French President Emmanuel Macron and G7 leaders on Sunday approved a package totalling $251 million in support of the African Development Bank’s AFAWA initiative to support women entrepreneurs in Africa.
“I am particularly proud, as the current G7 president, that the programme we are supporting today, the AFAWA initiative, comes from an African organisation, the African Development Bank, which works with African guarantee funds and a network of African banks,” Macron stated at a press conference at the G7 Summit in Biarritz, France.
“African women are the backbone of the continent. I’m thrilled to bring their voice to the G7. AFAWA is essential for our continent,” said Beninese artist Angelique Kidjo, a guest at the press conference in her role as programme ambassador.
The Bank’s president Akinwumi Adesina applauded the “extraordinary support of all the G7 heads of state and government, which will provide incredible momentum” to the AFAWA programme.
“This is a great day for African women,” Adesina said. “Investing in women entrepreneurs in Africa is important, because women are not only Africa’s future, they are Africa’s present”.
“Currently, women operate over 40% of SMEs in Africa, but there is a financing gap of $42 billion between male and female entrepreneurs. This gap must be closed, and quickly,” he added.
G7 Supports Women in Africa Initiative with $251m
Ford, Coscharis Announce 3 Years Warranty for 2017 Model
Coscharis Motors, exclusive distributor of Ford vehicles in Nigeria, is pleased to announce an improvement in the warranty period of Ford vehicles*, 2017 model year and upwards, to 3 years or 100,000km for owners in Nigeria.
This new warranty is only applicable to 2017 models and upwards.
“This is another way Ford has responded to the yearnings of numerous Ford customers in Nigeria, some of whom are long distance travellers who cover more than 60,000km within the given 3 years warranty period. Warranty coverage on Ford vehicles in Nigeria used to be for a period of 3 years or 60,000km, whichever came first.” says Abiona Babarinde, General Manager, Marketing and Corporate Communications at Coscharis Motors.
9mobile Secures $230m from AFC for Expansion
9mobile Nigeria has secured $230 million from the Africa Finance Corporation (AFC) to expand its network and compete effectively in the Nigerian market and others.
Confirming the transaction, the AFC said in a statement: “Africa Finance Corporation is pleased to inform Emerging Markets Telecommunication Services that it has received full Board approval to support the turnaround strategy of EMTS through a US$230 million super senior debt investment.”
Facebook Celebrates ‘Icons of Change in sub-Saharan Africa
Facebook has celebrated 40 young leaders, developers, entrepreneurs and change makers from across Sub-Saharan Africa, to a two day event in Accra, Ghana, titled “Celebrating Icons of Change”. The event aims to celebrate Africa’s next generation of leaders and innovators, whilst providing opportunities to network, connect and create positive dialogue.
Kezia Anim-Addo, Facebook Comms Manager, Sub-Saharan Africa, commented: “I’m so proud that we’re bringing the first event of its kind for Facebook to the Continent and to Ghana. At Facebook, we see our role as supporting and investing in various communities here on the continent, in particular the youth. This event is about celebrating those people, the amazing talent, innovation and businesses we’re seeing emerge, and the young people who are accelerating this growth, and building an incredible future for the Continent. It’s a privilege for us to be able to bring together 40 icons of change, and we look forward to what the two days will hold.”
Attendees represent countries from the region, including Ghana, Madagascar, Burkina Faso, Kenya, Senegal, Nigeria, Ethiopia, Botswana, DRC, South Africa, Cameroon and Zambia
Banks’ Advert Spend Rose by N164m in July 2019
P+ Measurement Services, a media intelligence and audit agency and MediaTrak, undertook the analysis to show, Nigerian Banking Industry Advertisement spend and placement in the month of July 2019.
The report shows that there was an increase of 163, 762, 442 in the total Nigerian Banking Industry media advert spend in July compared to the month of June.
TV media advert in the banking industry for July saw an increase in media spend, compared to June with an increased spend of N123, 541, 668, while Radio media adverts in July also saw an increase in media spend, compared to June with an increased spend of N17, 461, 682, and the Print media advert in the Banking industry for July saw an increase in media spend, compared to June with an increased spend of N22, 759, 092.
African Business Leaders Join Dubai ’s Global Business Forum (GBF) Mentorship Programme
Business leaders from the UAE and Africa to mentor high-potential startups as they build their businesses and target new market opportunities; announcement comes ahead of the 5th Global Business Forum on Africa, taking place on November 18th-19th 2019 in Dubai; first-of-its-kind mentorship programme aims to foster cross-border co-operation between UAE and African startup communities
Eight prominent business leaders have been selected to mentor high-potential startups from the UAE and Africa participating in Dubai Chamber of Commerce and Industry’s Global Business Forum (GBF) Mentorship Programme.
