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Afreximbank earmarks $310m for small businesses in Africa

Finance & Banking

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September 18, 2024

From left, Amb Aminou Akadiri, Executive Director, Federation of West African Chambers of Commerce and Industries, Mrs Oluranti Doherty, Managing Director, Export Development, Africa Export-Import Bank and Dr Olumide Ajayi, Executive Director of Africa Leadership Foundation during the SME Agribusiness Export-Readiness Accelerator Training held in Abeokuta

The Managing Director, Export Development, Africa Export-Import Bank, Mrs Oluranti Doherty, has restated the commitment of the bank to support agribusiness in Africa given its potential and contributions to the economy in the continent.

Doherty said that from the initial $148m given to its partnering banks to support SME growth in Africa, the bank is equally planning to scale this support to $310m before the year runs out.

She said the growing population of Africans in the diaspora of recent has also led to increased demands in African agricultural processed products which many believe are better than the ones from the West, saying that the export of African agricultural products has continued to be a very lucrative business

Doherty disclosed this on Monday while speaking during the opening ceremony of the second edition of the SME Agribusiness Export-Readiness Accelerator Training held in conjunction with Africa Leadership Foundation.

The four-day training which was held at the Green Legacy Resort of Olusegun Obasanjo Presidential Library, Abeokuta, Ogun State capital attracted 100 participants drawn from 13 West African countries including Togo, Benin Republic, Burkina Faso, and Sierra Leone among others.

She said, “We believe that for us to change the African continent for good, we have to focus on agro-business, it is a strategic sector. It is the centre of strong potential for the development of SMEs to harvest export value chain

“Today the agricultural sector accounts for 25 per cent GDP contributions to the African economy and it is responsible for about 60 per cent workforce, especially in the rural areas. In recent years, there has also been increased demand for processed agricultural products from Africa because of the growing population of Africans in the diaspora.

“And as a way of supporting SMEs export development in Africa, we have provided $148m to our financial intermediaries, that is, our partnering banks for disbursement to the SMEs and we intend to scale this financing to $310m before the end of this year.”

Doherty said that Afreximbank is making this financial intervention to ensure that the SMEs have funds to pursue their agricultural export business.

She said Afreximbank has equally trained over 2500 business operators in Africa and supported over 300 to access the free market among others.

Doherty also urged the SME operators to digitise their business as this will help them to connect to the outside world and increase their visibility.

Speaking at the programme, the Executive Director of Africa Leadership Foundation, Dr Olumide Ajayi called for more support for Small Medium Enterprises, describing them as very crucial to the prosperity and development of the African continent.

Ajayi described the training as another crucial milestone in ALF’s unwavering commitment and partnership with Afreximbank to fostering sustainable economic growth and empowering African businesses

He said the collaboration is driven by a shared vision to enhance the capabilities of SMEs across Africa, ensuring they are equipped to seize the abundant opportunities within the intra-African market.

Ajayi hailed Afreximbank’s commitment to African trade development saying that it has been instrumental in fostering economic growth across the continent.

He said, “Through Afreximbank’s innovative financing solutions and strategic initiatives, the bank has consistently demonstrated its dedication to empowering African businesses and facilitating trade.”This partnership is a testament to our shared vision of building a prosperous Africa through robust trade networks and economic cooperation.

“Without a doubt, SMEs are crucial to Africa’s economic development, serving as the backbone of many economies by driving job creation, innovation, and wealth generation.

“I strongly encourage all participants to actively engage in the various sessions of this training–ask questions, network, and build connections.”

Ajayi said that as a way of ensuring broader regional inclusion and getting more participants on board the annual training, ALF is already proposing a 5-year expansion of the export readiness training programme.

He said it is for this reason that ALF and the Federation of West African Chambers of Commerce will be signing an MoU during the event to extend this training to their members.

There were goodwill messages from Mme Benita Diop, AU Special Envoy on Women, Peace and Security as well as Ambassador Aminou Akadiri, Executive Director, Federation of West African Chambers of Commerce and Industries.

