According to the data at the FMDQ Security Exchange where forex is traded officially, the dollar to naira exchange rate stood at (undisclosed).
This would mean that the Nigerian currency either gained or lose in value against the United States dollar, as the foreign exchange (forex) trading closed at N460.67 per $1 on Wednesday, May 17.
How much is the dollarto naira at the black market today?
Going by sources at the Bureau De Change (BDC) in Lagos, the dollar to naira last traded between ₦745 and ₦755 with an average of ₦751.00 in the black market in the state.
It is, however, pertinent to note that the Central Bank of Nigeria (CBN) does not recognise the parallel market (black market), as it has directed individuals who want to engage in forex to approach their respective banks.
Terragon, Africa’s leading data and marketing technology company, has announced the consolidation of two of its proprietary technologies enabling banks to deliver superior customer experiences to clients. The company has now combined the capabilities of its Customer Data Platform (CDP) and Communications Platform as a Service (CPaaS).
This provides an integrated customer engagement data solution that offers an incomparable customer experience and allows financial institutions to shift from a product-centric to a customer-centric approach. This enterprise solution drives deeper engagement and consistent user experiences across all omni-channels.
According to a Harvard Business Review survey, 64% of respondents from financial services companies say that improving CX is a top business priority. Furthermore, a McKinsey report found that companies that excel at personalization of customer content, generate 40% more revenue from those activities than average players. As banks typically have fragmented data across various communication touchpoints, the delivery of exceptional personalization and customer experience requires robust technologies which unify this disconnected data which makes the solution by Terragon a timely one.
Terragon CDP takes advantage of Artificial Intelligence (AI) and Machine Learning (ML) to harness the wealth of raw and unstructured data derived by banks from their interactions with customers across multiple online and offline channels. These channels include brick-and-mortar branches, social media, call centers, mobile, internet banking, USSD and WhatsApp, and translate these into coherent customer correspondences and actionable insights. The data generated is stored using cloud technology and is anatomized to accurately identify and segment customers across multiple channels, producing hyper-targeted and consistent engagements.
These efforts help to significantly reduce the pain points faced by customers who often face communication gaps and disjointed experiences across different banking verticals, contributing to a leading decline in customer trust and loyalty. These pain points often include:
the inability to seamlessly continue conversations with customer service personnel across multiple channels receiving irrelevant offers and promotions the inability to receive relevant information and support as and when needed a bank or payment solution provider’s inability to resolve customer queries or complete transactions
Speaking on the establishment of the first-of-its-kind banking solution, Deji Balogun, CTO and Co-Founder of Terragon, stated, “Our team has been focussed on one common goal; to deliver unparalleled customer experiences by helping businesses better understand their customers and offer the relevant services. We are thrilled with our latest iteration for banking clients. The combination of the value of both platforms is the ultimate game-changer for financial institutions as it provides them with unprecedented data-driven marketing capability for intelligent and omnichannel customer experiences. As customers continue to embrace digital transformation, we are glad to have provided this outlet for banks to create meaningful and value-adding long-term relationships with their customers”.
The consolidated solution also automates processes such as loan propensity scoring, next-best-action recommendations, and product recommendations, helping banks save time, reduce costs, and increase profits.
Founded in 2009 by Elo Umeh and Deji Balogun, Terragon leverages data and technology to help brands intelligently reach, engage and deliver more meaningful experiences to African consumers on their mobile devices. The company has spent almost a decade building technology capabilities that allow businesses to merge their customers’ online and offline data, digital footprints and activities to gain marketing intelligence. The company has, since its launch, expanded its solutions to cater to the nuanced and specific needs of companies across various industries and verticals spanning FMCGs, banking institutions, SMEs and more. The recent update for banking clients is poised to galvanize financial organizations in keeping up with global trends by also incorporating the use of disruptive technologies to generate real-time behavioural insights and take omni-channel messaging to new heights
To increase food production, several farmers in the Bwari Area Council of the FCT have pushed for additional investors to start agricultural initiatives and programs in the council’s communities.
On Thursday in Bwari, Abuja, the farmers gave separate interviews to the News Agency of Nigeria (NAN).
Farmer and public servant Mr. Baba Musa appealed for intervention programs from both domestic and foreign agricultural investors to help enhance and boost food production.
Initiatives for agro-development ought to be apparent in Bwari areas, where food production—for both commercial and personal purposes—is significant, says Musa.
Because our villages are the FCT’s primary source of food, I would like to see green initiatives that strive to enhance the living conditions of farmers there. More government-sponsored initiatives, agricultural NGOs, United Nations initiatives like the International Fund for Agricultural Development (IFAD), and other initiatives are what we anticipate to see.
“While a few of our local farmer cooperatives may benefit modestly from things like fertilizer and other agricultural inputs, we need more; we need initiatives that will help these cooperative societies and associations.
“Programs that will promote farming, healthy eating, soil management and conservation, as well as the start of microcredit loans for farmers.
Musa asserted, Developing sustainable businesses, promoting small and medium-sized firms in major commercial centers, and increasing the employment of women and young people are all things that, in my opinion, will result from these.
Mrs. Lami Jethro, a different farmer, claimed that women farmers required more incentive to be more productive by giving them access to modern farming.
