Uzodinma taps Mrs. Njoku, Harvard-bred oil industry expert as SSAA, Petroleum

Brand Spur
-
0
Uzodinma taps Mrs. Njoku, Harvard-bred oil industry expert as SSAA, Petroleum

As part of efforts to strengthen Imo State’s maximization of petroleum resources management as a contributor to the state’s economic development, Governor Hope Uzodinma has appointed an oil industry expert, Mrs Chioma Nonyerem Njoku as Senior Special Assistant Adviser on Petroleum.

She is also to serve as the Secretary of the Bureau of Oil and Gas Matters.

Mrs Chioma Nonyerem Njoku as Senior Special Assistant Adviser on Petroleum. www.wordpress-1516176-5827464.cloudwaysapps.com

Before her appointment, Mrs Njoku had held several positions at the Nigerian National Petroleum Corporation (NNPC) and the Department of Petroleum Resources (DPR) including as Acting Director of Petroleum Resources. She brings to bear several years of experience working in the oil sector.

Her appointment is one that has been hailed by industry and subject matter experts as a step in the right direction by the Imo State government.

Governor Hope Uzodinma

Mrs. Njoku boasts a solid educational background that spans Corona School, British–American International School and Mary Wood Grammar School Lagos, Nigeria.

Thereafter, she went on to garner academic and professional qualifications in Accountancy at the Institute of Management and Technology Enugu and certification by the Institute of Chartered Accountants of Nigeria and the Chartered Institute of Taxation.

She is a Fellow of the Institute of Chartered Accountants of Nigeria, a Fellow of the Chartered Institute of Taxation and member of various professional associations.

Furthermore, she has attended various Executive Management Courses including the prestigious Harvard Business School program for Leadership and General Management.

Equipped with a high level of integrity, Mrs. Njoku has over 35 years of Oil and Gas industry experience, spanning various technical and corporate sections in the NNPC and DPR, Nigeria’s regulatory agency for the Oil and Gas Industry. She previously served as Head, Finance and Accounts at the Department of Petroleum Resources (DPR) where her responsibilities included revenue accounting during the Oil bloc bid rounds.

At various times during her career, she had superintending responsibilities in the three largest Upstream/Downstream Oil and Gas Operations Zones (Lagos, Warri and Port Harcourt). She retired as a Deputy Director/Zonal Operations Controller, South-South Zone of the Department of Petroleum Resources (DPR), with the responsibility of coordinating regulatory compliance activities.

She represented the DPR in various inter-agency consultative organizations (The Presidency, National Assembly, Fed. Min of Finance, Fed Ministry of Petroleum Resources, Petroleum Technology Development Fund, Petroleum Equalisation Fund, Nigeria Content Development Management Board, NDDC, PPPRA) as well as the Oil Producers Trade Association (OPTA) comprising Chief Executives, and in the Petroleum Technology Association of Nigeria (PETAN), an association of Nigerian Indigenous Technical Oil Field Service Companies.

In the public sector, Mrs. Njoku served as Senior Technical Assistant to the Permanent Secretary, Federal Ministry of Petroleum Resources and Nigeria’s OPEC Governor, as well as the Oil and Gas Industry Desk Representative at the Nigerian Investment Promotion Commission (NIPC) One-Stop Investment Centre (OSIC), with the responsibility of Oil and Gas Investment and Trade Facilitation.

She represented the Department in review committees on Voluntary Principles proposals by the European Union and the United States of America.

The new appointee, who is married with children, spends her time mentoring the youth and women through participation in community-based activities and advocacy.

Lekoil Otakikpo joint venture executes drilling agreements

Brand Spur
-
0
Lekoil Otakikpo joint venture executes drilling agreements

LekOil, the oil and gas exploration and production company with a focus on Nigeria and West Africa, announces that the Otakikpo Joint Venture which is made up of Green Energy International Limited, the Operator of the Otakikpo Marginal Field, and the Technical Partner, LekOil and Gas Investments Limited, in which the Company has a 90 per cent economic interest has executed definitive agreements for the next phase of the Otakikpo marginal field development.

Further to the execution of a non-binding Memorandum of Understanding, the Otakikpo JV has executed additional service agreements with Schlumberger which cover the comprehensive infrastructure upgrades and field management services in relation to the planned upstream drilling programme.