Credit PUNCH NG

Dangote Petrol Not Superior Because It Is Colourless

Energy

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September 18, 2024

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On September 3, Aliko Dangote, the president of Dangote Group, explained why the petrol produced at the Dangote refinery was clearer than the one available in the Nigerian market.

Dangote also stated that his clearer petrol was more environmentally friendly and could help reduce health issues caused by the air pollution from the exhaust pipes of petrol-driven engines.

“This is a sample of our petrol,” Dangote said while addressing journalists.

“It might be different in colour. You might think it looks different, but this is the real thing.

“You will now have good petrol and the engines of your vehicles will last longer. You won’t have engine problems like we used to. It won’t happen at all.

Credit: Channels Television

“The quality here is as good as anywhere in the world, US, America (sic)… We will make sure nobody beats us on quality.”

Dangote’s comments on his refinery’s clear and colourless petrol has, however, led to conversations about the quality of petrol that has been in circulation in Nigeria.

Does this then mean that the “yellowish” petrol Nigerians have been using in the past is of lower quality?

More importantly, is the quality of the commodity called petrol determined by its colour?

THE COLOUR AND QUALITY OF FUEL

According to a journal published by IntechOpen, a platform that publishes scientific and academic research contents, “the quality of a fuel is associated with its fitness for use”.

“The minimum requirements for which are given by its specifications, defined as a set of characteristics and their respective limits, which are required to ensure its good performance in engines,” a part of the journal stated.

“Regular gasoline, additised gasoline and premium gasoline can be told apart visually by their colour.

“Regular gasoline ranges from colourless to yellow, while the other two are coloured with a dye, which may be of any colour but blue (which is reserved for aviation fuel).”

COLOUR NOT A MARKER OF QUALITY

Rex Energy Corporation, a US-based independent energy company, states that the colour of gasoline or petrol is transparent by nature.

The energy company, however, added that, depending on additives, the product can also be made available for public use in colours like red, green, yellow, brown, blue, pink, or even purple.

This is because petrol manufacturers are in the habit of adding fuel dyes to the commodity in a bid to classify it into different gas types.

From all the checks FIJ made in verifying the comments made by Dangote on his company’s fuel, nothing could be found to suggest that the colourless petrol is of superior or less inferior quality to others.

This also means that the colour of petrol is not necessarily a marker of its inferior or superior quality.

A laboratory test confirms the quality of petrol after considering many properties including its volatility, flammability, carbon residue and distillation profile. Petrol could be colourless or pale yellow without losing its great quality.

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ICPC nabs el-Rufai’s Finance Commissioner at Lagos airport in

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September 18, 2024

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ICPC nabs el-Rufai’s Finance Commissioner at Lagos airport

The former Commissioner of Finance and Accountant General in Kaduna State, under Nasir el-Rufai’s administration, Shizzer Joy Nasara Bada, has been arrested by the Independent Corrupt Practices and Other Related Offences Commission (ICPC) at the Lagos airport.

Bada was reportedly travelling out of the country on Sunday when ICPC operatives apprehended her, raising suspicions of a potential escape in the wake of mounting corruption allegations against the ex-governor el-Rufai, and herself.

Sources close to the government indicated that the ICPC had been tracking Bada’s movements after receiving an intelligence report suggesting that she might leave the country to evade investigation.

The arrest came as part of a broader crackdown on officials who served under el-Rufai’s administration, with multiple figures now under scrutiny for their roles in the alleged financial mismanagement of the state.

Already, el-Rufai has been indicted by the Kaduna State House of Assembly in its committee report of allegedly siphoning N423 billion from the state treasury. While the specific allegations against Bada remain under wraps, insiders believe they are connected to large-scale financial irregularities, including the mismanagement of public funds and alleged embezzlement.

Bada’s arrest has sparked widespread interest, with political observers questioning whether this could be the beginning of a wider probe into the former governor’s administration.

The Commission is expected to provide more details as the investigation unfolds, potentially exposing a web of corruption that could implicate several top figures.

Credit: Guardian NG

Lagos Government serves notices to over 280 illegal property owners in Eti Osa for master plan distortion

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September 18, 2024

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Lagos Government serves notices to over 280 illegal property owners in Eti Osa for master plan distortion

The Lagos State Government has issued contravention notices to more than 280 illegal property owners and occupiers within the Mayegun Waterfront Scheme, located in Eti Osa Local Government Area, citing violations such as master plan distortion, slum development, and risks of coastal erosion.

