All Posts in "Day: June 30, 2023"

UBA, AfCTA To Boost SMEs With $6bn In Africa

Mohammed Shosanya

United Bank for Africa,UBA Plc,has signed an agreement with the Africa Continental Free Trade Area (AfCFTA) Secretariat to provide financing for about $6 billion in three years to eligible SMEs across Africa.

The bank inked the agreement with AfCFTA on the sidelines of the 30thAfreximbank Annual Meeting (AAM) which was held in Accra, Ghana.

The parties are to promote the development of SMEs operating in Four sectors under the 1st phase of the partnership which is largely import dependent on providing technical and financing solutions for intra-African/domestic alternatives.

These economic sectors are Agro-processing,automotive,pharmaceuticals, transport and logistics,a statement said..

It also said,one of the key initiatives of the AfCFTA is to improve access to finance and markets for SMEs to encourage their growth and contribution to the socio-economic development of Africa.

Signing the agreement on behalf of the bank,Deputy Managing Director of UBA, Muyiwa Akinyemi,noted that being Africa’s global bank,

He said UBA remains committed to supporting the growth/development of SMEs across Africa,saying the development is in line with its strategic focus on the SME segment being a catalyst for the economic development of Africa.

He added:“ Under this partnership, UBA will go beyond just financing to provide non-financial services to these SMEs to develop the capacity for growth across the 20 African countries that we are present and build sustainable business practices. We shall also be leveraging technology to deliver our financing activities to the beneficiaries and this platform provides us with a unique opportunity to stimulate the development of the continent as Africa’s Global Bank”.

The Secretary-General of the AfCFTA, H.E. Ambassador Wamkele Mene, who spoke on the agreement with UBA,advocated the need to catalyze Africa’s industrialization and boost intra-Africa trade to improve the socio-economic well-being of the continent and its people, which he noted was a key factor behind the partnership.

He said:“The Secretariat is committed to supporting SMEs as it recognizes the financing gap SMEs face on the continent and intend to mitigate this gap through this partnership. The identified areas of collaboration with UBA will provide the desired impetus for these SMEs to achieve the desired growth in their intra-Africa/export trading capabilities, which aligns with the objectives of the AfCFTA.”

admin by — June 30, 2023 in Banking&Finance 0

Mohammed Shosanya

Executive Director of Civil Society Legislative Advocacy Centre,CISLAC,Auwal Musa Ibrahim Rafsajani,says Nigeria needs transparent ownership of companies operating within its jurisdiction in order to stop the bleeding from illicit financial outflows.

He spoke at a two-day Civil Society Organisation and Media Training on the use of Beneficial Ownership Information to improve natural resource governance in Nigeria.

The extractive industry,he said, must be run transparently and accountably because it’s the backbone of the nation’s economy.

According to him, Nigeria proved its desire to implement beneficial ownership transparency (BOT) commitments when it participated in the beneficial ownership pilot in 2015, signed up to the Open Government Partnership initiative in 2016 and complied with the principles and requirement of the global Extractive Industries Transparency Initiative (EITI) to establish a beneficial ownership (BO) register by 1st January 2020.

He added:”NEITI published Africa’s first beneficial ownership register, and the first globally to focus on the lucrative oil, gas and mining sectors in December 2019. The Corporate Affairs Commission (CAC), on its part, made more far-reaching contributions to the process through the enactment of the 2020 Companies and Allied Matters Act (CAMA) which gave legal backing and made provisions for a larger register for all corporate entities in the country.

” Further to this, the CAC, towards advancing legal and technical requirements to achieve BOT reforms in Nigeria, established a public Persons with Significant Control Register and is now collecting beneficial ownership data in line with Open Ownership’s data standard, making Nigeria the first country in Africa to do so.

“The expectation is that the Register would greatly enhance the fight against corruption and criminality by facilitating investigations by law enforcement agencies into the true ownership and control of companies and limited liability partnerships; supporting civil society organisations in promoting citizens’ participation in public accountability and governance.

