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Elumelu wins Africa Investor ‘Person of the Year’ Award in New York. Dedicates it to all stakeholders working hard to Power Africa out of Poverty

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Chairman of Heirs Holdings, Mr. Tony Elumelu, yesterday, while receiving the ‘Person of the Year’ award at the Africa Investor CEO Institutional Investment Summit hosted alongside the UN General Assembly in New York, extolled stakeholders in the public and private sectors committed to improving access to power in Africa.

He first acknowledged the staff and management of Transcorp Power, the biggest producer of thermal energy in Nigeria, providing about 18% of national output: “In accepting this award, I want to dedicate it to Transcorp Power staff who remain committed to realizing our dream of improving access to electricity in Nigeria and making our vision of a well-lit, fully powered Nigeria come true.” Transcorp Power has supported U.S. President Obama’s Power Africa initiative with a $2.5billion commitment. He thanked the broader coalition of investors in the African power sector, as he urged other institutional investors to consider long-term opportunities on the continent. “I also dedicate this to all stakeholders working hard to improve access to power in Africa. I call on others to please join us in this journey to powering Africa out of poverty.”

As the economies of African regional powerhouses like Democratic Republic of Congo, Mozambique, Uganda, Nigeria and Angola struggle due to excessive exposure to commodities’ prices caused by limited diversification, Elumelu proffered a sustainable solution to reduce Africa’s historical external vulnerability.

“Africa has been faced with this same challenge, in my view, for far too long. I choose to look at the recent episodes of economic contraction across the continent as opportunities to diversify our economies and invest in building critical infrastructure, especially in power, to reduce our susceptibility to commodity shocks and break out of the perpetual boom-bust cycles.”

He emphasized that to ensure a different type of growth trajectory for Africa – one that does not rely exclusively on the export of primary commodities –  there must be reliable, accessible, affordable power to support industrialization. “Industrialization must occur on a massive scale for our countries to be powered out of chronic dependency on commodities. We must power Africa’s next phase of development, by targeting and prioritizing growth of our manufacturing, industries and services. And power is the fulcrum that will make this happen,” he said.

Elumelu revealed that while there is an abundance of private capital available to be deployed to develop the African power sector, government must play its part in attracting these investments. He explained, “While there is huge private capital – local and global – seeking investment destinations, as we know, global private capital goes to where it is most welcome. Therefore, the challenge before African governments should be how to ensure they create the environment that will attract and retain these investments in our continent.” To the foreign investors gathered at the forum, he advised, “Though there are challenges in investing in Africa, these challenges can be overcome by investing in Africa through partnerships with qualified local partners who possess the right knowledge, requisite capital and technical know how.”

Speaking further, Elumelu urged private and public sector stakeholders to work together in what he describes as “Shared Purpose”. “It is critical for the public and private sectors to work together in “SHARED PURPOSE”, which is a key tenet of Africapitalism – the economic philosophy I espouse which calls for the private sector to play a key role in Africa’s social and economic development by investing in strategic sectors for both economic profit and social prosperity.”

Elumelu, who is also co-chair of the African Energy Leaders Group (AELG), a community of African energy leaders including Presidents and leading corporates, concluded his remarks by examining the role of power in creating opportunities for Africa’s jobless youth. “In the 21st century, the level of poverty we have in Africa and the dire youth unemployment, to a large extent, can be solved by improving access to power, and by extension other infrastructure deficiencies and deficits. Even though we are making progress, there is still a lot to be done. We need faster progress.”

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Union Bank, WACOT Rice Kick Off Financial Inclusion Drive for Smallholder Farmers in Kebbi

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As part of Union Bank’s commitment to driving financial inclusion in Nigeria, the Bank has partnered with WACOT Rice Limited – a rice processing company, to financially include 6,000 local farmers including youth and women in Kebbi State.
The Kebbi Financial Inclusion Drive (KFID) which will cover four Local Government Areas – Argungu, Augie, Suru, and Dandi – is a critical part of WACOT’s Argungu Outgrower Expansion Project funded by United States Agency for International Development (USAID) West Africa Trade Hub. This program is set to resolve the overwhelming financial inclusion deficit within rural communities in Kebbi.
The financial inclusion initiative is being implemented with technical support from National Identity Management Commission (NIMC), to help the farmers acquire the relevant documentation and identification required to open bank accounts.
Union Bank will facilitate account opening and expand its agency banking network to cover the areas while supporting its agents on ground with digital banking solutions to enable seamless transacting and account management.
Farouk Gumel, Chairman WACOT and Board Chair, Union Bank was on ground in Kebbi State to kick-off the drive and paid a visit to the Kebbi state Governor, Senator Abubakar Atiku Bagudu to discuss expanding the programme state-wide.
In his recent keynote address at the recently concluded and  Chartered Institute of Bankers of Nigeria (CIBN) Conference, Mr. Gumel said:
 “As we work towards achieving financial inclusion to reach the unbanked, we must commit the same resources and investments to rural-local customers as we have done to urban-global clients to help create the growth that will lift us all to collective prosperity.”
WACOT Rice is a subsidiary of TGI Group. TGI Group, through another of its subsidiary Titan Trust Bank, recently acquired Union Bank in a landmark transaction which was announced in 2021.