A statement posted on the Lagos State Government’s X (formerly Twitter) account on Tuesday, September 17, 2024, confirmed that the action, carried out on Saturday, September 14, is part of the government’s broader effort to curb unregulated development that threatens Lagos’ urban landscape.

According to the statement, those served with the contravention notices have seven days to submit relevant documentation and approvals to justify their occupation of the properties in question.

Failure to comply with this directive will result in demolition notices being issued, as the government continues to demonstrate its firm commitment to enforcing urban planning laws and safeguarding the state’s vulnerable coastal areas.

“To forstall the creation of slums, distortion of Lagos State Master plan and erosion of the state coastal area, the Lagos State Government on Saturday 14th September issued contravention notices to over 280 illegal property owners and occupiers in the Mayegun Waterfront Scheme, located in the Eti Osa Local Government area of the State.

“Serving the Contravention Notices on them, the occupants are required to provide relevant documentation and approvals that justify their occupation of the properties in question within 7days of the notice, ,failure of which a demolition notice will be served on them,” the statement read.

The Lagos State Government has intensified its efforts to tackle the environmental and urban challenges caused by illegal developments, especially in vulnerable coastal areas, reinforcing its commitment to sustainable growth and the preservation of the state’s urban integrity.

What you should know

In recent months, the Lagos State Government has ramped up enforcement measures, issuing contravention notices to property owners and occupiers for violations including encroachment on designated wetlands, building over rights of way and drainage setbacks, and the erection of illegal structures.

These actions have included sealing off affected properties and, in some cases, demolition of the structures.

For instance, the state government recently sealed Maverick Estate in Gbagada for encroaching on a designated wetland and has plans to carry out similar enforcement in areas like Ejigbo, Badagry, and Ikorodu, where sensitive ecological zones have been compromised.

In August, several illegal structures along the System 157 drainage path and Orchid Road channels in Eti-Osa were demolished after property owners failed to honor an agreement to minimize the impact on the canal path.

These enforcement drives, which have been executed across the state, signal the government’s ongoing commitment to upholding urban planning regulations and protecting the environment.

More actions are expected in the coming months, highlighting the importance of compliance with building regulations in Lagos.

Regfyl, a Nigerian fraud detection company raises $1.1million

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September 18, 2024

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Regfyl, a Nigerian fraud detection company raises $1.1million | TechCabal

Regfyl, a Nigerian company that provides digital identity verification and fraud detection tools to businesses, has raised $1.1 million in pre-seed funding. The startup will use the funding to strengthen its sales, engineering and customer support team and build a supply chain compliance product.

Rally Cap led the funding round. Techstars, DCG, Musha Ventures, Africa Fintech Collective and other strategic angels also invested.

Launched in 2023 by Tunde Ibidapo-Obe and Tomiwa Erinosho, Regfyl helps businesses with customer and business onboarding, transaction monitoring, and fraud prevention. Regfyl also helps financial institutions with regulatory reporting/filing with financial regulators like Nigeria’s Securities and Exchange Commission (SEC) and Central Bank. The company currently serves about 20 businesses and counts Cowrywise. VFD Bank, Coronation, Piggyvest, and Budpay are among its clients.

“Trust is the currency of the digital economy, and at Regfyl, we are committed to being the operating system that underpins this trust across the continent,” said Tunde Ibidapo-Obe, CEO of Regfyl.

The startup charges a yearly subscription fee of ₦2 million ($1,220)for full access to its platform. It also charges a per-use fee for each individual or business customer screened and monitored.

Regfyl is part of a growing list of Nigerian companies helping financial institutions to detect and fight fraud. In its recently released Fraud and Forgeries Report, the Financial Institutions Training Centre (FITC) reported that Nigerian banks lost $25.7 million to fraud in Q2 2024.

It competes with similar businesses like SmileID, Dojah, Youverify that offer KYC compliance services to businesses. While these competitors offer just one compliance service to financial institutions, Regfyl claims to offer a unified compliance solution that helps businesses handle every section of their compliance, from KYC onboarding to transaction monitoring and regulatory filing.

