Dr. Zainab Ahmed, the Minister of Finance, Budget, and National Planning, has encouraged West African insurance providers to restructure the sector for global competitiveness.
She gave a speech during the 50th anniversary celebration and educational conference of the West African Insurance Companies Association in Lagos State, Nigeria. Repositioning the insurance sector in West Africa for global competitiveness was the conference’s focus.
She said, “As an optimist, we are encouraged to believe in a new dawn, leveraging technological innovations, and a positive paradigm shift focused and poised to meet the anticipated surge in the demand and untapped side.
“I therefore urge the delegates here present to deliberate and recommend ways of repositioning the insurance industry in West Africa for global competitiveness.”
The objective behind the African Continental Free Trade Area, she noted, was to accelerate intra-African trade by providing a single market for goods and services, facilitate movement of persons in order to deepen the economic integration and prosperity on the continent as well as boosting Africa’s trading position in the global market by strengthening Africa’s common voice and policy space in global trade negotiations.
Ahmed emphasised the need to the need to establish high-quality insurance database to provide a holistic view of the industry’s operations in the sub-region.
The Vice President, of WAICA, Mr Eddie Efekoha, noted that WAICA is the umbrella association of insurance, reinsurance, and insurance broking companies in West Africa.
Over the years, he said, WAICA had provided the platform in the region to enrich their knowledge of insurance, share business information and network as insurance players in the sub-region.
“It is in furtherance of these noble objectives that we have packaged this conference to address the issue of rating of insurance companies in West Africa to reposition them for global competitiveness in the full realisation that insurance is a global business,” he said.
He said the theme of the conference captured its thoughts and expectations, while the resource persons had been carefully selected to address the issue in a manner that presented all shades and perspectives.
The Federal Government paid $112.35 million in January 2023 to service its foreign debt, a 146.17 percent increase over the $45.64 million spent in December 2022, according to data from the Central Bank of Nigeria’s Weekly International Payments.
This happened when the Federal Government worked to increase its income base despite obstacles. In January 2023, the Federation Account Allocation Committee distributed N750.17 billion to the three levels of government.
The amount is down N240.02 billion from the N990.19 billion given in December 2022. Nigeria paid $2.4 billion in 2022 to service its external debt, a little increase over the $2.11 billion spent in 2021. The federal government took about N78 billion out of the state budget for paying external debt.
This was based on information from the National Bureau of Statistics’s publication of the Federation Account Allocation Committee Disbursement Reports. From the Federation Account allocations allocated to state governments in 2022, the deductions were made.
The legislative structure that governs the federation account now permits money to be distributed among three key categories: statutory allocation, Value Added Tax distribution, and derivation principle.
Lagos was the hardest-hit state by the deductions, with nearly N23.61 billion taken out in 2022 to pay off external debt. Following it were Kaduna, which had N10.25 billion removed, and Cross River, which had N7.56 billion deducted. The Federal Government, according to the International Monetary Fund, is projected to spend 82 per cent of its revenue on interest payments in 2023.
According to the IMF, external debt (including that of the private sector) will rise to $121.6bn, with external reserves climbing to $37.5bn. It disclosed this in a table of projections in its ‘IMF Executive Board Concludes 2022 Article IV Consultation with Nigeria Summary
The projections showed an improvement in the share of the government’s revenue used as interest payment, with interest payment falling from 96.3 per cent in 2022 to 82 per cent in 2023. It added that interest payment was 86.1 per cent and 87.8 per cent of the Federal Government’s revenue in 2020 and 2021, respectively.
Nigeria’s 10-year bond’s average yield decreased to 12.94% by midweek as a result of rising local investors’ interest for the paper on the fixed income market. The real return on assets with naira-denominated investment securities is still at risk with the inflation rate at 22.04%. Government restrictions that require a sizable portion of pension assets to be invested in the sector are beneficial to the bond market.
As market participants made significant bids on short-dated maturities to submerge meager offers at the belly of the curve, fund/asset managers traded in a diverse manner in the FGN Bond market as they moved to balance their different portfolios.
Notably, the Mar-27 FGN bond’s yield dropped by the most, by 36 basis points, while the Mar-35 paper gained 21 basis points to settle at 14.96%, according to traders. As a result, the average yield decreased by one basis point to 14.33%.
Foreign Portfolio Investors made large bids on the Eurobond market elsewhere, despite signs of cooling from the recently reported US Consumer Price Index data, which came in at 4.9%.
In light of the 63 basis point decline in Jul-23 securities, TrustBanc Capital reports that the near corner of the benchmark curve has the strongest bullish bias. Accordingly, average yield decreased by 9bps to close at 13.14%. The yield on the US 10-year Treasury rose by 1 basis point to close at 3.53%.
FGN bond prices were largely flat for most maturities, despite the average yield on the secondary market contracting, according to Cowry Asset Management Limited.
The investment firm to clients in a mail that the 10-year debt was 104 basis points richer, yielding 12.94% (from 13.30%), while the yield on the 15-year note ticked up 21 basis points to 14.96%.
The 20-year and 30-year FGN Bonds yields held steady at 15.23% and 15.84%, respectively. Amidst fx crisis in Nigeria, the Naira weakened against the greenback, trading lower at N463.02 (from N462.25) at the Investors’ and Exporters’ windows.
Access to capital remains a top priority for corporates, as capital is required to meet short-term debt obligations such as working capital needs, funding expansion aspirations and existing debt obligations.
The Commercial Paper (“CP”) market satisfies this requirement by providing competitive and timely access to capital, thereby helping corporates diversify their funding sources. Having successfully met the FMDQ Exchange Commercial Paper Quotation requirements and following the subsequent approval of the Board Listings and Markets Committee of FMDQ Securities Exchange Limited (“FMDQ Exchange” or the “Exchange”), the Nigerian Breweries PLC ₦16.49 billion Series 1, ₦5.03 billion Series 2, and ₦45.74 billion Series 3 CPs under its ₦100.00 billion CP Programme was admitted on the Exchange’s platform on January 30, 2023.
Nigerian Breweries PLC (“Nigerian Breweries” or the “Issuer”) is the pioneer and largest brewing company in Nigeria, engaged in the making and selling of lager, stout, non-alcoholic malt, and soft drinks. Nigerian Breweries operates over ten (10) breweries and approximately two (2) malting plants across the country.
Through the registration of this CP Programme, which is sponsored by Stanbic IBTC Capital Limited (the Lead Sponsor), FCMB Capital Markets Limited and FBNQuest Merchant Bank Limited, all Registration Member (Quotations) of the Exchange, the Issuer is availed the opportunity to raise short-term finance from the Nigerian debt markets at a time it deems suitable, through CP issuances, within the CP Programme limit.
As a Securities Exchange with a commitment to facilitate growth and development in the Nigerian debt markets and the economy at large, FMDQ Exchange will continue to sustain efforts in ensuring that corporates have uninterrupted access to a credible, efficient, and robust platform for the registration, listing, quotation, and trading of debt securities.
FMDQ Group is Africa’s first vertically integrated financial market infrastructure (“FMI”) group, strategically positioned to provide registration, listing, quotation and noting services; integrated trading, clearing & central counterparty, settlement, and risk management for financial market transactions; depository of securities, as well as data and information services, across the debt capital, foreign exchange, derivatives and equity markets, through its wholly owned subsidiaries – FMDQ Exchange, FMDQ Clear Limited, FMDQ Depository Limited and FMDQ Private Markets Limited.
As a sustainability-focused FMI group, FMDQ Group, through FMDQ Exchange, operates Africa’s premier Green Exchange – FMDQ Green Exchange – positioned to lead the transition towards a sustainable future.
