Amazon Allays Concerns That Its Humanoid Robots Will Lead to Job Losses

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October 21, 2023

Amazon is conducting trials of humanoid robots in its US warehouses as part of its ongoing efforts to automate and enhance operational efficiency. The move, described by Amazon as a means to “free employees up to better deliver for our customers,” involves testing a new robot named “Digit,” which boasts arms and legs, enabling it to move, grasp, and handle items in a manner similar to a human.

Digit is designed to navigate the warehouse environment, including handling steps and stairs, and perform tasks such as picking up and moving packages, containers, and customer orders. While the robot is currently in the prototype phase, the trial aims to assess its safety and effectiveness when working alongside human employees.

Amazon is no stranger to implementing automation in its warehouses, employing a wide range of robotic systems to optimize its operations. According to the company, over 750,000 robots are now working collaboratively with human staff, primarily focusing on highly repetitive tasks.

The use of robotics in its warehouses has, in Amazon’s view, created hundreds of thousands of new jobs, including skilled roles that did not previously exist within the company.

Tye Brady, Amazon Robotics’ chief technologist, emphasized the irreplaceable role of human workers in the fulfillment process, dispelling the notion of fully automated warehouses in the future. He highlighted the importance of human capabilities, such as higher-level thinking and problem-solving, which cannot be replaced by automation.

“There’s not any part of me that thinks that would ever be a reality,” he said.

“People are so central to the fulfilment process; the ability to think at a higher level, the ability to diagnose problems.”

Despite these assertions, Amazon’s increasing automation efforts have raised concerns among labor unions. Stuart Richards, an organizer at the UK trade union GMB, commented on Amazon’s automation, stating that the company had been “treating their workers like robots for years” and that automation has led to job losses within fulfillment centers.

The ongoing trials with Digit and other robotic systems underscore Amazon’s commitment to leveraging automation to streamline its operations while continuing to integrate human expertise and creativity to maintain optimal fulfillment processes.

A conversation between Scott Dresser of Amazon Robotics and the BBC suggested that the fears over human jobs being replaced didn’t match what had happened at Amazon.

“Our experience has been these new technologies actually create jobs, they allow us to grow and expand. And we’ve seen multiple examples of this through the robots that we have today.

“They don’t always run unfortunately and we need people to repair them,” he said.

‘Obidient’ is a Patriotic Movement: Imo Governor Seeks Obidients Support for Reelection

By

Samuel Nwite

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October 21, 2023

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Governor Hope Uzodinma of Imo State is making efforts to secure the support of the “Obidients” Movement ahead of the upcoming governorship election on November 11.

In a bid to win over the group, Governor Uzodinma described the Obidients Movement as a patriotic crusade for good leadership in Nigeria, per Premium Times.

Addressing a group of youths from the Imo Obidients Youths, who “endorsed” him for the election, Uzodinma clarified that the Obidients Movement transcends political party affiliations and is focused on advocating for effective leadership and the future interests of Nigeria.

The term “Obidients” is commonly associated with supporters of Peter Obi, the presidential candidate of the Labour Party (LP) in the 2023 general election. The name is derived from Mr. Obi’s surname, and it has been used to describe a group critical of President Bola Tinubu and the All Progressives Congress (APC).

Governor Uzodinma, a member of the APC, is seeking re-election. He expressed his willingness to work closely with the Obidients Movement to realize their aspirations for a better Imo State that recognizes its youth population, has a clear development plan, and a defined direction.

The leader of the Imo Obidients Youths, Mandela Emeka, announced their endorsement of Governor Uzodinma for the upcoming election, emphasizing their belief that he is the most suitable candidate to lead the state.

The political affiliations of these youths remain unclear, and it is uncertain if they are affiliated with the LP, which has put forward Athan Achonu as its governorship candidate for the election.

In the past, Governor Uzodinma had criticized the LP supporters, describing them as a party strong on social media but lacking a substantial political structure on the ground. However, the LP experienced some surprising electoral victories in the 2023 elections, including winning the governorship election in Abia State.

