Business

PEOPLES DAILY, WEDNESDAY DECEMBER 28, 2022 BU$IN€SS

Nigeria’s proptech startup, Propcrowdy, secures Crowdfunding Intermediary licence from SEC

By Abubakar Yunus Abuja

Proptech startup, Propcrowdy Limited, has been licensed by Nigeria’s Securities and Exchange Commission (SEC) as a crowdfunding intermediary (CFI) company. With this, Propcrowdy becomes the first and only platform in Nigeria today authorized to perform crowdfunding business under the rules and guidelines of the SEC.

The SEC licence to Propcrowdy further gives credence to crowdfunding as a viable alternative investment vehicle. As an SEC-licensed platform under the strict guidelines of the country’s investment regulator, Propcrowdy will be giving investors opportunities to tap into the real estate business for huge returns.

Market target: Propcrowdy, an inclusionary crowdfunding investment platform that is set up to make it possible for individuals who earn minimum wage to access and climb up the real estate investment ladder in Africa, is focusing on two main target audiences which is the population of Nigerians who earn between $80 to $1,000 per month and Small and Medium Enterprise Real Estate Developers whose annual turnover is less than $5m.

Statistics show that over 127 million Nigerians fall into the first category, while there are over 3,600 SMEs in the second category.

Investor confidence: Incorporated in 2019 when there was no regulation for crowdfunding, Propcrowdy said it took the long and hard road to secure a crowdfunding license from SEC in order to build investor confidence.

And to sustain that confidence, the company has assured that funded developers on the platform must meet Propcrowdy’s requirements of environmental, social, and governance factors alongside the security and financial metrics in the appraisal and investment decision-making process.

Success factors: Speaking on the approval by the SEC, the Propcrowdy founder/CEO, Dr Roland Igbinoba, emphasized that success for Propcrowdy will be measured by how much they have been able to successfully democratize real estate investments within the low and medium-income category in Africa, thereby empowering them and improving their wellbeing.

“Furthermore, our contribution to net zero and the reduction in carbon emissions is of utmost importance,” he added.

“We recognize that lowincome earners and small real businesses in Africa lack the financial capacity to scale. At Propcrowdy, we are solving the twin problem of social impact and inclusiveness for those at the bottom of the pyramid and creating wealth and economic development for small and medium-sized real estate developers.”

Officials of the Ministry of Niger Delta Affairs (MNDA), in group photograph with participants of the Empowerment programme.during the graduation Ceremony of the Training and Empowerment for youths and women drawn from the Niger Delta region, held recently in Karu, Abuja. Photo: Min of Niger Delta

WhatsApp to stop working on iPhone 5, 45 Android phones from December 31

By Abubakar Yunus Abuja

Users of Apple’s old smartphone models, iPhone 5 and iPhone 5c, will not be able to use WhatsApp after December 31, 2022.

The end of WhatsApp support will also affect 45 old models of Android devices, according to the instant message platform.

The affected Android phones include several models of several Huawei, LG, and Samsung smartphones. WhatsApp said users of the phones will be sent an alert before it stops working.

Why support is ending: Explaining why it would have to end its support for the affected devices, WhatsApp said:

“Devices and software change often, so we regularly review what operating systems we support and make updates.

“To choose what to stop supporting, every year we, like other technology companies, look at which devices and software are the oldest and have the fewest number of people still using them. These devices also might not have the latest security updates, or might lack the functionality required to run WhatsApp.”

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NCAA warns pilots, airlines of hazardous weather during dry season

Abubakar Yunus Abuja

The Nigeria Civil Aviation Authority (NCAA) has advised pilots and airline operators to exercise caution over hazardous weather in the dry season.

The advisory was contained in a circular initiated by the directorate of aerodrome and airspace standards (DAAS), signed by Musa Nuhu, NCAA director-general, and dated December 19, 2022.

Nuhu explained that the advisory circular was a sequel to the seasonal climate prediction (SCP) issued by the Nigerian Meteorological Agency (NiMet) which reported that there would be cessation of rainfall and weather associated with dry season in Nigeria from late December 2022 to March/April 2023.

Nuhu, who enumerated the effects of hazardous weather on flight operations said “air to-ground visibility reduction due to haze dust or fog”.

