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DG NIPOST, Bisi Adegbuyi Alleged To Have Violated Executive Order Number 5 And Lied About It On TV

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At a press conference which took place on 18th September 2018 in Abuja, Squadron Leader Adefola Amoo (rtd) said he felt it necessary to call to the attention of the nation that NIPOST Director General, Mr Bisi Adegbuyi, has violated Executive Order No 5 which was instituted by the President of Nigeria, President Muhammadu Buhari GCFR, to promote the product of indigenous innovators like himself.

Indeed, on page 5, item number 6, at the Preference Section of Executive Order No 5, it is actually stated that indigenous technology will be adopted to replace foreign ones.

The indigenous technology developed by Squadron Leader Adefola Amoo (rtd) is called GridCodes. Our checks show that the technology has been available for over a year in the Google Play store since 13 September 2017.

GridCodes allows you to generate codes similar to Post Codes and Zip Codes for your home/business addresses or anywhere you happen to be at any time.

All you need to do is to be at the location and one click will give you a code. You can add that code to your address or share it with people that need to meet you for business, deliveries or to socialise. The technology works in all countries in the world, it is instantly available and free to use. GridCodes has been accepted for Patent processing in Nigeria and at the US Patent Office.

The foreign technology from UK adopted by NIPOST is called “What3Words”.

A search on the company’s website and other media outlets showed that it’s co-founder Chris Sheldrick as well as Mr Bisi Adegbuyi have extensively broadcasted adoption of What3Words by NIPOST.

It seems the UK technology does exactly what GridCodes do using a different method. The UK Technology has mapped the surface of the earth and allocated 3 words to identify each 3m x 3m spot. Putting the associated 3 words into their system will get you to the location. The UK technology has also been accepted for patent processing in the UK. The technology is also free to use for individuals like GridCodes is.

In this situation, it remains to be seen why Mr Adegbuyi of NIPOST has preferred to adopt a UK Technology when according to the Squadron Leader, he had been informed since 18 Jan of this year of his product. This would seem like an excellent opportunity to use a local tech to solve a local problem. It would have justified the existence of Executive Order No 5 and could have been an example of local innovation which could have been pushed globally. A much needed positive story to come out of Nigeria.

Strangely, though, on 10th September 2018, The DG NIPOST flatly denied the adoption of a foreign technology. The denial occurred at the 38th minute of an interview he granted to Bisi Folarin on the morning show of TVC. He categorically said, “…there is nothing foreign about it”. How can this be so, when Mr Chris Sheldrick of What3Words granted an interview to Guardian Newspapers of Nigeria on 16th August 2017. People deny and tell lies when they have been caught committing an offence. That seems to be what is happening here because there is overwhelming evidence in the public domain that NIPOST did adopt a foreign technology.

The digital footprint of a nation’s population is the newest natural resource. Mr Bisi Adegbuyi has unwittingly rented out another sector of this natural resource to foreigners to exploit exclusively.

In doing so, he has foisted hardship on the population by demanding 1,000 naira from each of us annually for a service that is free from the UK and free from a Nigerian provider as well.

The UK company would have participated in allowing this potential N180bn fraud because they know that the value is not in the 1,000 naira that Mr Adegbuyi is aiming to collect. Rather the value is in broad adoption which will then set up future streams of revenue that will be accessed through technology as well.

Critical components of our Tech implementation is in foreign hands, our telecommunication, our internet, our satellite TV, our ridesharing, social media and now our addressing has been given to a foreign company when a local company exists already doing it in an innovative way that is recognised by international intellectual protection agencies.

At 58 years of independence, it is beyond time for us to begin to examine our actions as a nation against our intents.

Indigenous Technologies like Grid Codes and Techpreneurs like Squadron Leader Adefola Amoo (rtd) need to be celebrated and encouraged.

Grid Codes is available on the Android and iOS app store its website is www.findgridcode.com.

This is an unfolding story and we will continue to monitor it for you.

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2 Comments

2 Comments

  1. Avatar

    Joshua Adebisi

    October 8, 2018 at 2:00 pm

    Squadron Leader Adefola Amoo (rtd) should stop making noise and sue NIPOST if he has a case. It seems as if he is trying to force himself into the news.

    • Avatar

      A Amoo

      October 10, 2018 at 4:05 pm

      Thank you for getting involved. This effort is to educate and empower citizens. Digital Addressing saves all Postal Agencies globally money and effort by passing the work of property numbering and labelling to all of us. NIPOST is supposed to spend billions and years doing it themselves. Why should you and I be forced to pay NIPOST for doing their work for them? If we don’t participate in Digital Addressing they will have to collect that 180 billion naira from the budget. Let them go and do that. That is why Digital Addressing is free and is supposed to be free. It works. Verification is just an excuse to make money off all of us. What3Words is free as well. Check their UK website. Let’s all use GridCode cos it is Nigerian and it works. Go to http://www.findgridcode.com and download the app.

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Zenith Bank Chairman, Jim Ovia Expresses Optimism For More Investments In The Nigerian Economy

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The Founder/Chairman of Zenith Bank, Mr. Jim Ovia has expressed optimism for more investments in the Nigerian economy.

This is coming few days ahead of the second-quarter earnings season with investors keen on expected future earnings as a guide to positioning for investments in the Nigerian market.

According to him, Nigeria is almost a virgin land, waiting for tremendous opportunities of investments in different sectors of the economy like banking, agriculture,and manufacturing, amongst others.

Citing Zenith Bank as an example. Mr. Ovia added that Zenith Bank, which started with a $4 million investment, has grown to $16 billion, recording thousands of percentage increase.