Peter Obi, a former governor of Anambra State, garnered significant support during the 2023 elections, particularly in Nigeria’s Southeast region. Although he did not win the presidential election, his party, the LP, achieved multiple electoral successes across the country for the first time in the party’s history. The “Obidients” Movement played a notable role in rallying support for Peter Obi’s campaign.

During the 2023 elections, various opposition parties, particularly in the southeast, sought to incorporate the term “obedient” into their campaign messages to attract supporters of the LP. The movement’s influence on electoral dynamics was evident, and its significance continues to be a topic of discussion in Nigerian politics.

Tekedia Capital Co-sponsors FUTO Biennial Lecture Series

By

Ndubuisi Ekekwe

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October 21, 2023

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Tekedia Capital co-sponsored Federal University of Technology Owerri (FUTO) Biennial Lecture Series. On the back cover of the event material, our message was clear: nations rise when great entrepreneurs emerge, Tekedia Capital funds those entrepreneurs. Learn more about what we do, and join us as we’re in an active investment cycle

Company Re-Registration In Nigeria

By

Emmanuel Ifeanyi Ogbuka

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October 21, 2023

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Re-Registration is the process of altering an existing company’s status in terms of its liability limitations and shareholding structure through a new incorporation process.

This first instalment article focuses on all that you need to know regarding Re-Registration of companies under Nigerian law, particularly regarding :-

– Alteration if Company Status by Re-Registration

– Re-Registration of Private companies as public companies

– Re-Registration of Public companies as private companies

– Requirements as to share capital and net assets

Alteration of Company Status by Re-Registration

– Under the act, a company may by re-registration under this Part alter its status from:

(a) a private company to a public company ;

(b) a public company to a private company ;

(c) a private limited company to an unlimited company ;

(d) an unlimited company to a limited company ; or

(e) a public limited company to an unlimited company.

Re-Registration of Private Companies as Public Companies

– A private company (whether limited or unlimited) may be reregistered as a public company limited by shares if:

(a) a special resolution that it should be so re-registered is passed ;

(b) the conditions specified under the act are met, and

(c) an application for re-registration is delivered to the Corporate Affairs Commission (CAC) in accordance with the act, together with-

(i) the other documents required by that section, and

(ii) a statement of compliance.

-The conditions are:

(a) that the company has a share capital ;

(b) that the requirements of the act are met as regards its share capital ;

(c) that the requirements of the act are met as regards its net assets ;

(d) if the relevant provision of the act applies, that the requirements of that section are met ; and

(e) that the company has not previously been re-registered as an unlimited company.

– The company shall make such changes to its name and articles, as are necessary in connection with its becoming a public company.

– If the company is unlimited it shall also make such changes in its articles as are necessary in connection with its becoming a company limited by shares.

Requirements as to Share Capital

– The following requirements shall be met at the time the special resolution is passed that the company should be re-registered as a public company:-

(a) the nominal value of the company’s allotted share capital shall be not less than the minimum specified under the act ;

(b) the company’s allotted shares shall be paid up at least one-quarter of the nominal value of that share and the whole of any premium on it ;

(c) if any share in the company or any premium on it has been fully or partly paid up by an undertaking given by any person that he or another should work or perform services (whether for the company or any other person), the undertaking shall have been performed or otherwise discharged ; or

(d) if shares have been allotted as fully or partly paid up as to their nominal value or any premium on them otherwise than in cash, and the consideration for the allotment consists of, or includes, an undertaking to the company , then either:

(i) the undertaking shall have been performed or otherwise discharged, or

(ii) there shall be a contract between the company and some person pursuant to which the undertaking is to be performed within five years from the time the special resolution is passed.

– Shares allotted in pursuance of an employees’ share scheme, by reason of which the company would, but for this subsection, be precluded under the act from being re-registered as a public company, shall not be regarded for the purpose of determining whether the requirements in the act are met.

– No more than one-tenth of the nominal value of the company’s allotted share capital is to be disregarded under the act and for this purpose the allotted share capital is treated as not including shares disregarded under the subsection.