“There was also need for strengthening the capacity of the media to perform their traditional roles as watchdogs of the society.In the course of these achievements, civil society partners sustained interventions to galvanize support from government and non-state champions for the advancement and realization of this commitment towards a more transparent and accountable extractive sector governance regime.We must however not rest on our oars as the register is not an end in itself but a means to an end”

He emphasized that while it remains a significant effort in the fulfillment of the commitments to strengthen anti-corruption reforms and corporate accountability, it is only as important as its utilization in detecting, preventing, reporting and sanctioning corruption in the sector.

admin by — June 30, 2023 in News 0
Nigeria Needs 4000 Universities-Former NUC Boss

Mohammed Shosanya

Immediate past Executive Secretary of the National Universities Commission (NUC) Prof. Abubakar Rasheed,has said universities in Nigeria should be shored up above 4000 to create greater access to undergraduates seeking tertiary education.

Rasheed,who said this on Friday in Abuja, while handing over the baton of leadership of the commission to his deputy, Chris Maiyaki, expressed discontent over Nigerians criticizing the creation of more universities, saying only myopic minds would make such insinuations.

He said countries like America, Brazil, India had thousands of universities catering for their tertiary needs and they have never complained.

He bemoaned that Nigerians had a penchant for criticizing what belongs to them at their own detriment, stressing that he had instances where Nigerians who after graduating with lesser degrees go outside the country for higher studies and come out exceedingly better.

He said Nigerians going outside to study and doing much better was a means of benchmarking the quality of Nigerian graduates.

He allayed fears held by many about where majority of the graduates would work upon graduation, saying such sentiments were unnecessary as education was the best way to fight poverty.

Prof. Rasheed had up to three more years to the expiration of his tenure but retired on Tuesday, to continue his teaching career at Bayero University, Kano.

He faulted insinuations that he was retiring to evade probe, he said he wanted to fulfil his ambition to become a Professor Emeritus before he attained the age of 70 and the best means of achieving that was to return to the classroom to teach.

admin by — June 30, 2023 in Education 0
Google’s First W/A Director, Juliet Ehimuan,Resigns

Mohammed Shosanya

Dr. Juliet Ehimuan, one of the most prominent African women in technology and an instrumental leader in Google’s regional growth, has announced her exit from the company.

A respected figure in the tech industry and key player in Google’s African initiatives, Ehimuan announced her departure via LinkedIn, stating her intent to take on a broader role within the regional tech landscape.

She disclosed plans to collaborate with corporate executives, global investors, African governments and startup founders to drive growth, excellence and digital transformation within the African tech ecosystem and the broader business landscape.

Her departure marks a significant transition for Google in Africa. During her tenure – first as Country Director for Nigeria and then Director for West Africa – Ehimuan led her team in driving transformative digital initiatives,a statement said.

From the successful Get Nigeria Businesses Online project, to strategic partnerships and deployment & localisation of key products like Google Maps, Streetview, and YouTube.ng; her leadership has enabled a profound and far-reaching impact on the region’s tech ecosystem.

One of the pivotal moments under her stewardship was the inaugural Google for Africa event in Lagos in 2012, where Google CEO Sundar Pichai announced the landmark commitment to train 10 million Africans in digital skills, 100,000 developers in-depth web and mobile development skills, and a Google for Startups accelerator for Africa to support African tech entrepreneurs.

These initiatives underline Ehimuan’s dedication to nurturing the next generation of technology leaders in Africa.

Over the last 12 years, the continent has become increasingly important to Google’s global strategy and a destination for significant investment. Google has committed increasing sums to growing Africa’s tech ecosystem – including $50 million for growth-stage start ups through the Africa investment Fund in early 2020 and $1 billion toward Africa’s digital transformation in 2021.

Her tenure also saw the execution of high-priority access projects such as the expansion of the Google Station program in Nigeria and the landing of Google’s Equiano fibre cable in Lagos. These initiatives have played a significant role in making the internet more accessible and affordable for millions of people in Nigeria and beyond.

Ehimuan joined the employ ofGoogle with a strong background in strategy and technology and her contributions to ICT policy and strategy have been critical. She has been a key player in the development of policies that have fostered investment and infrastructure growth in the Nigerian tech ecosystem.