Four UAE-based mentors and four Africa-based mentors have joined the first-of-its-kind programme which aims to foster cross-border cooperation between the two startup communities and help participants expand their global presence.
The selected mentors offer a wealth of expertise in a wide range of fields, including, technology, education, retail, construction and finance.
Following the mentorship phase of the programme, the participating startups will have an opportunity to exhibit at the 5th Global Business Forum on Africa in Dubai on November 18th-19th 2019 and boost their exposure within UAE and African markets and business communities.
NIA Chair, Tope Smart, Visits Stock Exchange
L – R: Mr. Oscar N. Onyema, Chief Executive Officer, The Nigerian Stock Exchange (NSE) presenting a replica of the closing gong to Mr. Tope Smart, Chairman, NIA and Group Managing Director, NEM Insurance Plc during the Closing Gong Ceremony to introduce the newly appointed council members of the Association to the capital market stakeholders at the NSE yesterday.
Equatorial Guinea to Build West Africa’s 1st LNG Storage, Regas Plant
Located at the Port of Akonikien, the landmark regasification plant will enable the storage, transportation and distribution of liquefied natural gas (LNG) to the country’s mainland; 12 bullet tanks will carry 14,000 cubic meters of storage capacity, supported by a truck loading station and 12-kilometers of ten-inch gas and diesel pipelines.
The project will be led by local construction and engineering firm Elite Construcciones; The project forms part of Equatorial Guinea’s regional LNG2Africa initiative which seeks to drive gas monetization through in-country gas-to-power projects.
Equatorial Guinea is set to construct the first liquefied natural gas (LNG) storage and regasification plant in West Africa, advancing efforts to monetize gas resources through the creation of a domestic gas-to-power infrastructure.
The Akonikien project is the first gas-to-power development in Equatorial Guinea’s LNG2Africa initiative. Launched by the Ministry of Mines and Hydrocarbons in 2018, the initiative seeks to facilitate the production and trade of LNG through the creation of a domestic gas-to-power infrastructure and intra-African LNG industry.
Kaspersky: The Dark Side of Apps
Mobile device security threats are on the rise and it’s not hard to see why. In 2019 the number of worldwide mobile phone users is forecast to reach 4.68 billion of which 2.7 billion are smartphone users. So, if you are looking for a target, it certainly makes sense to go where the numbers are.
Think about it, unsecured Wi-Fi connections, network spoofing, phishing attacks, ransomware, spyware and improper session handling – mobile devices make for the perfect easy target. In fact, according to Kaspersky, mobile apps are often the cause of unintentional data leakage.
“Apps pose a real problem for mobile users, who give them sweeping permissions, but don’t always check security,” says Riaan Badenhorst, General Manager for Kaspersky in Africa.
“These are typically free apps found in official app stores that perform as advertised, but also send personal – and potentially corporate – data to a remote server, where it is mined by advertisers or even cybercriminals. Data leakage can also happen through hostile enterprise-signed mobile apps. Here, mobile malware uses distribution code native to popular mobile operating systems like iOS and Android to spread valuable data across corporate networks without raising red flags.”
Cape Verdian Airline to Commence Lagos Route on Dec 9
Cabo Verde Airlines, the Cape Verdean airline, will start flying to Lagos, Nigeria, from December 9, 2019.
After announcing flights to Luanda (Angola, December 9th), Porto Alegre (Brazil, December 11th) and Washington DC (USA, December 11th), Cabo Verde Airlines now announces a new route for the Winter 2019-2020.
The connection between Sal and Lagos will be operated five times a week, on Mondays, Tuesdays, Thursdays, Saturdays and Sundays, with a Boeing 757, with 161 economy class seats and 22 executive seats.
The inaugural flight is scheduled for December 9th, departing from Amílcar Cabral International Airport (Sal) at 20:50 local time and arriving at Murtala Muhammed Airport (Lagos) at 02:10 local time.
All flights will connect to Sal Island, Cabo Verde Airlines’ international hub, and will make connections to Lisbon (five times a week), Washington DC (three times a week) and Boston (once a week), as well as to the airline’s destinations in Brazil – Salvador, Porto Alegre, Recife and Fortaleza.
