FACEBOOK BUYING OCULUS VIRTUAL REALITY COMPANY FOR $2 BILLION

Facebook is set to purchase Oculus VR, a virtual reality headset company best known for its Oculus Rift gaming device, in an unexpected $2 billion dollar deal expected to close in the second quarter of this year
Facebook will acquire virtual reality technology company Oculus VR for $2 billion, the social networking giant announced Tuesday. Oculus makes the Oculus Rift, a virtual reality headset originally funded on Kickstarter.

Though Oculus’s endeavors so far have focused on gaming, Facebook said in a press release that it intends to extend the use of the technology to communications, media and other forms of entertainment. Oculus has received 75,000 orders for development kits for its Rift headset thus far.

“Mobile is the platform of today, and now we’re also getting ready for the platforms of tomorrow,” Facebook CEO Mark Zuckerberg said in a company release. “Oculus has the chance to create the most social platform ever, and change the way we work, play and communicate.”

The deal includes $400 million in cash and $1.6 billion in Facebook stock, as well as an additional $300 million if Oculus meets certain performance targets. Oculus will remain headquartered in Irvine, Calif. and continue developing the Oculus Rift. The deal is expected to close in the second quarter of 2014. 

NIGERIA TO GROW DOMESTIC GAS CONSUMPTION FROM 1.7BN TO 5.4BN BY 2019

The Nigerian National Petroleum Corporation (NNPC) said it had put structures in place to grow the domestic gas consumption from 1.71 billion cubic feet to 5.4 billion per day by 2019.

The Group Managing Director of NNPC, Mr Andrew Yakubu, disclosed this on Tuesday at the 2014 Nigeria Oil and Gas Conference and Exhibition in Abuja.

According to him, the prevailing gas infrastructure component of the Gas Master plan is designed to increase domestic gas consumption three fold to 5.4 bcf per day by 2019.

He said that the country’s reserves stood at 36 billion barrels of oil and about 182 trillion cubic feet (tcf) of gas and produced an average of 2.2 million barrels of oil per day in 2013.

“In Africa, only Libya has more oil reserves than Nigeria and despite new discoveries in Sub Saharan Africa, especially in Mozambique, Nigeria still has undiscovered gas potential of about 600 tcf,” he said

Yakubu said that the discovery of the Ogo field in 2013 with reserves of about 750 million barrels showed that the Nigerian Delta remained one of the most prospective areas in the world.

He said that the availability of production allowances would also provide a welcome boost for small fields and profitability would increase in the proposed Petroleum Industry Bill (PIB) currently before the National Assembly.

NATIONAL CONFERENCE: TEMPORARILY DISQUIETED BY DIFFERENCES OVER VOTING PATTERN, REFERENDUM

The national conference ran into stormy waters last week as delegates for three consecutive days failed to agree on the pattern of voting on resolutions of the conference.  The delegates also disagreed on whether the conference report should be subjected to a referendum.

Divergent views on how the resolutions of the national conference would be reached have pitted delegates from the North against their counterparts from the South. The problem started during the debates on the procedures and rules of the conference.

Voting Controversy
The northern delegates are insisting that resolutions of the conference should be reached through a 75 per cent majority decision. But delegates from the south say resolutions of the conference should be reached through a two-third consensus resolution.  Seventy five per cent of the 492 delegates is 369 and two-third is 328.
The controversy was kicked off when Chief Mike Ozekhome called for a review of the Order 6, Rule 4 and Rule 11, Order 11 Rules one and two of the Conference Procedures, which states that a resolution at the conference will be reached with a 75 per cent consensus of the delegates.
The chairman of the conference, Justice Idris Kutigi, had ruled to adopt the procedure, but Ozekhome, in a motion supported by Adeniyi Akintola, SAN, urged the conference to adopt the best parliamentary practice of two-third consensus of the 492 delegates. Ozekhome argued that in a conference of 492 delegates, 75 per cent consensus, which will require 369 delegates to reach a resolution, will be near impossible as it will only enthrone a tyrannical minority, defeating a 74 per cent majority. He further said that it will be impossible to reach a common resolution on issues like resource control, regionalism, state police, type of government and other critical issues that agitate the minds of Nigerians.

