Nigeria’s Andela raises USD400 million to further scale

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Nigeria’s Andela raises USD400 million to further scale

Nigerian-based technology development and training startup, Andela has just raised USD400 million, PageOne Reports.

Jeremy Johnson, Co-founder of Andela confirmed the new raise as a move to further increase the depth of offering provided by Andela.

“Andela is investing in our continent’s future technology leaders, who are already playing a much-needed role in solving both African and global problems,” explained Seni Sulyman, country director of Andela Nigeria. “With each new partnership, we are simultaneously proving to the global tech industry that brilliance is evenly distributed irrespective of gender, culture, or nationality. As we unleash an entire generation of technologists, we will secure Africa’s role as an equal partner working alongside the rest of the world to advance human potential.”

Backed by Chan Zuckerberg Initiative, GV, and Spark Capital, Andela focuses on the growth of tech ecosystems across the African continent while solving the global technical talent shortage.

SOURCE: https://pageone.ng/2017/10/10/nigerias-andela-raises-usd400-million-scale/

Oando Gas and Power rebrands to Axxela

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Oando Gas and Power rebrands to Axxela

Oando Gas & Power Limited (“OGP”), the erstwhile midstream business subsidiary of Oando PLC (“Oando”), has formally announced the change of its corporate identity and branding to Axxela Limited (“Axxela”). 

The rebranding effort follows the recent US$115.8million acquisition of a 75 percent equity stake in the business by Helios Investment Partners LLP (“Helios”), a premier Africa-focused private investment firm.

Speaking on the rebrand initiative, Bolaji Osunsanya, Axxela Chief Executive Officer said: “This is a reaffirmation of our operational independence as we become sub-Saharan Africa’s preferred and fast-growing gas & power portfolio company. It enables us leverage strategic partnerships to deliver value adding energy solutions to our customers, whilst facilitating sustainable economic development in our chosen markets. The change in our corporate identity also gives us the opportunity to re-introduce our business to the market while humanizing the far-reaching impact of our operations.”

In a world of constant re-invention, Axxela, which is coined from ‘accelerate’ and excellence’, focuses on developing innovative solutions to bridge sub-Saharan Africa’s energy gap.

This illustrates its determination to be an indispensable energy player via its insights-driven approach and inventive team ethos.

Axxela is the pioneer developer of Nigeria’s foremost natural gas distribution network and has subsequently grown to become the largest private sector natural gas distributor in Nigeria, delivering at peak, 70 million standard cubic feet per day (“mmscf/d”) to over 175 industrial and commercial customers via a vast network of gas infrastructure. With over 260km in gas pipeline infrastructure built, Axxela provides unique energy solutions primarily through its subsidiaries: Gaslink Nigeria Limited (“Gaslink”), Gas Network Services Limited (“GNSL”), and Central Horizon Gas Company (“CHGC”).

About Oando Plc

Oando Plc is one of  Africa’s leading and largest integrated energy solutions provider. It has a primary listing on the Nigeria Stock Exchange and a secondary listing on the Johannesburg Stock Exchange. 

NDDC, Nexim Bank partner on establishment of N2.5Bn export devt fund

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NDDC, Nexim Bank partner on establishment of N2.5Bn export devt fund

The Niger Delta Development Commission, NDDC, has announced that it is partnering with the Nigerian Export-Import Bank, NEXIM to set up a N2.5 billion export development fund, Tribune Nigeria reports.

Managing Director of NDDC Mr Nsima Ekere, disclosed the plan Tuesday when a delegation from the NEXIM Bank paid him a courtesy visit at the Commission’s headquarters in Port Harcourt.

He said that the commission as an interventionist agency, needed to leverage on NEXIM Bank to tackle the challenges of creating jobs and building sustainable development programmes. He decried a situation where youths of the Niger Delta were often left without hope, stating: “We need to give the youths hope through providing opportunities for them.”

The NDDC Chief Executive Officer said that the Commission had built a lot of infrastructures but must also develop the human capital in the region. “That is why we are going to partner with NEXIM Bank to develop a regional export market which provides new opportunities for our people,” he said.

Ekere noted that the Niger Delta region had over the years provided a greater percentage of the revenue sustaining the country. He added: “There is no better place than the Niger Delta to prepare for the diversification of the country’s economy. Now that revenue from oil has started dwindling, this is the right time to begin to create opportunities for the people in the non-oil sector.”