In addition to the hub connections on Sal Island, Cabo Verde Airlines’ Stopover program allows passengers to stay up to 7 days in Cabo Verde and thus explore the various experiences on the islands, at no additional cost for airline tickets.
The new route strengthens the company’s operations within the African continent, as well as the connection between Africa and Europe and North and South America as part of its mission to connect these four continents
About Cabo Verde Airlines
Cabo Verde Airlines is a scheduled air carrier, operating an international hub at Sal’s Amílcar Cabral International Airport. Since November 2009, Cabo Verde Airlines has been an active member of the International Air Transport Association (IATA). The company currently maintains a management agreement with Reykjavík-based Loftleidir Icelandic, a subsidiary of Icelandair Group.
Mettā Unveils 3rd Fashion Lab Powered by HIVOS East Africa
Mettā Nairobi, in partnership with HIVOS East Africa, is set to bring five fashion startups to Nairobi for its third boot-camp programme – Fashion Product Lab 3.0. Selected from 300 applications all over the country, the 5 startups will kick off the programme in August.
Fashion Product Lab 3.0 is an 8-week intensive program helping entrepreneurs in the fashion industry launch their brands into local & international markets and develop new & diverse product lines.
As part of the programme, the 2019 cohort will have the opportunity to engage with high-profile speakers, experts, mentors, and a global network of support throughout the program as well as access to the Mettā space in Nairobi and the global Mettā community.
“Under the concept of ‘Inspiring Change – Unleash the Potential’, Mettā will provide an intensive bootcamp program to the fashion designers using our expertise in the local business environment and financial services. This will help them to unleash their full potential and turn innovative ideas into practical solutions.” – Maurice Otieno, General Manager, Mettā Nairobi
The Fashion Product Lab 3.0 will conclude in a one-of-a-kind Fashion Runway in September 2019, where entrepreneurs will pitch their companies and showcase their collections for funding and partnerships.
The designers accepted into the program were selected after a rigorous multi-phase selection process which focused on the viability of their fashion businesses, creative designs & portfolio, and their potential to scale across the continent and globally.
Ecobank Engages a New Set of Graduates in Training
In keeping with its talent development strategy, a new set of Graduate Trainees are expected to commence their entry level development programme on Wednesday August 14 at the state-of-the art Ecobank Nigeria Academy in Lagos.
The training programme which was launched in July this year is an intensive 8-week medley of learning interventions for fresh graduates. The first set of 67 Trainees will graduate at the end of the month and will be absorbed into different roles in the Bank.
According to the Head, Human Resources, Ecobank Nigeria, Gloria Byamugisha, the first set of Trainees at the Academy demonstrated a high level of commitment and orientation towards the banking profession, noting that the training is essentially to improve the financial literacy of participants who may be coming from other disciplines, or who may have non-financial and banking related academic backgrounds.
“I am glad to announce that 58 entry level trainees will commence their development program on August 14 for eight weeks. This is the cohort two of the program. The entry level cohort one that started their eight week program on July 1 this year will graduate at the end of the month and will be absorbed into different roles in the Bank in line with their performance and individual profile assessment. At Ecobank we place a high premium on manpower development”
Commenting, Managing Director, Ecobank Nigeria, Patrick Akinwuntan said the training programme was in line with the transformation agenda to make the Bank the most preferred financial institution in the country, noting the Ecobank will continue to head hunt for brilliant fresh graduates, train them on professionalism and Ecobank culture and inject them into its workforce.
“Our training programmes are our way as a Bank to invest in creating future leaders for the Nigerian banking industry. We are investing in the people to accomplish our vision both as a Bank and a country. The staff of banks must be well trained and knowledgeable so that they can ensure that funds in the banks are effectively deployed,” stressing that for us at Ecobank, we must also ensure that we deliver on our promise as a financial institution of choice not only in Nigeria but the whole of Africa. We, therefore, take the development of adequately trained manpower as a “must do” in striving to achieve our goals,” he stated.
RedStar Express Reports N10bn Turnover
Red Star Express Plc has consistently posted profit in its annual turnover. For the year ended in March 2019, the company recorded an impressive turnover of N10billion in the year under review which is 20% higher than the preceding year. This was announced at the 26th Annual General Meeting of the company held recently in Lagos.
In the preceding year (2018), the company had recorded a group turnover of N8.4billion. Similarly it recorded a profit of N7.3billion the year before the last, that is, the year 2017, and in the year 2016, the turnover was N6.6billion. This progression reveals a healthy operation in the company.