The Federal Government revealed on Wednesday that Nigeria’s oil production is currently roughly one million barrels per day below its technically permissible potential. It blamed problems including a lack of investments, uncertainty, and a decline in hydrocarbon funding brought on by the energy transition, among others, for the poor oil output.
At the host communities sensitization session with the theme “The Implementation of The Host Communities Development Trust,” held in Abuja, the government made this announcement via the Nigerian Upstream Petroleum Regulatory Commission.
“While the commission is prioritising efforts towards increasing oil and gas production and ensuring maximum federation revenue through the optimisation of oil and gas value chain, the efforts have been constrained by a myriad of challenges.
“These challenges range from insecurity, low investment, and de-prioritisation of funding of hydrocarbon development arising from the energy transition. Currently, Nigeria has the technical allowable capacity to produce about 2.5 million barrels of oil per day. However, arising from the highlighted challenges, our current production hovers around 1.5 million barrels of oil and condensate per day,” the Chief Executive, NUPRC, Gbenga Komolafe, stated.
The workshop, according to Komolafe, who was represented by Kelechi Ofoegbu, the NUPRC’s Commissioner for Economy, Regulatory, and Strategic Planning, will raise awareness of the host community provisions in the Petroleum Industry Act 2021 and offer a forum for information sharing.
He asserted that the provisions would be carried out in a way that would benefit the residents of the Niger Delta and other towns that are host to the production of oil and gas.
“Our objective in this workshop is to create further awareness on this very important piece of legislation and provide updates on the commission’s activities geared towards the implementation of the regulations for Nigeria oil and gas industry.
“It is to provide a clear roadmap for the implementation of the Host Communities Development Trust to enhance peaceful and harmonious co-existence between oil and gas industry operators and host communities, and ultimately support the development of host communities,” the NUPRC boss stated.
He explained that to further stem the tide of sabotage and third-party interferences on oil and gas critical infrastructure, the PIA had in effect domesticated the protection of our oil and gas infrastructure to the host communities.
“One critical milestone under the PIA is the incorporation of Host Communities Development Trust by the settlor provided for in Section 235 as well appointment of Board of Trustees by the settlor in consultation with the host communities. The settlors are the oil and gas companies operating within host communities.
“Section 240 (2) of the PIA stipulates that each settlor, where applicable through the operator, shall make an annual contribution to the applicable host communities development trust fund of an amount equal to three per cent of its actual annual operating expenditure of the preceding financial year in the upstream petroleum operations affecting the host communities for which the applicable host community’s development trust fund was established.
“In addition, Section 247 of the Act requires the Board of Trustees to set up a management committee which shall be responsible for the general administration of the Host Communities Development Trust Fund,” Komolafe explained.
He further told chiefs of host communities and other participants at the workshop that so far, the commission had approved 75 Host Community Development Trusts, out of which 41 have been fully incorporated by the Corporate Affairs Commission.
“We have also pre-qualified a total of 19 fund managers and commenced the process of establishing a baseline of ongoing community development projects, in preparation of ensuring the migration of such into the HCDTs.
“In addition, the commission has in partnership with an OEM (Original Equipment Manufacturer) developed an industry intelligent, digital automated platform for reporting and monitoring the Host Community Development Trust for transparent administration of the HostCom provisions of the PIA,” Komolafe stated.
He said the portal had been designed to meet specific requirements of HCDT as enshrined in the PIA and would aid all stakeholders, including the settlors, Board of Trustees, management committees, advisory committees, fund managers, etc, to fulfil their obligations to host communities and promote accountability and transparency in the management of the HCDT programme.
“The portal will also enable quick feedbacks from the stakeholders and the public for the commission to carry out its regulatory oversight effectively,” the NUPRC executive stated.
During a recent interview with TVC, Miracle Inyanda, the lead actor of the Africa Magic drama series “Lahira,” shared her captivating journey and passion for acting. Raised in Jos, Nigeria, Inyanda spoke passionately about her role in the gripping drama that explores the insurgency crisis in Nigeria.
Inyanda highlighted the talent that emerges from Jos, attributing it to a unique mindset and unwavering determination. Her own journey began early, when she began acting in church as a child. In 2016, she decided to pursue acting more seriously and started attending auditions in Jos. She fondly recalled her first lead role in the movie “Ricochet,” which began her professional acting career.
While studying science with aspirations of becoming a medical doctor, Inyanda felt a strong pull towards the film industry. In 2018, she seized an opportunity to play her second lead role in the movie “Funke” in Lagos. The experience involved balancing football skills with acting, showcasing her versatility. In 2022, she received a life-changing call to audition for the role of Lahira, ultimately landing the part amidst fierce competition. Filming for the series commenced in the previous year, and Inyanda described the experience as amazing.
When asked about her connection to the character on the show, she explained that the story was relatable to her because she grew up in a place where she was surrounded by terrorists most of the time, even in her university. She stated that her upbringing in Jos gave her the courage to accept the script and bring to life the reality of insurgencies in Northern Nigeria, as she had witnessed, heard, and experienced everything firsthand.
She further emphasized that certain scenes were particularly difficult for her to film, notably the one in which her character’s father is killed. “that moment brought back many emotional memories for me, as there was a time when my own biological father was nearly killed during a similar crisis.
Inyanda expressed gratitude for her parents’ unwavering support, acknowledging their role in her pursuit of an acting career. She discussed her deep connection to her character in Lahira, drawing from personal experiences living in a region affected by terrorism.
Inyanda mentioned Adesua Wellington, Osas, and Ini-Dima Okojie as her role models in the industry. She recognized the impact of Lahira on her career, considering it a turning point, but remained grounded and focused on living a normal life.
Looking ahead, Inyanda aspires to work on more movie projects, taking her career one step at a time. Her talent and dedication, showcased through her portrayal of Lahira, position her as a rising star in the Nigerian film industry.
Africa Magic, through its message with the series Lahira, continues to demonstrate its commitment to promoting engaging and impactful storytelling in the Nigerian film industry.
The way we communicate, work, learn, and have fun has been molded by technology, which has integrated itself into every aspect of our lives. Artificial intelligence (AI), the internet of things (IoT), cloud computing, and 5G networks are among the modern, sophisticated technologies that are transforming a number of industries, including healthcare, education, retail, and more.
Smartphones and other mobile devices have fundamentally altered the way we communicate by providing quick access to information, email, and social media. Data may be kept on the cloud and accessed from any location in the world. The Internet of Things (IoT), which connects everyday devices to the internet, is making our homes and workplaces smarter and more productive.
Additionally, artificial intelligence is advancing swiftly, enabling businesses to automate repetitive tasks, personalize customer interactions, and improve data-driven choices. 5G networks, which are anticipated to provide faster, more dependable, and more secure internet connectivity, will enable new use cases like augmented and virtual reality, autonomous cars, and smart cities.
The new technologies of today’s world include:
In the twenty-first century, both technology development and usage have dramatically expanded. Some of the most significant technical advancements of the twenty-first century include:
Mobile Technology
A user of mobile technology uses a mobile phone to carry out communications-related duties, such as interacting with friends, family, and other users. Data is sent between systems using it. Mobile technology includes computing devices, portable two-way communication systems, and ancillary networking hardware.
Cellular communication systems and other related fields use mobile technology extensively. It uses a network design that enables numerous transmitters to send data simultaneously on a single channel. Multiple users can use a single frequency on this platform since it lessens the possibility of frequency interference from two or more sources. Over time, the channel has changed. The various forms of mobile networks we have are SMS, MMS, 4G, 3G, GSM, CDMA, Wi-Fi and 5G
Cloud Computing
Different services are delivered through the Internet using cloud computing. These tools and programs comprise software, servers, databases, networking, and data storage, among other things.