“What we have done is to look at what the job of the compliance manager is and we have essentially brought all of it in one operating system,” said Erinosho.

Moonshot by TechCabal is gathering Africa’s most audacious builders and thinkers in Lagos, Nigeria. You can get tickets here.

Credit: Tech Cabal

Minister absolves Tinubu of blame on failed Dangote’s gas pipeline project

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September 18, 2024

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Minister absolves Tinubu of blame on failed Dangote’s gas pipeline project

The Minister of State Petroleum Resources (Gas), Ekperikpe Ekpo, has absolved the Bola Tinubu administration of blame on the failed attempt by the Dangote industries to build a 1,200-kilometer subsea gas pipeline.

He also stated that there is no provision in the Petroleum Industry Act, or its predecessor policies or legislation, that discourages private sector investment in gas infrastructure.

The minister clarified this in a statement issued by his spokesman, Louis Ibah, on Tuesday in Abuja.

The Vice President of Dangote Industries, Devakumar Edwin, had alleged during a webinar hosted by Nairametrics last week that government policies in the upstream, midstream and downstream sectors frustrated policies that bring gas from the sea to the shore.

According to him, another government policy that prevented them from executing the project was the government’s ownership of gas pipelines across the country regardless of who built them.

“We wanted to invest in a network of 1,200km of subsea gas pipeline to bring the gas to the shore, and our idea was not to export it as NLNG.

“The gas pipeline was supposed to bring in 2 billion SCF of gas. We did a one-year study by hiring two ships to identify the route through which we lay the subsea gas pipeline so that the gas could be collected and evacuated. But then, the government’s policy was that there could be one player upstream, midstream and downstream. We were trying to find a solution to that, but the government said all gas pipelines, once you build them, you’ll have them over to the Nigeria Gas company. So that is how the project was abandoned,” he noted during the webinar.

In response, the minister explained that the company’s decision to build or abandon the project was solely a business decision and was not caused by the policies of the current administration.

The statement read, “The attention of the Honourable Minister of State Petroleum Resources (Gas), Rt. Hon. Ekperikpe Ekpo has been drawn to the recent statement attributed to the VP of Oil and Gas of Dangote Group regarding abandoning plans to build a 1,200km subsea gas pipeline due to government policies.

“Hon. Ekpo notes that the decision to build or abandon the project was solely a business decision of the Dangote Group, taken long before the inauguration of the President Bola Ahmed Tinubu-led administration.”

BREAKING: Over 3000 Lagos Community Residents In Distress, Rendered Homeless As Government Officials, Policemen Demolish, Set Fire To Buildings

Stories

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September 17, 2024

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The demolition, which reportedly took place on Monday without prior notice, has left thousands of families homeless and in distress, SaharaReporters learnt.

Residents of Ayetoro community in the Yaba Local Council Development Area (LCDA) of Lagos State have raised the alarm over the alleged demolition of their buildings by the Lagos State government officials, especially the Task Force and the Lagos State Emergency Management Agency (LASEMA).

The demolition, which reportedly took place on Monday without prior notice, has left thousands of families homeless and in distress, SaharaReporters learnt.

One of the residents, Ajimuda Gbenga, told SaharaReporters on Tuesday that some policemen and LASEMA officials came and demolished their building.

Samuel Adebayo, a representative of the community, told SaharaReporters that he had spoken to several notable people about the incident but he was not sure who could come to their aid as soon as possible.

According to him, “This is a matter of urgency, and I trust SaharaReporters to bring attention to such issues.

“Our community existed long before the Oko-Baba Plant Market. However, due to the expansion of the plant market, there has been tension. Ayetoro, a neighbouring community, shares a boundary with the plant market.

“What is happening now is disturbing; the demolition began in the market, about 2 kilometers away from our community. I witnessed them using bulldozers to demolish houses. In areas they couldn’t reach, they resorted to setting homes on fire, leaving children and their mothers without shelter.

He said they extended the demolition towards the end of the plant market, crossing into their community.