The Executive Director of Zenith Bank Plc, Adobi Stella Nwapa has acquired an additional 4.04 million shares worth N97.145 million in the company. This development was contained in a notice of share dealing by an insider to the Nigerian Exchange Limited, NGX.
BizWatch Nigeriaunderstands that Nwapa’s acquisition represents 0.01% of the company’s total outstanding shares. This, however, increased her number of shares from 11,008,206 units of shares as of December 31, 2022, to N15,046,095 units.
The notice signed by Michael Osilama Otu, Company Secretary/ General Counsel, indicated that Nwapa, on Wednesday, May 10, 2023, purchased 3,962,111 units of Zenith Bank shares at an average price of N24.05 per share, valued at N95.288 million.
Barely a week later, she purchased 37,889 units of the company’s shares at N24.50. Additionally, on a separate deal on Tuesday, May 16, the Executive Director also bought 37,889 units of shares at N24.50 per share.
Zenith Bank closed its last trading day (Wednesday, May 17) at N25.15 per share on the NGX, recording a 2.7% gain over its previous closing price of N24.50. Zenith began the year with a share price of N24.00 and has since gained 4.79% on the price valuation.
Zenith Bank records growth
Zenith Bank Plc grew its gross earnings by 24% from N765.6 billion as of the end of the 2021 financial period to N945.5 billion in the corresponding period of 2022.
As part of its commitment to shareholders, the bank also announced a proposed final dividend payout of N2.90 per share, bringing the total dividend to N3.20 per share.
According to the audited financial results for the 2022 financial year presented to the Nigerian Exchange, the double-digit growth in gross earnings was driven by a 26% year-on-year growth in interest income from N427.6 billion to N540.2 billion and a 23% year-on-year growth in non-interest income from N309 billion to N381 billion.
Profits before tax also grew by 2%, from N280.4 billion to N284.7 billion in the current year. The increase in profit before tax was due to the significant growth in all the income lines.
The World Health Organization and the government of Borno State have teamed up to teach members of the quick response team how to stop disease outbreaks during the state’s rainy season.
The reported states that in recent years in Borno state, the flood brought on by heavy downpours has claimed lives, displaced thousands of people in residential areas, particularly in the Maiduguri capital, and caused an outbreak of cholera and diarrhea, among other ailments.
Thanks to the intervention, 155 members of the state’s 27 local governments would receive training for their fast response teams.
Beginning on May 17, 2023, a four-day training session was held at the University of Maiduguri Teaching Hospital.
Dr. Aliyu Mailafiya, Director of Disease Control at the Borno State Ministry of Health, commented on the development by saying that participants had received training on how to respond quickly to emergencies in order to stop and contain disease epidemics.
In his remarks to the participants, Dr. Ibrahim Salisu, the state coordinator for the WHO Field Office, promised to continue supporting the government’s efforts to address all healthcare issues in the state.
“To increase the capacity of important state and LGA officials on epidemic preparedness and response, WHO has been collaborating closely with the Borno State Ministry of Health and the State Primary Health Care Development Agency.
Regardless of the local security situation or the time of year, “WHO and partners have also been providing relevant tools and materials for the frontline teams to work and remain active in all parts of the state,” he added.
According to Salisu, the RRT training is a component of efforts to make sure that new team members are well prepared to react quickly and effectively to alarms or disease concerns in communities and health facilities.
He pleaded with the state and LGA PHC directors and other important health authorities present at the training to see to it that step-down training was provided for other team members and front-line employees who were unable to attend.
President Muhammadu Buhari will bestow national honours on President-elect Bola Tinubu and Vice-President-elect Kashim Shettima on Thursday, May 25, 2023.
Tolu Ogunlesi, the president’s special assistant for digital and new media made this known on Thursday
Tinubu will be awarded the Grand Commander of the Order of the Federal Republic (GCFR), while Shettima will be awarded the Grand Commander of the Order of the Niger (GCON).
BREAKING: On Thursday May 25, 2023, President-Elect @officialABAT and Vice President-Elect @KashimSM will be conferred with the National Honours of GCFR and GCON respectively, by President @MBuhari.#Transition2023NG
Also on that day, Thursday May 25, 2023, there will be an official handover of Transition Documents to the incoming Administration.
This is going to be the most organized & seamless Presidential Transition in the history of Nigeria, enabled by Executive Order 14 signed by PMB. https://t.co/pNZtvmTNGm
Reliance Infosystems a leading global ICT organization, is proud to announce its participation in the upcoming GITEX Africa 2023 conference and exhibition. The event is scheduled to take place from May 31st – June 2nd, 2023, at Bab Jdid, Boulevard Al Yarmouk, Marrakech, Morocco.
GITEX Africa is a premier technology event that brings together innovators, entrepreneurs, and industry leaders from across the continent and around the world to showcase the latest technology solutions, trends, and innovations. The event provides a unique platform for organizations to network, connect, and collaborate on new ideas and projects.
At GITEX Africa 2023, Reliance Infosystems will be showcasing its cutting-edge technology solutions, including its cloud-based services, cybersecurity solutions, and business automation tools. The company will also be demonstrating its expertise in the areas of digital transformation, software development, and process automation.
