By Emeka Aginam
Two weeks into the new years celebration prices of mobile devices in Computer Village popularly known as Otigba market have dropped by 10 percent.

Cyberlife reporter who sent in the report last weekend gathered that the recent drop in prices of mobile devices was occasioned by sharp drop in demand of the hand hailed devices following the end of the Yuletide season.

As at last December, prices of mobile phones increased at the same margin of decrease following the high demand of the products by buyers. Investigation revealed that the unusual increase of mobile phone during the festive period was as a result of sudden surge in demand by those who wanted to sent them out as present to their loved ones.

When our correspondent conducted his checks in the market, phones like Nokia 1200 that used to sell at N3,500 now sell at N3,00, Samsung GT- 5212i that sold for N14, 500 now sell for N13, 500.

When this reporter visited Bitbeach Communication limited, one of the major dealers in mobile phone, customers were seen scampering to make order some products.

Mitbeach sales representative, Atubazi Afishat  who spoke to Cyberlife said “this is unusual seeing customers in this large number at the beginning of the year like this. It show that Nigerians truly want cheaper products. Even when some of them were here few weeks ago to purchase phones, they are here again just to leverage on this sudden price reduction in mobile devices.

At Mitbeach, we are committed at giving our customers quality products at good prices. To us, it does not matter festive season is still on or over, what we want is to ensure that our customers come in here and when they are leaving you see smiles on their faces.

Another visit to Slot systems also witnessed another mad rush of potentials buyers of mobile device at both old and new sales of the company.

One of the buyers who spoke to Cyberlife said “who no like better thing? I discovered that prices of some phones have dropped and decided to use the cash into the opportunity to buy more phones for some of my relatives which I could not buy as at December period, when the prices were still higher.

Microsoft, others train operators on IFRS

Recognizing  financial institutions requirement  to prepare their financial statements in accordance with International Financial Regulatory Standards by 2012, the software giant, Microsoft, Blueprint Technologies, and FinArch organized  practical workshop on how to get these requirements ahead of the deadline.

With over 60 chief executive officers, chief financial officers, chief information officers and risk managers in attendance from Nigeria’s top banks, insurance companies, auditing firms and government parastatals, the workshop featured presentations on the challenges financial institutions may face and the opportunities they will gain implementing IFRS as they strive to achieve accounting and reporting compliance.

At the training, Mr. Mounir Baccouche, Vice President Business Development FinArch gave a presentation on “FinArch’s 7 Steps to IFRS”, which provided practical insight on transactions, data management and classification, IFRS valuation calculators, Multi GAAP event based accounting generation, IFRS subledger, reporting codes enrichments and compliance reporting.

IFRS academy workshop: L-R: Kunle Awosika, Business Enterprise Director, Microsoft Anglophone West Africa, Yinka Oni, Group Head IT & Operations, Wema Bank, Mounir Bacchouch VP Business Development FinArch at the IFRS Academy held recently in Lagos

Similarly, Ms. Folakemi Fatogbe, Director of Risk Management, Central Bank of Nigeria delivered the academy’s keynote address, focusing on how the implementation of IFRS would improve the corporate governance landscape in Nigeria. She stated that IFRS would bring increased earnings, improve risk disclosure among banks.

“Meeting the IFRS compliance date next year will require Nigeria’s CEOs and CFOs to take a hard look at how technology can improve their  financial reporting. By working with our partners across the country, Microsoft can offer efficient solutions to Nigeria’s financial institutions that meet their test of compliance and return on investment.” Mr. Kunle Awosika, Enterprise Business Director, Microsoft Anglophone West Africa told the participants during   the closing remarks at the Academy.