company points to a visible increase in female participation in the male-dominated IT ecosystem.

Nevertheless, TD Africa is convinced that immense untapped opportunities still abound.

Share Post
Continue Reading

Business

Report: African Smartphone Market Declines

Published

on

Smartphones....... Photo Credit: BBC

Latest insights from the International Data Corporation (IDC), have shown that Africa’s smartphone market declined for the sixth consecutive quarter in Q4 2022, with shipments down 17.8% year on year (YoY) to 17.6 million units.

IDC’s Worldwide Quarterly Mobile Phone Tracker shows that Africa’s feature phone market also declined in Q4 2022, with shipments down 16.2% to total 22.7 million units.

“The mobile phone industry is now challenged by constrained demand even though the supply constraints that had previously been weighing on the market have started to ease off,” says Arnold Ponela, a senior research analyst at IDC.

“Inflation and economic uncertainty have seriously dampened consumer spending, causing vendors to cut back drastically on shipments as their largest markets continue to struggle. The situation is not unique to Africa, with smartphone shipments declining across all major global markets in 2022.”

The biggest decline was seen in Egypt, where smartphone shipments were down 56.2% YoY in Q4 2022, with the introduction of new import regulations leading to device shortages and higher prices.

This situation has been further exacerbated by the Egyptian pound’s devaluation against the US dollar, the challenging economic environment, and the fact that the government has approved very few letters of credit (LCs), which are required for import payments on non-essential goods such as mobile phones.

Nigeria’s smartphone market declined 32.1% YoY in Q4 2022 due to sustained high inflation and a shortage of US dollars in the country.

South Africa was the least affected market in the region, declining just 1.8% YoY, thanks to an increased focus on the country from Chinese vendors, an improved performance from local brands, and promotional activities that took place during the festive season.

ALSO READ  Vulnerable Households In Yobe State To Benefit From Mercy Corps, MoMo Agent Partnership

Rising inflation and growing macroeconomic issues continue to restrict consumer spending, causing vendors to be increasingly cautious with their shipments.

Transsion brands (Tecno, Itel, and Infinix) led the region’s overall smartphone market in Q4 2022 with a 43.4%-unit share, spurred by its strong portfolio of entry-level devices. Samsung took second place with a 28.7% share thanks to the strong performance of its A04 model. Xiaomi ranked third with a 7.0% share.

Transsion brands (Tecno and Itel) also dominated the feature phone landscape, garnering a combined unit share of 78.8%. Nokia ranked third in this space with a 5.9% share.

In terms of price bands, the share of smartphones priced below $100 remained flat (from 42% in Q3 2022 to 41.7% in Q4 2022), while the share of devices priced $100-$200 increased from 41.6% to 43.8% over the same period, spurred by the performance of Samsung’s A series. The midrange segment ($200<$400) contracted slightly, from a share of 11.6% to 10.5%.

IDC expects the market’s demand constraints to improve in the mid-term and for smartphone shipments to rebound in 2023 with YoY growth of 3%.

“This is modest growth for Africa but given the level of uncertainty in the global and regional economy, there is room for cautiousness in the region’s smartphone markets,” says Ramazan Yavuz, a research manager at IDC.

“Inflationary pressures are set to persist, and the repercussions of a global economic downturn are likely to impact consumer spending and vendor appetite.

“In the worst-case scenario, any possible recovery will be pushed back to the very end of 2023.”