“Reliance Infosystems is excited to be participating in GITEX Africa 2023,” said Olayemi Popoola, MD/CEO of Reliance Infosystems. “We are looking forward to showcasing our innovative technology solutions and expertise alongside other industry leaders and innovators from across Africa and around the world.”
“We believe that GITEX Africa 2023 is an important event for the technology industry in Africa, and we are proud to be part of it,” added Popoola. “We are committed to driving digital transformation across the continent and believe that our participation in this event will help us to achieve this goal.”
Reliance Infosystems is inviting all participants to visit its booth (3A-4) at GITEX Africa 2023 and discover how the company is helping to transform businesses and industries across the continent through innovative technology solutions.
For more information on Reliance Infosystems and its participation in GITEX Africa 2023, visit the company’s website.
On Tuesday, May 16, 2023, football enthusiasts gathered at the prestigious Transcorp Hotel in Abuja for a memorable live viewing experience of the Champions League match, all made possible by Heineken.
This exclusive event provided fans with an unforgettable evening filled with thrilling games, delightful music, a captivating ambiance, and numerous opportunities to win exciting prizes. Let’s delve into the four remarkable highlights that made Heineken’s UCL live viewing experience at Transcorp Hotel truly exceptional.
Spectacular Live Match Viewing:
Heineken, renowned for its commitment to elevating football experiences, ensured that fans had the best seat in the house to witness the intense Champions League match. The live viewing area at Transcorp Hotel was thoughtfully arranged with large screens strategically positioned for optimal visibility. The state-of-the-art audio-visual setup heightened the excitement, allowing fans to immerse themselves fully in the thrilling moments of the game. The vibrant atmosphere crackled with anticipation as supporters cheered and celebrated every goal, creating an electric energy that reverberated throughout the venue.
Engaging Pre-Match Games and Activities:
2. Heineken went the extra mile to enhance the overall experience by providing engaging pre-match games and activities for fans to enjoy. Enthusiastic attendees had the opportunity to participate in exciting football-related challenges, test their trivia knowledge, and showcase their skills in friendly competitions. These interactive elements added an extra layer of entertainment, fostering a sense of camaraderie among attendees as they bonded over their shared passion for the sport. Heineken’s commitment to creating a fun-filled atmosphere ensured that there was never a dull moment before the kickoff.
Captivating Musical Performances:
3. To complement the football frenzy, Heineken curated a lineup of captivating musical performances that added a touch of glamour to the event. Acclaimed artists took to the stage, delivering electrifying sets and keeping the audience entertained throughout the evening. The melodic tunes and infectious rhythms created an enchanting ambiance, making the UCL live viewing experience at Transcorp Hotel a memorable fusion of both sporting and musical brilliance. It was an unforgettable celebration of the universal language of football and music, uniting fans in an atmosphere of pure joy and entertainment.
Exciting Prizes and Giveaways:
4. Heineken believes in rewarding its loyal supporters, and the UCL live viewing experience at Transcorp Hotel was no exception. Lucky fans had the opportunity to win a variety of exciting prizes through raffles, interactive contests, and spontaneous giveaways. From exclusive merchandise to signed memorabilia, the prizes offered a tangible reminder of this extraordinary event. Heineken’s commitment to creating a premium experience extended beyond the football itself, ensuring that attendees left with lasting memories and cherished mementos.
Heineken’s UCL live viewing experience at Transcorp Hotel, Abuja, delivered an unrivaled evening of football excitement, entertainment, and camaraderie. With top-notch live match viewing, engaging pre-match games, captivating musical performances, and an array of exciting prizes, Heineken once again demonstrated its dedication to creating unforgettable experiences for football fans. The event exemplified the brand’s passion for the beautiful game, leaving attendees eagerly awaiting the next opportunity to relish in the unique premium experience that Heineken consistently delivers.
The NLNG Prize for Science got 100 entries, according to the Nigerian Liquefied Gas, Natural.
The advisory board of the award has chosen the theme for this year’s competition, “Innovation for Enhancement of Healthcare Therapy,” and the innovators will be vying for it.
This information was presented at a press conference that took place recently to present the entries to the judges in preparation for the start of the adjudication process in Lagos.
The Chairman of the prize’s Advisory Board, Prof. Barth Nnaji, received the entries from NLNG’s General Manager for External Relations and Sustainable Development, Mr. Andy Odeh, who was represented by the Manager of Government Relations, Godson Dienye. Nnaji then gave the entries to the judges.
According to Andy, the 2023 NLNG Prize’s theme fits in nicely with the business’s health-related activities. He cites earlier COVID-19 activities as well as their Hospital Support Programme, which aims to improve the capacities of 12 teaching hospitals located around the nation’s diverse geopolitical zones.
As we are all aware, healthcare around the world is currently facing unprecedented problems. The COVID-19 epidemic has highlighted the need for creative solutions to some of the most critical healthcare problems we are currently facing.
The Nigeria Prize for research acknowledges the critical role that technology and research play in the effort to provide our population with better healthcare.
David Ifezulike, the chairman of Nestle Plc’s board of directors for consumer goods, has made his resignation from the business official and named his replacement.