Requirements as to Net Assets

– A company applying to re-register as a public company shall obtain:

(a) a balance sheet prepared as at a date not more than seven months before the date on which the application is delivered to the CAC ;

(b) an unqualified report by the company’s auditor on that balance sheet ; and

(c) a written statement by the company’s auditor that, in his opinion at the balance sheet date, the amount of the company’s net assets was not less than the aggregate of its called-up share capital and undistributable reserves.

– Between the date of the balance sheet and the date on which the

application for re- registration is delivered to the Commission, there shall be no change in the company’s financial position that results in the amount of its net assets becoming less than the aggregate of its called-up share capital and un-distributable reserves.

– Under the act, an “unqualified report” means:

(a) if the balance sheet was prepared for a financial year of the company, a report stating without material qualification the auditor’s opinion that the balance sheet has been properly prepared in accordance with the requirements of this Act ;

(b) if the balance sheet was not prepared for a financial year of the company, a report stating without material qualification the auditor’s opinion that the balance sheet has been properly prepared in accordance with the provisions of this Act which would have applied if it had been prepared for a financial year of the company.

– For the purpose of an auditor’s report on a balance sheet that was not prepared for a financial year of the company, the provisions of this Act apply with such modifications as are necessary.

Applications for Re-Registration as a Public Company

– An application for re-registration as a public company shall contain:

(a) a statement of the company’s proposed name on re-registration; and

(b) in the case of a company without a secretary, a statement of the company’s proposed secretary.

– The application shall be accompanied by:

(a) a copy of the special resolution that the company should re-register as a public company ;

(b) a copy of the company’s memorandum and articles as proposed to be amended ;

(c) a copy of the balance sheet and other documents referred to under the act; and

(d) where applicable, a copy of the valuation report (if any) under the relevant section.

– The statement of compliance required to be delivered together with the application is a statement that the requirements of this Part as to reregistration as a public company have been complied with.

– The CAC may accept the statement of compliance as sufficient evidence that the company is entitled to be re-registered as a public company.

Issuance of Certificate of Incorporation upon Re-Registration.

– If, on an application for re-registration as a public company,the Commission is satisfied that the company is entitled to be re-registered,the company shall be re-registered accordingly.

– The Commission shall issue a certificate of incorporation altered to meet the circumstances of the case.

– The certificate shall state that it is issued on re-registration and the date on which it is issued.

– Upon the issue of the certificate:

(a) the company by virtue of the issue of the certificate becomes a public company ;

(b) the changes in the company’s name, memorandum and articles take effect ; and

(c) where the application contained a statement of proposed secretary,the person or persons named in the statement as secretary or joint secretaries of the company are deemed to have been appointed to that office.

-The certificate is prima facie evidence that the requirements of this Act as to re-registration have been complied with.

Re-Registration of Public Companies as Private Companies

– A public company may be re-registered as a private limited company if:

(a) a special resolution that it should be so re-registered is passed ;

(b) the conditions specified under this section are met ; and

(c) an application for re-registration is delivered to the Commission in accordance with the act, together with:

(i) the other documents required by that section, and

(ii) a statement of compliance.

– The conditions are that:

(a) where no application under the act for cancellation of the resolution has been made:

(i) having regard to the number of members who consented to, or voted in favour of, the resolution, no such application may be made, or

(ii) the period within which such an application could be made has expired; or

(b) where such an application has been made:

(i) the application has been withdrawn, or

(ii) an order has been made confirming the resolution and a copy of that order has been delivered to the Commission.

-The company shall make such changes:

(a) in its name ; and

(b) in its memorandum and articles, as are necessary in connection with its becoming a private company limited by shares or, as the case may be, by guarantee.

Corporate Law :- All You Need To Know About Company Re-Registration In Nigeria- Part 2

The second instalment of this article will be looking at the following subtopics concerning Company Re-Registration in Nigeria :-

– Cancellation of Resolutions.

– Notices to the Corporate Affairs Commission (CAC).

– Applications for Re-Registration as Public Companies.

– Re-Registration of Private companies into Unlimited Companies.

– Re-Registration of Unlimited Companies into Limited Companies.