Her leadership in high-profile committees like the National Economic Summit Group (NESG) and the Presidential Committee that created the national broadband plan in 2019 has been instrumental in shaping the ICT strategy of the region.

She is set to leverage her wealth of experience and network to drive digital transformation across the continent in a broader role.

Ehimuan’s passion for leadership development and personal excellence coaching will continue to have a global impact through her 30 Days of Excellence program.

Based on her book ’30 Days of Excellence’ published in 2020, this program, which rolled out within Google over the last 18 months, is set to continue its global expansion.

Juliet Ehimuan is widely recognized for her transformational leadership in the African technology sector. She was Director of Google based in Lagos and is a thought leader in technology, innovation, and enhancing business development by leveraging technology.

Ehimuan is also the founder of Beyond Limits, a leadership development and personal excellence initiative.

admin by — June 30, 2023 in Business 0
Osun: Adeleke Unveils Palliatives For Workers As Pensioners Set To Enjoy Health Insurance Package

Mohammed Shosanya

Governor of Osun State, Senator Ademola Adeleke has disclosed plans by his administration to launch palliatives to cushion the impact of subsidy removal, declaring his administration’s readiness to make life easy for residents of Osun state.

He disclosed this at a stakeholder meeting of the Peoples Democratic Party (PDP) at its party’s office in Osogbo on Friday, stressing his conviction to run a government that bring smile on the faces of the people.

Governor Adeleke who appreciated leaders of the PDP for their support since assuming office, noted that his administration has been working in line with “our election promises and the agenda of the party.”

Disclosing projects and interventions implemented so far recorded by his government in the health, education and public infrastructure renewal,Adeleke said the PDP-led government in the state has achieved what the APC failed to do under seven months.

“We are implementing programmes and projects in education, health and infrastructures: what the APC could not achieve in four years, we have achieved in under seven months,” he declared at the meeting.

“We have positioned the public service, build roads, bridges and channelisation. We have commenced payment of salary and pension debt.Your (PDP) government has launched the Osun digital economy agenda. Abandoned projects are being completed. Your government is beating old governance records within so short a period,” he stressed.

On plans to cushion the impact of fuel subsidy removal on Osun populace, Governor Adeleke said: “We (Osun Government) will soon introduce public transport buses. We are working on adjusted work hours and days. We want to make live easy and enjoyable for our people.”

He assured the party’s leaders and members that he will run an inclusive government that leaves no one behind, adding that “We will all be accommodated. We will be fair to all.”

“I appreciate your support then and now. This is your government. We shall all realize the fruits of our labour,” he said.

Meanwhile,Adeleke said his administration is working on a plan to enroll contributory pensioners in the state health insurance scheme.

He has also issued a directive for the immediate payment of pension entitlement as planned in the template released earlier this year.

He dropped the hints while receiving leaders of thought who paid him a sallah homage , noting that he has received many representations from the pensioners, restating his determination to address their issues in line with his campaign promises.

He noted that the template released earlier this year on clearing of outstanding salaries and pensions is still in force and he subsequently directed the Head of Service to fast track the implementation by ensuring the payment of the pension arrears in line with the approved template.

“The template was created with an eye on gradual clearing of the salary and pension debts. This was in recognition of the financial status of the state which is well documented and known to the public. Our administration focuses on meeting the various needs of the state within a tight financial situation.

“Our administration is however prioritizing workers’ welfare which covers in and out of service workers. I restate our commitment to the welfare of our senior citizens, the pensioners. The phased payments is a standby directive and I assured our pensioners that they are not and cannot be forgotten.”, he assured.

Governor Adeleke said his administration is almost finalizing a plan to enroll the pensioners under the state health insurance scheme to address their health needs.

“Our administration is working hard on health insurance enrollment for the pensioners. Our senior citizens needs constant health attention. We think the best approach is to enrol them as that will ease the burden of treatment during their retirement.