Cloud-based storage enables you to store files to a distant database rather than a proprietary hard disk or local storage device. An electronic gadget has access to the data and the software applications needed to run it as long as it has internet connectivity. For a variety of reasons, including cost savings, enhanced productivity, speed and efficiency, performance, and security, cloud computing is a popular choice for both individuals and corporations.
Artificial Intelligence (AI) and Machine Learning (ML)
The study of technologies used to create machines and computers that can mimic cognitive processes connected to human intelligence, such as seeing, understanding, and responding to spoken or written language, analyzing data, making recommendations, and more, is known as artificial intelligence.
A type of artificial intelligence called machine learning makes it possible for machines and systems to autonomously learn from their experiences and advance. Machine learning employs algorithms rather than explicit programming to evaluate massive volumes of data, gain knowledge from the findings, and then make judgments.
Although machine learning algorithms are educated over time by being exposed to new data, artificial intelligence is frequently conceived of as a system unto itself.
The Internet of Things (IoT)
The Internet of Things is a network of physical devices, vehicles, home appliances, and other items embedded with electronics, software, sensors, and connectivity which enables these objects to connect and exchange data.
Social Media
Social media facilitates the sharing of ideas and information through virtual networks. Social media encompasses a wide range of applications and platforms, including Facebook, Instagram, Twitter, and YouTube, that let users share information, communicate online, and create communities. More than 4.7 billion individuals, or nearly 60% of the world’s population, utilize social media.
Social media messaging platforms and apps are currently the most widely used websites worldwide. Early in 2023, 94.8% of users visited websites and apps for chat and messaging, closely followed by 94.6% of users who visited social media platforms.
Virtual Reality (VR) and Augmented Reality (AR)
Augmented Reality and Virtual Reality are reality technologies that either improve or replace a real-life environment with a simulated one. The contrasts between AR and VR, some instances, and our best judgment as to what the future may hold are all covered in this article. Virtual reality and augmented reality technologies have the potential to revolutionize entertainment, education, and even healthcare.
Blockchain Technology
Blockchain is a technique for storing data that makes it difficult or impossible for the system to be altered, hacked, or otherwise abused. A blockchain is a type of distributed ledger that distributes and copies transactions throughout the network of computers involved.
Blockchain technology is an organizational framework that maintains public transactional information, also known as the “block,” in several databases, also known as the “chain,” in a network connected by peer-to-peer nodes. This type of storage is frequently referred to as a “digital ledger.”
Every transaction in this ledger is validated and protected against fraud by the owner’s digital signature, which also serves to authenticate the transaction. As a result, the data in the digital ledger is quite safe.
Due to the significant liquidity in the financial system at the time the apex bank held its midweek primary market auction, spot rates on Nigerian Treasury Bills (CBN) fell as demand waned.
Due to market participants taking their bids to the Central Bank of Nigeria (CBN) Primary Market Auction, trading activity in the secondary market was comparatively quiet. Yields were chained due to a halt in transactions, with the exception of the segment that had a mild bullish movement.
The CBN rolled over 143.98 billion over the three maturities offered at the auction held yesterday. Results published on the CBN website demonstrated that strong (5.7x) subscription levels were sustained by the system’s excess liquidity.
The bid-to-cover ratio dropped from 6.23x at the last auction to 5.70x. The largest demand, according to analysts, was for 182-day bills (7.71x), followed by 364-day (5.64x) and 91-day (5.13x) bills.
Stop rates on bills with maturities of 91 days, 182 days, and 364 days were lowered by 80 basis points, 156 basis points, and 118 basis points as a result.
According to the results of the auction, better liquidity conditions caused the stop rates for the 91-day, 182-day, and 364-day bills to reduce to 4.55% (from 5.30%), 6.44% (from 8.00%), and 8.99% (from 10.17%), respectively.
“In the near term, we expect unmet bids and excess liquidity in the system to exert pressure on secondary market yields”, TrustBanc Capital Limited told investors in a note.
The system’s liquidity increased by 23% on Wednesday to end at 721.54 billion. The overnight lending rate, however, increased by 5 basis points to conclude the day at 11.38%.
Data from FMDQ Exchange revealed that in the absence of financial demands, the open repo rate remained constant at 11.00%.
“In the near term, we expect retail SMIS refund to lift system liquidity further, given that maturing treasury bills will offset the auction debit scheduled for tomorrow”, analysts said.
The average secondary market yield on T-bills moderated to 7.24% in tandem with declining marginal rates at the primary market.
The International Monetary Fund (IMF)warned that a U.S. debt default brought on by a failure to raise the nation’s debt ceiling would have “very serious repercussions” notwithstanding the uncertainty surrounding the issue.
The international lender believes that a default would have a swift and severe impact on the US economy, and that it would also likely result in higher borrowing prices for the rest of the world.
Julie Kozack, a spokeswoman for the IMF, also stated during a news conference that the United States’ government needs to be on the lookout for any potential new banking sector vulnerabilities, especially those that would arise from the shift to an environment with significantly higher interest rates.
Kozack stated that the IMF was unable to estimate the immediate effects of a US default on global economic development. In April, the Fund projected 2.8% global GDP growth for 2023. However, it warned that more financial market volatility, as seen by a steep decline in asset values and a reduction in bank lending, may cause output growth to fall to 1.0%. However, she warned that a U.S. default and greater economic turbulence throughout the world might lead to higher interest rates.
“We would want to avoid those severe repercussions,” Kozack said. “And for that reason, we again are calling on all parties to come together, reach a consensus, and resolve the matter as quickly as possible.”
A day after Democratic President Joe Biden and top congressional Republican Kevin spoke on the subject for the first time in three months, detailed discussions on extending the U.S. government’s $31.4 trillion debt ceiling began on Wednesday with Republicans continuing to insist on expenditure cutbacks. Janet Yellen, the secretary of the U.S. Treasury, has cautioned that if Congress does not increase the borrowing limit, a default on U.S. obligations could occur as early as June 1.
Kozack claimed that the IMF had praised the “decisive” steps taken by American regulators and politicians to contain the failures of three significant regional U.S. lenders in recent weeks with regard to the upheaval in the country’s banking industry.
Kozack continued by saying that the Fund would soon perform its “Article IV” annual review of U.S. economic policy. This assessment, which will be released toward the end of May, will examine the effects of pressures on regional banks, particularly any tightening of credit conditions.
Republicans in Congress and the White House are impassed on raising the debt ceiling. Its failure to be raised or suspended might lead to the first-ever American default. The amount of money that Congress permits the federal government to borrow to pay its bills is capped by the debt ceiling. The system was developed in an effort to make borrowing easier during World War I.
Prior to 1917, Congress needed to approve additional debt for each new spending measure it passed. Until recently, it has been a rather routine process. Congress has lifted the debt limit 78 times since 1960. The debt ceiling was last raised in December 2021 by $2.5 trillion, capping the limit at $31.381 trillion.
If Congress does not agree to lift the debt ceiling, the government will not have money to pay its bills and will default on its debt.
The Treasury Department has already begun to take extraordinary measures to continue to fund the government, but Yellen said she expects funding to entirely deplete in early June.
Three women fund managers from Nigeria, Kenya and South Africa have been selected to receive Visa’s grant funding from the African Women Impact Fund Initiative (AWIF), a collaboration between Standard Bank and the United Nations Economic Commission for Africa (UNECA).
SME.NG (Nigeria), Altree Capital (Kenya) and Maia Capital (South Africa) are the selected recipients and will utilise the grants for their warehousing capital needs to invest in women-owned entrepreneurs across a range of sectors. Last year Visa announced a grant to the AWIF as an extension of the She’s Next program, a global advocacy program for women-owned businesses that has been expanded to Sub-Saharan Africa to further champion and strengthen African women business owners as they build, sustain, and advance their businesses.