He made this statement during an interview with CNN Marketplace, where he addressed investors and entrepreneurs alike, stating that about 30 years ago, investments in Nigeria that could metamorphose to over 2000% growth were not prevalent.

Yet today, the country is brimming with businesses and startups that possess exponential scalability and more bubbling capabilities. He advised that investors should look out for promising sectors, consider larger investments and remain committed to growth.

Watch full interview below:

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Shut Up, Return All Stolen Money, Properties – Imo Governor, Ihedioha Blasts Okorocha

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The Governor of Imo State, Chief Emeka Ihedioha has told his predecessor, Rochas Okorocha, to shut up and return all government properties and monies, he and members of his family allegedly siphoned.

Okorocha was advised to toe the line instead of indulging in reckless utterances and blackmail gimmicks against Ihedioha.

This was contained in a statement on Sunday in Owerri, the State capital by Chief of Staff to Governor Ihedioha, Barr Chris Okewulonu.

Okewulonu was reacting to a statement credited to Okorocha wherein he asked Governor Ihedioha to stop running Imo as if he was still a lawmaker.

He said that the State was in a deplorable socio-economic political condition as a result of Okorocha’s visionlessness style of administration.

He described Okorocha as ”a braggart who is empty but claims to know everything. He is a Jack of trades but master of none. He should apologize to Imo people rather than seeking for cheap attention again after the horrible things he did in Imo “

Okewulonu said that “95% of the projects Okorocha claimed to have executed in Imo are either sub-standard or exist in his own imagination. Within a short time, Ihedioha’s achievements would dumb found Okorocha and his hirelings. The governor will not be distracted by the tantrums of a failure like Okorocha.

“I advise Okorocha to shut and stop disgracing himself further. He messed up Imo and left office in ignominy.

“Let him and his cronies first return all government properties and monies they illegally carted away before having the temerity to attempt blackmailing a government that is barely three weeks old. He who seeks for equity must first come with clean hands.”

“Okorocha’s hands are very dirty and he cannot, therefore, criticize Governor Ihedioha known for excellence in service delivery,” Okewulonu added.

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UBA Hinges Future Performance on Cost Efficiency, Improved Asset Quality

Gbemileke Ajayi

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Pan African financial institution, United Bank for Africa (UBA) Plc has assured its local and international investors that it’s prudent focus on improved asset quality as well as the continuous adoption of strict cost efficient measures will help the bank achieve its objectives and priorities for the 2019 financial year and beyond.

This the bank has said will culminate into an institution with even stronger indices laced with the capacity to churn out strong double-digit growth in annuity-based trade services, enhanced offerings and improved customer service.

Already, the bank has instituted a number of enhanced risk management and control framework which have in no small measure contributed to its financial performances and overall balance sheet growth over the years.

The Group Managing Director/Chief Executive Officer, Mr. Kennedy Uzoka, who noted this in a submission while presenting the bank’s 2018 full year results during an international investor/ analysts conference call on Thursday, explained that UBA’s well diversified asset book supported by stable funding structure, placed it in a premium position to perform remarkably despite the falling economic indices in its operating environment.

He said, “In spite of slow recovery in economic activities in Nigeria (our single largest market), the Group’s total assets has grown by 19.7%, driven largely by a strong deposit growth of 23%, as the drive for retail deposits continue to yield desired results. Leveraging on enhanced customer service, the Group grew retail deposits by 48%, thus strengthening the funding base and providing the foundation for lower cost of funds in 2019.

“Notably, the growth in balance sheet also partly reflects the impact of exchange rate difference between the reporting dates (2017: N331/USD vs. 2018: N359/USD), as 37% of loans and 27% of overall balance sheet is FCY-denominated. The Group maintained its appetite for a well-diversified balance sheet, with over 60% in liquid, low risk instruments.”

Uzoka explained to the investors that the bank recorded impressive growths achieved across major financial lines, recording a 48 percent year-on-year growth in retail deposits and improved CASA ratio to 77 percent.

In its results for the year end December 2018, UBA gross earnings grew by 7.0 percent to N494.0 billion, compared to N461.6 billion recorded in the corresponding period of 2017. The Bank’s total assets also grew significantly by 19.7 percent to an unprecedented N4.9 trillion for the year under review

Throwing more light on the financials, he stated that gross earnings grew by 7% year-on-year, despite regulation and market conditions undermined the non-interest income line. Interest income, which contributed 73% of gross earnings, grew by 11%, driven by strong interest income on treasuries, reflecting the low-risk appetite and treasury-led strategy adopted during the year. He noted that the lower non-interest income was occasioned by market condition and regulatory impact on FX trading income, adding that growing volume on FX trading is compensating for lower margin on this business, thus reinforcing our positive growth expectation on this income line in 2019.

While speaking on the strength of the financial institution in the coming years, especially on the back of it’s African and non-African subsidiaries, Uzoka said the bank’s recent foray into key markets and economies remain a milestone that will catapult the institution in the coming years.

He said, “UBA is a unique pan-African franchise with diversified risk and earnings across fast growing African economies with sound governance, risk management and compliance culture which can be seen from our adherence to international best practice. Our robust digital banking platform through which we are leveraging technology to serve over 15 million customers in a cost efficient approach that has helped to deepen African banking penetration.

“We have the strong financial capacity backed by high capitalization (BASEL II capital ratio well above requirement) and strong liquidity, and we have worked hard towards connecting Africa and the world through our presence in key African markets and major global financial centres such as New York, London and Paris.”

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