He assured that the NDDC would set up a technical team to work out the modalities for setting up hubs for regional exports in the Niger Delta. According to him, “the region is blessed with a lot of agricultural products that can be developed for export. We have rubber, palm oil, cashew nuts, shrimps that can be developed to keep the youths gainfully employed as well as generating foreign exchange for the country.”

Ekere declared: “We are now doing things differently by using the 4-R initiative to add value to the process of the Commission. Through the new initiative, we have structured our processes to make them transparent. Hence, we are restructuring the balance sheet; reforming the governance protocols; restoring the Commission’s core mandate and reaffirming its commitment to doing what is right and proper.”

He said that the Commission had entered into agreements with several international and local partners, noting that the collaboration with NEXIM Bank would be an addition to the existing ones.

The Executive Director Business Development of NEXIM Bank, Hon Stella Okotete, stressed the importance of building a platform for viable export markets for the Niger Delta region, adding that there was a need to create awareness for a regional export initiative.

Okotete said that the Federal Government had a deliberate policy to encourage the non-oil exports, especially in agriculture and solid minerals. She stated: “We need to scale up credit to the non-oil sector and that is why we are seeking collaboration with NDDC to drive the process.”

She affirmed the commitment of NEXIM Bank to increasing the flow to the non-oil export basket and promoting export initiatives at regional levels, adding: “we need to improve on value-added exports, instead of just dealing with primary agricultural produce. This will enhance capacity development in specific export produce.”

In his presentation, the Technical Adviser to the NEXIM Bank Managing Director, Mr Hope Youngo, identified some areas where the bank was ready to partner to drive export. He listed agricultural products such as palm oil, rubber, cocoa and solid minerals like limestone.

He said that a focus on rubber, for instance, would help to bring back the tyre factories, which would create jobs for the teeming unemployed youths. He added: “We are proposing schemes in the areas where the Niger Delta has a comparative and competitive advantage.”

PROMASIDOR MARKS WORLD TEACHERS’ DAY WITH COWBELLPEDIA TEACHERS’ EDITION

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PROMASIDOR MARKS WORLD TEACHERS’ DAY WITH COWBELLPEDIA TEACHERS’ EDITION

Iyanuoluwa Osewa and Abiodun Bello both from The Ambassadors College, Ota, Ogun State last weekend repeated the feat of their respective students who won last year’s Cowbellpedia Secondary School Mathematics TV Quiz Show, sponsored by Cowbell, the flagship brand of Promasidor Nigeria Limited. 

In the Teachers’ edition of the competition, which was conceived to mark the World Teachers’ Day, teachers of the 12 finalists in the Junior and Senior categories of the 2016 edition of the competition, slugged it out. 

The World Teachers’ Day is celebrated annually and brings together governments, multi- and bilateral organisations, NGOs, private sector players, teachers and experts in the field of teaching to mark achievements and reflect on ways to counter the challenges facing the teaching profession. 

In the Junior category, Osewa, whose student Juliet Ekoro won that category last year, emerged the champion having contested with Ezekiel Adeyemi of Bibo Oluwa Academy, Ilesa, Osun State and Esther Emmanuel of Scholars Universal Secondary School, Ota, Ogun State. Other teachers who participated were Abosede Adeolu of Greater Tomorrow International College, Arigidi-Akoko, Ondo State; Emmanuel Aina and Alabi Akoredele, both of The Ambassadors College, Ota, Ogun State. 

Osewa, son of Samson Osewa, the Proprietor of Ambassadors College, scored 100 points to win the ultimate prize of a branded laptop and a plaque. “I have loved Mathematics since I was young and my father is my greatest role model. If I had not been a teacher, I would have been an engineer,” he said. 

In the Senior category, Kolawole Bello, the teacher of 2016 Senior category winner Ayooluwa Oguntade, triumphed over Fatai Ganiyu Babatunde and Jimoh Muyideen, both of Ota Total Academy and Yunus Olaniyi of The Ambassadors College, Ota, Ogun State. Both schools are located in Ota, Ogun State. Other teachers who fell by the way side are Kehinde Oludare of Bibo Oluwa Academy, Ilesa, Osun State and Abdul Abiodun of The Ambassadors College, Ota, Ogun State. 

Bello, scored 50 points to claim the ultimate prize of a branded laptop and a plaque. “I am happy and very proud of myself. My victory is dedicated to God and my student who made me proud by being a finalist,” he told journalists outside the studio in Lagos last weekend. 