“We are proud to extend our efforts to empower women entrepreneurs to the fund management space. Women fund managers in Africa continue to face numerous challenges in building sustainable businesses. Their progress continues to be slow due to systematic barriers and investor bias. Our collaboration with AWIF will accelerate the multiplier effect of funding across the entire value chain where women owned businesses exist” says Aida Diarra, Senior Vice President & Head of Sub-Saharan Africa at Visa.
Women fund managers in Africa continue to face numerous challenges in building sustainable businesses. Research shows slow-moving progress in the visibility and inclusion of women fund managers due to systematic barriers and investor bias. With African women accounting for just 7.6% of private equity and women-led businesses receiving only 7% of Private Equity (PE) and Venture Capital (VC) in emerging markets, this highlights the opportunities that exist to reduce the current gender gaps.
“When you invest in women, you also invest in their communities. Investments that go into the hands of women fund managers not only go towards the growth and sustainability of the companies they invest in but the women who are part of the value chain of these companies. We are proud to have selected managers who have demonstrated their ability to support the growth and development of their communities, and through the grant these managers will now be in a better position to scale up their efforts and impact the lives of many more women-led businesses,” says Lindeka Dzedze. Global Markets Head of Strategic Partnership at Standard Bank Group.
The selection of the grant recipients was through a due diligence process managed by the appointed investment manager of the AWIF Initiative, Riscura. The rigorous selection criteria were in alignment with the objectives of Visa’s She’s Next programme and AWIF which are to help women-owned businesses thrive, and to support and develop women fund managers, respectively.
Dinao Lerutla, the Managing Partner of South African based fund manager, Maia Capital, describes her organisation as the nexus between private capital and inclusive growth. “At Maia Capital we are very intentional about ensuring that our investments make a positive and direct impact on the low-to-middle income households in South Africa and generate a return for investors.
We have a bias towards women businesses and businesses that promote gender inclusion throughout the value chain. Through our targeted investments, we hope to contribute to economic recovery that is sustainable and inclusive. This is why our investment themes include education, healthcare, housing, clean technology, financial inclusion, and gender inclusion” she adds.
Jenni Chamberlain, CEO of Altree Capital Kenya, is the Investment Manager of the Altree Kadzi Gender Climate Fund is one of the selected fund managers. The Fund invests with a gender-lens and climate-smart approach in sub-Saharan Africa, with a strong East African presence.
She explains: “We have four investment pillars that we focus on when we look at an investment, namely, women entrepreneurs, women in leadership (the business must have 30% or more of women in management or on the board), employers of women (over 30% women in employment) and/or products & services that will improve the lives of women.
The Altree Kadzi Gender Climate Fund will utilise the funding to invest in women-led and women-oriented companies, also driving sustainability and climate adaptation and mitigation strategies. By intentionally focusing on women and climate, Altree will provide support not only to the investee companies but also to companies in the greater investment value chain, ensuring gender-equity mainstreaming and sustainability.
“There are numerous barriers to African women accessing finance for their businesses; women-led,businesses are an important yet overlooked sector of the economy. These companies are growing rapidly and access to finance will improve their growth trajectory exponentially. Altree will prove the ability of these companies to produce strong returns for the female entrepreneurs and investors alike.
Not only are women most affected by climate change but women are early adopters of climate mitigation and adaptation technologies and solutions, as well as strong benefit multipliers. Supporting women-led and oriented firms, empowers women, ensures climate action, and will transform economies and societies” Ms Chamberlain adds.
Thelma Ekiyor, the co-founder of SME.NG, says her investment platform is driven by a gender lens investment philosophy focussing on the bottom of the pyramid. The firm leverages private capital, public sector investments and philanthropic donations to deploy capital to impact oriented female entrepreneurs. As an indigenous gender lens impact investor, SME.NG is committed to providing non-financial support that address the challenges women-owned businesses face, alongside financial capital. SME.NG is differentiated by the fact that it has presence across eleven states of Nigeria rather than being concentrated in Lagos or Abuja, which makes its reach and impact significant.
Some of the small business SME.NG will invest in include businesses like NicNax Company – a company that collaborates with local farmers to process healthy breakfast and snack options. Popular brands are the granola and peanut butter, currently available at most retail stores and eateries in Lagos. SME.NG will also invest in Smiley’s Mobile Kitchen – a company that sources organic tomatoes from small-holder farmers and processes into Nigerian “stew” bases, tomato and peppers purees and pastes.
“We have identified women businesses that have the potential to succeed across different sectors and we deliberately put a lot of emphasis on how women are impacted in the value chains of these companies. The grant from Visa and AWIF will help us strengthen our investment pipeline,” says Ms Ekiyor.
Women’s proven role in conflict resolution makes the unique position of First Ladies even more important as agents for resolving conflicts in Africa.
“Men make wars, women make peace. Women must therefore be included in peace making, peace building, conflict resolution, and reconstruction efforts.” African Development Bank (AfDB) President, Dr Akinwumi Adesina told guests at the inauguration of the African First Ladies Peace Mission (AFLPM) state-of-the-art headquarters in Abuja heard on Tuesday.
“There can be no development without peace and security,” said Dr Adesina in a speech delivered on his behalf by the African Development Bank’s Director General for Nigeria, Lamin Barrow.
Nigeria’s first lady and outgoing chair of the African First Ladies Peace Mission (https://apo-opa.info/3MkXR0s), Aisha Buhari, emphasised the significance of women’s role in conflict resolution.
“As women leaders and mothers, our role in peace and security is to continue to say no to the culture and structures of violence that make people accept and unleash violence on innocent victims, the majority of whom are women and children,” she said.
She told the gathering that the African First Ladies Peace Mission has received the endorsement and support of partners led by the African Union. AFLPM has also signed a memorandum of understanding with the African Union to cooperate on peacebuilding, Buhari said.
The African Development Bank has partnered with the African Union to develop security-indexed investment bonds to help mobilise funding to address the root causes of political instability, protect businesses and livelihoods, and rebuild infrastructure in conflict-affected areas.
The bank is also providing support to vulnerable and internally displaced women living in refugee camps in the Sahel region.
“Nothing works without peace and security,” Adesina said, adding his voice to the African Union’s call to ‘silence the guns.’ “Many parts of Africa face major security challenges from conflict and war. Today, 85% of Africans live in or near a country in conflict.”
Women and children are disproportionately affected by wars, he said, adding that sexual violence, abductions, forced conscription and trafficking in women must end.
“Women’s voices must never be silenced,” Adesina added.
The Bank chief described African first ladies as critical to the efforts of African leaders and the African Union to ensure a peaceful and secure Africa by 2063.
“Your focus on addressing violence, promoting the role of women, fostering a culture of peace, and reducing conflict, are truly commendable,” Adesina said.
“The African Development Bank stands ready to support your efforts and we look forward to a strong partnership with your organisation.”
He also stressed the importance of a collective responsibility to unite in order to resolve conflicts, break cycles of violence and address fragility.
At the annual Google I/O developer conference, a wide array of cutting-edge technologies and updates were showcased, all aimed at enhancing user experiences across various platforms. Google emphasised its commitment to improving search experiences and ensuring user safety, by introducing new generative AI capabilities for search and implementing advanced tools for online protection.
Significant updates were also announced for Android, Pixel devices, and Google Photos. A standout moment of the conference was the unveiling of PaLM 2, Google’s latest generative language model. This breakthrough model surpasses previous language models in areas such as maths, coding, reasoning, multilingual translation, and natural language generation.
In addition to these advancements, Google reiterated its commitment to responsible AI, striving to address pressing societal challenges like climate change and flood forecasting while maintaining ethical AI practices.
Here are the 15 significant announcements made at Google IO that we thought would be of interest to you:.