David declared that independent non-executive Nestle board member Gbenga Oyebode will succeed him.
This was mentioned by the retiring chairman on Wednesday in Lagos during the company’s 54th annual general meeting.
He continued, saying that he had served as board chairman for ten years and that he intended to choose his successor at the start of the AGM so that Oyebode would have a chance to hear the shareholders’ worries and aspirations.
David further said that It has been an honor for him to serve in his capacity, and he would like to introduce his successor, Mr. Gbenga Oyebode, on behalf of the organization.
“I brought him up front so he could hear everyone’s grievances and address them. The company’s interest is the only thing that matters to us” He said.
On February 24, 2014, Oyebode was chosen to join the Nestle board of directors. He serves as director of both CFAO Nigeria and Lafarge Africa and is the chairman of Okomu Oil Palm Plc.
At the meeting, the FMCG company’s shareholders accepted the proposed final dividend of N36.50 for the fiscal year 2022.
Following the declaration of an interim dividend of N25 from the profit of 2022, the board of directors had recommended the payment of a final dividend of N36.50 (2021: N25.50) per share.
The after-tax earnings for 2022 was used to calculate the final dividend proposal of N36.50. The entire dividend handed out throughout the year was N61.50.
Nestle reported a 27% increase in revenue for the 2022 fiscal year, from N351.82 billion to N446.81 billion.
According to the International Monetary Fund, removing trade restrictions between African nations will assist 50 million people to escape poverty.
This was stated by the IMF in its most recent report, “Trade Integration in Africa: Unleashing the Continent’s Potential in a Changing World.”
In the report, the IMF also predicted that the removal of trade barriers would result in a 53% rise in the average level of trade in goods between African nations. It was also said in the report that it will rise by 15% for the remainder of the world.
It concludes that removing trade barriers would boost average goods trade between African nations by 53% and with the rest of the world by 15%, increase average real per capita GDP in African nations by more than 10%, and assist in lifting an estimated 30–50 million people out of extreme poverty.
The African Continental Free Trade Agreement, according to the Washington, DC-based organization, could bring about significant benefits for the continent.
The African Continental Free Trade Area’s successful implementation “could unlock significant benefits, including for jobs and income,” it continued.
The report went on to say, in part, The article explores the influence of trade policy and the broader trade-enabling environment in shaping the bilateral goods trade flows and country-level trade in services. It clarifies how the trade area’s implementation and its accompanying policies could increase commerce and revenue while also assisting African countries in integrating into regional value chains.
Nigeria’s Simi Nwogugu, CEO of JA Africa, has been named as a Top 10 finalist for the Africa Education Medal 2023. Founded last year by T4 Education and HP in collaboration with Microsoft, the Africa Education Medal is Africa’s most prestigious education accolade.
The Africa Education Medal was established to recognise the tireless work of those who are transforming education across the continent – to celebrate the stories of those who have lit the spark of change so others will be inspired to take up the torch. It is given to an outstanding individual who has demonstrated impact, leadership, and advocacy in the field of education.
Simi Nwogugu is CEO of JA Africa, part of the Nobel Peace Prize-nominated JA Worldwide, one of the world’s largest youth-serving NGOs that prepares young people for the future of work. She was first introduced to JA while working at Goldman Sachs in New York City. Impressed by the organisation, she quit her lucrative job at the age of 24 to bring JA to Nigeria, where it now reaches more than 1 million people, before going on to head up JA’s operations across the continent.
The vital importance of Nwogugu’s work is highlighted by the fact that 60% of the population of sub-Saharan Africa and about 37% of its workforce are under the age of 25. By 2025, Africa will be home to 25% of the world’s youth population. Through the delivery of hands-on, blended learning in financial literacy, work readiness, and entrepreneurship, her organisation empowers young people to grow their entrepreneurial ideas, hone their work skills, manage their earnings and secure better lives for themselves, their families, and their communities.
For 25 years, Nwogugu has been leading JA’s efforts in various capacities as it embarked on a mission to help young people to generate and effectively manage wealth and create jobs for their communities. Her passion for strategy and innovation led to the development of many impactful programmes that are ensuring young Nigerians have the skillsets and mindset to succeed.
She is a passionate advocate for girls’ education and one of her unique initiatives includes the Leadership, Empowerment Achievement & Development (LEAD) Camp for Girls, which has impacted 1,000 young girls and inspires and empowers them to become high-achieving women leaders in society. Another initiative she has championed is the Venture in Management Programme (ViMP), which is designed to empower young people in the different facets of managing a business, making crucial business decisions and developing skills for general management. She also built digital and out-of-school youth programmes that enabled her organisation to reach underserved populations in the North of Nigeria, even during the Boko Haram crisis and the COVID-19 pandemic.
Prior to becoming JA Africa CEO in 2020, she led JA Nigeria to impact the lives of over 1 million Nigerians in 5,000 schools. Among the many JA alumni who have gone on to become job creators and social entrepreneurs is Iyin Aboyeji, the founder of two unicorns: Andela and Flutterwave.
Nwogugu also serves as president of the governing board of the Harvard Business School Association of Nigeria (HBSAN). She is a member of the Advisory Council of the African Capital Alliance Foundation, and of the Global Advisory Committee for Teach For All.