5 EMERGING TECHNOLOGIES EVERY OFFICE WILL HAVE IN 2020

Back in 1975, while most desks were still furnished with manual typewriters, technology pundits were making their predictions on the future of computers in the workplace. Computers showed tremendous potential for word processing and automation, they said, but would they really ever be user-friendly enough for general use?

Despite ominous forecasts from typewriter executives, we all know how this story ends. And a slew of other innovations have followed: the Internet, email, smartphones, Wi-Fi, GPS, and many more.


What revolutionary technologies are on the radar today? Here are five technologies that today’s experts are discussing and could very well be commonplace in offices by 2020.

Remote Workers as Robots

Yahoo YHOO +0.39%’s CEO Marissa Mayer caused a media frenzy earlier this year when she declared that employees would no longer be allowed to work remotely. But in 2020, advances in the speed of Internet connections and mobile phone networks are expected to lead to an increase in telecommuting, and technology will need to keep pace.

That’s where technologies like Suitable Technologies Beam telepresence robot play a part. The 5-foot robot has a screen that will beam a video-stream of a remote worker. The remote worker can even control the robot to move around the office, and microphones and cameras on the robot keep them in the loop of everything happening closeby.

HOW TO NAME YOUR BUSINESS

What's in a name? A lot, when it comes to small-business success. The right name can make your company the talk of the town. The wrong one can doom it to obscurity and failure. Ideally, your name should convey the expertise, value and uniqueness of the product or service you have developed.

Some experts believe that the best names are abstract, a blank slate upon which to create an image. Others think that names should be informative so customers know immediately what your business is. Some believe that coined names (that come from made-up words) are more memorable than names that use real words. Others think they're forgettable.

In reality, any name can be effective if it's backed by the appropriate marketing strategy. Here's what you'll need to consider in order to give your small business the most appropriate and effective name.

Enlist Expert Help to Start

Coming up with a good business name can be a complicated process. You might consider consulting an expert, especially if you're in a field in which your company name may influence the success of your business. Naming firms have elaborate systems for creating new names and they know their way around the trademark laws. They can advise you against bad name choices and explain why others are good.

The downside is cost. A professional naming firm may charge as much as $80,000 to develop a name. That generally includes other identity work and graphic design as part of the package, according to Laurel Sutton, a principal with Catchword Brand Name Development. Naming services that charge as little as $50 do exist, but spending a reasonable amount of money early for quality expert advice can save you money in the long term.

What's in a Name?

Start by deciding what you want your name to communicate. It should reinforce the key elements of your business. Your work in developing a niche and a mission statement will help you pinpoint the elements you want to emphasize in your name.

The more your name communicates to consumers about your business, the less effort you must exert to explain it. According to naming experts, entrepreneurs should give priority to real words or combinations of words over fabricated words. People prefer words they can relate to and understand. That's why professional namers universally condemn strings of numbers or initials as a bad choice.

REVIEW: HTC ONE M8 IS ARGUABLY THE WORLD’S BEST SMARTPHONE

It is considered poor form to begin a review with the conclusion, but there’s really no reason to drag this out: the HTC One (M8) is the best Android phone the world has ever seen. Period. Full stop. Of this, there is no doubt. In many ways, in fact, it is the bestsmartphone the world has ever seen. From the design of the device to the power of its components and everything in between, HTC’s new One better than its predecessor. And its predecessor, as you might recall, was the best all-around Android phone the world had ever seen last year.

Actually, it might still have been the best all-around Android phone in the world until about 11:15 a.m. on Tuesday.

With all that out of the way, let’s take a closer look at the new HTC One (M8) smartphone to find out exactly what makes it the best Android phone in the world. And just as important, of course, is the question of whether or not being the best will draw away enough Samsung and Apple customers to finally help HTC get back on track.

First things first: What, exactly, is the name of this fantastic new phone?

Good question.

On the packaging, HTC’s brand new flagship smartphone is called the “HTC One.” Of course, there is already an HTC One and for the time being, it’s still available on store shelves. Awkward indeed.