The upstream drilling programme consists of the following:

  • Phased drilling of up to seven new wells in Otakikpo with project capital expenditures (“capex”) estimated at US$110.0 million, of which LOGL is expected to provide funding of US$44.0 million.
  • Drilling of the first two wells, estimated at US$25.0 million (US$10.0 million net to LOGL), is expected to increase gross production to approximately 10,000 bopd from the current gross rates of 5,755 bopd. Existing infrastructure at Otakikpo is capable of accomodating this incremental production.
  • As a result of the lower oil price environment and a change of project scope by the Otakikpo JV and other project stakeholders, these project capex estimates are a reduction of approximately 35% on previous estimates of US$170.0 million (US$68.0 million net to LOGL) as announced on 1 July 2019.
  • LOGL expects to raise, according to its participating interest, its own portion of the required funding for the first two wells from a combination of offtake financing from a subsidiary of a major international oil company and cash flow from existing production. Funding for subsequent wells is expected to come from the cash flow generated by incremental production.
  • Rig mobilisation is expected to occur as soon as the partners of the Joint Venture have both raised funding for the first two wells, according to their respective participating interest.

A further announcement on the financing and timelines for the upstream drilling project will be made in due course.

The Otakikpo JV has entered into an infrastructure sharing and utilization agreement in respect of the production from the Otakikpo marginal field with Integrated Hydrocarbon Infrastructure Limited (“IHIL”), a special purpose company incorporated and owned by GEIL to build, own, operate and maintain the shared infrastructure facilities, (the “ISUA”).

Pursuant to the ISUA, IHIL will assume the role of facility operator (from its parent, GEIL) and will build, own, operate and maintain certain flow stations, pipeline facilities and terminal facilities to be used for the evacuation of crude oil produced from the Otakikpo marginal field.

These facilities will be built outside the Otakikpo area with a view to handle Otakikpo and other fields within OML 11. IHIL will provide certain services to the Otakikpo JV such as measurement, sampling, treatment, transportation and storage of crude produced from the Otakikpo marginal field and injected into the facilities.

LOGL will pay IHIL a fixed tariff for the use of the facilities. There are conditions to the ISUA becoming fully effective, including IHIL securing debt financing to develop the infrastructure facilities. Once fully effective, the ISUA will remain in place for an initial period of five years.

The Otakikpo JV has also entered into a field management services agreement with Schlumberger in respect of the overall exploration, appraisal, evaluation, exploitation, development, production and associated activities of the Otakikpo marginal field (the “FMSA”).

The FMSA also manages the relationship between the parties in relation to certain services including the operation, management and, where applicable, decommissioning, of the fields and infrastructure.

In accordance with the FMSA, GEIL, LOGL and Schlumberger will form a multidisciplinary project management team in which Schlumberger will act as project execution manager to provide oilfield services and project management services to assist in ramping up production and long-term field management.

The Otakikpo JV will pay Schlumberger fees comprising of the cost related to the secondment of Schlumberger personnel to the Joint Project Management Team (“JPMT”), other specified costs and expenses incurred by Schlumberger, and a project implementation fee, for the duration of the agreement, in an amount consistent with a market margin on gross incremental production for the provision of the services to be provided by Schlumberger.

In accordance with the FMSA, the Otakikpo JV has also entered into an agreement with Schlumberger for the secondment of certain Schlumberger personnel to form part of the JPMT for the development of the Otakikpo marginal field and the implementation of the planned drilling programme (the “Secondment Agreement”).

During the term of the Secondment Agreement, all Schlumberger secondees will remain employees of or contractors to a member of the Schlumberger Group. Subject to agreement between the Otakikpo JV parties, GEIL as the Operator will be responsible for paying Schlumberger monthly costs related to the secondment of Schlumberger personnel to the JPMT, such costs being reimbursable to GEIL by the Otakikpo JV.

The various secondment rates are dependent on the secondment role that will be carried out.

To govern the provision of certain products and services for the upstream development of the Otakikpo marginal field, the Otakikpo JV has also entered into a master services agreement with Schlumberger for the provision of various well drilling and completion products and services to implement the planned upstream drilling programme. Such services exclude services or products relating to the development and management of the shared infrastructure.

Finally, the Otakikpo JV parties have agreed to allocate certain costs related to the processing and export of hydrocarbons between them which LOGL would otherwise be obliged to bear under the ISUA and FMSA and to implement certain governance arrangements in relation to the management of the various agreements executed.

