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Smile Telecoms Appoints New Group Chief Executive Officer

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Ahmad Farroukh, Smile Group Executive Director Operations, appointed as Group CEO; Irene Charnley, founder of Smile, appointed as Deputy Chairman.

Smile Telecoms ,  a Pan-African telecommunications group with operations in Nigeria, Uganda, Tanzania and the Democratic Republic of the Congo, today announces the appointments of Mr. Ahmad Farroukh as Group Chief Executive Officer and Ms. Irene Charnley as Deputy Chairman, respectively, effective 1 June 2019.

Ahmad Farroukh, who currently serves as Smile’s Group Executive Director Operations, is a seasoned and experienced telecoms executive with a distinguished record of commercial and operational success. Mr. Farroukh’s vast experience extends to executive management positions at Investcom Holdings and the MTN Group (where he served as CEO of MTN Nigeria, MTN South Africa and Group Chief Operating Executive, responsible for 19 countries) and immediately prior to joining Smile, as CEO of Mobily, Saudi Arabia’s second largest telecommunications operator. Given the extent of the opportunity and the significance to Smile, Ahmad will spend the majority of his executive time in Nigeria.

Hailed as one of Africa’s most successful business leaders, Smile Telecoms founder and shareholder, Irene Charnley has led the Company’s innovation and pioneering of Africa’s first 4G LTE network infrastructure, using low band spectrum in 800MHz band. thereby revolutionizing the way people in Africa accessed high speed internet. After 12 years at the helm, Ms. Charnley will now serve as Deputy Chairman for the Company and will fulfil a strategic role.

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Commenting on the announcement, Mohammed H. Sharbatly, Smile’s Co-Chairman and Group CEO of Smile’s majority shareholder, Al Nahla Group of KSA, said “The Africa telecoms market is as dynamic as it is challenging, and Ahmad is suited to lead Smile’s next exciting phase of growth, as we have transitioned from a spectrum rich upstart to the fastest, most reliable data gigabyte factory in Sub-Sahara Africa. We are equally delighted that Irene will continue to serve the company she founded as Deputy Chair, and we look forward to her ongoing strategic direction and guidance.”

“The next phase for Smile will focus on delivering excellent operational returns, achieving profitability and creating value for all stakeholders, and I believe that Ahmed is best suited to lead the Company forward in this regard”, added Irene Charnley.

“Africa is experiencing explosive data growth, and I am honoured to have the opportunity to lead the operations of one of the continent’s best 4G LTE networks at this exciting time. It has also been a revelation after over 20 years in the industry to witness the power and versatility of Smile’s proprietary technology applications platform, which was developed in-house and provides a huge competitive and cost advantage,” concluded Ahmad Farroukh.

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Bitcoin Hits $50,000 For First Time Since 2021

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A picture taken on February 6, 2018 shows a visual representation of the digital crypto-currency Bitcoin, at the “Bitcoin Change” shop in the Israeli city of Tel Aviv. (Photo by JACK GUEZ / AFP)

Bitcoin surpassed the $50,000 mark on Tuesday, marking its highest value in over two years.

Investor optimism surged as anticipation grew regarding broader trading approval in the US, with hopes riding high on potential green lights for cryptocurrency exchange-traded funds (ETFs).

Despite an initial dip following Washington’s approval signal last month, Bitcoin has rebounded impressively, boasting a 25 percent rally since January 22.

As of the latest data from Bloomberg, the cryptocurrency peaked at $50,328, underscoring the resilience and upward momentum in the crypto market, leaving observers optimistic about its future trajectory.

“Enthusiast buyers bring in more enthusiast buyers pushing prices further up,” Fadi Aboualfa, of Copper Technologies, said.

“The cryptocurrency has momentum on the back of several green weeks and has a large chance of going up further when markets see weekly movements upwards of 10 percent (as we saw last week).”

By 0330 GMT Tuesday, bitcoin had dropped slightly, to $49,950.

While Bitcoin has made an impressive recovery, currently standing above $50,000, it still lags significantly behind its peak value of nearly $69,000 in 2020. This rally signals a bounce-back for the cryptocurrency, which faced turbulent times marked by high-profile scandals and collapses within the crypto industry.

