Connect with us

E-Business

Nova Merchant Bank Reaffirms Commitment to Bridging Infrastructure Gaps

Published

on

Nath Ude, chief executive officer and managing director of NOVA Merchant Bank
Kindly share this post

NOVA Merchant Bank, one of Nigeria’s premier Merchant Banks has reaffirmed its commitment in bridging Nigeria’s infrastructural gaps.

Nath Ude, chief executive officer and managing director of NOVA Merchant Bank

Nath Ude, chief executive officer and managing director of NOVA Merchant Bank, disclosed this during an interview with CNBC Africa monitored by our reporter recently.

Ude noted that their strategy is to bridge the huge infrastructural gap that currently exists in the country.

According to him, “As Merchant banks, we are supposed to bridge a huge gap, especially on the infrastructural side… there is a huge gap.

“Merchant banking is not sprint, it’s a marathon, so what we do is to actually identify infrastructural gap existing in the economy and see how we can help.

“For instance, if you know the size of the imports that happen in Nigeria, you would understand clearly that we literally import virtually everything, but we have capacity and what it takes to be able to start manufacturing these things ourselves.

“So what do we do? We identify infrastructural gaps – which we need to fund. These are areas that are long term in nature.

“We look at the manufacturing side – what are the things we need to manufacture, what are the things people need to do.

“I usually look at this to say, this is a huge opportunity for us as a nation and Merchant bank to step into our real core areas, which is to say, how do we become a huge partner in terms of bridging infrastructural gaps and i think this Covid-19 has created a huge opportunity for us to see the things we should be doing ourselves and that’s actually what we are doing.”

Speaking on the bank’s plans for the second half of the year, Ude said that the bank is focusing on the impact it’s bringing to the table rather than profitability.

He said, “For the second part of the year, I want to talkless about profitability… I really want to focus on the impact we should be bringing to the table as opposed to measuring our growth by PBT,” he said.

“Profit before tax (PBT) is very good, we have done good work, but honestly, we want to measure ourselves with impacts we are bringing to the table.

The CEO while providing insight on its financing plan, revealed that the company strategically took advantage of a bond to match funds with long term investment.

“We took huge advantage, a bond. We will use it to go into core long term infrastructural areas.

“It has helped us in terms of planning, in terms of matching of funds, matching long term funds we are receiving with long term investment.

“This was a strategy from NOVA Merchant bank and it’s the style we want to adopt for the rest of the year”, he concluded.

“It was actually N50 billion bond. We have done the first 10 billion.

“In the coming months, we are going to taking up second and third. It has helped us with planning and matching long term funds – with long term investment.

“It was a strategy for NOVA, and it is a style we want to adopt for the rest of the year. We will be doing a lot of fund matching .”


Kindly share this post

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

Published

on

Eric Schmidt, former Google CEO
Kindly share this post

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.

 

 


Kindly share this post
Continue Reading

E-Business

OpenAI CEO Rejects $97.4Bn Takeover Bid from Elon Musk

Published

on

Sam Altman, chief executive of ChatGPT-owner OpenAI
Kindly share this post

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.

 

 

 

 


Kindly share this post
Continue Reading

E-Business

Adobe Launches AI Video Tool to Compete with OpenAI

Published

on

Kindly share this post

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.

 


Kindly share this post
Continue Reading

Trending