UBER CEO, TRAVIS KALANICK, RESIGNS

Founder of popular ride-sharing service, Uber, Travis Kalanick stepped down Tuesday as chief executive. He helped found the Company in 2009. A shareholder revolt made it untenable for him to stay on at the company.

Mr. Kalanick’s exit came under pressure after hours of drama involving Uber’s investors, said confidential sources with knowledge of the situation.

Earlier on Tuesday, five of Uber’s major investors demanded that the chief executive resign immediately. The investors included one of Uber’s biggest shareholders, the venture capital firm Benchmark, which has one of its partners, Bill Gurley, on Uber’s board. The investors made their demand for Mr. Kalanick to step down in a letter delivered to the chief executive while he was in Chicago, said the people with knowledge of the situation.

In the letter, titled “Moving Uber Forward” and obtained by The New York Times, the investors wrote to Mr. Kalanick that he must immediately leave and that the company needed a change in leadership. Mr. Kalanick, 40, consulted with at least one Uber board member and after long discussions with some of the investors, he agreed to step down. He will remain on Uber’s board of directors.

 “I love Uber more than anything in the world and at this difficult moment in my personal life I have accepted the investors request to step aside so that Uber can go back to building rather than be distracted with another fight,” Mr. Kalanick said in a statement.

Uber’s board said in a statement that Mr. Kalanick had “always put Uber first” and that his stepping down as chief executive would give the company “room to fully embrace this new chapter in Uber’s history.” An Uber spokesman declined to comment further.

His resignation follows the company’s woes that started this year over allegations of sexual harassment and discrimination at the work place. His troubles began earlier this year after a former Uber engineer detailed what she said was sexual harassment at the company, opening the floodgates for more complaints and spurring internal investigations. 

Mr. Kalanick turned the company into the world’s dominant ride-hailing service and upended the transportation industry around the globe. He had said last week that he would take an indefinite leave of absence.

36TH EDITION OF START-UP SUNDAY JUST HELD IN PORT-HARCOURT AND IT WAS LIT!

Christmas arrived before December for PH Start-ups last Sunday as Kendall Ananyi, Founder of wifi.com.ng, in true Santa-Claus like fashion, came with a bag of tips to enable start-ups build their companies purely from their personal and operational finances. Kendall spoke on ‘Bootstrapping to a $1m run rate in Africa’ during his mentoring session at the 36th edition of Start-Up Sunday, held last Sunday in Port-Harcourt. 

Kendall Ananyi Credit- Parks Photo

It was eye-opening for some participants and start-up founders. Kendall spoke about how start-ups can self-finance first before seeking investment from venture capitalists or angel-investors. He shared his personal experience failing at setting up several start-ups prior to wifi.com.ng.

He also spoke about how he was able to run wifi.com.ng with his personal finances and from the operating revenues of the company before his company’s participation at Y-Combinator. It was highly interactive as participants were equally prepared with intelligent questions.

Photo Credit- Parks Photo

Photo Credit- Parks Photo

Start-Up Sunday's 36th edition was a bumper package as it also featured a Pitching exercise, Fireside chat, networking sessions, elevator pitch challenge and updates on the Port-Harcourt start-up guide project update. Perhaps the most exciting and inspiring highlight was the mentoring session with Kendall Ananyi, Founder wifi.com.ng.

Pitching Exercise-  Photo Credit- Parks Photo

Fireside Chat - Photo Credit- Parks Photo

The Pitching exercise featured two start-ups from students of Rivers State University of Science and Technology, Tank Truck by Daniel Alisi and Tabanatech, a church data management software system by Samuel Adiela. They were also able to receive feedback from participants at the Start-Up Sunday. I was also graced by Start-Up Wizs in Port-Harcourt like Uche Aniche of Venuehero.co and convener Start-Up South and Mayple Dappa, CEO of Fayples.com

Photo Credit- Parks Photo

Photo Credit- Parks Photo

In all, Start-Up Sunday’s 36^th edition was fun and laughter but most importantly inspirational, educational and thought-provoking. Watch out for the next edition on the 3rd Sunday in July.

Access Bank, others, take over Etisalat Nigeria- Here's what went wrong

Etisalat Nigeria, Nigeria’s fourth largest telecom operator, ran into trouble with the consortium of banks, led by Access Bank PLC, following its failure to meet its obligations in respect of a $1.72 billion (about N541.8 billion) loan facility it obtained in 2015.

The loan, which involved a foreign-backed guarantee bond, was for the mobile telephone operator to finance a major network rehabilitation and expansion of its operational base in Nigeria.

After the repayment of the loan failed in 2016, the consortium, with the backing of their foreign partners, threatened to take over the company and its asset across Nigeria.

The intervention of the NCC and the CBN persuaded the banks to give Etisalat a chance to renegotiate the loan repayment schedule.But, the company also reneged on the pledge to pay up by May 31, resulting in a final default note and enforcement notice issued on June 9, 2017.

EMTS has already announced the commencement of the process to unveil a new shareholding structure and new trading name for the company during the transition phase.

Etisalat Group, the parent company of Etisalat Nigeria, on Tuesday announced the changes to Etisalat Nigeria’s shareholding in a letter filed to the Abu Dhabi Securities Exchange in Abu Dhabi, United Arab Emirate.

UAE’s Etisalat (Etisalat Group), with a 45 per cent stake in the Nigerian arm, also said it had been ordered to transfer its shares to a loan trustee by June 23, after negotiations failed, Reuters reported. It added it was carrying the stake at nil value.

The Emerging Markets Telecommunication Services Limited, also known as Etisalat Nigeria, has up to June 23, 2017 to complete the transfer of 100 per cent of the company’s shares in Etisalat Nigeria to the United Capital Trustees Limited, the legal representative of the consortium of 13 banks.