THE 5 BRILLIANT STRATEGIES YOU CAN LEARN FROM TOP CONTENT MARKETERS

Ready to get started with content marketing?  Although the process might sound daunting, there’s really no need to reinvent the wheel.  Instead, take a page out of the playbooks of the following five industry-leading content marketers.  Adding these strategies to your own content campaigns can take your 2014 marketing initiatives from zero to 60 as easily possible -- helping you to avoid common content-marketing speed bumps along the way.

Rand Fishkin

Image credit: Nakeva via Flickr

1. Philosophy of Rand Fishkin, the ex-CEO of marketing site Moz: “Over-invest in big content.”
In an interview given with Marketing Land, Rand Fishkin, the ex-CEO of Moz, comments on how the rapid pace of content-marketing adoption means that the bar for content quality will grow higher in the future.  As a result, what works today might fall below the minimum barrier entry just a few years from now.

Fishkin’s strategy is to invest in big content, rather than spreading resources too thin producing smaller, less valuable pieces.  Your company can adopt this strategy by reallocating funding and human capital away from run-of-the-mill marketing pieces in order to concentrate on big content, including mini-sites, videos, interactive infographics and other show-stoppers.

Neil Patel

Image credit: Neil Patel via Twitter

2. Philosophy of Neil Patel, founder of analytical and marketing companies Quicksprout and KISSMetrics: “Combine your content marketing with SEO.”
Neil Patel states on his blog, “If you are trying to grow your qualified search traffic, you have to combine your content marketing with your SEO efforts.”

To do that, you’ll first need to isolate the keywords that are driving the most traffic to your website, as well as those you aren’t currently targeting that have the potential to generate more visitors.  Once you’ve identified these phrases, build high quality content around them – content so good “that even Wikipedia would love to link to” it, in the words of Patel.  It’s a time-consuming prospect, but one that stands to benefit your company from both a content marketing and SEO perspective.

Heidi Cohen

Image credit: Heidi Cohen via Twitter

3. Heidi Cohen Philosophy of Heidi Cohen, author of the Actionable Marketing Guide: “Marketers and media firms must create stories people want to read.”
In her book Actionable Marketing Guide, Cohen emphasizes that content marketers must become storytellers.  This advice is especially relevant, given Fishkin’s comment on the increasingly competitive nature of content marketing.  Stories draw people in, so if you want to stand out, becoming a better storyteller is a powerful way to do so.

Cohen’s blog lists three key factors that make up a strong story – using a hook to pull in readers, ensuring every story you tell has a beginning, middle and end and delivering an ending that’s worthy of the build-up used throughout the story.  Try planning a few of your content marketing pieces according to these criteria and see how your results change.

Scott Abel

Image credit: Scott Abel via Twitter

4. Philosophy of Scott Abel, the content-management strategist behind The Content Wrangler: “Look for ways to connect data with documents in innovative and meaningful ways.”
Scott Abel is another content marketing guru predicting an era of increased competition.  His suggestion for combatting combat fatigue, however, relies on marketers working with content engineers to harness the power of new ideas, techniques and tools.

One specific example he cites is infographics, which he refers to as being “dead on arrival.”  A better alternative, in Abel’s view, is the type of interactive data visualization being created by companies like InfoActive.  If your company’s resources allow, consider adding this new type of content to your marketing plans. 

Barry Feldman

Image credit: Barry Feldman via Twitter

5. Philosophy of Barry Feldman, a writer for Social Media Today:“Answer your prospects’ top 30 questions.”
Writing for Social Media Today, marketer Barry Feldman and owner ofFeldman Creative, offers one of the easiest possible strategies content creators should implement today.  Instead of wasting time brainstorming topics your audience might not care about, simply choose 30 of their top questions.  Then, write a blog post, publish a video and release a podcast for each question.

The rationale behind Feldman’s theory is simple.  As he says, “Your prospects aren’t going to buy your stuff until they get the answers they seek.”  By answering these questions preemptively, you’ll both demonstrate your thought leadership on the subject and cut through the clutter of content that doesn’t provide information your audience is actively seeking.

