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Konga Represents Stretch Factor in Nigerian e-commerce – Ibukun Awosika

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Mrs. Ibukun Awosika, a serial entrepreneur and former Chairman, First Bank of Nigeria Plc., has hailed Konga, Nigeria’s leading composite e-commerce giant as a stretch factor that has taken on and surmounted huge challenges, while positively disrupting the face of e-commerce in Nigeria.

She made the call on Saturday, January 15, 2022 at the Konga Group’s retreat held at the impressive Yudala Heights on Idowu Martins, Victoria Island, Lagos

Awosika, who was one of the special guests at the half-year business review retreat organized by Konga, heaped praises on the e-commerce giant for bouncing back from a potential exit in 2018 after acquisition by the Zinox Group and restoring hopes among millions of Nigerians in the viability of the e-commerce industry.

‘‘This has proven that we have globally experienced entrepreneurs with capacity to alter our economic destinies. In your journey in life, there are many who would say you cannot do it. But do not pay heed to them. Konga has proved this axiom by showing that nothing is impossible when you set your mind to it. Today, many of us are witnesses to the impressive strides recorded by the company in the e-commerce industry, coming from a near-exit in 2018 to eventually turning profitable.’’

While assessing the resilience, huge strength and adaptability that has seen Konga thrive in a difficult terrain, as well as the huge ambition driving the brand, Awosika drew fitting analogies with quality fabric which often recover to its starting point after being stretched – a process used by garment and furniture makers in working out the stretch factor of individual fabric.

Addressing Management and staff at the session, she said: ‘‘In my opinion, Konga is a stretch factor and a great ambassador for Nigerian e-commerce. I urge you all to remember that as employees, you are the face of the brand and must carry this with mandate with responsibility everywhere you go,’’ she stated.

Her thoughts were echoed by Mr. Funso Akere, chief executive, Stanbic IBTC Capital, who equally identified Konga as a potential leader of African e-commerce, in view of its high ethical standing, current growth trajectory and perception among interested investors.

‘‘There is a huge opportunity for Konga to assume leadership of the African e-commerce space and sustain it comfortably from what I have experienced. You have a brand that is highly respected, known for its zero-tolerance for unethical practices and one that is growing at a fast pace.

“There are four things investors look at. First is, the opportunity. The second is the ambition – how big it is. Third is the skills – what are the human resources or assets available and the fourth is the execution or what you would call the process. Under process, you talk about governance and control.

‘‘Konga has done very well in these areas and it is no surprise that some of the biggest investors in the world are interested in the business,’’ he concluded.

In his closing remarks at the exciting two-day retreat which witnessed excellent presentations and thought-provoking conversations, Nick Imudia, Co-CEO, Konga Group, who declared 2022 as the year of partnerships, reiterated the unwavering determination of the entire Management and staff of the company in keeping up the pace of Konga’s fast-paced growth in the e-commerce industry.


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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

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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