E-Business
Progenics Sets Global Targets for 2009
Frontline systems and solutions integrators in multiple sectors of the economy, Progenics Corp Limited said that it has concluded plans to formally open its international office in the United States of America.
The company said that the idea behind the new office is to properly define the international identity of the company as well as positioning it to offer enterprise IT solutions to a greater number of international clients. The office is expected to be open before the end of the year.
More so, Progenics has continued to receive performance accolades, as the company has been awarded two distinguishing awards as Best Software Company in Nigeria for the year 2008.
First was the third consecutive back-to-back win of the Nigerian IT and Telecom Awards (Nitta) as the Best Indigenous Software Company of the year, and recently the Lagos Enterprise Awards (Lead) in collaboration with the Lagos State Ministry of Commerce and Industry also awarded it the Best Software Company penultimate Saturday. This was achieved after beating the likes of Socketworks and SystemSpecs to the coveted award, making it the very first time any other company will be recognized with two prestigious awards in the software genre in the same year.
The organizers of the Lagos Enterprise Awards made it known that the concept of Lead, as the premier enterprise award that promotes initiatives, leadership excellence and the culture of economic advancement in the continent, is to recognize and reward innovators of excellent ideas and organizations that are leading lights in the enterprise.
The award was instituted as a public-private-partnership project by the immediate past governor of Lagos State, Asiwaju Bola Ahmed in 2006 via a partnership agreement between the State Government’s Ministry of Commerce & Industry and Sainte Paul International as event organizers.
Anthony Udoh, chief executive officer, Progenics, explained that the expertise and professionalism of his firm over the years has made it the solution provider of choice for the financial, oil/gas and public sectors of the economy. This can be seen by the plethora of specialized application solutions from the company’s stable like the GovAc (premium e-government solution), and Symbols (a complete range of solutions for investment management and financials) and SymbolsM (an integrated solution for the micro-finance institutions). This is in addition to the elaborate technical superiority exhibited by the company in the complete automation of the floor of the Nigerian Stock Exchange (NSE).
According to him, our efforts in IT solutions in the country and beyond has always stood us out as solution providers of choice so there is really no surprise that everyone will want to recognize our achievements.
“Rather, it is more of a challenge for us to always stay on top by doing what we do in the best possible global standards”, he said.
E-Business
OpenAI CEO Rejects $97.4Bn Takeover Bid from Elon Musk
![](https://www.nigeriacommunicationsweek.com.ng/wp-content/uploads/2025/02/Open-AI.jpg)
Sam Altman, chief executive of ChatGPT-owner OpenAI, has firmly declared the company “not for sale” following a $97.4bn (£78.4bn) takeover bid from a consortium led by Elon Musk.
![OpenAI CEO Rejects $97.4Bn Takeover Bid from Elon Musk](https://i0.wp.com/www.nigeriacommunicationsweek.com.ng/wp-content/uploads/2022/04/Elon-Musk.jpg?resize=563%2C229&ssl=1)
Elon Musk
Speaking at the AI Action Summit in Paris, Altman emphasised OpenAI’s mission to develop AGI (artificial general intelligence) for the benefit of humanity.
Marc Toberoff, attorney for Elon Musk, confirmed the bid submission on Monday.
In response, Altman humorously offered to buy Twitter for $9.74 billion on Musk’s platform.
Unlike many tech giants, OpenAI is not publicly traded but operates through a complex partnership between non-profit and for-profit entities.
Musk aims to return OpenAI to its non-profit roots, despite owning a rival firm, xAI.
Christie Pitts, a tech investor, expressed scepticism about Musk’s intentions, noting his competitive interests.
Altman echoed this sentiment, suggesting Musk’s move disregards OpenAI’s mission.
Altman, who holds no stock in OpenAI, advocates transforming the organisation into a fully for-profit company to raise more funds for AI research.
Although the board has the final say, the $97.4bn offer falls short of OpenAI’s previous $157bn valuation and rumoured $300bn in future funding talks.