The 2017 Cowbellpedia Secondary Schools Mathematic TV Quiz continues this weekend. It will be aired to millions of viewers on DSTv Africa Magic Family Channel, AIT Network and other six television stations across the country. 

The ultimate prize in the Senior and Junior categories is N1 million each and an all-expense-paid educational excursion outside the country. The first and second runner-ups for each category will go home with N750,000 and N500,000 respectively. 

Each teacher of the 2017 champions will be awarded N400,000, while those of the first and second runner-ups will receive N300,000 and N200,000 respectively. Also, the winning schools will be rewarded with mathematics textbooks, desktop computers and printers.

UNUSUAL PRAISE 2017: YUDALA THROWS WEIGHT BEHIND BIGGEST CATHOLIC GOSPEL CONCERT

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UNUSUAL PRAISE 2017: YUDALA THROWS WEIGHT BEHIND BIGGEST CATHOLIC GOSPEL CONCERT

Plans for the 2017 edition of a mega Gospel concert, Unusual Praise 2017, received a big boost recently with the decision of e-commerce giants, Yudala to throw its weight behind the concert which is set to attract a host of top Gospel artistes from Nigeria and beyond.

A night of divine praise, worship and blessings, Unusual Praise 2017 is set to hold on Saturday, December 9th 2017 at Admiralty Way, Lekki Phase 1, Lagos.

Hosted by the Catholic Church of Divine Mercy, Lekki, Unusual Praise 2017 is expected to surpass the massive turn-out recorded in previous editions of an event widely touted as the biggest Catholic Gospel concert in Sub-Saharan Africa.

Already, excitement is building up for the event which will feature a strong cast of Gospel Ministers numbering over 20 drawn from the genres of Rock Gospel, Urban Contemporary and Soul Gospel, among others.

Apart from increasing the number of top brands and other corporate organizations that have identified with the event, Yudala’s participation at the event will go a long way to raise the profile of the Gospel Concert which is expected to draw worshippers from all over the country and other nearby African countries.

In addition to the unique ambience it offers for Christians from all denominations to gather in praise and worship to God, Unusual Praise 2017 will also witness an extra dimension in welfare with the provision of food and drinks for all attendees. Plans are also being made to provide free buses to convey worshippers from various locations in Lagos to and from the venue.

The event, which will expectedly be streamed live to a worldwide audience, will also be covered by a host of local and international broadcast media outfits, with attendees in line for a soul-lifting and blessings-filled night of divine anointing, with miracles, spiritual grace and upliftment.

More information about the event can be seen at www.unusualpraise.com

International Day for Natural Disaster Reduction: A Call For Reflection On Desertification And Environmental Degradation – NOIPOLL

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International Day for Natural Disaster Reduction: A Call For Reflection On Desertification And Environmental Degradation – NOIPOLL

Considering the serious impact of natural disasters over the world, particularly in developing countries, the United Nations (UN) observes the International Day for Natural Disaster Reduction annually on the second Wednesday of October to raise the profile of disaster risk reduction. The 2017 campaign seeks to raise global awareness about effective actions, policies and practices that can lessen these disasters at all levels, thereby contributing to saving homes and livelihoods. This is a considerable challenge which can be accomplished through coordination, cooperation and collaboration among various stakeholders and a campaign for people and governments to engage in safe environmental practices that enhances communities and nations.

Nigeria, like the rest of the world, is exposed to a wide range of natural or human induced disasters. While some of these disasters are rapid, others have a slow-onset, resulting in catastrophic situations which lead to loss of lives, property and environmental degradation. These disasters could occur in form of drought, desertification, flooding, epidemics, coastal erosion, dam failure, building collapse, oil spillage, maritime collision or accident, fire amongst others. Since the beginning of time, some human activities have been impacting the environment negatively. Population growth has led to increased urbanisation which in turn negatively affects agricultural activities as green areas, arable lands and trees are overtaken and cut down for commercial purposes. In line with this, findings from NOI’s past poll on climate change in Nigeria revealed a decline in forest covers in most parts of the country with more than half of the respondents observing fewer trees in their communities over the years.

Furthermore, the increasing consumption of fossil fuels has also directly impacted the environment negatively, mainly through changes in global weather patterns, leading to an increase in natural disasters like floods and wildfires. Not to mention that Nigeria has witnessed series of floods in several parts of the country which have had direct impacts on the citizens; such as the loss of lives, properties and livelihood as well as socio-economic instability. For instance, the Benue State Emergency Management Agency, SEMA, in August 2017, reported that over 110,000 people in 24 communities in Benue state were displaced by flood in recent months hence forcing them to live elsewhere.