ALSO READ  SAP Africa Names Tracy Bolton As COO

Share Post
Continue Reading
TechExtra3 days ago

Nigeria Recorded Over 1.4 million Cyber Attacks On 2023 Guber Elections Day- Pantami

TechExtra3 days ago

Effective Collaborations Will Enhance Stronger Africa IT Ecosystem- NITDA DG

TECH PRODUCT3 days ago

OPPO Launches Reno8 T Series In Nigeria

Blog3 days ago

As WAEC Prepares To Launch Its Revolutionary Platform, EduStat…

TechExtra3 days ago

Amazon To Lay Off 9,000 Additional Staff

Telecoms3 days ago

7 Months After Ministerial Objection, FG Removes 5% Excise Duty For Telecoms Sector

Blog5 days ago

Nigeria: A Nation In Need Of Accurate Education Statistics

DIGITAL CURRENCY5 days ago

Hyperspace Technologies Unveils Keymaster VAULT

TechExtra1 week ago

Inuwa Seeks Regional Collaboration Against Cyber Threats In Africa

TechExtra1 week ago

Free Digital Marketing Course: New Spots, MasterClass Available By Aleph CEO

Telecoms1 week ago

2023 WCRD Theme, A Call To Examine Environmental Impact Of Telecom- Adewolu

Telecoms1 week ago

Danbatta Outlines NCC’s Initiatives Aimed At Protecting The Nigerian Environment

Telecoms1 week ago

WCRD 2023: NCC Inaugurates TELCARE Desk At Abuja Airport

Telecoms1 week ago

WCRD 2023: NCC Proactive In Response To Fossil Fuel Power Challenges In Telecoms Industry

BROADBAND1 week ago

Smile Offers Customers Free Streaming Data

TECH PRODUCT1 week ago

HP Unveils Smart Tank 5000 Series Printing Solution In Nigeria

TechExtra1 week ago

OneWeb Successfully Deploys 40 Satellites Launched With SpaceX

Fintech1 week ago

Flutterwave Receives Two Additional Licenses In Rwanda

TechExtra2 weeks ago

Nigeria’s Cyberspace Suffered Over 6million Threats On Presidential Election Day- Pantami

Telecoms2 weeks ago

NCC Approves Harmonized Shortcodes, Directs MNOs To Commence implementation

FINANCE1 year ago

Financial Inclusion: Remita Partners MTN’s Yello Digital Financial Services

FINANCE1 year ago

Financial Inclusion: 9PSB CEO Calls For Targeted Content To Accelerate Growth In Nigeria

BANKING7 months ago

FirstBank Hosts Financial Market Dealers Association (FMDA) Quarterly Meeting

FINANCE10 months ago

MTN’s MoMo Payment Service Bank Formally Commences Operations

FINANCE8 months ago

Verdant Capital Raises $10m Of Debt Funding For Zeepay

FINANCE10 months ago

Mastercard, OPay In strategic Partnership To Advance Africa’s Digital Financial Inclusion

BROADCASTING2 years ago

tvN, Korea’s Number 1 Entertainment Channel Debuts On DStv March 1

BROADCASTING3 years ago

ENTERTAINMENT: ‘Turn Up Friday With Pepsi’ Premieres On Africa Magic Channels

FINANCE2 years ago

9PSB, Flutterwave Partner To Deepen Financial Inclusion In Nigeria

Opinion6 months ago

Resiliency Is the Cornerstone Of Future-Proofing Business Continuity

Opinion6 months ago

Price Vs Quality: The Nigerian E-Commerce Shopper’s Dilemma

Telecoms3 years ago

5G Services Go Live In Madagascar, As Telma Launches Ericsson-Powered Network In The Country

Opinion7 months ago

The Savvy Story Of National Pension Commission (PENCOM)- Part 2

Opinion3 years ago

Africa In Motion: Accelerating Africa’s Digital Future

FINANCE1 year ago

Andela Announces $200m Series E Financing

Opinion6 months ago

Femi Falana, SAN: Your Client’s Publication On Zinox Chairman, A Cheap Blackmail

BROADCASTING8 months ago

NBC Fines DSTV, Trust TV, 2 Others N20m For ‘Terrorism Glorification’

SOCIAL8 months ago

Google Back Online After Reported Brief Global Outage

BROADCASTING8 months ago

MultiChoice Partners BON To Upskill 200 Broadcasters

BROADCASTING8 months ago

Tribunal To Rule On MultiChoice Price Increase July 25

Advertisement

Trending