DEVALUATION OF NAIRA IS NOT AN OPTION – EMEFIELE

Incoming central bank Governor Godwin Emefiele said a devaluation of the naira would be “devastating” for the economy.

The Central Bank of Nigeria’s exchange-rate policy is correct and the regulator needs to ensure Africa’s largest oil producer has a strong currency, Emefiele said in his first public comments since being nominated by President Goodluck Jonathan to the position.

“This is an import dependent economy,” Emefiele, 52, told a Senate hearing today in the capital, Abuja, before the upper house of parliament approved his appointment. “Devaluation is not an option.”

Emefiele, chief executive officer of Zenith Bank Plc, will succeed Lamido Sanusi, 52, whose suspension by Jonathan last month prompted the currency to drop to a record low as investors worried that the independence of the central bank will be compromised. That increased speculation policy makers will devalue the currency by lowering the midpoint of the naira peg from 155 per dollar in the face of dwindling foreign-currency reserves.

Nigeria’s reserves have declined 13 percent this year to $37.9 billion as of March 24. The naira has dropped 2.8 percent against the dollar on the interbank market in the period.

The decline in foreign-exchange reserves is due to a “speculative attack,” Emefiele said.

Emefiele will need to control inflation and steer the economy of Africa’s most populous nation through next year’s presidential election amid pressure to boost government spending, bolster the currency and convince investors of the independence of the central bank.

In its first meeting since Sanusi’s departure, the Monetary Policy Committee, led by acting GovernorSarah Alade, yesterday held its key interest rate at a record 12 percent and increased the cash reserve requirements on private sector deposits to 15 percent from 12 percent, citing the continued need for a tight monetary stance.

Jonathan suspended Sanusi for “financial recklessness and misconduct,” allegations he denied. His removal came after he alleged that billions of dollars of government oil revenue were unaccounted for.

A banker with 26 years of experience, Emefiele became the managing director of Zenith Bank, Nigeria’s second-largest lender by assets, in August 2010 after serving as deputy managing director from 2001.

He has a MBA degree from the University of Nigeria in Nsukka and lectured at the University of Port Harcourt, the institution where Jonathan taught before he entered politics.

Source | Bloomberg

DANGOTE CEMENT 2013 PROFIT RISES 39% TO $1.2 BILLION, TO PAY N7 DIVIDEND

Dangote Cement said full-year profit gained 39 percent as sales in the local market surged.

Net income for the year through December rose to 201.9 billion naira ($1.2 billion) from 145.1 billion naira a year earlier, the Lagos-based company said in an e-mailed statement today. Revenue rose 29 percent to 386.2 billion naira, while sales in Nigeria increased 28 percent to 13.3 million metric tons.

The company, controlled by billionaire Chairman Aliko Dangote, has production capacity of 20.3 million tons across three Nigerian plants. It plans to expand into 13 other nations on the continent, bringing total capacity to more than 60 million tons by 2016.

“As the Nigerian cement market grew by a strong 15.6 percent, we managed even better growth,” Chief Executive Officer Devakumar Edwin said in the statement. “We increased our margins despite continuing disruption to our gas supply.” Nigeria’s economy has expanded 6 percent a year since 2006, according to the World Bank.

The company said it would more than double its dividend to 7 naira a share, compared with 3 naira the previous year. The stock declined 0.9 percent to 228 naira as of 1:36 p.m. in Lagos yesterday, and has gained 4 percent this year. That compares with an 8.6 percent decline on the 193-member Nigerian Stock Exchange All-Share Index.

Source | Herald

OSHODI RAIL STATION TO RESUME SERVICES AFTER 7 YEARS

The Nigerian Railway Corporation (NRC) is to re-open its Oshodi Station in Lagos on March 31 after seven years of closure.

The NRC said in a statement in Lagos on Wednesday that the proposed re-opening was in response to appeals from commuters.
The statement was signed by the Public Relations Officer of the Lagos District of the corporation, Mr Ademuyiwa Adekanmbi

It noted that the highly patronised station was shut following a clash between two factions of the National Union of Road Transports Workers.

The NRC said that much damage was done to the station, train engines and coaches during the clash.

It urged commuters to patronise the corporation.