With the turnover of N10billion achieved, the Board of Directors has recommended to shareholders the payment of N253 million at 43 kobo for every 50 kobo per share, subject to withholding tax.
According to the Chairman, Board of Directors, Mr. Suleiman Barau (OON), Red star Express recorded impressive figures amidst challenges in the Nigerian economy.
“I am particularly delighted because this is the first time we will be having another Chairman in the last 25 years, after the former chairman, Dr Mohammed Koguna stepped down last year. We thank you for your usual support and pray this will continue now and always. The Nigerian business terrain remains one of the most challenging in Africa. But in spite of these challenges, I am happy to inform you that the last financial year was successful as the company reported impressive figures across all our performance indicators.”
NSE Lifts Suspension on Universal Insurance
The Nigerian Stock Exchange (NSE) has lifted the suspension placed on the trading of shares of the Universal Insurance Plc. This was announced on the NSE’s website on Wednesday, 7th of August 2019.
With this development, trading on the company’s shares would resume on the floor of the stock exchange forthwith as the dealing members have been duly informed.
The notification posted on the NSE website stated that: “Universal Insurance Plc, one of the eleven (11) companies that were suspended on 2 July 2019, has now filed its Audited Financial Statements for the year ended 31 December 2018 with The Exchange.
“In view of the company’s submission of its Audited Financial Statements, and pursuant to Rule 3.3 of the Default Filing Rules which provides that the suspension of trading in the Issuer’s securities shall be lifted upon submission of the relevant accounts provided The Exchange is satisfied that the accounts comply with all applicable rules of The Exchange. Dealing members are hereby notified that the suspension placed on trading on the shares of Universal Insurance Plc was lifted today, Wednesday, 7 August 2019”, the statement added.
Universal Insurance Plc has, over the past five years, sustained its momentum in terms of profitability, cutting edge customer services, innovative products designs tailored to meet special needs of its teeming customers and prompt claims settlement.
Recently the Company embarked on total restructuring and re-engineering of its operations and developed a full-fledged retail unit with requisite qualified personnel to man it.
To drive its expansion and growth strategies, the company in addition expanded its marketing team engaging highly qualified hands in both core marketing and retail units. Universal Insurance Plc has also expanded its E-platform.
This was confirmed by the Managing Director and Chief Executive Officer (MD/CEO) of the Company, Mr. Ben Ujoatuonu in a recent interview. He further stated the Company has been able to increase the numbers by growing premium income by over 130 percent from N700 million in 2017 to over N1.6billion in 2018.
“We have developed a full-fledged retail unit with requisite qualified personnel to man it and also expanded our marketing unit,” he added.
Sovereign Trust Rights Issue Extended to Aug 16 by SEC Approval
Following the approval from the Securities and Exchange Commission, SEC, Sovereign Trust Insurance Plc has extended its Rights Issue offer closing date which opened on Monday, June24, 2019.
The Rights Issue which ought to have closed on Wednesday, July31, 2019, has now been extended to August 16, 2019.
According to the official statement made available to the Press by the Spokesperson for the organisation, Mr. Segun Bankole, the extension of the Rights Issue was necessitated to allow Shareholders ample time to subscribe fully to the offer.
He said such unique opportunity does not come that often which was what informed the decision of the Management to request for an extension in the closing date of the Rights Issue offer.
Consequently, the Management enjoins all Shareholders of the company to take advantage of this extension in date to fully exercise their rights as that will guarantee the consolidation of their ownership in one of Nigeria’s very dynamic and forward-looking underwriting firm.
The company, more than ever before, is poised to take the insurance business to a greater height as it gravitates to the next phase of its growth agenda.
A total of 4, 170, 411, 6488, (Four Billion One Hundred and Seventy Million, Four Hundred and Eleven Thousand, Six Hundred and Forty-Eight units of ordinary shares at 50 kobo each have been placed on offer for existing shareholders at 50kobo per share on the basis of one (1) new ordinary share for every two (2) ordinary shares of 50kobo held in the company as at the close of register on January 15, 2019.
The Managing Director of the Underwriting Firm, Mr. Olaotan Soyinka has also reiterated the fact that the company has set a growth agenda which is aimed at positioning the insurance company as one of the top players in the industry, particularly, in the oil and gas sector where it has developed very unique expertise and professionalism over the years.
“In achieving the huge tasks that have been placed before us, we have identified that a very robust capital base is critical to the success of the set agenda; hence the need to call on our Shareholders to fully subscribe to the Rights Issue.”