PaLM 2, next-generation language model: Google has unveiled PaLM 2, a next-generation language model designed to improve language translation, reasoning, and coding capabilities. The model is more heavily trained on multilingual text, demonstrating advanced proficiency in logic, common sense reasoning, and mathematics. Additionally, PaLM 2 was pre-trained on publicly available source code datasets, making it more efficient and faster than previous models. PaLM 2 will be available in four sizes, from smallest to largest: Gecko, Otter, Bison, and Unicorn, making it versatile for a range of use cases. The model is set to power 25 new Google products and features, including Bard and Med-PaLM 2, a medical competency model that can answer questions and summarise insights from dense medical texts. Learn more about PaLM 2 here.
Expansion of Bard: The waitlist has now been removed, making Bard available in English in over 180 countries and territories, with the addition of Japanese and Korean languages, and planning to support the world’s top 40 languages. As the platform expands, Google will focus on maintaining high standards for quality, local nuances and adherence to AI principles. More here.
Image Capabilities: Google is making it easier to prompt Bard with images, using Google Lens. This integration of images with text in Bard aims to enrich the user experience by providing visually informative responses to queries. Users can also include images in their prompts, offering new possibilities for creativity and imagination. More here
Developer Features for Bard: Google is introducing three new ways to use Bard based on developer feedback: Making code citations even more precise by showing you the source of specific blocks of code. This also applies to citing narrative content from across the web; by adding export to Replit and by making Bard friendlier on the eyes in low-light conditions by introducing Dark theme. More here
Export to Docs and Gmail: Google is making it easier and more seamless for users to continue their work by exporting Bard’s responses to Google Docs or Gmail. Formatting stays intact so users can continue editing directly in Docs or Gmail without needing to copy, paste, and reformat Bard’s responses.
Integration into Apps:: Bard will be integrating with various Google apps and services like Docs, Drive, Gmail, Maps, and more while maintaining user control over privacy settings. The platform will also connect with external services and partners, such as Adobe Firefly for image creation, Kayak for travel, Instacart for groceries, Wolfram for computational knowledge, and Khan Academy for education, offering a wide range of possibilities for users. More here
Integrating generative AI across all the Workspace apps: The new features help one write, organise, visualise, accelerate workflows, have richer meetings, and much more. This powerful new way of working is what Google calls Duet AI for Workspace. Google is bringing the generative AI experience to Gmail on mobile and embedding generative AI into Slides so one can easily create unique visuals with a few words. The generative AI will help one analyse and act on data in Sheets, with automated data classification and the creation of custom tables. More here
Simplifying Shopping with Generative AI: Google is using generative AI to make shopping faster and much easier, providing users with a snapshot of noteworthy factors to consider when searching for a product. Built on Google’s Shopping Graph, this new generative AI shopping experience will offer a seamless and informed decision-making process for users. More here
Search Labs: Google’s advanced generative AI capabilities are now accessible through Search Labs, an innovative platform that allows users to explore and engage with early-stage experiments in Search. By registering for Search Labs, users have the opportunity to experience the Search Generative Experience (SGE) on Chrome desktop and the Google App in the US (available in English at launch). More here
Magic Compose: Magic Compose, a new Messages by Google feature powered by generative AI, can help you add an extra spark of personality to your conversations. The feature offers suggested responses based on the context of your messages and can even transform your writing into different styles. The release is set for July. More here
New AI features in Android: Google’s upcoming Android 14 update (expected later this year) promises to change the way users personalise their smartphone experience, taking customization to the next level. Material You customization enables users to personalise their lock screen with new shortcuts, clocks, and a monochrome colour theme. The update also offers diverse wallpaper options, including emoji, cinematic, and generative AI wallpapers that allow users to generate unique designs based on their preferences. To enhance social media, Google is bringing Night Mode and 10-bit HDR video support to popular social apps like Instagram. The Android 14 update introduces Ultra HDR, promising stunning photo quality and raising the bar for smartphone photography. More here
Reimagine Your Photos with Magic Editor in Google Photos: The new experimental editing feature, Magic Editor, powered by generative AI, will enable users to make complex photo edits effortlessly without requiring professional editing skills. Users can selectively edit specific parts of an image, such as the subject, sky, or background, for more control over the final appearance of their photos. More here
Features and Updates to Enhance Online Safety and Trust: Google’s new suite of features and updates aims to improve online safety and provide users with reliable access to trustworthy content and information. The “About This Image” tool helps users evaluate the reliability of visual content found online by providing important contextual information, such as when an image was first indexed by Google, its original appearance, and other online occurrences. Google is also expanding its Content Safety API to include potential child sexual abuse material in video content, addressing a critical safety concern as video files account for nearly 50% of all files reported to the National Center for Missing and Exploited Children (NCMEC). More here
Spam view in Drive: Google’s ongoing efforts to protect Gmail users from unwanted messages, which currently block over 99.9% of spam, phishing, and malware, are now being extended to Google Drive with “Spam View”, a new feature that simplifies the process of separating and reviewing files, allowing users to identify potential spam and stay safe from unwanted or abusive content. Google Drive will automatically classify content into Spam View, similar to Gmail’s current system, ensuring that users are protected from encountering dangerous or unwanted files. More here
New additions to the Pixel family: Google’s Pixel product line continues to expand with the introduction of three new devices: the Pixel 7a, Pixel Fold, and Pixel Tablet. The Pixel 7a is Google’s latest A-series phone, featuring Face Unlock, 8GB RAM, a 90 Hz display, and wireless charging for the first time, making it an affordable package with the best of Google’s hardware and software. The Pixel Fold is Google’s first foldable phone, boasting a 7.6-inch screen when opened, offering a large, immersive display, and the best camera on a foldable phone, ensuring high-quality photography. Additionally, the 11-inch Pixel Tablet is designed for entertainment and gaming, comes with a Charging Speaker Dock, and functions as a helpful smart home device. More here
The stocks market lost N216 billion in the middle of the week as a result of a significant selloff in BUA Cement, one of the Nigerian Exchange’s (NGX) trillion-naira valuation gangs.
As a result, the All Share Index dropped by 396.35 points, or 0.75 percent, to finish at 52,209.06 from the previous day’s closing value of 52,605.78. However, the market breadth ended up being favorable as 34 stocks rose in comparison to 20 declining ones. The price increase of 10% by Ardova Plc, which closed at N22.00 per share, was the biggest.
Transcorp increased by 9.69% to settle at N2.15, while NCR Nigeria followed with a gain of 9.91% to close at N2.33 per share. Japaul Gold & Ventures increased 9.68% to settle at $34,000, while CWG rose by 9.43 per cent to close at N1.74, per share.
Conversely, Caverton Offshore Support Group, which closed at N1.05 per share, topped the losers’ chart by 9.48 percent. Following with a loss of 9.26% to close at 49k, SUNU Assurance, and BUA Cement both suffered losses of 8.02% to conclude at N90 per share, respectively.
While Africa Prudential lost 4.46 percent to settle at N5.35, per share, Academy Press fell 7.88 percent to close at N1.52. With 5,168 transactions, the overall volume traded decreased by 13.52 percent to 554.31 million units, worth N5.96 billion.
With 139.29 million shares changing hands for N1.47 billion, transactions in Access Holdings shares came out on top. Following with 100.75 million shares worth N1.21 billion, FBN Holdings and FCMB Group traded 80.18 million shares valued at N326.46 million.
United Bank for Africa (UBA) traded 42.94 million shares valued at N343.9 million, while Zenith Bank transacted 24.48 million shares worth N593.84 million. Analysing by sectors, the Industrial Goods (-3.4%), Banking (-1.2%), and Insurance (-0.2%) indices declined, while the Consumer Goods (+1.2%) and Oil & Gas (+0.9%) indices recorded gains.