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FIRSTBANK PARTNERS VERVE INTERNATIONAL, MAKES CUSTOMERS MILLIONAIRES IN THE FIRSTBANK VERVE CARD PROMO

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In partnership with FirstBank – Nigeria’s premier and leading financial inclusion services provider – Verve International, Africa’s leading payment technology and card business, has launched its third National Consumer promo designed to reward users of FirstBank verve card with exciting gifts and cash prizes to appreciate their patronage and use of the card to carry-out their electronic banking transactions.

The ongoing 2-month promo will end on 30 October 2022 as 20 customers (10 customers per month) with the highest transaction count during the promo will be made millionaires, winning the sum of N1 million each. Also, N20,000 will be won by 25 customers monthly.

On the other hand, 2620 FirstBank verve cardholders that double their transactions every week, stand a chance to enjoy 10% cashback capped at N2,000 per customer.

Speaking on the promo Chuma Ezirim, Group Executive, e-Business & Retail Products, FirstBank said “we appreciate our partnership with Verve Card through the years; a partnership of empowerment and opportunities which include growing the economy, supporting new businesses and preventing unemployment. FirstBank verve card holders are encouraged to keep using their cards as it is a card offering that promotes safe, convenient and rewarding digital banking experience with 20 customers standing a chance to be millionaires at the end of the promo.”

Verve card is a secure debit card that allows cardholders to conveniently meet their daily financial needs such as payment for goods and services, airtime recharge, bill payments, funds transfer, etc. Verve card is accepted across all ATMs, POS, Web and Mobile Platforms in Nigeria.

The promo is also opened to new verve cardholders as non-verve cardholders are encouraged to visit the nearest FirstBank branch today to pick up a Verve card and start getting rewarded!

Only recently, FirstBank – in partnership with Verve – rewarded over 2601 FirstBank verve cardholders with various prizes; including N20,000 cash prize, N10,000 cash prize, N10,000 worth of airtime; power generating sets, refrigerator, cooking gas, smart TV and the grand prize of a brand-new car to a lucky winner.

 

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Federal Government Orders University Vice-Chancellors To Reopen Schools, Begin Lectures Amid 7 Months Lecturers’ Strike

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The government issued the directive through the National Universities Commission (NUC), and a letter signed by its Director, Finance and Accounts, Sam Onazi, on behalf of the Executive Secretary of the commission, Professor Abubakar Rasheed.

The Nigerian government has directed vice-chancellors to re-open universities and allow students to resume lectures immediately.

The government issued the directive through the National Universities Commission (NUC), and a letter signed by its Director, Finance and Accounts, Sam Onazi, on behalf of the Executive Secretary of the commission, Professor Abubakar Rasheed.

 

The letter which The PUNCH obtained on Monday, was reportedly addressed to all vice-chancellors; Pro-Chancellors and chairmen of governing councils of federal universities.

 

“Ensure that ASUU members immediately resume/commence lectures; Restore the daily activities and routines of the various University campuses,” the letter partly reads.

We had reported that the National Industrial Court of Nigeria (NICN), on Wednesday, September 21, 2022, ordered the Academic Staff Union of Universities (ASUU) to call off its ongoing nationwide strike.

 

It reported that the umbrella body of the lecturers in public universities had declared a warning strike on February 14, to force the Nigerian Government to implement agreements it earlier signed with the union.

 

The agreement stipulated how university education would be funded for better improvement.

 

The strike has since rolled over and is now in its seventh month following the government’s failure to implement all the agreements.

 

Several meetings between ASUU and the Federal Government have ended in a deadlock.

 

Consequently, the Federal Government went to court to challenge the strike.

 

The government through its counsel, James Igwe, prayed the court for an interlocutory injunction restraining ASUU from taking further steps as regards the strike, pending the determination of the substantive suit.

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