The District General Manager, Mr Akin Osinowo, had earlier told NAN that the district mobilised personnel and installed some security measures to ensure a hitch-free operation at the station.

The manager urged members of the public and security agents to help to monitor rail facilities and protect them against vandalism.

Osinowo gave the assurance that the district would increase its services to meet commuters’ demands.

The News Agency of Nigeria (NAN) had reported that passengers were wounded during the clash.



Source | NAN

LAGOS EARNS MORE THAN NORTH-WEST, NORTH-EAST, NORTH-CENTRAL AND SOUTH-EAST COMBINED

Statistics have shown that Lagos state earns more Internally Generated Revenue than almost all the other geo-political regions combined.

This information was made available by Regional Coordinator for the British Directorate for International Development in Nigeria, Dr. Adesina Fagbenro-Byron.

Speaking at the South-West regional conference on ‘Internally Generated Revenue’ in Akure earlier in the week, Byron said,

“The South-West accounted for 44.3per cent (N926.6bn) of the total internally generated revenue of all the geo- political zones.

“The total internally generated revenue of the South-West between 2007 and 2011, which stood at N926.6b, was more than what the four zones of North-West, North-East, South-East and North-Central, which put together, had during the same period (N675.5b).

“Specifically, Lagos State’s internally generated funds are more than that of North-West, North-East, North-Central and South-East geo- political zones put together (24 states).

He said in respect of geo-political zones, the percentages of IGR to total revenue during the period 2007-2011 showed that South-West had 26 per cent; North-West, 11.6 per cent;  South-East, 10.9 per cent; North-Central, 9.8 per cent; South-South 9.5 per cent and North-East, 6.9 per cent.

REFINERIES LIKELY FOR PRIVATISATION THIS YEAR — NCP

The National Council on Privatisation has listed the nation’s four refineries for possible privatisation this year.

The Director-General, Bureau of Public Enterprises, Mr. Benjamin Dikki, disclosed this in a statement made available to our correspondent in Abuja on Tuesday.

He listed the prospective transactions in the oil and gas industry to include the privatisation of the two refineries in Port Harcourt, as well as the Warri and Kaduna refineries.

The Minister of Petroleum Resources, Mrs. Deizani Alison-Madueke had earlier in the year said that the Federal Government was ready to privatise the refineries, but following opposition from the organised labour, the government later said there was no such plan.

Dikki also said the NCP had approved the partial privatisation of the Bank of Industry and the Bank of Agriculture.

He said, “Council has mandated the bureau to achieve the following milestones in 2014, restructuring and partial privatisation of the Bank of Agriculture, partial privatisation of the Bank of Industry, privatisation of the Nigeria Commodity Exchange and commercialisation of national parks.

“The transactions approved for the transport department were to privatise the Skypower Catering & Hotel Services and the sale of moveable assets in the ports.

“The sale process for Skypower Catering & Hotel Services will commence as soon as the steering committee is inaugurated. However, the sale of the moveable assets in the ports has reached advanced stages of conclusion.”

He added, “The definite transactions in the information and communications department are to conclude the guided liquidation of NITEL/MTEL and the policy/legal and regulatory framework review to prepare the ground for the commercialisation of the media enterprises – NTA, FRCN, National Films Corporation and the News Agency of Nigeria.

“The restructuring plan for the FHA (Federal Housing Authority) has been submitted to the Technical Board for review, while the recommendations for the policy, legal and regulatory frameworks for the housing sector are being finalised for the consideration of the Board and the NCP.”

He said that the BPE, in collaboration with the Enugu State Government, has set up a joint committee to resolve the issues surrounding the sale of houses and land of the defunct Nigerian Mining Corporation.

Another joint committee headed by the Permanent Secretary, Ministry of Mines and Steel Development has been set up to resolve the legal and other issues that impeded the sale process of the coal blocks, Dikki said.