Overall, the stock market capitalisation lost N216 billion to close at N28.428 trillion as against N28.644 trillion recorded on Tuesday.
Africa’s richest man and President of the Dangote Group, Alhaji Aliko Dangote, has said the Nigerian National Petroleum Company Limited (NNPC) has what it takes to become the African version of Saudi Arabia’s Aramco in the near future.
Dangote who spoke at the ongoing 2023 Upstream Investment Management Services Ltd (NUIMS) Annual Value Assurance Review (AVAR) Workshop, stressed that the oil giant could generate billions of dollars in revenue if the right decisions were made. The year’s theme was: ‘Consolidating for Growth in PIA Era.’
The event was attended by the Group Chief Executive Officer of the NNPC Mele Kyari; the Executive Vice President (Upstream), NNPC Adokiye Tombomieye; the Chief Upstream Investment Officer, NUIMS, Bala Wunti; the Chairman, Heirs Holding, Tony Elumelu and other top investors in the Nigerian economy.
Dangote recalled that the PIA has now brought the transformation of NNPC from a government establishment to a commercial entity with no recourse to government funding.
He said the NUIMS has a critical role to play in unlocking funding to take advantage of the huge opportunities in the sector as well as to actively manage the investments to repay its loans, generate reasonable returns, and fund investment in new opportunities.
“I truly believe that NNPC should be our African Aramco. You have what it takes to take you up there and I am very happy. There is nothing that is impossible. You can make it possible and don’t let anything scare you.
“It is just the same thing with us. If I tell you about our own story, you will be shocked as to how. It wasn’t only the refinery that we started about six years ago. We had 32 projects that we all rolled out at the same time.
“But then, on the way we had lots of hitches here and there where the devaluation of the currency, Covid, and challenges of infrastructure set in. If you want to do a real project in Nigeria, you have to look at the infrastructure that we have, because the infrastructure we have is not meant for mega projects.
“We need to look at our infrastructure and see how we can take ourselves to the next level and it has to be driven by NNPC because they are the largest conglomerate and whatever happens to NNPC and their assets, it actually happens to us either directly or indirectly.
“Without you doing well, the country cannot do well. As the investment arm of NNPC, NUIMS plays a critical role in managing the federal government’s interest in the oil and gas industry – you are a partner in the Joint Venture (JV) assets and the concessionaire in the Production Sharing Contract (PSC) arrangements.
“ As important as its oversight function is, my expectation in this post-PIA era is that NUIMS should pivot from being overly focused on its role as a ‘watchdog’ to acquiring the mind-set of an aggressive investment manager,” the business magnate stated.
The billionaire added that the NNPC needs to roll out massive investments in terms of oil and gas to meet demand, adding that there are many off-takers waiting to invest.
“Let me quickly illustrate with a personal experience. My businesses in Nigeria require 635 million scf of gas per day with further additional demand as we expand capacity.
“No businessman will leave such an opportunity on the table. Unfortunately, I hardly get 300 million scf per day and there is no clarity as to when the required gas will become available,” he lamented.
According to the chairman of Dangote Group, a good investment manager actively seeks out investment opportunities, assesses them and takes an investment decision.
He advised the NNPC to focus on delivering strong returns; growing the investment portfolio and managing portfolio risks, pointing out that the NNPC must first look into the cost component of its production.
Stressing that Nigeria has one of the highest breakeven prices globally for extracting oil and gas which results in a long payback period, the business mogul, advised the national oil company to embark on cutting costs.
“Let’s begin with delivering strong returns, which of course is a function of price and cost. While price in your industry is determined by the market and so clearly outside your control, the same cannot be said about cost. More aggressive cost targets need to be adopted and NUIMS staff rewarded with juicy bonuses if they meet these targets.
“You need to benchmark costs with producers in similar basins and aim to be the lowest amongst your peers. Some existing government policies, as laudable as they may be, also need to be re-evaluated. For instance, we need to strike a delicate balance between encouraging local participation in the oil & gas sector and compromising efficiency and cost,” he advised.
Dangote suggested to the NNPC that the next course of action as a manager should be to grow its investment portfolio explaining that it would reduce the influence of International Oil Companies (IOCs).
Also speaking, Elumelu, who is the Chairman of Heirs Holdings, lauded the NNPC for the effort it made to curb crude oil theft, highlighting that due to the efforts of the NNPC , the company has witnessed 96 per cent recovery rate.
“When I listened to the Group CEO speak today, talking about us moving to 2.5 million barrels we challenge him to do more. I believe that it is achievable. From losing 97 per cent of our 50,000 barrels production, interestingly and it will be bad of me to have this platform and not share this here.
“That day, I got a call from the GCEO and I thought he was going to kill me for speaking up, to my greatest surprise, he said to me Tony we are sorry about what is happening, we are doing something about it, it will be corrected.
“They worked as a team and the board of the NNPC, the federal government, the security agencies, and last month our recovery factor was 96 per cent. So GCEO NNPC, you have delivered.
“I speak from experience, a beneficiary and one who cried out before and today standing up today to say we have improved our production and that is what we need to encourage more investments in the industry.”
He added: “Today, we lifted 501,000 barrels of oil bringing our total lifting this year alone to 2.6m barrels of oil. I am a great beneficiary of the new NNPC.”
In his remarks at the event, Kyari said the challenges facing the oil and gas industry globally have made it compelling for the NNPC to come with more ingenious ways of doing things.
He admitted that there have been challenges with security and underinvestment in recent times, adding that with the passage of the Petroleum Industry Act (PIA) the NNPC had been better positioned to create value for Nigerians.
He said: “The crux of the industry is to make sure the upstream industry works. If the upstream works, there would be cash in the country. We are in cash crunch in the country today, we are in forex crunch today because the upstream has not gotten to a level where we can have surplus to support the economy.
“And the reason is because we have challenges of security, decarbonisation issues, energy transition, and reluctance of finance institutions to lend.
“The practicality of all these is that there is difficulty in having access to capital today and this is very obvious, the whole world is lamenting today and there is absolute supply gap in gas in the market in the short term and for a while to come and everyone is taking a step backwards on what could be done to arrest the situation.
“As a company, NNPC is leading this process, we are required to ensure that production cost is optimum, we have interest in nearly every business in the upstream sector and even in the midstream and our performance determines what happens in the industry. We are in a position to go back to normalcy.
“Production target that we have kept over the years of 2 million barrels are realisable but have remained on the powerpoint and this is the time to take them off the powerpoint and resolve the insecurity, investment and financing issues.”
As a national oil company, Kyari said the NNPC must cooperate with its partners to solve the energy challenges facing the country.
He stressed that it was only through collaborative efforts with its stakeholders and partners that the NNPC can guarantee energy for the nation’s industrialisation.
Kyari added, “We can solve the problem of energy poverty in the country, we can also support the rest of the world particularly West African countries to resolve the energy crisis that we are facing today.
“We can also help to resolve the issue of food security and by doing this, we will make more money for the country and businesses make more money.
“We will invest in power and we are doing it and we believe that at the end of the day, we will create sufficient power for the country so that industries will spring up everywhere and create that prosperity that we desire.
“We have the best of workforce that we have anywhere in the world and we have seen many things that they have done. This means that our short term is real, our short term is achievable and as a company, we will satisfy the requirements of our partners and shareholders.
“Our performance will speak for our us and our country and this is what we are focused on doing, we will work with you, we will work with the industry, we will work with our partners, we will work with our shareholders and ultimately, we will deliver value in a short time of three years and this is sufficient to bring all the value on the table.
“We are getting all the support from the security agencies to make sure this works and we are getting maximum cooperation and we will overcome the security challenges and this company will deliver value for all of us.”
In his speech , Tombomieye said the enactment of the PIA came with so many expectations for NNPC, which has been transformed into a fully commercial entity.