“We are working on the details. Once it is finalized, we will release it for immediate implementation”, Governor Adeleke added.

admin by — June 30, 2023 in News 0
Groups Draw Battlelines With Marketers Over Planned Petrol Price Hike

Mohammed Shosanya

A coalition of civil society groups,Friday threatened to picket filling stations that sell fuel above the government approved price.

In a statement,the coalition said that plans by the Independent Petroleum Marketers Association of Nigeria (IPMAN), to increase the pump price of petrol to N700 per litre was unacceptable.

It stated that the development was pure mischief and a sabotage, as it regretted that Nigerians are trying to come out of the “price shock”, of the May 29 increment.

Convener of the groups, Basil Musa, and the Co-Conveners, Haruna Maigida, Ayo Adebayo and two others on behalf of many others, wondered “why IPMAN is running a parallel government outside a constitutionally recognized government of the Federal Republic of Nigeria headed by the Commander-in-Chief, President Bola Ahmed Tinubu.”

It maintained that it would mobilise its members and other stakeholders across the 36 States of the Federation on a protest, targeted at shutting down filling stations nationwide, as Nigerians cannot afford to be railroaded into ignominy of life by IPMAN.

It insisted that the Independent Petroleum Marketers Association of Nigeria has no statutory power to adjust fuel pump price, noting that any such move will be resisted at all cost, and “Nigerians would be mobilized to the streets across the federation.”

“As Coalition of Civil Society Organisations, we are monitoring events and the proposed fuel pump hike to N700 per litre by the Independent Petroleum Marketers Association of Nigeria, IPMAN is unacceptable.

“If the government derelicts in cautioning the IPMAN, we see it as a deliberate collusion to drive Nigerians into unmitigated difficulties and as CSOs, we will not sit and watch that happen. We will mobilise Nigerians to a street protest and that should be taken from us.

“We watch the removal of fuel subsidy regime by President Bola Ahmed Tinubu in his inaugural address on May 29, 2023 and we take the dare consequences as part of sacrifice awaiting when government would have settled to come up with ameliorative measures for the citizens, but, IPMAN’s to adjust fuel pump price will stoke protests because it isn’t in the interest of Nigerians,” it explained.

The coalition said that if the proposed increase in pump price is carried on with, it would amount to over 451% above what Tinubu’s administration met, expressing fears of hyperinflation of the cost of goods across the nation.

IPMAN was largely behind the mystery litres of petrol consumption that suddenly dropped from 66 million per day to 40 million, after fuel subsidy was removed.

The coalition advised the marketers association to brace up for a change as sharp practices in the downstream sector can no longer be condoned.

admin by — June 30, 2023 in Oil&Gas 0
PalmPay Unveils New Savings Feature

Mohammed Shosanya

PalmPay, a Nigerian financial platform, has unveiled its latest product – a high yield savings feature which offers its customers the opportunity to earn up to 20% annual interest rate using the PalmPay app.

The savings feature allows for flexible and fixed-term plans and has no minimum amount to participate, empowering users to tailor their savings strategies to align with their unique financial goals and timelines,it said in a statement.

The PalmPay Cashbox product, a flexible savings plan, provides customers with daily interest payouts. Users’ deposited funds remain accessible for withdrawal at any time without penalty.

Interest is calculated on the Cashbox balance at an impressive rate of 16% per annum, with earnings applied to both the principal amount and the accumulated interest from previous savings.

One of the stand-out aspects of the Cashbox product is its automation capability. Users can enable an auto-save function that automatically transfers any deposited funds into their Cashbox.

The Cashbox balance can then be used directly to make transfers and bill payments. This eliminates the need for manual funding and withdrawal, thereby allowing users to streamline their savings journey and enjoy effortless wealth accumulation.

The company said,for those who opt for a Fixed Term savings plan, PalmPay offers higher interest rates of up to 20% per annum.

This product promotes prudent financial habits and serves as a powerful tool to help people achieve their financial goals.

“With the introduction of our user-friendly savings feature, we are empowering all Nigerians, regardless of their income bracket, with access to high-yield returns. This accelerates their journey to financial freedom.”, said Chika Nwosu, Managing Director of PalmPay Nigeria.