“I STARTED WITH N200″ – MULTI BILLIONAIRE COSMAS MADUKA’S AMAZING SUCCESS STORY (A MUST READ)

He is likely to have cruised past you on his power bike on one of those warm evenings. Of course you wouldn’t recognise him because he is well kitted with safety gear, protective helmet etc. As President of Nigerian Table Tennis Association for almost 16 years, he used to play table tennis more regularly. But not anymore.   Lately,  he prefers to jog or  ride his power BMW  model K1600 GTL six cylinder bike, a new addition to his fleet of three.  Mr Cosmas Maduka, the brain behind Coscharis, lives an austere but modest lifestyle unimpressed by the grandeur of his wealth. Though his massive compound, tucked away in highbrow old Ikoyi, speaks of a man with taste, means and class, his simple carriage and attitude to wealth belies his worth. He still flies economy and mixes free with people. According to him, wealth has not detached him from his humble beginning. In this interview with  Shaka Momodu, Maduka talks about the story of his life, the joy and frustrations of growing up without his father, his business, his plans on retirement and more. It is compelling, gripping and riveting ……..

What was growing up like for you?
Growing up for me was quite rough and challenging but it laid the foundation of who I am today. My story is somewhere out of the ordinary. I was born in Jos and my parents lived there for many years.

How old were you when your father died?
My father died when I was four years old. I remember that it was like a big festival going on in the house and people gathered in the premises and were shooting guns. There were different masquerades around and I saw my father lying on a bed lifeless in a black suit. My mother was barricaded in a corner where she cried helplessly and people tried to hold and comfort her. One thing that made that day very special to me was that, everybody was very kind to me. Rice that was not usually  an everyday food was readily available. I ate all the rice that I could. And I was wishing a day like this would never end. Little did I know at that time that it was the death of my father they marking.

But from then on, life became rough. My mother became a single parent and frankly, I don’t know how she did it. My parents had four children in quick succession within 5 years. I have an elder  brother, two younger brothers and a sister. So, for my mother to make ends meet and take care of all of us was a tough call. I was born in 1958 and it wasn’t long after my father died that the Nigerian Civil War broke out. It was very challenging. But in life your difficulty can be your dividend and your problems can turn to your opportunity.

How do you mean?
The death of my father brought a lot of discipline in my life that many young men at my level could not develop. We all slept in one bedroom with my mother. We ate from one plate and fought over portions of fish and meat. If there was still food in the plate, don’t just touch the meat (laughs).  If you do, one of us will  stop your move.

So, I know what poverty is all about. That is why I keep encouraging people that your background is not an absolute deciding factor of what you are going to become in life. In spite of your background you can work your way to that which you want to be in life. In those days we happened to live at the back of a big forest and Lions will jump inside our compound to pick a goat.  That’s how dangerous it was for us. So, going out in the night was very frightening.

SUCCESSFUL ORGANIZATIONS NEED LEADERS AT ALL LEVELS

Anybody who has ever watched interviews with managers or coaches of professional sports teams will have heard plenty of discussion of the need for leaders throughout the team. The same thinking is also increasingly a preoccupation of business people. Indeed, the need for “leaders at all levels” is one of the 12 critical issues identified in the Global Human Capital Trends 2014 survey published earlier this month by Deloitte University Press, the publishing arm of the professional services firm’s leadership center.

In a paper examining the findings, Adam Canwell, Vishalli Dongrie, Neil Neveras and Heather Stockton – who work for Deloitte in a range of locations  – point out that leadership “remains the No. 1 talent issue facing organizations around the world,” with 86% of respondents to the survey rating it “urgent” or “important.” However, the fact that only 13% say they do an excellent job of developing leaders at all levels means that this area has the largest “readiness gap” in the survey.

Finding good leaders has, of course, always been a crucial issue for all sorts of organizations. This is why the armed forces, for instance, put so much effort into training their officers and why business schools and other providers of executive development have thrived. But the Deloitte team argues that “21st-century leadership is different”. Canwell and his colleagues write: “Companies face new leadership challenges, including developing Millenials and multiple generations of leaders, meeting the demand for leaders with global fluency and flexibility, building the ability to innovate and inspire others to perform, and acquiring new levels of understanding of rapidly changing technologies and new disciplines and fields.” No wonder organizations are coming up short.

Almost inevitably, the problem is felt to be especially acute today. This is a result of the strengthening of the global recovery, the desire on the part of the companies to expand in new markets and the growing numbers of older leaders choosing to retire.