Application to Court to cancel Resolution

– The act provides that where a special resolution by a public company to be reregistered as a private limited company has been passed, an application to the court for the cancellation of the resolution may be made:

(a) by the holders of at least 5% in nominal value of the company’s issued share capital or any class of the company’s issued share capital(disregarding any shares held by the company as treasury shares) ;

(b) if the company is not limited by shares at least 5% of its members; or

(c) by at least 50 members of the company, but not by a person who has consented to or voted in favour of the resolution.

– The application shall be made within 28 days after the passing of the resolution and may be made on behalf of the persons entitled to make it by such one or more of their number as they may appoint for that purpose.

– On the hearing of the application, the Court shall make an order either cancelling or confirming the resolution.

-The Court may:

(a) make that order on such terms and conditions as it deems fit ;

(b) if it deems fit, adjourn the proceedings in order that an arrangement may be made to the satisfaction of the Court for the purchase of the interests of dissenting members ; and

(c) give such directions, and make such orders, as it considers expedient for facilitating or carrying into effect any such arrangement.

-The Court order may, if the Court deems fit:

(a) provide for the purchase by the company of the shares of any of its members and for the reduction accordingly of the company’s capital ; and

(b) make such alteration in the company’s memorandum articles as may be required in consequence of that provision.

– The Court order may, if the Court deems fit, require the company not to make amendment to its articles without the leave of the Court.

Notice to CAC of Court Application or Order

– On making an application to the Court to cancel the resolution,the applicants, or the person making the application on their behalf, shall immediately give notice to the Corporate Affairs Commission (CAC), without prejudice to any provision of rules of court as to service of notice of the application.

– On being served with notice of any such application, the company shall immediately give notice to the Commission.

– Within 15 days of the making of the Court order on the application, or such longer period as the Court may at any time direct, the company shall deliver to the Commission a copy of the order.

– If default is made in complying with the relevant provisions of the act, the company and each officer of the company is liable to such penalty as the Commission shall prescribe by regulation for every day during which the default continues.

Applications for Re-Registration as Public Limited Companies

-An application for re-registration as a private limited company shall contain a statement of the company’s proposed name on re-registration.

-The application shall be accompanied by a copy of the:

(a) resolution that the company should re-register as a private limited company; and

(b) company’s memorandum and articles as proposed to be amended.

– The statement of compliance required to be delivered together with the application is a statement that the requirements of this Part as to reregistration as a private limited company have been complied with.

– The commission may accept the statement of compliance as sufficient evidence that the company is entitled to be re-registered as a private limited company.

Issuance of Certificate of Incorporation upon Re-Registration as a Private Limited Company.

– If, on an application for re-registration as a private limited company, the Commission is satisfied that the company is entitled to be so reregistered, the company shall be re-registered accordingly.

-The Commission shall issue a certificate of incorporation altered to meet the circumstance.

– The certificate shall state that it is issued on re-registration and the date on which it is issued.

– Upon the issue of the certificate:

(a) the company by virtue of the issue of the certificate becomes a private limited company ;

(b) the changes in the company’s name, memorandum and articles take effect.

– The certificate is prima facie evidence that the requirements of this Act as to re- registration have been complied with.

Re-Registration of Private Limited Company as Unlimited.

-A private limited company may be re-registered as an unlimited company if:

(a) all the members of the company have assented to its being so reregistered ;

(b) the condition specified under the act is met ; and

(c) an application for re-registration is delivered to the Commission in accordance with the act, together with:

(i) the other documents required by that section, and

(ii) a statement of compliance.

-The condition is that the company has not previously been re-registered as limited.

– The company shall make such changes in its name and its memorandum and articles-

(a) as are necessary in connection with its becoming an unlimited company ; and

(b) if it is to have a share capital, as are necessary in connection with its becoming an unlimited company having a share capital.

– For the purposes of this section:

(i) a trustee in bankruptcy of a member of the company is entitled, to the exclusion of the member, to assent to the company’s becoming unlimited ; and

(ii) the personal representative of a deceased member of the company may assent on behalf of the deceased.

– Under the act, “a trustee in bankruptcy of a member of the company” includes:

(a) a permanent trustee or an interim trustee on the sequestrated estate of a member of the company ; and

(b) a trustee under a protected trustee deed granted by a member of the company.