“We’re excited to offer our users an effective way to build their financial stability and grow their wealth.”

This announcement follows PalmPay’s recent milestone of reaching 25 million users on its payment apps and enrolling 800,000 businesses in its mobile money agent and merchant networks.

The platform is known for its easy to use interface, discounted transactions and secure, reliable network. PalmPay’s reliability was particularly appreciated during the cash scarcity period earlier this year, which saw the company accelerate its growth as it seamlessly handled the surge in demand for digital payment services.

By harnessing the power of technology, PalmPay brings top-tier financial services into the pockets of everyday Nigerians, contributing to a financially inclusive future.

“We want to see a world where everybody has access to tools that help them thrive financially. PalmPay’s savings products help our customers save for the future, invest in their businesses and protect themselves against unexpected financial shocks.”, stated Sofia Zab, PalmPay Global CMO. “We are proud to be the trusted financial partner for over 25 million Nigerians and are looking forward to reaching greater heights together with our community of users.”

PalmPay is a leading Africa-focused fintech platform committed to driving economic empowerment across the continent. Through its secure, user-friendly and inclusive suite of financial services, PalmPay brings top-tier products into the pockets of everyday Nigerians.

PalmPay offers money transfers, bill payments, credit services and savings on its smartphone app and via its network of 500,000 mobile money agents.

Since its launch in Nigeria in 2019 under a Mobile Money Operator license, the platform has grown to 25 million users. Over 300,000 merchants are part of its cashless payment ecosystem. The company has raised $140m USD.

The PalmPay app is available for download on the Google Play Store and the iOS App Store in Nigeria and Ghana, with more markets going live in 2023.

admin by — June 30, 2023 in Banking&Finance 0

Mohammed Shosanya

A firm, Possible EVS, is set to launch Nigeria’s first fleet of electric taxis with an initial fleet of 30 units in a groundbreaking move towards sustainable and eco-friendly transportation in Nigeria.

A statement issued by the company on Friday in Abuja,disclosed that the firm plans to expand to over 200 electric taxis across major Nigerian cities by mid-2024, thereby revolutionizing public transportation in the country.

These electric taxis, specially designed for passenger transport, will provide last-mile solutions for both intra- and inter-city trips, offering a convenient and environmentally conscious alternative for commuters,the statement said.

According to the statement,the fleet will also introduce shared travel options, ensuring cost-effective and efficient mobility for passengers without the hassle of surge pricing.

It added:”Unlike traditional combustion engine taxis, electric taxis emit zero emissions, which contributes to a cleaner and greener urban environment. The introduction of electric taxis aligns with the global shift towards sustainable mobility solutions, addressing the pressing challenges of climate change and air pollution.

“Possible EVS’s electric taxi fleet aims to complement existing transportation services in Nigeria, rather than compete against them.By providing a more environmentally friendly alternative, the startup aims to raise awareness about the benefits of electric vehicles and encourage the adoption of sustainable transportation practices in the country.”

Shedding light on the new initiative in Nigeria, Mr. Mosope Olaosebikan, Chief Executive Officer and founder of Possible EVS,said said socially responsible organisation,the company was excited to lead this transformative journey.

According to him,the company’s pioneering efforts will inspire other players in the transportation industry to embrace sustainable practices and contribute to a cleaner, greener, and more prosperous Nigeria.

He said,Possible EVS will establish charging stations across Abuja, serving as a pilot programme for future expansion in order to support the operation of the electric cars.

These charging stations, according to the statement, will ensure that the electric taxis have access to reliable and convenient charging infrastructure, enabling seamless operations and reducing any concerns about range anxiety.

“With the introduction of Nigeria’s first electric taxi fleet, Possible EVS sets a promising example for the nation and the African continent as a whole, demonstrating the feasibility and benefits of electric mobility.

He added:”As the fleet expands and more electric taxis hit the streets, Nigeria’s urban areas will witness a positive transformation in terms of reduced emissions, improved air quality, and enhanced passenger experiences.

“Possible EVS’s electric taxi initiative not only contributes to Nigeria’s sustainable development goals but also aligns with global efforts to combat climate change and create a more sustainable future for all.