He said the oil and gas reserve base in Nigeria was enormous as available data indicates that the current crude oil and condensates production of 1.210 million barrels per day as of April had fallen short of the desired aspirations of 1.395 mmbopd for NUIMS.
According to him, additional effort would be required to meet the objectives of growing reserves, oil and gas production, and monetising the subsurface resources.
He said: “There is no gainsaying that several challenges have bedevilled our operations over time, ageing facilities, obsolete technologies, evacuation challenges, high production cost, inadequate workforce, inadequate funding.
“NUIMS has consistently demonstrated the zeal to overcome some of these challenges, as depicted in the recent strides for the emplacement of the industry-wide Security architecture, which has assisted in restoring production in some corridors.
“We are no longer in the powerpoint era, and you must channel your energy towards reducing costs and growing production and revenue. Nigerians are watching us, and we must remain accountable to them.
“The Board and Management of NNPC Limited have tasked us with specific deliverables. We have executed the KPIs with timelines on when to deliver and can no longer afford to return with excuses to our principals for non-performance.
“Let us consider ourselves partners in progress, and every contribution is for the collective good of the company. Knowing fully that the strength of a chain is at its weakest link, we must strive to support each other on this journey of making the upstream directorate the shining light of the company as it has always been. “
In his address of welcome, Wunti said NUIMS currently has over $60 billion assets under its management which has positioned it effectively to contribute significantly to the development of the Nigerian economy.
We have assets under management that are $60 billion and out of these assets, we are expected to produce so much hydrocarbon in a very difficult environment and that hydrocarbon we will produce tends to achieve the things NNPC has set as responsibility.
“There’s no better engine of growth in any economy than its SMEs. Our SMEs today are being faced with several problems. But one problem outside physical issue is the inadequacy of energy.
“And this energy security is our responsibility and we are having various challenges and if we have $60 billion of assets under our management, and if those assets represent 75 per cent of the total assets of the country, it means 75 per cent of our inability to deliver that energy is a result of our action or inaction,” he stated.
Interswitch Group, Africa’s leading integrated payments and digital commerce company, has announced the commencement of the fifth edition of its annual InterswitchSPAK National Science competition, a STEM-focused initiative targeted at young Africans.
The competition, which is open to all senior secondary school students between the ages of 14 and 17 in public and private schools in Nigeria, aims to discover and nurture young students in Science, Technology, Engineering, and Mathematics, with the goal of building a knowledge-based society and promoting sustainable development in Africa. InterswitchSPAK provides a platform for students to showcase their academic prowess in STEM subjects and compete for various exciting prizes, including university scholarships.
During the course of the competition, contestants will be taken through various qualifying rounds, including online assessments and a national qualifying examination leading to the semi-finals stage. This will be followed by a grand finale where the finalists will compete for the ultimate prize of N7.5 million in scholarships for a five-year period, a laptop and monthly stipends. The second-place winner will receive N4 million in scholarships for three years, a laptop and monthly stipends. The third-place winner will in turn get N1 million in scholarships for one year, monthly stipends and a laptop. There will also be mentoring opportunities with senior Interswitch employees, as well as other exciting prizes.
This year’s special edition will offer a prize pool of over 14 million Naira, an increase from the usual 12.5 million Naira, as the competition aims to reward more winners than ever before. The increase in prize money will see over 100 students and teachers rewarded instead of just the top 3 winners.
Furthermore, InterswitchSPAK will also purchase JAMB e-PINS for 54 contestants to enable them to register for the Joint Admissions and Matriculation Board (JAMB) examination free of charge. These initiatives are a testament to InterswitchSPAK’s commitment to nurturing young talents in STEM and providing them with opportunities to excel in their chosen fields.
According to the Founder and Group Managing Director of Interswitch, Mitchell Elegbe, “InterswitchSPAK is a celebration of our commitment to promoting STEM education in Africa and empowering the next generation of innovators and problem solvers. As we commence the fifth edition, we are delighted to have reached this milestone in the competition and assure Africans that more students across the continent will have access to quality STEM education through InterswitchSPAK.”
This year’s competition, being a commemorative edition, promises to be more exciting as well as educative. Over the past four editions, the competition has seen remarkable success stories of students who have emerged as winners and have gone on to make significant contributions in various STEM fields.
Speaking during the launch of this year’s edition of the National Science Competition, Cherry Eromosele, Executive Vice President, Group Marketing and Corporate Communications at Interswitch, said, “We are excited to kick off this edition of InterswitchSPAK particularly because it’s been five years of visible impact. This highlights our focus on inspiring and empowering innovative young minds to drive progress in STEM and shape the future of Africa and the world at large.”
Oladapo Ojo, Founder and Group Managing Director of JustMedia, the technical partner of the InterswitchSPAK initiative, while speaking at the press conference also said “Working on InterswitchSPAK over the years has been an incredible journey for JustMedia. We are proud to be a part of this initiative which seeks to promote academic excellence and STEM education among secondary school students in Africa. Our team has been fully committed to providing technical support to ensure the success of the competition and we are excited and looking forward to the fifth edition of this laudable project.”
InterswitchSPAK was birthed as a platform to engage and empower young Nigerians to become future leaders of innovation and the initiative’s consistency over the years is a demonstration of Interswitch’s commitment to its vision of promoting STEM education in Africa. The company believes that by nurturing young students in STEM subjects, it can contribute to building a sustainable and prosperous future for Africa.
All eligible students and schools are encouraged to visit https://www.interswitchspak.com/ for more details about participating in the competition, as this year’s search for the best STEM student begins.
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 N460.56 per $1 on Monday, May 8.
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 ₦747 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.
Five trailblazing entrepreneurs from across North Africa and the Middle East have been selected as finalists for the 2023 Aviram Awards competition hosted by the Aviram Foundation and Forbes in Marrakech on May 16th, 2023. President Bill Clinton will also join the event as a headline speaker.
Each year the Aviram Awards aims to identify, mentor and support ventures in the region which have the potential to drive significant social and environmental change through innovation and technology.
This year’s finalists were selected by impressing the international judging panel with their proposals for ground-breaking technology that will change the world for the better. The finalists are:
Youssef Bouyakhf, CEO and cofounder of Deepecho (Morocco) which uses AI to assist minimally trained ultrasound technicians in advanced video diagnosis. The product detects birth defects and allows a response to premature birth that includes low birth weight.
Hilla Ben-Pazi, CEO and cofounder of StrokeAlert (Israel) which makes a wearable, neck monitoring system that can generate automatic alerts for stroke enabling early detection and treatment.
Gil Davidman, CEO of QD-SOL (Israel) which uses photocatalysts combined with sun light to split hydrogen from water, providing affordable, profitable green hydrogen production that is not dependent on electricity grids.
Rodrigo Jimenez Sandoval, CEO and cofounder of Polymeron (Saudi Arabia) which produces biodegradable and compostable plastic pellet formulations using the organic waste from the poultry and date farming industries as raw materials. This addresses the problem of plastic pollution as well as providing alternatives to the organic waste disposal and food security concerns in the Middle East.
Dan Deviri, CEO and cofounder of Carbon Blue (Israel) which provides a solution for removing carbon dioxide from the sea and in turn captures CO2 from the atmosphere. The technology is cheap, compact, energetically efficient, requires no logistics or feedstock, and requires very little maintenance.
The competition provides a springboard for the entrepreneurs of the future to make their breakthrough ideas a reality. The winning start up, one based on an innovative breakthrough and a contribution to humanity, will win a cash prize $500,000, professional mentoring from globally renowned business leader and Founder of the Aviram Foundation, Ziv Aviram, as well media support from Forbes. The second-place winner will be awarded a prize of $100,000, and a prize of $50,000 will be awarded to the third-place winner.