Application for Re-Registration as an Unlimited Company

– An application for re-registration as an unlimited company shall contain a statement of the company’s proposed name on re-registration.

– The application shall be accompanied by:

(a) the prescribed form of assent to the company’s being re-registered as an unlimited company, authenticated by or on behalf of all the members of the company ; and

(b) a copy of the company’s memorandum and articles as proposed to be amended.

-The statement of compliance required to be delivered together with the application is a statement that the requirements of this Part as to reregistration as an unlimited company have been complied with.

– The statement shall contain a statement by the directors of the company:

(a) that the persons by whom or on whose behalf the form of assent is authenticated constitute the whole membership of the company ; and

(b) if any of the members has not authenticated that form himself, that the directors have taken all reasonable steps to satisfy themselves that each person who authenticated it on behalf of a member was lawfully empowered to do so.

– The Commission may accept the statement of compliance as sufficient evidence that the company is entitled to be re-registered as an unlimited company.

Issuance of Certificate of Incorporation upon Re-Registration as an Unlimited Company

– If, on an application for re-registration of a private limited company as an unlimited company the Commission is satisfied that the company,is entitled to be so re-registered, the company shall be re-registered accordingly.

-The Commission shall issue a certificate of incorporation altered to meet the circumstance.

– The certificate shall state that it is issued on re-registration and the date on which it is issued.

– Upon the issue of the certificate:

(a) the company by virtue of the issue of the certificate becomes an unlimited company ; and

(b) the changes in the company’s name, memorandum and articles take effect.

– The certificate is conclusive evidence that the requirements of this Act as to re- registration have been complied with.

Re-Registration of Unlimited Companies as Limited

– An unlimited company may be re-registered as a private limited company if:

(a) a special resolution that it should be re-registered is passed ;

(b) the condition specified under the act is met ; and

(c) an application for re-registration is delivered to the Commission in accordance with the act, together with-

(i) the other documents required by that section, and

(ii) a statement of compliance.

– The condition is that the company has not previously been reregistered as unlimited.

– The special resolution shall state whether the company is to be limited by shares or by guarantee.

– The company shall make such changes:

(a) in its name ; and

(b) in its memorandum and articles, as are necessary in connection with its becoming a company limited by shares or, as the case may be, by guarantee.

Application for Re-Registration as a Limited Company

-An application for re-registration as a limited company shall contain a statement of the company’s proposed name on re-registration.

-The application shall be accompanied by:

(a) a copy of the resolution that the company should re-register as a private limited company ;

(b) if the company is to be limited by guarantee, a statement of guarantee ; and

(c) a copy of the company’s memorandum and articles as proposed to be amended.

– The statement of guarantee required to be delivered in the case of a company that is to be limited by guarantee shall state that each member undertakes that, if the company is wound up while he is a member, or within one year after he ceases to be a member, he will contribute to the assets of the company to such amount as may be required for:

(a) payment of the debts and liabilities of the company contracted before he ceases to be a member ;

(b) payment of the costs, charges and expenses of winding-up ; and

(c) adjustment of the rights of the contributories among themselves, not exceeding a specified amount.

– The statement of compliance required to be delivered together with the application is a statement that the requirements of this Part as to reregistration as a limited company have been complied with.

– The Commission may accept the statement of compliance as sufficient evidence that the company is entitled to be re-registered as a limited company.

Issuance of Certificate of Incorporation upon Re-Registration of an Unlimited Company as a Limited Company

-If, on an application for re-registration of an unlimited company as a limited company, the Commission is satisfied that the company is entitled to be so re- registered, the company shall be re-registered accordingly.

– The Commission shall issue a certificate of incorporation altered to meet the circumstances of the case.

– The certificate shall state that it is issued on re-registration and the date on which it is so issued.

– Upon the issue of the certificate:

(a) the company by virtue of the issue of the certificate becomes a limited company; and

(b) the changes in the company’s name, memorandum and articles take effect.

-The certificate is prima facie evidence that the requirements of this Act as to re- registration have been complied with.