Mayank Dhingra, Senior Education Business Leader, Southern Europe, Middle East and Africa, at HP said:
“My warmest congratulations to Simi Nwogugu on being named a Top 10 finalist for the Africa Education Medal 2023. Her tireless work to improve education stands as an inspiration to us all and I hope many others will follow in her footsteps to become leaders in the field.
“HP has a bold goal to accelerate digital equity for 150 million people globally by 2030. Only by joining forces and aligning with NGOs, government, educators and businesses can we truly improve the education environment. The Africa Education Medal brings together all those who are changing the face of African education, whose vital work deserves to be celebrated.”
Vikas Pota, Founder and CEO of T4 Education, said:
“Africa’s teachers and school leaders, and its leaders of governments, NGOs and businesses, all play a crucial part in unlocking the continent’s potential through quality education. African education stands at a crossroads in the wake of the pandemic, but if leaders from across the continent in every field can work together then they can build the lasting change needed.
“I congratulate Simi Nwogugu on her achievements in skilling up Africa’s young people and I hope her success serves as a rallying cry for changemakers to come forward and make a difference.”
The Top 10 finalists for the Africa Education Medal are:
Mary Ashun, Principal of Ghana International School, Ghana
Mohammed Elmeski, Senior Education Adviser, Office of the Head of the Government, Morocco
Laura Kakon, Chief Growth & Strategy Officer of Honoris, South Africa
Grace Malthape, CEO of SmartStart Early Learning, South Africa
Mary Metcalfe, former policymaker and CEO of Programme to Improve Learning Outcomes (PILO), South Africa
Martha Muhrezi, Executive Director of FAWE, Uganda
Sarah Ruto, Former Chief Administrative Secretary of Kenya’s Ministry of Education and CEO of PAL Networks, Kenya
Jean Claude Nkulikiyimfura, Executive Director of Agahozo Shalom Youth Village, Rwanda
Simi Nwogugu, CEO of JA Africa, Nigeria
Snehar Shah, CEO of Moringa School, Kenya
Nominations for the Africa Education Medal opened in February 2023 for individuals working to improve pre-kindergarten, K-12, vocational and university education who are either educators, school administrators, civil society leaders, public servants, government officials, political leaders, technologists, or innovators.
The winner of the Africa Education Medal will be announced in July. Finalists will be assessed by a Jury comprising prominent individuals based on rigorous criteria.
As the inauguration of the 650,000bpd Dangote Petroleum Refinery draws close, BizWatch Nigeria presents seven things you should know about the project.
Amongst other things, Dangote Petroleum Refinery Developed a port and constructed two quays with a load-bearing capacity of 25 tonnes/ sq meter to bring Over Dimensional Cargoes close to the site directly.
About the Dangote Petroleum Refinery
The Dangote Petroleum Refinery is located in the in Ibeju-Lekki, Lagos, covering a land area of approximately 2,635 hectares (seven times the size of Victoria Island).
World’s Largest Single-Train 650,000 barrels per day Petroleum Refinery with 900 KTPA Polypropylene Plant.
The 435 MW Power Plant in the Refinery alone will be able to meet the total power requirement of Ibadan DisCo of 860,316 MWh covering five States including Oyo, Ogun, Osun, Kwara and Ekiti.
Dangote Petroleum Refinery can meet 100% of the Nigerian requirement of all refined products (Gasoline, 53 million litres per day; Diesel, 34 litres per day; Kerosene, 10 million litres per day and Aviation Jet, 2 million litres per day) and also, have a surplus of each of these products for export.
Designed for 100% Nigerian Crude with flexibility to process other crudes.
The Dangote Refinery Plant is a legacy project that will see Nigeria netting 21 billion dollars per annum.
The refinery design complies with the World Bank, US EPA, European emission norms, and Department of Petroleum Resources (DPR) emission/effluent norms.
Africa is highly vulnerable to climate change, and its impacts—flooding, droughts, cyclones, sea-level rise– are already driving shifts in how Africans grow food, live, and earn their livelihoods.
Yet, most of the climate funding for the continent goes toward climate mitigation rather than adaptation. This is a problem, partly because adaptation creates well-paying jobs and diversifies economies, strengthening societal resilience. Agriculture is one sector where adaptation promises immense potential.
For example, Soupah Kitchen & Grocery Technology Company, a woman-led agribusiness based in Ibadan, Nigeria, is unlocking innovative solutions to climate change to advance the continent’s energy transition.
With support from the African Development Bank, the Global Centre on Adaptation, and its Africa Adaptation Acceleration Program (AAAP) Soupah Kitchen uses resource-smart technology to control the environment for growing lettuce, kale, leafy green, and herbs. The start-up produces cheaper and healthier vegetables through hydroponics on Ibadan rooftops than those grown on rural farms.
Ifeloluwa Olatayo, Soupah Kitchen’s CEO, was among 15 winners of the 2021 African Youth Adaptation (YouthADAPT) Solutions Challenge organized by the AAAP, a joint initiative of the African Development Bank and the Global Center on Adaptation.