OAU STUDENT BUILDS SOLAR POWERED CAR

OYEYIOLA SEGUN, a Part 5 student of the Electronic and Electrical Department of Obafemi Awolowo University. He was interviewed by OAU Peeps.

Excerpt:

OAU Peeps: Can we meet you sir?
Segun: Okay, I am Oyeyiola Segun, a part 5 student of Elect-Elect., OAU

OAU Peeps: We learnt you built this lovely car. Was it a joint project or you did it yourself?
Segun: I did it only. This is not a day’s job, I have been working on it for some months now.

OAU Peeps: So how does the car work?
Segun: Basically it depends on Wind and Solar energy. All the energy derived for these two sources were converted to run the simple car. There are different means of obtaining energy from these two sources but I picked the one that is cool for my car.

OAU Peeps: From what you just said, you can either use the Wind or Solar Energy to power the car’s engine?
Segun: Not either energy, rather both energies are used to power the car.

OAU Peeps: Cool… that differentiates your production from the usual vehicles we see around us I suppose?
Segun: Yes, you are very correct.

OAU Peeps: Could you share with us what actually provoked your innovation? I mean what you thought before coming up with this lovely engine?
Segun: Basically, it is because of the climate change we experience due to the combustion of fuel and you know cars also contribute to that change. So I thought of running a car that will not use fuel for its locomotion. After series of thinking and research work, I came up with the simple method that gave birth to this. So that is the basic reason for the car. Another concern of mine is to produce a car that will function effectively at a reduced cost of maintenance. I believe you know the price of fuel in this country is almost going beyond the reach of a common man?

FIRST IMPRESSIONS: SAMSUNG GALAXY S5

Samsung is back with a new flagship Galaxy phone - Galaxy S5. This is going to be the best, most powerful and most feature-rich Galaxy phone for around a year. While we will have the full review of the device in the coming weeks, we checked it out today at the launch event in New Delhi.

Here is what we think of Galaxy S5 based on the brief time we spent with the device:
The first thing you notice about Galaxy S5 is that the glossy plastic cover - much hated by users but much loved by Samsung - found on previous galaxy phones is finally gone. In its place, Samsung is using a back cover made of plastic that has a matte finish and that feels soft - almost like velvet - to the touch. The back cover also has a dotted pattern, but the dots are small.

We feel the change in the design and material of back cover is for the good. Galaxy S5 does look and feel better than Galaxy S4. However, it still can't match iPhone 5S or Xperia Z1 in terms of looks.

The other striking bit about Galaxy S5 is how light it feels despite packing in a large screen. With its rounded edges, it fits in the hand very well and due to its relatively low weight it is easy to hold and use it.



The build quality of Galaxy S5 looks top notch, though there is still not much of metal in the body. Mostly it is plastic, but to give the device a premium look, Samsung is using a frame in metal finish that fits around the phone.

The three buttons - two touch-sensitive buttons for Back and Menu options and one physical button for Home - sit below the screen. There are no onscreen buttons in Galaxy S5.

Galaxy S5 has a dust and water proof design. The USB 3.0 port on the device is covered with a flap.

SAMSUNG UNVEILS GALAXY S5 IN INDIA, AVAILABLE FROM APRIL 11

Samsung on Thursday announced its plans for India launch of Galaxy S5, the company's flagship Android phone. Samsung said the price of Galaxy S5 will be between Rs 51,000 and Rs 53,000. It will be available in the market from April 11, though consumers can already pre-order it through the Samsung India online store or select retailers in eight cities by paying Rs 1500.

Samsung said that more information on pre-ordering of Galaxy S5 will be made available to consumers through Galaxy 5 advertisements which will start appearing soon.

In India, the Galaxy S5 will be available in four colours - black, white, blue and gold.

"The Galaxy S5 is yet another great proof point of people-inspired innovation. Designed to be both effortlessly smart and intuitively simple, the Galaxy S5 has been created to maximize consumer benefits by integrating superior hardware with enhanced smartphone usability and an iconic design," said Vineet Taneja, country head, IT & mobile division at Samsung India.

