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CWG Listing on NSE to Boost Market Capitalisation

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Austin Okere, founder and CEO of Computer Warehouse Group Plc
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The listing of the shares is expected to boost the market capitalisation of the NSE by about N14 billion, while CWG would be the highest capitalised security in the ICT sector of the exchange.

Already, there is high excitement in the capital market community as stakeholders in the market await the proposed listing of a leading pan-African Information Communications Technology (ICT) Company, Computer Warehouse Group (CWG) on the Nigerian Stock Exchange (NSE) next month.

The company, which has Stanbic IBTC Capital Limited and Cordros Capital Limited as financial advisers, has secured the approval of regulators to list 2.5 billion shares on the Nigerian bourse in November.

CWG with regional operations in Ghana, Cameroon and Uganda, had outstanding operating success, operating as a private company for many years before deciding to go public and get listed on the NSE.

Computer Warehouse Group incorporated in February 2005, as a holding company for CWL Systems Limited, DCC Networks Limited and ExpertEdge Software Limited benefits from a diversified revenue base generated across the ICT industry value chain comprising communications, hardware and software. The company has long standing partnerships with leading global ICT players such as Cisco, Oracle, Microsoft, IBM, EMC, Infosys, Wincor- Nixdorf and Symantec amongst others.

In terms of return on equity CWG is said to have posted an average return in excess of 20 per cent between 2008 and 2012 and with strategies already put in place, the impressive performance is expected to be sustained in the coming years.

CWG, which has Mr. Austin Okere as Founder and Group Chief Executive Officer, has prominent individual and corporate shareholders including Aureos Africa Fund LLC, a leading private equity firm.

The company has a diversified customer base including   customers in Telecom, Oil & Gas, Government, Education, Manufacturing, and Financial services sectors with operations in 18 of 36 Nigerian states and regional operations in Ghana, Cameroon and Uganda. Some of her customers include: Exxon Mobil, Royal Dutch Shell, First Bank of Nigeria, United Bank for Africa, Unilever, Cadbury, Nestlé, Etisalat and MTN Group amongst others.

CWG currently provides ICT infrastructural support to 14 of the 22 banks in Nigeria, and the largest data centre in Africa outside of South Africa.

It has also deployed and supports over 3,500 Automated Teller Machines (ATMs) in Nigeria out of the installed base of about 11,000 ATMs.

In terms of software, CWG has deployed and supports the Finacle banking application which is being used by eleven financial institutions in Nigeria, including FBN, UBA, and Stanbic IBTC amongst others, while the company also provides wide area networks to 18 banks.


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E-Business

Schmidt, Ex Google Chief Says AI Risky in Terrorist Hands

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Eric Schmidt, former Google CEO
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Eric Schmidt, former Google CEO has expressed concerns about the extreme risks posed by artificial intelligence (AI) falling into the hands of terrorists or rogue states.

Schmidt, Ex Google Chief Says AI Risky in Terrorist Hands

Eric Schmidt, former Google CEO

He warned that nations such as North Korea, Iran, and Russia could adopt AI technologies to develop weapons capable of causing significant harm, including biological weapons.

Schmidt urged governments to oversee private tech companies, emphasising, “The real fears I have are not the ones most people discuss about AI, I talk about extreme risk.”

“I’m always worried about an ‘Osama Bin Laden’ scenario, where truly evil individuals take control of some aspect of modern life to harm innocent people,” he added.

With private companies driving AI advancements, he stressed the need for careful government monitoring and regulation. “It’s really important that governments understand what we’re doing and keep their eye on us,” he said.

His remarks followed a two-day AI summit in Paris, where the UK and the U.S. declined to sign a communiqué outlining the future direction of AI. The declaration on “inclusive and sustainable artificial intelligence for people and the planet” was endorsed by 57 countries, including India, China, the Vatican, the EU, and the African Union Commission.

The UK justified its decision, stating that the agreement lacked “practical clarity” on global AI governance and national security concerns.

Schmidt supports U.S. export controls restricting the sale of advanced AI microchips to certain countries, aiming to slow adversaries’ progress in AI research.

He also highlights the importance of international collaboration on AI safety, suggesting that cooperation with nations like China is essential to addressing global AI challenges.

 

 


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OpenAI CEO Rejects $97.4Bn Takeover Bid from Elon Musk

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Sam Altman, chief executive of ChatGPT-owner OpenAI
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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

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.

 

 

 

 


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Adobe Launches AI Video Tool to Compete with OpenAI

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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.

 


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