Finally, in view of the 2017 International Day for Natural Disaster Reduction, it is therefore pertinent that organizations, governments and other stakeholders synergise efforts to regulate deforestation by enforcing forest preservation and green areas’ policies, rules and laws. For instance, laws on timber, wood fuel, farming and land use among other forest resources must be advanced and enforced to limit deforestation. Deforestation can also be counteracted through awareness, sensitization and educative campaigns to help citizens understand the causes, effects, and ways of counteracting deforestation while also emphasizing the negative effects of deforestation. Finally, government must implement programmes that reduce the speed of deforestation in Nigeria and policies that will help towards minimizing firewood consumption. These will help in curtailing the impact of deforestation on the climate, soil degradation, desertification, erosion and decline in agricultural productivity. 

CardinalStone Research: Banking Sector – Q3’17 Earnings Outlook

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CardinalStone Research: Banking Sector – Q3’17 Earnings Outlook
On the back of a review of the H1’17 results of banks under our coverage, we have made corresponding adjustment to our projections and valuations. Following our revision, UBA and FIDELITY tops our favourite list, whilst we downgrade STANBIC to a HOLD (previous rating: BUY). We also increased our target price on GUARANTY though we retained our HOLD rating on the counter.
Below, we have highlighted key themes we believe will impact Q3’17 earnings.
 
Yields on government securities to still support interest income in Q3’17
Amidst strong apathy for credit risk assets, banks under our coverage recorded an average growth of 37.6% in interest income as at H1’17 – buoyed by the high yield environment. In Q3’17, we expect banks to continue benefiting from attractive yields on fixed income. Thus, we project an average growth of 29.0% YoY in interest income across our coverage banks in 9M’17. In recent times, the CBN phased out the one year OMO bills which moderated yields in the fixed income space (yields on 364-days bills fell by 400bps in the last one month), but we believe the impact will be negligible on Q3’17 performance given that the easing started in the last month of the third-quarter. However, if the CBN’s effort is sustained, the impact on interest income may become significant from Q1’18.
NIMs pressure will persist in Q3’17 for banks with expensive deposits
On the flip side, we expect pressure on net interest margin (NIM) from higher interest expense to persist on the back of the elevated interest rate environment in 9M’17. We believe ZENITH, FCMB and ACCESS will be the most impacted: ZENITH and FCMB because of their high composition of corporate deposits – 17% and 32% compared to peer average of 6% and 20% respectively – whilst the high cost of debt incurred on commercial papers will continue to pressure ACCESS NIM.
Bank with strong FX liquidity to continue enjoying derivative income in Q3’17
For non-interest income, we expect UBA, ZENITHBANK and ACCESS to continue to report strong numbers from derivative transactions given their strong dollar liquidity following their Eurobonds Issuance in the last few months. Also, with the overall improvement in FX supply both in the interbank and Investors & Exporters (I&E) window, we expect a spike in income from trade related transactions to consequently boost non-interest income in 9M’17.
Impairment charges to remain elevated in 9M’17
Our view is that impairments across our coverage banks will remain elevated in 9M’17, rising further by an average of c.14% as banks continue to battle the lag impact of the economic recession. Consequently, we believe cost of risk across coverage banks will remain relatively high compared to pre-recession levels. On the syndicated 9mobile loan, we expect exposed banks to take more general provisions as a necessary prudence measure.
Banking Top Picks
Criteria
Fwd. P/B
TP
Upside
Recommendation
UBA
Nigerian bank with the largest earnings diversification and foot prints across Africa. Adequately capitalized (CAR: 20%) with good asset quality (NPL: 3.9%)
0.6
12.96
38.8%
BUY
FIDELITY
Improving corporate governance and quality of reporting. Strong and consistent dividend payment track record.
0.2
2.29
65.9%
BUY
FBNH
Strong revenue generating capacity. Quality and competent management team and improving operational efficiency.
0.4
7.34
20.7%
BUY
*prices as at October 10, 2017
Kindly click here to download our Banking sector Q3’17  Earnings outlook. 