Just like the earlier versions of the top Galaxy phones, Samsung is selling the Galaxy 5 with an 8-core Exynos processor in India whereas the international version is powered by a 4-core Qualcomm Snapdragon processor. In terms of theoretical processing power, both processors are quite close and hence users are not likely to notice any difference in performance.

STERLING BANK POSTS N9.3BN PROFIT

Sterling Bank Plc yesterday reported a net profit of N9.3 billion for the year ended December 31, 2013, showing an increase of 24 per cent compared with N7.5 billion reported in the 2012.

The bank is rewarding its shareholders with a dividend of 25 kobo per share, up 25 per cent from the 20 kobo paid the previous year.

Sterling Bank is the third bank to release its 2013 audited results and according to market analysts,  the results have shown the  lender as one of the best-performing banks in a period characterised by lower earnings stiff regulatory environment.

The bank’s gross earnings rode on the back of a 24 per cent and 31 per cent growth in non-interest income and interest income respectively to N91.6 billion. Non-interest income, which rose to N21.7 billion as against N15.3 billion in 2012 was largely due to a 139 per cent increase in trading income in addition to a 46 per cent increase in fees and commission.

As a demonstration of confidence in the bank, customer deposits rose 23 per cent to N570.5 billion as against N466.8 billion, while total assets including contingent liabilities increased by 28 per cent to N909.4 billion compared with N708.2 billion in 2012.

Similarly, asset quality improved significantly with non-performing loan ratio down to 2.1per cent from 3.8per cent in 2012.

Commenting on the results, the Managing Director/CEO, Sterling Bank, Mr. Yemi Adeola, said: “Our performance for the 2013 financial year highlights our underlying institutional strength, with top-line revenues increasing by 33 per cent to N91.6 billion, despite the pressure on earnings arising from regulatory policy changes during the year. Operating income increased 41 per cent resulting in an improvement in cost-to-income ratio to 69 per cent from 81 per cent in 2012.”

He added that overall, the bank’s bottom line remained strong with 24 per cent growth in profit before tax to N9.3 billion.

“In spite of the challenging operating environment, we grew our loan portfolio to N321.7 billion (2012: N229.4 billion), resulting in a 22 per cent increase in total assets. Asset quality improved significantly with non-performing loan ratio down to 2.1 per cent from 3.8 per cent in 2012 notwithstanding a 40 per cent growth in loans and advances. We also gained traction in our retail drive with an active customer base exceeding one million resulting in 23 per cent growth in deposits.”

INSPIRED OR INSANE: THIS 28-YEAR-OLD VOWS TO LAUNCH A NEW BUSINESS EVERY WEEK FOR ONE YEAR

For most aspiring business minds, conceiving a viable enterprise is the project of a lifetime. For 28-year-old Colin Grussing, it’s about to become a weekly routine.

With a seemingly time-bending initiative entitled 52businesses that is sure to intrigue dreamers and skeptics alike, Grussing and a small team will set out to create one new business each week for one year.

Why? To demystify the process of launching an early-stage startup, says Grussing -- a Yale graduate, serial entrepreneur and former Shark Tank contestant from New Orleans. As lofty as it sounds, “We want to encourage people to responsibly pursue their ideas, and ultimately contribute to a stronger, more resilient economy,” he said.

If the premise doesn’t sound brazen enough, here’s more: the team of three employees and five interns will base their operations out of a retrofitted cerulean school bus from the 80s, which they have lovingly nicknamed ‘Bob’ (Business Operations Bus.)

And the entire experiment will be documented through social media -- on blogs, podcasts, webisodes, Facebook, Twitter and more.

The weeks ahead

Though they will have to be deployed at lightning speed, Grussing says he’s already chock-full of business ideas. One venture is a mobile yoga studio. Another, Apocalypse Camp, is a survival course for adults to be held within a derelict jailhouse, where proficiencies such as siphoning gas, hotwiring cars and shooting guns will be taught.

“In terms of overall planning, we always want to stay four weeks ahead of the curve -- while still maintaining the authentic sense that we’re starting fresh every Monday,” Grussing said.