Lekan Akinyanmi, LEKOIL’s CEO, commented, “We continue to make progress towards our ambitions to drill additional wells and unlock further value for all stakeholders from Otakikpo. We are pleased to be working with Schlumberger, a world-class project execution service provider, and we are committed to advancing this exciting and transformative project that is aimed at increasing the value and cash generation abilities of the field.”

Onsite and remote – taking a best-of-both-worlds approach to your business operations

Brand Spur
-
0
Onsite and remote – taking a best-of-both-worlds approach to your business operations

By Andrew Bourne, Region Manager, Africa, Zoho

Companies around the globe have had to adopt remote working in a short period of time. Some have thrived and won’t go back to the office model, with the likes of Twitter, Quora, and Slack all indicating that they’ll either be fully remote or remote-first for the foreseeable future.

Others, however, have struggled with the transition and are hankering to get their teams back into the office. The ideal solution is probably somewhere in between these two extremes with employees able to work remotely when it is suitable and returning to the office as needed.

Andrew Bourne, Regional Manager, Africa, Zoho Corporation

Here’s how businesses can take a best-of-both-worlds approach to their operations:

Assess needs

It’s important to first weigh out the real benefits of a fully-staffed workplace. This helps decide what functions need to return onsite and which ones can continue being remote. Bearing in mind that due to comfort zones and habits, staff may feel the function needs to be onsite when in fact it may be more cost-effective or more efficient to do remotely.

For instance, if your teams collaborated really well and were far more creative in the office, office space is worth the investment. Similarly, employees may feel more comfortable approaching management face-to-face than over email or video call. There is also the issue of mental health.

Remote work is not suitable for everyone, and some people may need human interaction to enable them to cope with being stuck at home. It may not be a daily interaction, it may just be a staff social event once a month, each circumstance or function should be assessed on a case-by-case basis to make the best decision for the future of the business.

Utilising technology

Having a blended workforce that adds a significant amount of remote workers to the mix can make striking a balance a little more difficult.

Fortunately, virtual networking technologies can help here. A virtual meeting, for instance, allows both on-site and remote workers to hold brainstorming sessions and meetings without losing any of the benefits of being in physical proximity to each other.

When it comes to collaboration, a cloud-based office suite can enable seamless communications and teamwork, facilitating the faster accomplishment of projects. That can be massively beneficial for both remote and on-site workers.

Technology can also help with another oft-cited headache when it comes to balancing remote and on-site work: project management.

A good project management tool will help you manage budgets, timelines, resources, communication and quality with a calendar, Gantt chart, time tracking, and group chat type functionality. If you can find one with automation capabilities, you’ll also save time on routine tasks. Meanwhile, a visual workflow builder with a simple drag-and-drop interface is useful for making automation easier.

Remote or not, these types of technologies can streamline your day-to-day operations with meaningful enhancements like task list templates and routine task automation. It won’t just make things easier if you’re ever forced into a scenario where you have to take your operations remote for a period, it’ll also help improve overall productivity.

Making the most of the ‘new normal’

In truth, most businesses have been heading towards, at the very least, a hybrid model where some employees are remote and others work on-site. But this needn’t be problematic.

Both offer distinct advantages, according to the function or individual task being fulfilled. With the right approach and technologies, it’s possible to leverage the benefits of both without falling prey to any of the disadvantages traditionally associated with them.

Andrew is Zoho’s Regional Manager for the Africa region and is based in Cape Town, South Africa. He has more than 15 years of experience in sales and marketing and has spent the last five years focusing on the implementation and testing of various business technologies. He is very passionate about Zoho and has exceptional insight into the business and marketing world.

TradeDepot secures additional $10M to transform the informal retail supply chain in Nigeria

Brand Spur
-
0
TradeDepot secures additional $10M to transform the informal retail supply chain in Nigeria

New investment will enable access to credit for retailers and Africa expansion

TradeDepot, the B2B eCommerce platform for consumer goods in Africa, has raised a further $10 million in a pre-Series B equity round co-led by Partech, International Finance Corporation, Women Entrepreneurs Finance Initiative (We-Fi) and MSA Capital. This is in addition to the $3 million Series A led by Partech in 2018.

TradeDepot will use the new investment to continue its integration of the fragmented informal retail supply chain in Nigeria, expand into other African cities and launch a suite of financial products and credit facilities, to support its retailers.