While assuring its subscribers that the latest development would not affect its normal operations and the continued delivery of quality services, Etisalat Nigeria Vice President, Regulatory & Corporate Affairs, Ibrahim Dikko, said the company would mobilise its workforce to build a stronger business.

The NCC has reassured the over 21 million telephone subscribers on the Etisalat Nigeria network that it is committed to exercising its full regulatory powers to guarantee stable and quality services by the operator.

“The Commission has taken proactive steps to cushion the impact of the takeover,” Mr. Ojobo said. “This is without prejudice to the ongoing effort between Etisalat and the banks toward negotiated settlement.

“In view of the recent development, NCC wishes to reassure all stakeholders in the telecommunications sector in particular the subscribers on the Etisalat Network that the Commission will ensure that the integrity of Etisalat Network is not compromised.”

He also drew the attention of the consortium of banks involved in the planned takeover of the terms and conditions that guided the award of an operational license to Etisalat Nigeria, indicating that they would need the permission of the NCC before the license is assigned or a new operator comes on board in compliance with the NCC Act 2003.

Watch the Black Panther Teaser Trailer [HD]- Black Panther's Wakanda, is a high tech African country

The trailer of Black Panther movie coming out early next
year was recently released. What might surprise you the most is that the Black Panther’s (T’Challa) home country Wakanda, is a high tech, scientifically
advanced county. Though many outsiders believe it to be third world, It is the
legendary El Dorado, with rich vibranium mines. It’s a thriving, Afro-futurist traditional African country infused with skyscrapers, stealth ships, and super tech.

In the trailer, Wakanda's leaders hide their nation's true identity from
the rest of the planet to keep their inventions out of the wrong hands. Int he
trailer, we see Klaw, telling the story of Wakanda to CIA agent Everett K. Ross.
From Marvel's
official plot synopsis, T'Challa’s claim to the throne will be challenged "from
factions within his own country," while also battling outsiders who want
Wakandan tech.

It’s a refreshing to see an African country depicted
in movies that is not ridden with poverty but with cool gadgets and
sky-scrappers. Also to see the movie depict an African girl who loves
technology in the character of wakanda’s chief inventor , T’Challa’s sister.

Chadwick Boseman reprises his role
as T'Challa from Captain America: Civil War. The trailer premiered
during game four of the NBA Finals. Black Panther will be released
on Feb. 16, 2018.

Founder of Wifi.com.ng, Kendall Ananyi, to speak at Start-Up Sunday June Meetup in Port-Harcourt

Kendall Ananyi, CEO of Tizeti (wifi.com.ng) just got funding from Silicon Valley and he is willing to share a few tips with you in Port-Harcourt this Sunday. He is the guest at this month’s edition of Start-up Sunday. He will be speaking on “Boostrapping to a $1m run rate in Africa”. Kendall will also share his recent path to receiving investment. Such investments are the African Start-Up dream.

Wifi.com.ng offers high speed and unlimited internet access to customers using next generation wi-fi technology. Kendall recently graduated from Y-Combinator, an organisation in Silicon Valley involved in funding and mentoring early-stage start-ups. They have funded over 1,400 start-ups since 2005.

Start-up Sunday is convened by Netopps. It holds monthly in the garden city of Port Harcourt. It is a forum for start-ups to come together to share ideas, connect with potential partners, develop and nurture products.

It holds this Sunday, 18^th June at the Elkan Terrace (Conference Room), 12b Abacha link Road, GRA, Port Harcourt by 3pm.

IME ARCHIBONG, FACEBOOK VP, PREDICTS AFRICA TO PRODUCE FORTUNE 500 COMPANY IN 10 YEARS

Remember Ime Archibong? The tall, dark, hunk from Nigeria making waves at Silicon Valley who made it possible for Mark Zuckerberg, Facebook’s CEO to jog on the Lekki-Ikoyi link bridge in Lagos last year? He has predicted that Africa will produce its first Fortune Global 500 Company within the next 10 years. His reason? Connectivity. According to Ime, Facebook’s VP Partnerships, it will be the inevitable result of what happens when the economic power of the internet and the connectivity in Africa collide.

While most of the 2016 Fortune Global 500 companies like Walmart, State Grid, Sinopec, Apple, Shell, Volkswagen were from three areas of the World, the US, Europe and East Asia, the continent with the largest population, Africa had none. Ime believes this will soon end. According to him, ’We now live in a world where revolutionary ideas can come from anywhere. Sometimes, all it takes is a connected person with a good idea and nothing to lose.’ See the list of Fortune Global 500 companies here

For him, connectivity is a catalyst for strong economic growth and that’s the very reason why nine out of every ten Fortune 500 company from 1955 is gone. Disruptors like Amazon, Google, eBay, Salesforce, and Facebook merely in existence for less than a decade, have taken over.

For Africa to produce its first Fortune 500 company though, it needs to overcome three principle barriers to connectivity as identified by Facebook : infrastructure, affordability and awareness.

Read Ime’s article on medium.com here

See pictures from the GDG Port Harcourt Google I/O Extended 17

GDG Port Harcourt recently hosted I/O Extended, an event for Port-Harcourt tech enthusiasts and local developer communities to experience the Google I/O keynotes and sessions with one another. The Google I/O is an annual developer festival held at the outdoor Shoreline Amphitheater, in San Francisco. The Google I/O Extended was also an opportunity to discuss tech and network. It held on Saturday 10^th June, 2017.  

Credit- Parks Photo

There were also Codelab and speaker sessions and sessions on Android development, Google Cloud platform, Firebase, Progressive Web App and Polymer. It recorded a huge attendance.

 Find more pictures here