The finalists will now be invited to pitch live on-stage to a judging panel of world-acclaimed business leaders in Marrakech, Morocco on May 16, 2023. Judges at the prestigious event will include Ziv Aviram; Randall Lane, Editor in Chief of Forbes magazine; Melda Akin, Cofounder & CEO of D14.AI; Yassine Laghzioui, CEO of UM6P Ventures and Lamiae Benmakhlouf, Managing Director of MITC.
To qualify for the 2023 Aviram Awards, entrants were required to be the business owner or team leader of a tech start-up—in at least the pre-seed or seed phase—with an established concept that positively impacts humanity, and live in Algeria, Bahrain, Egypt, Israel, Jordan, Morocco, Tunisia, Saudi Arabia or the United Arab Emirates.
Vice Admiral Awwal Zubairu Gambo, the Chief of Naval Staff, announced on Wednesday that 16 warships from the Nigerian Navy, three Above Water 109E NN helicopters, and Super Tucano (NAF) aircraft, among others, will take part in the Presidential Fleet Review in Lagos to honor President Muhammad Buhari.
This is in line with the CNS’s claim that the Nigerian Navy acquired a total of 20 capital ships during President Muhammadu Buhari’s eight-year administration, which also stated that “the ships comprise of Offshore Patrol Vessels, Landing Ship Transport, Hydrographic Survey Vessels, Seaward Defence Boats, Helicopters, as well as, over 300 Inshore Patrol Vessels and Assault crafts.”
The Chief of Policy and Plans, Rear Admiral Saidu Garba, spoke on behalf of the CNS during a press conference in Abuja. He said,”The NN Fleet has undergone a period of significant reform throughout President Muhammadu Buhari’s administration. In order to ensure the recapitalization of the NN Fleet, which has grown to be the pride of the Gulf of Guinea (GoG) and one of Africa’s most adaptable naval fleets, the President shown immense political resolve.”
NNS Thunder, NNS Centenary, NNS Ikenne, NNS Kada, NNS Lana, NNS Kano, NNS Nguru, NNS Ibeno, NNS Aba, NNS Oji, NNS Andoni, NNS Osun, NNS Ose, NNS Ekulu, NNS Gongola, and NNS Shiroro were among the NN ships he named as taking part. One MI35 Helicopter, one Diamond-42, one ATR-42 MPA, and three A29 Super Tucano are among the participating NAF aircraft.
The exercise is also likely to include a few foreign warships from allies including Ghana, Ghana, Brazil, and Spain.
Rear Admiral Garba stated, “This theme was carefully chosen to underscore the essence and value of the NN, as a responsive naval force poised to achieve national prosperity. The theme of the NN Presidential Fleet Review (PFR) 2023 is ‘Fleet Readiness for National Prosperity’.
Therefore, it is necessary to hold the PFR-2023 in honor of Mr. President for his dedication to enhancing the nation’s naval resources and capacity to project her instruments of maritime power for the benefit of the entire country.
The Nigerian Bar Association (NBA) has stated that it is preparing a petition to pursue disciplinary action against Adamawa State’s beleaguered Resident Electoral Commissioner (REC), Hudu Yunusa-Ari, who is also a lawyer.
The REC is being investigated for his role in the disputed announcement of Aishatu Dahiru of the All Progressives Congress (APC) as the winner of the April 15 supplemental governorship poll.
Monday Ubani, the NBA’s Chairman of the Section of Public Interest and Development (SPIDEL), stated on Wednesday’s program that the NBA intends to file a petition against him as a member of the Bar.
“This is one of the suggestions that were made; that a body like NBA should not allow such a man who brought what I would consider a national disgrace to NBA to go scot-free,” he said.
According to him, in order to investigate what he did, the NBA disciplinary committee must obtain a report because the REC who was sent on a national assignment “did not represent the body well enough.”
Ubani noted that more research is needed to determine the reason of the abnormalities.
“If he is innocent, let us be told that he is innocent. If he is not innocent, then the next thing that should follow is prosecution. This is because it sends the right signal that we are a nation that wants to protect our integrity,” he said.
According to the human rights lawyer, the Independent National Electoral Commission (INEC) does not have the authority to investigate criminality under the country’s legal structure.
Ubani said that the police are the primary prosecutor in such cases.
“It is the Nigerian Police that does investigation in the country, so if a matter is alleged to fall into the realm of crime, it is the Nigerian Police that carries out the responsibility.
“Even if INEC would prosecute, there must be an investigation first by a body authorised to do that,” he said.
The SPIDEL chairman also stated that INEC’s body language will reduce political and electoral wrongdoing.
He stated that if INEC’s integrity and strictness are maintained, politicians will be fearful and desperate.
“The body language of the electoral umpire (INEC) has a role to play, it goes a long way to the integrity of the system. The politicians are waiting to see the reaction of INEC in the electoral process.
“When the umpire is having issues and the politicians see the body language, they see that there are still loopholes and room for them to manipulate,” he said.
Following price reductions in ETI, which increased by 7.1%, FBNH, which increased by 2.2%, and other financial services stocks, the equities division of the Nigerian Exchange (NGX) traded slightly higher.
According to data from the market, as a result, the All-Share Index increased by 0.1% to 52,605.78 points and the year-to-date return increased to 2.6%.
Based on information from the Nigerian Exchange website, the market capitalization grew by N15 billion (0.05%) to close at N28.644 trillion, up from N28.629 trillion on Monday.
The market’s overall performance was mostly driven by gains in Tier-1 banking companies such Zenith Bank, Guaranty Trust Holding Company (GTCO), Access Holdings, Conoil, Dangote Sugar, and Union Bank.
Additionally, the All-Share Index (ASI) increased by 26.26 points, or 0.05 percent, to close at 52,605.78 as opposed to 52,579.52 in the previous session.
As a result, the year-to-date (YTD) return increased to 2.64 %. Additionally, the All-Share Index (ASI) increased by 26.26 points, or 0.05 percent, to close at 52,605.78 as opposed to 52,579.52 in the previous session.
According to analysts at Vetiva Securities Ltd., “Sectors traded mixed today, as profit taking was primarily observed in the consumer goods area, while Tier-I banks dominate the activity.
“We anticipate the other one to continue tomorrow.”
In the meantime, market breadth, a gauge of market mood, was up because 19 equities increased compared to 14 declining ones. Conoil experienced the greatest price increase, up 10%, to close at N48.40 per share.
Following closely behind, Multiverse Mining and Exploration increased by 9.97% to close at N3.75, while John Holt increased by 9.77% to close at N1.91 per share.
Transcorp increased by 9.5% to close at N1.96, while Computer Warehouse Group increased by 9.66% to close at N1.59 a share.
Unity Bank, on the other hand, topped the losers’ chart by 9.26% to settle at 49k per share. Following Japaul Gold and Ventures, cutix fell by 8.8% to settle at N2.28 per share, while Japaul Gold and Ventures fell by 8.82% to close at 31k.
While NPFMicrofince Bank lost 5.71 percent to settle at N1.60 per share, Nigerian Breweries lost 5.88 percent to close at N32.10.
Analysis of market activity revealed that trade turnover decreased in comparison to the prior session, with a 0.09 percent decrease in transaction value.
In addition, 5,684 transactions involved the exchange of 640.97 million shares for N7.13 billion. With 129.73 million units exchanged in transactions worth N1.48 billion, Accesscorp topped the volume and value charts.
The Oil & Gas (+1.1%) and Banking (+0.8%) indexes both saw gains, while the Consumer Goods (-0.7%) and Insurance (-0.2%) indices did not. Sectoral performance was therefore uneven. The industrial Goods index ended unchanged. NGX increases due to persistent demand for banking stocks.
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