Make plans to attend TEDxikeja 2017

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Make plans to attend TEDxikeja 2017

Make plans to attend TEDxikeja which holds on Saturday the 14th of October, 2017 at the David’s Court, 25, Mojidi Street, by EcoBank off Toyin Street, Ikeja Lagos State. The event will run from 10:00AM – 2.00PM WAT.

Created in the spirit of the TED mission, “ideas worth spreading.” The program is designed to give communities, organizations and individuals for and in Nigeria the opportunity to stimulate dialogue through TED-like experiences in Lagos.

Themed where do we go from here, TEDxIkeja 2017 would dissect the various ugly incidences that are occurring in Europe, Asia, USA, and Africa, and offer native solution to these incidences through storytelling techniques.

In a statement released by the curator and organiser of TEDxIkeja, Ademola Adeshola, the world is at a crossroads and the present crop of leaders have not provided solutions to terrorism, terrorism financing, recession, food shortage, tsunami, and global warming.

“The fang of terrorism has sunk deep into the social-political structure of the world system while immigration has become a burden. Technology is disrupting everything. The new world has not spared our belief systems, culture, and philosophy. Yet the dividing lines between the truth and facts has blurred”, Adeshola said.

Expatiating on the thought leaders expected on October 14 at the forum, Adeshola said TEDxIkeja 2017 would aggregate ideas that facilitate new thinking. Such ideas include social reputation algorithm, suspended thinking, soft power, visual metaphor, Lassa fever detecting kits, something for the girls, stories from Internally Displaced Persons [IDP] and in need of ideology.

At TEDxLagos, live presenters will spark deep conversation and connections. The event is fully planned and coordinated independently by volunteers for and in Nigeria.

Expected at  the TEDxIkeja 2017 are:

  • CEO of Inlaks, Femi Adeoti;
  • CEO of Quadrant Company, Bolaji Okusaga;
  • Head of Digital banking, Alat, Dele Adeyinka;
  • Winner of Big Brother Naija reality show, Efe Ejemba;
  • MD/CEO, Studio 24, Ifeanyi Oputa;
  • CTO, Social Lender, Bade Adeshemowo.

Others include Visual Artist, Visual Collaborative LLC; Comic Republic, spoken word artist, Cherry Enterfield and other thought leaders that would share native intelligence at the event.

What will their talks and performances be about?  What makes the speakers hopeful for the future? What do they reflect on? You need to be at the TEDxLagos to know all these!

Attendance is FREE: Register here.

TEDxIkeja is a TED New York licensed conference. It tells stimulating yet, native stories and showcase unusual ideas to inspire you to change your live, communities, and the world.
Every year, TEDxIkeja attracts outstanding people who offer innovation, enterprise, and optimism as antidotes to native challenges.

About TEDxIkeja 

TEDxIkeja is designed to tell stimulating yet, native stories and showcase unusual ideas to inspire people to change their lives, their communities, and their world. At TEDxIkeja, our task is not simple. We search, and must find notable people, who offer innovation, enterprise and optimism as antidotes to native challenges. These are the “TEDx Breeds”; people with “Ideas worth sharing.” 

Court Orders Western Publishers to Pay Ex-Workers N7 Million in 30 Days

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Court Orders Western Publishers to Pay Ex-Workers N7 Million in 30 Days

Western Publishing Company Limited, publishers of Compass Newspapers, has been ordered by the National Industrial Court (NIC), Lagos to pay former employees all their entitlements, including pensions running into N7 million in the next 30 days.

The trial judge, Ayodele Obaseki Osaghai, while delivering judgment in the suit designated NICN/LA/143/2014, which was instituted by Victor Asowata, Azuka Christopher Nwokocha, Usoro Ndianobong, Moses Abel Hope, Ayodele Kolawole, Emmanuel Ukudolo and Sebastine Enyinna against the publishing outfit owned by former Ogun State governor, Otunba Gbenga Daniel noted that the fact that the plaintiffs were joined does not invalidate the suit, insisting that the action falls within the jurisdiction of the court.

The judge held that the defendant failed to prove the allegation that the property obtained by the former workers through higher purchase were not paid for.

The court further declared that the letters of appointments superseded ordinary memo, with an addition that the complainants proved their cases beyond reasonable doubts by tendering relevant documents like letters of appointments, letters of resignation, and statement of accounts from the various pension administrators.

Justice Obaseki consequently directed the media outfit to pay all entitlements within 30 days, failure which 21 percent interest will accrue to the total judgment sum until it is liquidated.

The court equally awarded a cost to the tune of N150, 000 against the defendant.

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