“The boundary between the plant market and our community has been breached, and they are now setting homes in Ayetoro on fire. Over 3,000 residents are affected.

“We received information from one of their agents, who told us that the government’s directive was to demolish the community’s buildings. I cannot understand why the plant market’s expansion is now affecting the community and its residents.

Adebayo explained that they have destroyed houses in the heart of their community, and even set some buildings ablaze.

According to him, “This act of inhumanity is unacceptable.”

“The only way forward is to ensure the safety of everyone, and that’s why we are calling on SaharaReporters to help amplify our voices. The situation is dire, and they are deliberately setting fire to people’s homes. We cannot sit back and watch.

When asked who is responsible for the demolitions, said, “I was told LASEMA and the state government are involved.”

When SaharaReporters contacted the Director-General of LASEMA, Dr. Oluwafemi Oke-Osanyintolu, he said, “How can an agency swear to protect the safety of people be so reckless?”

He said, “How can they set people’s properties on fire?

“As a medical doctor trained to save lives, I find it unimaginable that such an act could occur, I have dedicated nearly 30 years to protecting people and saving lives. How could we now be accused of setting homes on fire? Think about it.”

OluFemi Oke-Osanyintolu explained that the allegation was “painful and unjust.”

He reiterated that LASEMA does not engage in demolitions, he said they are a rescue agency, not a demolition crew.

“Every activity LASEMA conducts is transparent, with the press always informed, from the moment an incident happens, we release a preliminary report, and after the situation is resolved, a confirmatory report follows.”

OluFemi Oke-Osanyintolu added that it is a barbaric and baseless thought to suggest that the agency is involved in the demolitions.

Efforts to get a response from the Lagos State Police Command spokesperson, SP Benjamin Hundeyin, were unsuccessful as he did not answer calls nor respond to messages.

Dangote Refinery still in its pre-commissioning phase, yet to be full licence, says NMDPRA

Energy

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September 17, 2024

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Dangote Refinery still in its pre-commissioning phase, yet to be full licence, says NMDPRA

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has revealed that Dangote Refinery is still in its pre-commissioning phase and has yet to receive a full operational licence.

This is coming at a time Danote Refinery and Nigerian National Petroleum Company Limited (NNPCL) contending Premium Motor Spirit (PMS) or petrol price

The update comes amid high expectations for the Dangote Refinery, which is anticipated to significantly reduce Nigeria’s reliance on fuel imports once it achieves full operational status.

The Head of Public Affairs at NMDPRA, George Ene-Ita, clarified that the refinery is currently undergoing a phased process, with only two out of four priority sections approved for the introduction of hydrocarbons.

“The entire plant is subdivided into four sections technically referred to as priorities one, two, three, and four,” Ene-Ita explained, adding that “At this stage of pre-commissioning, only priorities one and two have been given approval to introduce hydrocarbons, which allows the plant to operate on a test-run basis.”

Under this condition, Ene-Ita said the refinery is permitted to produce petroleum products such as diesel, jet fuel, and kerosene, which are then released into the market under regulatory supervision.

This pre-commissioning phase also involves conducting rigorous pre-startup and safety audits of the facility, Ene-Ita told The Guardian.

He noted that the audits include tests on the plant’s mechanical, electrical, and instrumentation systems to ensure the refinery’s readiness for full-scale production. Ene-Ita said full production and an increased volume of PMS would only be achieved when approval is given to introduce hydrocarbons into priorities three and four.

“Once these sections are operational, the plant will undergo a 90-day observation period during which additional tests and audits will be carried out to confirm compliance with regulatory guidelines. If, after 90 days, our technical team confirms that the facility adheres to all parameters, the refinery will be issued a License to Operate (LTO), marking its full operational status,” he said.

Ene-Ita said that this procedure is standard and applies to all refineries in Nigeria.

Regarding concerns over the colour of PMS produced during the pre-commissioning phase, Ene-Ita clarified that, according to the Nigeria Industrial Standards (NIS), the specified colour for PMS is Oxblood Red. However, since the refinery is not fully operational, the colour may not yet conform to this standard.