Olatayo said, “Our resource-smart technology is designed to grow up to three tonnes of fresh food within a 650 square-meter area. It will enhance the urban landscape and improve the air quality in our cities.”
She added that Soupah Kitchen farms could sustainably plant with 95% less water than traditional farms without chemical fertilizers. Yields from the company’s farm are 30% larger than those of conventional farms and are produced in half the time.
Using vertical hydroponic technology, Soupah Kitchen can cultivate 1,600kg of vegetables within a 26-day cycle.
A desire to expand her business and impact led Olatayo to apply for the YouthADAPT program.
“With the YouthADAPT opportunity, my enterprise received funding of $100,000. This has been enormously helpful, and the investment made thus far in our implementation plan has had a demonstrable impact in strengthening our climate-conscious mission. The one-year accelerator program has enabled me to learn about the best financing options to scale our impact,” Olatayo said.
Soupah Kitchen plans to tap into blockchain technology to replicate and scale up the technology in other African countries.
In addition to the YouthADAPT funding, Soupah Kitchen received €10,000 from the Netherlands Embassy in Nigeria as a Food Connection Challenge Winner.
In recognition of the private sector’s critical role in closing financing gaps for green growth and building climate resilience, the African Development Bank Group has chosen as the theme for its 2023 Annual Meetings, Mobilizing Private Sector Financing for Climate and Green Growth in Africa.
The Annual Meetings will take place from 22 to 26 May in Sharm El Sheikh, Egypt.
After five years of impacting lives and businesses in the country, CashToken Rewards Africa Limited (https://CashTokenReward.com/), the Nigerian RewardTech company that has revolutionized reward, is looking to spread its unique, socially smart business model to other parts of Africa for the purpose of helping businesses to succeed in order to lift millions on the continent out of poverty.
The company is buoyed into going international by the fact that in the relatively short period of its existence, the pilot phase of its Universal Gamification of Sales and Consumer Rewards Program (UGSCRP) has provided consumers of goods and services with potentially life changing cash rewards for purchases made across multiple businesses.
The program has boosted businesses for organizations; enhanced the individual economy of consumers and aided the economic growth of countries where it is currently in operation, thus proving to have the capacity to bring about wealth redistribution for poverty alleviation on the continent.
In just five years, CashToken Rewards Africa has, through the UGSCRP, rewarded about one million Nigerians with CashTokens worth about $10 million. It has also partnered over 2,000 Nigerian businesses during the period. A new partnership it has just entered into with the Nigerian government to establish a national reward program would enable Nigerians all over the country to receive cash rewards in all purchases they make – be it goods or services.
The company’s international drive is going to be made possible by a $100 million commitment from the Global Emerging Market, which would see it covering sub-Saharan Africa. The success of the program in Ghana, Cote D’ivoire, Uganda, Kenya and Tanzania, in addition to having merchants across Africa to provide CashToken reward for consumers, is an indication of the impact it would make on the continent.
Lai Labode, Chief Executive Officer of CashToken Rewards Africa Limited, says arrangements have reached advanced stages for the company to be listed on the Nigerian Exchange Limited and the New York Stock Exchange. This would inspire confidence and trust not just in consumers, but also in investors.
In addition to improving the fortunes of manufacturers and service providers and creating wealth for consumers, the company is about to position itself as a veritable investment option for potential investors.
Tizeti (www.Tizeti.com), a leading internet service provider in West Africa, announced an expanded collaboration with Microsoft to address the issue of broadband underdevelopment in Cote d’Ívoire and bring internet access to almost five million people.
The partnership aims to provide affordable and reliable high-speed internet access to underserved communities and people in the country, addressing the significant broadband gap that has hindered economic development and social progress in the region and empowering more Ivorians to participate in the digital economy.
Cote d’Ívoire is believed to have less than 40% internet penetration, with fixed internet around 2%. The fixed internet and broadband sectors remain underdeveloped in Cote d’Ívoire, due to a legacy of poor international connectivity, which resulted in high wholesale prices, limited bandwidth, and a lack of access for alternative operators to international infrastructure. Operators such as MainOne, and Africa Coast to Europe have subsea infrastructure, with 2Africa expected to land in 2023.
While the submarine cable vertical is more competitive, Cote d’Ívoire has limited last-mile providers who pull the internet capacity and distribute it to homes, offices, schools, hospitals, and other public institutions. Tizeti will roll out high-speed internet infrastructure with Microsoft’s Airband Initiative, leveraging Tizeti’s low-cost wireless technologies. This will help make it easier and cheaper for people to access the internet and connect to the digital economy. These shared efforts are part of the Microsoft Airband Initiative’s commitment to bring internet access to 100 million Africans by the end of 2025, which aligns with Tizeti’s goal of connecting more people to the internet in a cost-efficient way.
“We are thrilled to partner with Microsoft to bring reliable and affordable high-speed internet access to underserved communities in Cote d’Ívoire,” said Kendall Ananyi, Chief Executive Officer of Tizeti. “Our mission at Tizeti is to bring affordable and reliable internet to more Africans outside the digital envelope, and this partnership is a significant step forward in achieving that goal. This work with Microsoft continues our joint efforts to deliver world-class internet connectivity to the people of Africa, starting with Nigeria and now Cote d’Ívoire.”