Since its launch in 2016, TradeDepot has built a network of more than 40,000 micro retailers in Nigeria. Working with global distributors and manufacturers including Nestlé, Unilever, GB Foods and Danone, TradeDepot makes household supplies, such as milk, soap, detergent and other essentials more accessible and affordable for the informal urban retail networks it operates in.

Retailers order and pay for goods using TradeDepot’s mobile apps (Android and Whatsapp), USSD or a toll-free number and have them delivered directly to their stores via the company’s fleet of vans and tricycles.

They can also order stock and manage their inventory online, with a number of ways to pay, including digital payments and cash. For consumer goods brands, TradeDepot enables direct-to-retail distribution in the massive informal sector in some of Africa’s busiest cities.

TradeDepot also provides a CRM and data management system that enables suppliers to plan and monitor their sales routes in real-time, as well as gain invaluable insights into trade and retail data. 

Working with TradeDepot, retailers across Nigeria have increased their revenue and improved their business outcomes as a result of better access to products for their stores.

One retailer grew the number of sales transacted by more than 15x. Another retailer who was barely breaking even and had seen no real growth in 15 years was able to increase her net monthly margin by almost 100 percent monthly, hire three new employees and is now considering expansion.

Using data and analytics to inform better retail decision making at each stage of the supply chain, TradeDepot has recorded considerable growth since its launch, activating a new store every three minutes, and receiving a retailer order every 4 seconds, on average. The company has also tripled its volume of trade in the last 12 months.

Onyekachi Izukanne, Chief Executive Officer and co-founder of TradeDepot says, “We are excited to strengthen our team and welcome on board some incredible strategic investors and partners, as we double down on our mission to digitize and simplify retail distribution for the continent.

Africa’s offline retail market is estimated at $1 trillion, and this new investment allows us to capture an even greater segment of that market. We will continue to use data to drive efficiencies and provide an easier stock acquisition service for our 40,000+ retailers, driving down costs for them by negotiating even better deals with our global manufacturing partners, whilst simultaneously providing a better, faster route to market for our suppliers.”

In a bid to help retailers grow their businesses, TradeDepot is set to launch a suite of financial products and credit facilities. Many retailers do not have the collateral that banks demand but by leveraging their trading relationship with TradeDepot, retailers can access the funds they need to buy more goods, scale their businesses and generate more revenue.

Wale Ayeni, Head of Africa Venture Capital Investment at IFC adds, “TradeDepot is a rising star in the African internet landscape, helping digitize a substantial underserved informal retail segment, which is the pillar of economic growth in Africa. The founders’ vision to build a digital platform that improves the unit economics of serving the mass-market is one that we feel privileged to support.”

More than 75 percent of the retailers on TradeDepot’s platform are female entrepreneurs and TradeDepot will offer mentorship and opportunities to link with domestic and global markets, to further support its predominantly female customer base to grow and expand their own businesses.

Hanh Nam Nguyen, Program Manager, speaking on behalf of IFC as implementing partner of We-Fi, said, “Women play a pivotal role in driving economies across Africa, but lack of access to capital, limited market linkages, cultural norms and other challenges often prevent them from achieving the success they want. We-Fi financing will incentivize TradeDepot to build stronger women-led small and medium enterprises (SME) retailer and distributor networks, which will support them to become drivers of economic growth in their communities.”  

Tidjane Dème, General Partner at Partech said, “we are proud to continue our partnership with TradeDepot as they continue their work to transform the huge informal markets that are present in Africa. The founders have a wealth of experience that puts them in a great position to execute on their vision, and their approach and results to-date are why we are so excited by the extraordinary entrepreneurs harnessing the power of technology to address issues across the continent.”

Ben Harburg, Managing Partner at MSA Capital said, “TradeDepot is leading the digitization of informal enterprise across West Africa at the most critical touchpoint – the distribution and sale of essential foodstuffs by SME retailers – driving efficiency improvements, increased service offerings, and costs savings to both consumers and merchants.”

12 Facebook Community Leaders from Nigeria, South Africa & Kenya Selected as Part of the Accelerator Program

Brand Spur
-
0
12 Facebook Community Leaders from Nigeria, South Africa & Kenya Selected as Part of the Accelerator Program

As part of its focus in bringing people together and building communities, Facebook today announced the 12 African community leaders who have been selected to join Facebook’s Community Accelerator, a six-month programme that aims to equip communities with the training, mentorship, and funding they need to grow.