“As the nation embraces electric mobility, Possible EVS leads the way in driving the transition toward a cleaner and greener transportation ecosystem.Nigerians can look forward to a seamless and comfortable commuting experience”, said Mosope.

“Our vehicles are equipped with state-of-the-art features, including spacious interiors, advanced safety systems, and user-friendly technology, and our plans to install fast-charging infrastructure across key locations will ensure convenient access to charging stations and minimize any concerns about range anxiety”

admin by — June 30, 2023 in Motoring 0
USAID, AfDB Sign Pact To End Africa’s Energy Poverty

Mohammed Shosanya

The United States Agency for International Development (USAID), through the Power Africa Presidential Initiative, and the African Development Bank (www.AfDB.org), have signed an extension and expansion of their existing Regional Development Objectives Agreement (RDOAG) on the margins of the Africa Energy Forum in Nairobi.

The move deepens the strategic partnership and expands the basis for cooperation in developing innovative and sustainable solutions to combat energy poverty, climate change, and strengthen energy systems in sub-Saharan Africa.

The agreement, targets ending energy poverty by 2030; accelerating the Just Energy Transition in Africa; and strengthening the enabling environment for clean energy,a statement said.

The five-year extension, running through September 2028, paves the way for up to $500 million in future contributions from the United States to further RDOAG’s objectives. To date, about $388 million has been channeled through the RDOAG, including direct support for the African Development Bank-managed Sustainable Energy Fund for Africa (SEFA) and the Bank’s Desert to Power initiative.

According to the statement,the agreement will also enable the partners to provide financial, technical, and operational support to public, private, civil society and other stakeholders, including grants, equity and debt investments, and risk mitigation measures.

During the signing at the Africa Energy Forum, Power Africa’s Acting Coordinator David Thompson highlighted the role of partnerships in accelerating and sustaining the just energy transition.

He said: “The importance of our partnership with the AfDB, as evidenced through this agreement, in achieving our shared ambition of universal access to energy cannot be overemphasized. We effectively leverage one another’s strengths to accomplish much more jointly than either institution could do on its own.”

Dr. Daniel Schroth, African Development Bank Director of Renewable Energy and Energy Efficiency, who signed the extension on behalf of the Bank’s Vice President for Power, Energy, Climate and Green Growth, echoed the importance of partnerships.

“Power Africa is a long-standing and key partner of the African Development Bank, and a central pillar of our collaboration focuses on mobilizing increased private sector investments, which are quintessential to achieving our joint objectives of universal access to energy and a just energy transition in Africa,” Schroth said.

admin by — June 30, 2023 in Power 0

Mohammed Shosanya

OSNON Academy has announced exclusive scholarship opportunity for the upcoming 2023/2024 academic year, dedicated to students from low-income families, and marginalized communities.

The scholarship aims to provide the selected exceptional students with a world-class education that has the power to shape their future,the Academy said in a press statement on Thursday.

Under the “Innovation and Excellence” banner, OSNON Academy is passionately committed to nurturing young minds and unlocking their full potential. As the premier free boarding school in Anambra state, OSNON Academy is devoted to transforming talented young individuals into the leaders of tomorrow.

According to the Academy,the scholarship opportunity is specifically tailored for parents, guardians, and school students who aspire to receive an outstanding education that paves their path to success.

Students,the statement,said will have the remarkable chance to benefit from OSNON Academy’s innovative and well-rounded learning experiences by applying for the scholarship

“We firmly believe in providing students from low-income families, marginalized communities, and vulnerable backgrounds with a transformative education that not only equips them with academic knowledge but also instills core values and unlocks their potential,” said Onyinye Anyaegbu, Chief Executive Officer, Chude and Ego Foundation.

She added:”Our ultimate goal is to create thought-provoking and valuable members of society who will positively contribute to their communities.Interested parents and guardians are encouraged to pick up the application forms for their ward(s) today at one of our designated locations to seize this incredible opportunity. These forms will be the crucial first step towards a life-changing educational journey”

admin by — June 30, 2023 in Education 0