“Aerodrome visibility may fall below the prescribed operating minimal and in severe conditions, dust haze can blot out runways, markers and airfield lightings over wide areas making visuals navigation extremely difficult or impossible,” he added.

“Flights are bound to be delayed, diverted or cancelled where terminal visibility falls below the prescribed aerodrome operating minimal.”

In view of the above, Nuhu said that all pilots, operators and air traffic controllers (ATCs) are obliged to abide by safety requirements.

The safety requirements, he said, include the closure of the airspace by air traffic controllers when any of the aforementioned conditions is observed or forecast by NiMet; and strict adherence to published aerodrome weather minimal by flight crews/operators and air traffic controllers (ATC).

“Pilots/flight crew members shall obtain adequate departure, en-route and destination weather information and briefing from NIMET Aerodrome Meteorological Offices and Stations prior to flight operations and exercise maximum restraint whenever an adverse weather is observed,” he added.

Nuhu said operators should ensure that all necessary measures are put in place to cushion the effects of delays or cancellations on their passengers.

The NCAA boss urged all passengers to exercise patience and understanding during the period as their safety is of utmost importance.

He further advised stakeholders to ensure strict compliance to the advisory circular, warning that violations would be viewed seriously.

Kaduna Electric says six only died in Zaria power mishap

The Kaduna Electric has revealed that contrary to some reports, six persons only, names withheld, lost their lives in the electrical mishaps which occurred in Zaria, Kaduna State last week.

A statement by the company’s Head of Corporate Communication, Abdulazeez Abdullahi in Kaduna on Tuesday, said the clarification was necessary to put the record straight.

The statement said the management of the power company resolved to make the clarification after it carried out a thorough investigation into the incident.

While sending its condolences to the families of the deceased, the statement said the company has taken measures to avert a reoccurence.

The statement said in the course of its investigations, the company’s officials visited Gwargwaje community and met with families of the affected persons on three occasions, since the incident occurred, to mourn with them and gather relevant information on the incident.

“All the deceased persons lived on Kagoro Close, Gwargwaje ASP Lumba who resided in the Police Barracks,” the statement said.

It added that it had not received any information of more fatalities since its last visit to the community on Saturday.

The statement said it has also gathered detailed information on all those who sustained injuries or lost properties.

It added that it has been liaising with relevant security authorities and the traditional institution in Zaria to discuss next steps.

Picnickers enjoying themselves at Magic Land, during the Boxing day Celebration, yesterday in Abuja. Photo: Mahmud Isa

Domestic airfares soar by 97% – NBS

By Abubakar Yunus Abuja

The average cost of airplane tickets in Nigeria rose from N37,022.97 in November 2021 to N73,267.57 in November 2022, latest data from the National Bureau of Statistics showed on Monday.

This represents an increase of 97.09 per cent, according to the NBS’ Transport Fare Watch report for November 2022.

The report also showed that that the average price of a single flight ticket increased by 0.09 per cent from N73,198.65 in October to N73,267.57 in November, 2022.

The NBS report read in part, “In air travels fare, the average fare paid by air passengers for specified routes single journey, increased by 0.09 per cent on a month-on-month from N73,198.65 in October 2022 to N73,267.57 in November 2022.

“On a year-on-year, the fare rose by 97.90 per cent from N37,022.97 in November 2021.”

It also disclosed the states with the highest average prices of airplane tickets on a single journey, and they included Taraba (N77,100), Delta (N76,500) as well as Bayelsa and Oyo with N76,100 each.

The states with the lowest prices were Niger (N67,100), Gombe (N70,000) and Nasarawa (N70,100).

The report also disclosed that the average fare paid by commuters for bus journeys within the city per drop increased by 0.12 per cent in November 2022 on a month-on-month from N636.30 in October 2022 to N637.10.

According to the NBS, on a year-on-year basis, however, the average fare paid by commuters for bus journeys within the city per drop rose by 42.69 per cent from N446.50 recorded in November 2021.

The report also said the average fare paid by commuters for bus journey intercity per drop rose to N3,848.48 in November 2022.

This was an increase of 0.07 per cent on a month-onmonth compared to the value of N3,845.81 in October 2022.

NBS said on a year-on-year basis, the fares rose by 45.53 per cent from N2,644.50 in November 2021.