Toberoff stated the consortium might increase their bid. Meanwhile, OpenAI is collaborating with Oracle, a Japanese investment firm, and an Emirati sovereign wealth fund on “The Stargate Project,” a $500 billion AI infrastructure initiative announced by President Donald Trump.
E-Business
Adobe Launches AI Video Tool to Compete with OpenAI
![](https://www.nigeriacommunicationsweek.com.ng/wp-content/uploads/2025/02/Adobe-logo.jpg)
Adobe yesterday released the first public version of an artificial intelligence tool that can generate video clips and revealed how much it will charge, but said it will not set pricing for major users such as studios until later this year.
The Firefly Video Model, as Adobe is calling the service, will compete against Sora, a model developed by ChatGPT creator OpenAI, and startup Runway, both of which currently offer video-generation services. Facebook owner Meta Platforms has also developed a video-generation AI model but has not given a timeline for when it will be released.
Adobe’s model differs from its rivals because it is geared toward generating clips that will fit into how film and television studios use Premiere Pro, its flagship video editing software.
To that end, many of the features that Adobe is emphasizing revolve around feeding existing shots into the video model and asking it to generate clips that fix or expand on shots that were taken on a real production set but that did not come out quite right.
Adobe said the service will generate five-second clips at 1080p resolution. While that is shorter than the clips of up to 20 seconds generated by OpenAI’s service, Adobe executives said the majority of individual clips in most productions are only three seconds.
Adobe said a user can generate 20 clips per month for $9.99 and 70 clips for $29.99. That compares with 50 videos for $20 per month with OpenAI’s plan at lower resolution and a $200 OpenAI plan that can handle longer, higher resolution videos.
Adobe is also working on a “Premium” pricing plan for studios and other high-volume video users and will release those pricing details later this year. Alexandru Costin, Adobe’s vice president of generative AI, said the company is working to generate 4K video and will remain focused on quality rather than longer clips.
“We actually think that great motion, great structure, great definition scheme, making the actual clip look like it was film, is more important than making a longer clip that’s unusable,” Costin told Reuters.
E-Business
GSMA Launches Innovation Fund to Boost AI Solutions in Emerging Markets
![](https://www.nigeriacommunicationsweek.com.ng/wp-content/uploads/2024/07/GSMA.jpg)
GSMA Innovation Fund for Impactful AI has been unveiled, marking a significant initiative aimed at empowering small and growing enterprises in low-and middle-income countries (LMICs) across Africa, South Asia, Southeast Asia, and the Pacific.
This fund is designed to foster AI-driven innovations that tackle critical socio-economic and climate challenges, helping underserved regions unlock the transformative potential of artificial intelligence.
Artificial intelligence has proven its ability to address pressing global issues, from precision agriculture and renewable energy to remote healthcare and financial inclusion.
Yet, LMICs remain underserved in funding and resources, with only a small percentage of global grants directed toward locally-developed AI solutions.
Despite the growth of AI-driven technologies, these advancements are often not tailored to the unique needs of local populations in LMICs.
The GSMA Innovation Fund seeks to close this gap by identifying, testing, and scaling impactful AI solutions that are contextually relevant and capable of delivering measurable socio-economic and climate benefits.
In partnership with the UK Foreign, Commonwealth, and Development Office (FCDO), the GSMA Innovation Fund provides a comprehensive support package to selected enterprises. Key benefits include:
Grant Funding: Ranging from £100,000 to £250,000 for projects lasting 15–18 months.
Tailored Venture Support: Guidance to strengthen business models and improve scalability.
Partnership Opportunities: Facilitation of collaborations with mobile operators, public sector organizations, and other stakeholders.
Peer Learning: Platforms for exchanging knowledge and best practices with other innovators.
Visibility and Exposure: Access to GSMA’s global events, publications, and online platforms to connect with potential investors and partners.
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