Part of the global Facebook Community Leadership initiative launched in 2018, the Community Accelerator programme invests in leaders who are building communities around the world; including bringing people together, offering encouragement, and driving change.

Following the call for applications is March 2020, 77 community leaders from around the world were chosen, with 12 selected from Sub-Saharan Africa.

Awarding up to $3 million, selected community leaders will receive up to $30,000 in funding. In the first three months of the programme, these leaders will learn from experts and coaches, whilst developing customized curriculums focused on growing their own communities.

The following three months will then be focused on iterating and executing their plans, with funding and continued support from their network, as well as from a dedicated programme team. The Community Accelerator will then culminate in an event with community leaders to showcase their communities and progress to external funders and partners.

Commenting, Kezia Anim-Addo, Head of Communications for Sub-Saharan Africa said: “We’re delighted to be welcoming 12 African community leaders to Facebook’s first Community Accelerator. We’ve seen time and again the power of communities in bringing people closer together and feeling more connected.

We know community leaders can do extraordinary things when they have adequate support from others, tools to get the job done, funding to grow and belief in themselves. The Facebook Community Accelerator will enable these great communities to make an even greater positive impact in the world, and we hope that through the support of the programme these communities will have an extraordinary impact, even in extraordinary times.”

Community leaders selected from across Nigeria, Kenya and South Africa as part of the Facebook Community Accelerator include: 

  • Hauwa Ojeifo, She Writes Woman (Nigeria) – In 2016, Hauwa created “Safe Place Nigeria” to provide a stigma and judgment-free space for young people to talk about mental health-related issues. It has become a community for young people to learn, feel connected, get support and feel a sense of belonging
  • Bright Shiitemii, Mental360 (Kenya) – Mental 360 was started in 2016 to give youth a safe platform to learn about mental health and illness and to access affordable holistic solutions. It is a non-partisan non-discriminatory space where youth can grow their emotional wellness, grow their network and get peer support
  • Lauren Dallas, Future Females (South Africa) – founded in 2017 with a mission to increase the number of female entrepreneurs and support their success. They have become the go-to destination for aspiring and early-stage female entrepreneurs to receive the inspiration, education and support needed to build profitable businesses online
  • Tony Onuk, The Root Hub (Nigeria) – Roothub was started in 2014 to provide a safe space for youths to build their ideas, grow their businesses, and access support
  • Esther Mwikalii, Metta NBO (Kenya) – founded in 2015 as an entrepreneurs’ network with the goal of bringing together founders, policymakers and investors to collaborate
  • Refilwe Nkomo, Visual Arts Network South Africa (South Africa) – established in 2007 as a support point and development agency for contemporary art practice in South Africa. It aspires to be a dynamic and resilient network-based organisation contributing to growth, innovation and opportunities in the arts
  • Eyitayo Ogunmola, Utiva (Nigeria) – Utiva is a decentralized ecosystem that helps Nigerians access technology skills and trainings regardless of their location and internet barrier
  • Naadiya Moosajee, WomEng (South Africa) – a social enterprise aimed at attracting, developing and nurturing the next generation of women engineering leaders
  • Abiodun Adereni, Helpmum (Nigeria) – started in 2017, HelpMum tackles maternal and infant mortality in remote rural areas in Nigeria, and provides Clean Birth Kits for hygienic delivery to pregnant women, immunization reminders and health information to nursing mothers
  • dillion phiri, Creative Nestlings (South Africa) – Launched in February 2011, dillion s. phiri founded Creative Nestlings to connect young African creatives to each other, to opportunities and to resources, democratizing how young African creatives connect, get paid, learn and grow
  • Rufaro Mudimu, Enke (South Africa) – “enke”, meaning ‘ink’ in SeTswana, started in 2009 to bridge socioeconomic inequality by bringing young people together and equipping them with the skills and experiences to improve their lives. “enke” connects, equips and inspires young people to make their mark, authoring a positive future for themselves and their communities
  • Tariro Bure, MINDS (South Africa) – MINDS was founded in 2010 as a platform rooted in cultural heritage and knowledge systems for youth to reclaim their African identities and transform the continent. It has become a movement of youth and crucial stakeholders which aspires to shape policy, foster economic development, and enhance the evolution of African institutions

Commenting on his Community Group, Abiodun Aldereni, Founder of HelpMum said: “I feel excited to be selected among the Facebook community accelerator cohort and I look forward to growing our community of pregnant women, nursing women and traditional birth attendants  with the help of Facebook’s expert team.”

