I just listened to Jumia Nigeria CEO (Juliet Anammah) explaining the Jumia side of the Citron “fraud” allegations against the African ecommerce pioneer. She put a show there on CNBC Africa. As I wrote, when the news broke, “The Americans are wrong – Jumia is not a fraud”, I saw no basis for Jumia to think adding those merchants or users will change its trajectory.

Yet, across all events I have attended, that question has been coming up, and it is getting really nauseating that Jumia has failed to put a formal response. This TV response is not effective – not many people have time to watch a 26-minute show for answers which are all over the place. You cannot rely on the Citi Research reaction since Citi did come to the same conclusion – Jumia respond and explain the two areas of concerns.

Jumia – put a formal response. This allegation can break you in America. Look at the stock – it is dropping. Largely, you had a great quarter but this lack of press management could be eroding trusts in your potential investors. This is America where data and news move markets.

Citron Research Calls Jumia a “Fraud”, Stock Drops [Download the Report]

LinkedIn Summary

Jumia is a category-king company but its response to the Citron allegation gets EDEFE, as scores, from me: E on speed, D on stubbornness, E on substance, F on readiness, and E on value preservation. The CNBC interview from Jumia Nigeria CEO is not enough. They need to put a formal response. Like I wrote the day the news broke – “The Americans are wrong – Jumia is not a fraud”. But that message must come from Jumia! This is America where data and news move markets.

By Nnamdi Odumody

A Nigerian software developer Emmanuel Gabriel has created an AI platform which can translate over 2,000 African languages.

OB Translate uses deep learning neural network to translate over a 1,000 African languages seamlessly and on demand. It also uses human knowledge to teach the platform and helps in some cases with content moderation for customers.

This service will help in eradicating the communication barriers in Africa, enabling seamless cross border trade across the continent to unlock opportunities which is in line with the African Union’s goal of economic integration by creating a single market. The productive and services sector will be able to trade their goods and services across a common economic market of $2.5 trillion without language barriers by utilizing this platform.

Translating human languages is one of the things we have experienced that AI is not only well suited for, but quite good at too. Services like Google Translate have demonstrated over the years that it is quite possible, as they get better, that the role of human text translators could be reduced. However, what has been missing has been the translation of African languages.

This is the part that Gabriel believes OBTranslate can make a difference. The AI powered platform also hires and pays Africans with knowledge of their native languages to perform tasks language related tasks on OBTranslate and earn money.

“Our machine language, AI algorithms with neural network connections have curated billions of tasks waiting for Africans who can teach our machine their local dialect. The first phase of the project comes with 9 billion tasks, and the 2nd phase comes with 12 billion tasks. It is projected to hire about 100 million Africans, with a projection of US$3.6 billion passive income for Africans with the capacity,” said Gabriel.

OB Translate machine learning and artificial intelligence algorithms have curated over 9 billion accurate tasks which can be translated in over 2,000 African languages with its neural network. Its goal is to break the language communication barriers in rural and urban areas in Africa

Google Translate which also uses AI in translating languages lacks the expertise in translating African languages fluently. This is the void OB Translate wants to fill and explains why it hires and pays Africans who are fluent in their indigenous languages to perform language related tasks on its platform and earn money.

The first phase of tasks which it has curated for Africans to train its AI in their local dialects is 9 billion tasks while the second phase is 12 billion tasks, and is projected to create 100 million jobs by hiring Africans with $3.6 billion to be earned by those with capacity in language fluency.

OB Translate’s platform will enable an augmented future where self driving cars, smartphones and wearables, robots, sensors and other wireless communication technologies can communicate and interact with Africans in their local languages.

Someone shared this with me (Countdown to the Singularity_final), and quickly my mind flashed to this piece. Largely, the world is making progress. That future is nearer.

Abstract:

Imagine a world where those with ear problems could buy electronic cochleas and those with eye problems, electronic retinas on Amazon and eBay. Imagine a world where all problematic human organs can be electronically replaceable to push humans toward the grail of immortality. All this might not be just imagination years from now if neuromorphic circuits continue to advance. Neuromorphs, or artificial neural microcircuits, capture the biological neural computational properties into mixed-signal VLSI (very large scale integration). These circuits are inspired by the function, structure, and plasticity of biological nervous systems by emulating their efficient inherent computational capabilities. They mimic the algorithmic behavior of the biological systems utilizing similar organizing principles through efficient adaptive and intelligent control processes in parallel. Adaptation, learning, and memory are implemented locally within each processing stage of these systems.

My perspectives from BusinessDay Highest Paid CEOs of Quoted Nigerian Companies:

• The highest paid Nigerian bank CEO (GTBANK) makes $1 million. That is not high when you benchmark globally, but decent enough when you consider that our stock market is small. Of course, when you consider purchasing power parity, $1 million in Nigeria goes further than $2 million in New York City on living and basic expenses.
• Wealth is still created by owning something, not through labour. I write this with nobility but the fact is that you cannot create big wealth in Nigeria through paid labour. These CEOs’ salaries confirm same. If the highest paid banker takes home $1 million yearly, no bank can afford to hire any of the top-grade importers.
• More so, most of the startup founders in Lagos have created more paper wealth in 12 months than these CEOs can make in ten years.
• There is still value to stay focused in your job – if you reach the top, there is huge reward. Do not leave it for entrepreneurship if you are not modeled for it. Find what works for you – life is not just about money. Possibly, having a business card with a big brand name is what gives you satisfaction – pursue it. But be humble because despite your title, the untitled guy may have fatter digits. It is what it is – wealth is controlled by builders all over the world.

LinkedIn Comment on Feed

If you want a fatter bank account, you will have to create it yourself, not telling someone else how much you would like to worth, when you cannot create…

But again, big things aren’t meant for small-minded people, so it’s always a misnomer when ordinary talents demand for extraordinary pay and wealth, no better way to define reaping where did not sow.

Again, fat cheque is not the life purpose of everyone, so you are likely to remain miserable, even with your fatter bank account, if you fail to discover what truly works for you.

If you are modelled to be an employee, do not cross over to builders’ league, you are not likely to have many luck there. Stick to what your capabilities and intellectual ability can carry.