InvoiceMate Partners with the DFINITY Foundation and Migrates From Hyperledger Fabric to The Internet Computer Blockchain

By

Paul Ugbede Godwin

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October 21, 2023

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The DFINITY Foundation, a not-for-profit research and development organization based in Switzerland and a major contributor to the Internet Computer blockchain (ICP), has announced that it has partnered with InvoiceMate.

InvoiceMate.tech will migrate from Hyperledger Fabric to the Internet Computer. The DFINITY Foundation will support InvoiceMate in this transition as it becomes an important part of the ICP ecosystem.

InvoiceMate is a bblockchain and AI-powered invoicing platform that acts as a bridge between SMEs and financing institutions. InvoiceMate leads to easier financial inclusion by enabling SMEs access to various forms of credit like invoice discounting, factoring, Buy Now Pay Later (BNPL), and supply chain financing.

InvoiceMate has processed over $114 million in invoices and partnered with nine financial institutions with over $5mn in locked lending allocation.

As part of the partnership not only will InvoiceMate use the Internet Computer blockchain it will work with the DFINITY Foundation to add value to the ICP ecosystem as a whole. The InvoiceMate team will act as advisors and mentors for other enterprise blockchain projects.

This will include running workshops for enterprise blockchain organizations, InvoiceMate’s large network of partners and universities that are interested in exploring the Internet Computer.

InvoiceMate’s tech arm MateSol will also serve as a “dev shop” and support projects wanting to integrate ICP into their operations. InvoiceMate brings a wealth of experience from the enterprise blockchain industry and is set to play a large role in enterprise adoption for the Internet Computer blockchain.

Muhammad Salman Anjum, Chief Mate at InvoiceMate said, “We’re excited to migrate to the Internet Computer blockchain. InvoiceMate has built its reputation on trust and efficiency, and that is what we are looking for in a blockchain. The Internet Computer enables us to use the power of invoices to aid SMEs in accessing credit but in a decentralized, tamperproof, and scalable manner.”

The partnership between the DFINITY Foundation and InvoiceMate strengthens the presence of the Internet Computer in the region. Recently, the ICP.HUB GCC was founded in Dubai. The ICP.HUB GCC is a Web3 community of developers and entrepreneurs building the Internet Computer’s presence in the Gulf.

The Hub is focused on education, including workshops for developers, incubation, helping founders from ideation to MVP, and developing blockchain use cases for corporates and governments. The ICP.HUB GCC also facilitates partnerships between the DFINITY Foundation and local enterprises.

Saed Ereiqat, Co-Founder of the ICP.HUB GCC said, “Since the inception of the ICP.Hub GCC, we have been building the groundwork for projects to transition into the ICP Ecosystem smoothly, and we are seeing significant interest from the local ecosystem to build.

InvoiceMate is the perfect example of a mature, Dubai-grown project moving to the ICP Ecosystem. I am looking forward to working with the team on developing corporate use cases powered by ICP!”.

The Internet Computer is a general-purpose, layer-one blockchain that acts as a Cloud 3.0. The network has been operating for over two years and has experienced zero downtime. It also processes over 750 million transactions daily, a 425% increase from its first year of operation.

The Internet Computer is the only blockchain network in the world capable of hosting social networks and enterprise systems, providing an alternative to the Legacy IT stack, which incorporates Web 2.0 infrastructures such as centralized cloud services run by Big Tech, which run databases and web servers.

InvoiceMate acts as a trusted bridge between SMEs and lenders. It enables SMEs easy digital inclusion with Blockchain and AI-powered invoicing platform that empowers them with even easier financial inclusion. Financing institutions get easy pre-qualified Borrowing SMEs and quicker due diligence with KYI (Know Your Invoice) Service to do de-risked lending.

The DFINITY Foundation is a not-for-profit organization of leading cryptographers, computer scientists and experts in distributed computing. With a mission to shift cloud computing into a fully decentralized state, the Foundation leveraged its experience to create the Internet Computer and currently operates as a major source network.

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InvoiceMate Partners with the DFINITY Foundation and Migrates From Hyperledger Fabric to The Internet Computer Blockchain

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