Indigenous Peoples are crucial partners to build a better post–COVID-19 world, says IFAD President

Brand Spur
-
0
Indigenous Peoples are crucial partners to build a better post–COVID-19 world, says IFAD President

Indigenous Peoples and their unique knowledge are essential to address the COVID-19 outbreak and to build a more sustainable, resilient world as we recover from the pandemic, the President of the International Fund for Agricultural Development (IFAD) said today.

“The COVID-19 pandemic shows us that we need to rethink the way we interact with nature, as well as how we produce and consume food. The continuous use of unsustainable agricultural practices, and the devastation of forests and wildlife, are part of what has brought us into closer contact with the virus that causes COVID-19,” said IFAD President, Gilbert F. Houngbo. “Indigenous Peoples have long warned of the consequences of exactly these kinds of practices”.

Houngbo was speaking ahead of today’s event focused on the importance of partnering with Indigenous Peoples to achieve the Sustainable Development Goals and build a more resilient future, to be held on the margins of the United Nations High-Level Political Forum on Sustainable Development (HLPF).

The event is co-convened by Canada, Finland, the Food and Agricultural Organization (FAO) and Indigenous Peoples Major Group (IPMG) for Sustainable Development.

“We must recognize and acknowledge the important role that Indigenous Peoples play in supporting and protecting sustainable livelihoods. They provide sound stewardship of our environment, and help build greater biodiversity and sustainable food systems,” said Minister Karina Gould, Canada’s Minister of International Development who is opening the event.

The event will examine how Indigenous Peoples’ knowledge, values and sustainable systems can help achieve zero hunger and end poverty in all forms by 2030. It will also discuss why it is critical to prioritize the protection of their rights, and increase their access to land, productive resources and health services to help them cope with the adverse impacts of the pandemic – whilst also securing their participation in relevant development processes.

“As we work together to craft a global response to COVID-19, we need to recognise Indigenous Peoples’ actual and potential contributions to sustainable development,” said Houngbo. “Too often they are systematically marginalized, suffer violations of their human rights and are excluded from – and actually harmed by – development processes. This is not acceptable and our approach to dealing with Indigenous Peoples must change.”

There are approximately 476 million Indigenous Peoples in over 90 countries. Despite representing over six per cent of the global population, they account for about 18 per cent of the world’s poor. They are at disproportionate risk in public health emergencies, becoming even more vulnerable during this global pandemic.

Indigenous Peoples are custodians of about 80 per cent of the world’s biodiversity and are also among the worst affected by climate change as a result of their close interaction and reliance upon the climate and natural systems.

IFAD has been working with Indigenous Peoples since the beginning of its operations, considering them a priority group in the fight of rural poverty. IFAD reaches more than 6 million Indigenous Peoples in 31 countries through 63 projects with US$660 million of funding. IFAD convenes the Indigenous Peoples Forum in Rome every two years.

Mastercard Foundation and USIU-Africa partner to expand access to higher education in Africa

Brand Spur
-
0
Mastercard Foundation and USIU-Africa partner to expand access to higher education in Africa

African Media Agency and the Mastercard Foundation today announced a partnership that will enable 1,000 high-performing students to receive a quality education and leadership development over the next 10 years under the Mastercard Foundation Scholars Program. The partnership provides scholarships for high potential students facing financial, gender, displacement, or disability constraints.

The Mastercard Foundation Scholars Program at USIU-Africa will begin recruiting for the 2020/2021 academic year later this month

At least 70 per cent of the young people who benefit from the partnership will be young women, while 25 percent will be displaced or refugee youth, and at least 10 percent will be young people living with disabilities. With this USD 63.2 million partnership, USIU-Africa joins the Foundation’s expanding global network of partners committed to developing a generation of African leaders who will use their knowledge and skills to lead change in their communities and contribute to meaningful transformation across the continent.

Speaking after the signing of the partnership, USIU-Africa’s Vice-Chancellor, Prof. Paul Zeleza noted that the partnership was a milestone in the University’s history.