Microsoft’s Airband Initiative is focused on advancing digital equity—access to affordable internet, affordable devices, and digital skills—as a platform for empowerment and digital transformation across the world.
“Through our expanded partnership with Tizeti, we are committed to providing high-speed internet access to five million people in Cote d’Ivoire by the end of 2025,” said Vickie Robinson, General Manager of Microsoft’s Airband Initiative. “Partners such as Tizeti are vital to the Airband ecosystem, which relies on local expertise along with public and private organizations of every size to tailor regional solutions. The expansion to Cote d’Ivoire will help build sustainable infrastructure that strengthens local development and reduces barriers to connectivity.”
For many countries in Africa, there is still a huge digital divide. This boundary between connected and unconnected translates into clear consequences for employment, education, family and social life, and access to information. Collaborations such as this play a significant role in addressing the digital infrastructure deficits in emerging economies, leveraging innovative technology and capabilities, to improve development outcomes for millions of people.
The ActionAid Nigeria appealed to the Independent National Electoral Commission (INEC) to localized deployment of the election materials and other election logistics, apart from local volunteers at every polling unit to enhance transparency of the election.
The ActionAid Country Director, Ene Obi made the call yesterday in Abuja at the one-day roundtable discussion on the logistics performance in the 2023 general election.
The event to discuss the logistics performance of the 2023 General Elections was also to serve as a platform for the review of the performance of logistics deployed in the just concluded 2023 elections, share experiences, identify gaps, limitations, and learning, while proffering possible practical alternatives for improved logistics delivery.
“We need to localized deployment election logistics materials and have volunteers at every level. We need to rise as citizens and say we will do the right thing. There were adequate plans in place for this particular election, what happened next is for an INEC to explain, but the truth is that you cannot be repeating the same issues.
“When the logistics framework was developed, INEC itself testified that this was the best that they have done, so what happens, we do not know. We were assured that the central bank was going to give that money to INEC, and the commission that received the money said they said they had all the provisions, but did they actually have it?” Obi said.
According to her “INEC chairman said one time that the CBN had given them all the money but when you ask the REC, they will tell you something different that they did not get the money or they didn’t get it at all and it truncate all channels.”
Also, the Executive Secretary of the National Human Rights Commission (NHRC), Chief Tony Ojukwu, said election monitoring is one of the functions of the commission.
“The Commission will continue to monitor the elections in Nigeria and provide updates, share information and make recommendations to the appropriate authorities,” Ojukwu said.
The keynote speaker and former INEC Commissioner, Prof. Okechukwu Ibeanu, noted that there is the need for more training of INEC staff in order to reduce human error in election logistics management which supports sabotage and political interference.
He said, “INEC should seriously consider the use of safe local facilities to make logistics less dependence on transport providers and make monitoring and supervision should be priority.
“A proper assessment of the logistics for the 2023 general election must recognize that although election-day activities or voting operations are probably the most critical in the electoral cycle, they are not the sole activities in administering an election.
“Lessons and the way forward from the 2023 general elections; No alternative to early and comprehensive planning; Inadequate capacity in the Commission, especially in deploying technological tools; INEC LMS -Logistics Management System. Need for more training of INEC staff on these tools. This will also reduce human agency in election logistics management, which supports sabotage and political interference.”
African banks remain resilient and committed to digitization to stay relevant in today’s competitive landscape. As competition heats up between the different players, AI is identified as key technological trend shaping the future of the banking ecosystem in Africa.
African Banker magazine, the best-selling publication dedicated to banking and finance in Africa, and Backbase, the leading Engagement Banking Platform, have partnered to produce the 3rd edition of their comprehensive report about the ongoing African digital banking revolution, exploring the major trends shaping the future of the banking industry and financial inclusion on the continent.
The core of this year’s report is the most comprehensive banking survey on the continent that attracted the participation of a record 153 banks from across the continent. Against an adverse macro-economic environment, African banks remain resilient and committed to invest in digitization to remain relevant in today’s competitive landscape.
Most African banks understand the importance of the key technological shifts with over 50% of surveyed banks considering it the most important factor for their business. Moreover, 19% of banks considered identify themselves as “digital native”, further stressing the importance of digital transformation going forward.
A second element of the report focused on the key technological trends shaping the future of the banking ecosystem in Africa. Last year 74% of banks surveyed named cybersecurity as one of the most important trends to shape the future of the industry. However, this year, Artificial Intelligence came out on top.
Most importantly, on a continent where banking penetration rates are still below 50%, African banks reaffirmed the importance of driving greater financial inclusion across the whole continent. Roughly 50% of banks surveys named retail banking as their top priority for 2023/2024, whilst also referring to mobile wallet apps and digital payment systems as the most critical product development priority for the next two years.
It is widely accepted that digitalization can solve many of the structural problems that exist in access to finance in Africa and banks still have a huge role to play to spread financial inclusion, including in the B-to-B and B-to-C segments. Which is why it is essential to create an optimal environment to carry out this crucial mission, another pressing issue identified by banks.
The full research report, accessible here, offers a clear perspective on market trends, challenges, detailed analysis of the survey results and recommendations.
