Nigeria Tech and Business Roundup

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Nigeria Tech and Business Roundup
Image credit Nairametrics

Review 1
Nigeria Tech and Business Roundup
Life Pro Mills Wins i-Startup Southwest Demo Day
It was a demo day to empower selected startups in South-west Nigeria after undergoing series of training. The incubation program is a National Social Investment program under the office of the vice president.The Top ten startups that made it to the final received grants that will catapault their business to the next level. Just like Life Pro Mills, all startups had a chance to pitch before local and internal investor.

Among the startup that pitched are Agroconnect, Trusmart, SmartTeller, Viamove, LifePro, Hikrz, Techbionics, Agrimax and Momma’s bay.
After so much drama and intensity Life pro Millls a food manufacturing startup that is focusing on providing cheap source of vital organic nutrient went away with the star prize of N2.5 million Naira.

Review 2
Nigeria Tech and Business Roundup

FCMB Bank (UK) Limited Launches Personal and Business Banking Proposition to Deepen Inclusiveness
FCMB Bank (UK) Limited, an independently incorporated subsidiary of First City Monument Bank Limited (which is a member of FCMB Group Plc), has introduced its Personal and Business banking proposition in London, United Kingdom and Lagos, Nigeria at an impressive ceremony attended by the top echelon of the business community within and from outside the country.

The development follows the latest variation of permission obtained by the United Kingdom-based Bank to extend its services to include retail (investments) for individuals and business enterprises. This is in addition to the existing wholesale deposit taking activities, foreign exchange, treasury, corporate banking and trade finance offerings to corporate and institutional customers of FCMB Bank (UK) Limited.

The variation of permission was granted by the Prudential Regulation Authority, the financial services regulatory body of the United Kingdom, and it became effective on June 8, 2018.

Review 3
Nigeria Tech and Business Roundup
Google workers walk out to protest office harassment, inequality
Hundreds of Google employees and contractors in Asia staged brief midday walkouts on Thursday, with thousands more expected to follow at offices worldwide, amid complaints of sexism, racism and unchecked executive power in their workplace.

In a statement, the organisers called on Google parent Alphabet Inc to add an employee representative to its board of directors and internally share pay-equity data. They also asked for changes to Google’s human resources practices intended to make bringing harassment claims a fairer process. Google Chief Executive Sundar Pichai said in a statement that “employees have raised constructive ideas” and that the company was “taking in all their feedback so we can turn these ideas into action.”

The dissatisfaction among Alphabet’s 94,000 employees and tens of thousands more contractors has not noticeably affected company shares. But employees expect Alphabet to face recruiting and retention challenges if their concerns go unaddressed. The demonstrations follow a New York Times report that said Google in 2014 gave a 90 million dollars exit package to Andy Rubin after the then-senior vice president was accused of sexual harassment.

Rubin denied the allegation in the story, which he also said contained “wild exaggerations’’ about his compensation. Google did not dispute the report. The report energized a months-long movement inside Google to increase diversity, improve treatment of women and minorities and ensure the company upholds its motto of “don’t be evil’’ as it expands.

Review 4

Nigeria Tech and Business Roundup
Private messages from 81,000 hacked Facebook accounts were for sale
The contents of hacked private messages from at least 81,000 Facebook accounts were being sold online this fall, according to the BBC.
The breach was first discovered in September after one of the hackers advertised the stolen data on a forum. The message details were obtained after users downloaded a malicious browser extension that then scraped the information from their accounts. The hackers then sold access to the information for 10 cents per account. The group told BBC that their “database includes 120 million accounts,” but that number could not be confirmed by outside cybersecurity experts.

“We have contacted browser-makers to ensure that known malicious extensions are no longer available to download in their stores,” Facebook executive Guy Rosen told the BBC. After being notified of the hack, Facebook reached out to law enforcement to have the stolen information removed from platforms where it was published.

Many of the compromised accounts originated from Russia and Ukraine, but some also belonged to users in the US, UK, and elsewhere. The BBC spoke to several Russian users who had their messages stolen. Users had photos from a Depeche Mode concert and holiday events stolen as part of the hack.

The Personal and Business banking proposition of FCMB Bank (UK) Limited is anchored on the Bank’s London Leverage and Africa Awareness. This will enable the financial institution deliver its promise of being the Corporate and Private Bank for African-oriented entrepreneurs, investors and professionals across all their banking needs.

Review 5
Nigeria Tech and Business Roundup
Nigeria drops in 2018 World Bank Ease of Doing Business ranking
Nigeria on Wednesday dropped by a spot in the latest World Bank Ease of Doing Business ranking for 2018, released by the global financial institution.

According to details of the report, of the 190 countries ranked by the World Bank, Nigeria ranked 146 in 2018, dropping by a spot from its 145th position in 2017.

The nation had last year moved 24 places from its 2016 spot of 169 to 145.

The report, themed ‘Doing Business 2019: A Year of Record Reforms, Rising’, revealed that the World Bank tracked 314 reforms by 128 governments across the world.

The report noted that Nigeria made starting a business easier by reducing the time needed to register a company at its corporate affairs commission and introducing an online platform to pay stamp duty.

This reform, it said, applies to both Kano and Lagos. It also noted that Nigeria made getting electricity easier by requiring that the distribution companies obtain the right of way on behalf of the customers and by turning on the electricity once the meter is installed.

It said, however, that Kano State made property registration less transparent by no longer publishing online the fee schedule and the list of documents necessary to register a property.

“Governments have the enormous task of fostering an environment where entrepreneurs and small and medium enterprises can thrive,” Jim Yong Kim, World Bank Group president said.

“Sound and efficient business regulations are critical for entrepreneurship and a thriving private sector. Without them, we have no chance to end extreme poverty and boost shared prosperity around the world,” the World bank chief added.

According to the report, 107 reforms were carried out in sub-Saharan Africa, a record for the region.
On the methodology adopted, the report said the indicators presented and analysed in Doing Business measure business regulation, the quality and strength of legal frameworks, the protection of property rights—and their effect on businesses, especially small and medium-sized domestic firms.

Details showed that at the top of the table are countries like New Zealand, Singapore and Denmark which occupied the first, second and third positions respectively. At the bottom of the list are South Sudan, Libya, Venezuela, Eritrea and Somalia, all considered countries where it is most difficult to do business.

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