“With the support of the Mastercard Foundation, we look forward to significantly expanding the impact and reach that USIU-Africa has had all across the world, by moulding students who will catalyze Africa’s continued advancement into a better, brighter future. By embracing the Scholars Program, we will increase the international student population from 15 per cent to 20 per cent which is in line with the university’s strategy of internationalization. Also, the Scholars Program will enhance socio-economic diversity of the student population as it will increase the number of students with a disability, refugees, young women and displaced youth to address barriers to higher education for these marginalized populations,” he said. 

Mastercard Foundation’s Chief Program Officer, Peter Materu, is excited to onboard USIU-Africa as a partner in the Scholars Program, noting the university’s excellent academic standing and demonstrated commitment to equity and inclusion.

“For close to a decade, the Mastercard Foundation Scholars Program has worked in Africa, through initiatives like Wings to Fly and direct partnerships with educational organizations at the secondary and tertiary levels, to enable young people from disadvantaged communities to access quality learning and develop their leadership potential. Our partnership with USIU-Africa builds on this historic work, which is already serving thousands of young leaders on the continent. Fundamentally, it is about expanding opportunity to all young people, irrespective of their socio-economic background,” he said. 

The Mastercard Foundation Scholars Program is an initiative to develop Africa’s next generation of leaders by giving students, whose talent and promise exceed their financial resources, an opportunity to complete their education. Through the Program, Scholars receive holistic student support, including comprehensive scholarships, leadership development, and access to internships and industry-driven career services. The Scholars Program is a growing commitment and to date, the Program has committed over USD 1 billion to support the education and leadership development of more than 37,000 young people.

The Mastercard Foundation Scholars Program at USIU-Africa is expected to kick off in the 2020/2021 Academic Year.

COVID-19: MTN Nigeria Supports Ekiti Government with Two Ambulances (Photos)

Brand Spur
-
0
COVID-19: MTN Nigeria Supports Ekiti Government with Two Ambulances (Photos)

…as state conducts pilot testing in four LGAs

The Government of Ekiti State on Monday took delivery of two Toyota Hiace Ambulances donated by MTN Foundation; the Corporate Social Responsibility Arm of MTN Nigeria, in support of the state government’s efforts at curtailing the Covid-19 pandemic.

Speaking at Governor’s office where the donation took place, Dr. Kayode Fayemi commended MTN for supporting the State Government in winning its battle against the virus.

Dr. Fayemi, represented by His Chief of Staff, Biodun Omoleye, assured the donor that the State government would use the ambulances for the purpose it was donated for.

Fayemi promised that his administration would continue to promote a business-friendly atmosphere that would guarantee the success of private institutions in the State.

He said: “It is quite the prayer and desire of the people of the State, that this pandemic finds its way out of the country. We appreciate your gesture at this time. We are proud to be associated with you and we pray that your business will continue to grow higher, you will never lack in any of your endeavours.

“We are already partnering with you because you have your customers among Ekiti residents, we will continue to offer you the best.

“These ambulances will be used for the purposes it was meant for. You can be assured of that. We look forward to a greater partnership with you.”

In her remarks, the Commissioner for Health and Human Services, Dr. Mrs. Mojisola Yaya-Kolade, said the ambulances which were well equipped with state-of-the-art facilities would save lives.

Dr. Yaya-Kolade who revealed that the State Government has conducted pilot testing in four Local Governments of the State with the use of Geographical Information System (GIS) to locate household that would be tested, said with what the ambulances were equipped with, it can be used to stabilize any patient in critical condition.

According to the Commissioner, “we have the oxygen cylinder, the oxygen concentrator, the sphygmomanometer, the instructing pump, the neck brace, well equipped, that can be used to stabilize any critical patient.

“Thank you I truly appreciate it, it will be used to the benefit of mankind, these would save lives.”

She mentioned that the pilot sampling has been done in Ikere, Emure, Ise, and Gboyin local government of the State with over 950 samples taken.

The Commissioner further revealed that the State has recorded a total of 63 persons that tested positive to the virus, while 40 have been treated and discharged, 21 were currently receiving treatment and only two deaths have been recorded.

Also the Special Adviser to the Governor on Development Partnerships, Mrs. Margaret Fagboyo appreciated MTN for being part of the spirited individuals contributing to the course of fighting the scourge in the State.

The representative of MTN Foundation, Mr. Abayomi Ogunleye who is the team lead for Ekiti State, said the donation was part of MTN efforts in supporting the Ekiti State Government to fight Coronavirus in the State.