“We are thrilled to have partnered with IC Publications on this report which is extremely important as it depicts the promising advances made as well as the challenges ahead. The ability to personalize banking experiences is a key expectation among bank customers today and banks have understood that.
“At Backbase, we reckon that barriers to digital banking are falling but that traditional lenders are still left behind by extremely nimble and agile fintech competitors. We are here to help financial institutions surpass their customers’ expectations at every touchpoint and stay relevant in the new digital era,” says Matthijs Eijpe – Regional Vice President EMEA at Backbase.”
With demand for reliable and up-to-date information on Africa’s banking and financial sectors at an all-time high, we aim to provide the necessary support to companies and individuals participating in an industry that is reshaping the future of the continent’s economy.
“We are pleased to have accomplished this significant work with the help of Backbase. They have been an invaluable source of expertise to help us decipher the transition that is taking place among African financial institutions,” says Pedro Besugo, Head of Strategy and Business Development, at IC Publications.
Ecobank Transnational Incorporated (“ETI”), the parent of the Ecobank Group, the leading pan-African bank with a presence in 35 African countries, held its 35th Annual General Meeting (AGM) and an Extra Ordinary General Meeting, on Wednesday in Lomé, Togo.
At the meeting, shareholders approved the accounts and the appropriation of profits for 2022. In addition, shareholders voted for the re-election of Mr Simon Dornoo, Professor Enase Okonedo, Dr George Donkor, Mr Deepak Malik and Ms Zanele Monnakgotla as directors of ETI. The co-option of the Managing Director, Mr Jeremy Awori, as a director, was also ratified.
Furthermore, shareholders approved the resolution authorising to raise senior-ranked debt, additional Tier 1, Tier 2-qualifying subordinated debt or a combination of any of these forms of instruments as the board of directors may deem appropriate.
Alain Nkontchou, Ecobank Group Chairman, said: “Ecobank is a powerhouse in the African banking landscape and is positioned to support and facilitate the growth and development of African businesses as they grasp the immense single market opportunities created by the African Continental Free Trade Area.
“Quite simply, Ecobank is the solution for SMEs and corporates. The strength of our borderless payment, collection, working capital and financing solutions exemplifies this.”
Jeremy Awori, Chief Executive Officer, Ecobank Group, commented: “In 2022, Ecobank demonstrated strong financial results and performance, despite the challenging economic conditions of high interest rates, inflation, and Ghana’s debt restructuring.
“This success can be attributed to the bank’s diversified business model, digital expertise, innovative approaches, growth momentum, and efficiency. These strengths allowed the bank to navigate the adverse economic environment, absorb the impact of the debt restructuring, and continue to thrive.”
The holding company’s (ETI) profit for the year was $222 million compared with $295 million in 2021. The Group’s profit before tax, net revenue and total assets increased by 13 per cent, 6 per cent and 5 per cent, to $540 million, $1,862 million and $29,004 million, respectively.
In addition, the return on tangible equity of 21.1% in 2022 is the highest Ecobank has achieved in the last decade. For the first quarter of 2023, our Group performance results are showing momentum as we continue to benefit from our pan-African and diversified business model, efficiency, balance sheet stability, deep customer relationships and the hard and smart work of all Ecobankers.
Ecobank is one of the leading banking groups in Africa and by far the largest in terms of countries of presence. It is renowned for its continuous delivery of innovation and excellence in customer service to its broad range of Consumer, Commercial, Corporate and Investment Banking customers.
The bank has significantly invested in its digital capabilities, including mobile banking, internet banking and payments infrastructure. This focus on digital banking enables it to reach more customers, reduce costs and improve efficiency.
By the end of February 2023, the total assets of the Nigerian banking sector had increased by 25.12% over the previous year to N77.59 trillion. This information was provided by the Central Bank of Nigeria in a personal statement given by Aishah Ahmad, Deputy Governor of the Financial System Stability Directorate of the CBN, at the most recent meeting of the Monetary Policy Committee.
She said, “Key industry aggregates also continued year-on-year upward trajectory with total assets rising by 25.12 per cent to N77.59tn in February 2023 from N62.01tn in February 2022, while total deposits rose to N49.36tn from N39.38tn over the same period.
“Industry credit also increased by N4.98tn between end-February 2022 and end-February 2023, with significant growth in credit to manufacturing, general commerce, and the oil & gas sub-sectors. Notably, this impressive increase was achieved with continued decline in non-performing loans ratio.”
She claims that in February 2023, the capital adequacy and liquidity ratios were good at 13.70 and 43.10 percent each, while the non-performing loans ratio was lower than the prudential target of 5.0 percent at 4.2%.
Despite the solid financial system fundamentals and positive stress test results, she added, the Bank must be attentive and aggressively manage new threats to the stability of the financial system. This is particularly important given the difficult global economic and financial climate.
She said, “The optimism of continued positive output growth was further buttressed by sustained stability of the financial system, despite heightening global headwinds and domestic vulnerabilities.
“A comprehensive review and stress testing of the Nigerian banking system by Bank’s staff, to assess the impact of continued rate hikes by the MPC, recent bank failures in the US and Switzerland, and other idiosyncratic risks, shows robustness of the financial system.
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