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Last year, FTX, the world’s second-largest crypto exchange, suffered a dramatic downfall, with its CEO, Sam Bankman-Fried, now confronting potential consequences. Prosecutors have characterised the situation as “one of the biggest financial frauds in American history,” and Bankman-Fried faces the looming threat of up to 110 years in prison.

In November, Changpeng “CZ” Zhao resigned as CEO of Binance, the world’s largest crypto exchange, following both his and the company’s admission of guilt in extensive money laundering violations.

Bitcoin’s upward trajectory is further fueled by optimism surrounding potential interest rate cuts by the US Federal Reserve this year, as inflation appears to be easing. The cryptocurrency’s value is also influenced by an anticipated supply crunch next year, attributed to the recurring event known as “halving.”

Bitcoin, earned through intricate problem-solving by powerful computers in a process called “mining,” experiences a reduction in reward every four years. With the next “halving” scheduled for April, the limited supply dynamic continues to be a driving force behind Bitcoin’s value surge.

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Microsoft Joins Apple In $3 Trillion Club

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Microsoft joined Apple on Wednesday as a three trillion dollar company, as its big bet on artificial intelligence continued to impress Wall Street.

Now second to Apple as the world’s biggest company by market capitalization, Microsoft’s shares were up 1.31 percent at $404.

 

Apple remains narrowly in first place at $3.02 trillion after reaching the $3 trillion market capitalization mark for the first time in January 2022.

 

But it has fallen below the milestone, even briefly losing the pole position as biggest company on the markets when Microsoft briefly overtook the iPhone maker earlier this month.

 

Microsoft more than any other tech giant is riding the wave of excitement over AI.

The Redmond, Washington-based group has a major partnership with OpenAI, creator of ChatGPT, that is reportedly worth $13 billion.

Since the arrival of ChatGPT, Microsoft has launched several products enabling companies and individuals to use the capabilities of generative AI, notably via its Bing search engine and Copilot virtual assistant.

Since the launch of ChatGPT in early November 2022, Microsoft shares have gained some 67 percent, with Apple’s up by about 40 percent.

Microsoft publishes its results on January 30.

 

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Nigeria: Shell Announces Sale of Onshore Oil Assets

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In an aerial view, gas prices nearing $6.00 a gallon are displayed at a Shell gas station on February 23, 2022 in San Francisco, California. Justin Sullivan/Getty Images/AFP

Shell has announced a deal to offload its Nigerian onshore subsidiary, the Shell Petroleum Development Company of Nigeria Limited (SPDC), to Renaissance.

The acquiring entity, Renaissance, stands as a consortium comprising four local exploration and production companies in Nigeria, alongside an international energy group.

Shell,  in a Tuesday statement on its website, said, “Completion of the transaction is subject to approvals by the Federal Government of Nigeria and other conditions.

“Transaction will preserve SPDC’s operating capabilities for the benefit of a joint venture. The transaction has been designed to preserve the full range of SPDC’s operating capabilities following the change of ownership. This includes the technical expertise, management systems, and processes that SPDC implements on behalf of all the companies in the SPDC Joint Venture (SPDC JV)”.

But, it said, “SPDC’s staff will continue to be employed by the company as it transitions to new ownership”.

Shell emphasised  that amidst the competitive landscape, the company remains committed to supporting the management of SPDC JV facilities. These facilities play a crucial role in supplying a significant portion of feed gas to Nigeria LNG (NLNG), highlighting Shell’s dedication to assisting the nation in maximizing value from its NLNG endeavors.

“This agreement marks an important milestone for Shell in Nigeria, aligning with our previously announced intent to exit onshore oil production in the Niger Delta, simplifying our portfolio and focusing future disciplined investment in Nigeria on our Deepwater and Integrated Gas positions,” Shell’s Integrated Gas and Upstream Director Zoë Yujnovich said.

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“It is a significant moment for SPDC, whose people have built it into a high-quality business over many years. Now, after decades as a pioneer in Nigeria’s energy sector, SPDC will move to its next chapter under the ownership of an experienced, ambitious Nigerian-led consortium.

“Shell sees a bright future in Nigeria with a positive investment outlook for its energy sector. We will continue to support the country’s growing energy needs and export ambitions in areas aligned with our strategy.”

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