Mr. Abayomi, who was accompanied by the team lead, Sales and distribution for Ondo State, Mr. Temitope Ogunsola and other staff of the organisation said; “MTN as an organization puts people and the environment where it operates in the fore and that is why it is donating these two Ambulances to the Government of Ekiti State as support towards the curtailment of Covid-19 in the State and Nigeria.”

African lenders on the rise across the continent – The Banker

Brand Spur
-
0
African lenders on the rise across the continent – The Banker

While South Africa’s banks remain top of the pile in Africa, it’s lenders at the opposite end of the continent that have seen the biggest gains in The Banker’s Top 1000 World Banks rankings.

After seeing their Tier 1 positions slip back the previous year, South Africa’s big four all saw growth in 2019, even as economic problems in their home market continued to grow. Standard Bank Group continues to top the pile, its Tier 1 capital rising by 8.16% to $10.5bn in 2019, even as its position in the overall Top 1000 fell to 152nd place from 149th last year.

Second-placed Nedbank fared a little better, adding 12.2% to its Tier 1 capital and climbing four places in the overall ranking to 169th position. Absa Group and Nedbank both improved eight places in the Top 1000 ranking, coming in at 190th and 232nd positions, respectively.

But Egyptian lenders have once again been the big African growth stars in this year’s rankings, as economic growth in the country hit a 10-year high. Egyptian lenders accounted for five out of the 10 of Africa’s highest movers, with the three of them among the highest movers in the overall rankings.

Banque du Caire, the second-highest mover in 2019’s regional rankings, went one better this year, recording a 76% increase in Tier 1 capital. CIB Egypt came in close behind, with a 74.8% growth rate, with Faisal Islamic Bank of Egypt rounding out the top three with a 68.2% improvement in its Tier 1 position.

In addition to its position as the continent’s best growth (and the 12th best growth worldwide), Banque du Caire ranks in the fifth position in Africa in terms of return on capital (ROC), with 28%. Banco Angolano de Investimentos of Angola tops the list with 40.2%, followed by Nigeria’s Guaranty Trust Bank (36.5%) and last year’s number one, Banco de Fomento Angola (35.0%). In fourth place comes Investec South Africa, its ROC boosted by the divestment of its asset management business in March 2020.

While Egypt continues to dominate in terms of sheer growth on the continent, also noteworthy has been the growth story of its north African peers. Banque Nationale Agricole of Tunisia and Morocco’s Credit Agricole du Maroc were also among the continent’s top 10 gainers, with Tier 1 capital increases of 34.2% and 18.3% respectively.

Credit Immobilier et Hotelier (CIH) of Morocco was Africa’s sole new entrant in the Top 1000 World Banks 2020 ranking, joining the exclusive club in 990th spot.

Moody’s announces completion of a periodic review of ratings of Union Bank of Nigeria plc

Brand Spur
-
0
Moody’s announces completion of a periodic review of ratings of Union Bank of Nigeria plc

Moody’s Investors Service (“Moody’s”) has completed a periodic review of the ratings of Union Bank of Nigeria plc and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody’s reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers.

The review did not involve a rating committee. Since 1 January 2019, Moody’s practice has been to issue a press release following each periodic review to announce its completion.

This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future. Credit ratings and outlook/review status cannot be changed in a portfolio review and hence are not impacted by this announcement. For any credit ratings referenced in this publication, please see the rating tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and the rating history.

Key rating considerations are summarized below.

Union Bank of Nigeria Plc’s (Union) B2 long-term local currency deposit rating is one notch above its b3 baseline credit assessment (BCA).

Union’s b3 BCA reflects the bank’s high asset risks due to elevated concentration risks amid Nigeria’s difficult operating environment that is exacerbated by the coronavirus pandemic and depressed oil prices and its modest profitability. These challenges are counterbalanced by the bank’s stable deposit-based funding profile and satisfactory local currency liquidity that is supported by the bank’s solid retail deposit franchise.

This document summarizes Moody’s view as of the publication date and will not be updated until the next periodic review announcement, which will incorporate material changes in credit circumstances (if any) during the intervening period.

The principal methodology used for this review was the Banks Methodology published in November 2019. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

This announcement applies only to EU rated and EU endorsed ratings. Non-EU rated and non-EU endorsed ratings may be referenced above to the extent necessary if they are part of the same analytical unit.

This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the rating tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and the rating history.

1...3,8763,8773,878...5,509Page 3,877 of 5,509