“It’s important to note that colour is not necessarily an indicator of product quality, nor is it a quality parameter in regulatory compliance. When the Dangote Refinery becomes fully operational, it will be expected to produce PMS that conforms to the NIS colour specifications,” Ene-Ita stated.

New X owner soon? Mark Cuban wants to buy twitter/X from Elon Musk—internet demands ‘bring back the bird!’

Stories

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September 17, 2024

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New X owner soon? Mark Cuban wants to buy twitter/X from Elon Musk—internet demands ‘bring back the bird!’

Mark Cuban, one of the main ‘sharks’ from the ABC reality television series Shark Tank, just dropped a bombshell that’s got people on social media talking. He’s revealed that he has got his eyes on buying X/Twitter from Elon Musk, and the internet is having a field day with the news.

In a recent chat with Wired’s Lauren Goode, 66-year-old tech mogul Mark Cuban said he’d love to buy Fox News and X (formerly Twitter) if he had the money.

“If I had enough money, I’d buy it in a heartbeat,” Cuban joked, though he admits he doesn’t have the funds right now.

Cuban, a regular user of X, has been vocal about his dislike for the changes Elon Musk has made to the platform.

“I wish I could [buy X]. There’s no reason for him [Musk] to sell it,” Cuban told Business Insider.

How did people react?

The buzz around Mark Cuban’s desire to buy X has set social media buzzing.

Reactions have been all over the place—some folks are practically begging for the return of the old Twitter days with comments like, “TAKE ME BACK” and “IDC who buys it, JUST BRING THE BIRD BACK!”

One even said, “Please, buy it from him! We’re so tired of Elon!”

But not everyone is convinced it’s a realistic dream.

Some are pointing out the harsh financial reality with comments like, “Ridiculous, his net worth is 5 billion and half of that of the basketball team. Elon’s Tesla bonus was over 50 billion Cuban, which is pocket change to Elon.”

According to Forbes, Cuban’s net worth is $5.7 billion, and as one person wisely noted, “He’s $39 billion short. He can’t afford X!”

Looks like Cuban’s plan might need a bit more than wishful thinking.

To stay updated on the stories that are going viral, follow Indiatimes Trending.

Mohbad’s Father Demanded Quick Burial After Davido’s N2m Donation’, PA

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September 17, 2024

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‘Mohbad’s Father Demanded Quick Burial After Davido’s N2m Donation’, PA

Adeyemo Boluwatife, the Personal Assistant to the late Mohbad has stated that the late Singer’s Father, Joseph Aloba demanded for immediate burial of his son after receiving N2 million from Davido. Adeyemo said this while testifying at the Coroner’s Inquest in Ikorodu on Wednesday.

The Coroner’s Inquest which began on September 29, 2023, was set up by the Lagos State Government to unravel the cause of Mohbad’s death.

Mohbad died on September 12 2023, under questionable circumstances, and was hurriedly buried the following day.

Following the calls for justice across the nation, his body was exhumed on September 21, 2023, for an autopsy by the Lagos State University Teaching Hospital, LASUTH.

However, during the court sitting on Wednesday, Adeyemo, who is also Mohbad’s nephew, told the Ikorodu Magistrate Court that Mohbad’s father insisted on burying him immediately, after receiving N2 million from Davido.

Adeyemo also claimed that he transferred N1 million to Mr Aloba, and later gave the remaining amount to Adura, Mohbad’s younger brother, after settling the hospital bills and ambulance rental fees. He further revealed that, Investigators took custody of the deceased’s phone after his death.

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Afreximbank earmarks $310m for small businesses in Africa

Dangote Petrol Not Superior Because It Is Colourless

ICPC nabs el-Rufai’s Finance Commissioner at Lagos airport in

Lagos Government serves notices to over 280 illegal property owners in Eti Osa for master plan distortion

Regfyl, a Nigerian fraud detection company raises $1.1million

Minister absolves Tinubu of blame on failed Dangote’s gas pipeline project

BREAKING: Over 3000 Lagos Community Residents In Distress, Rendered Homeless As Government Officials, Policemen Demolish, Set Fire To Buildings

Dangote Refinery still in its pre-commissioning phase, yet to be full licence, says NMDPRA

New X owner soon? Mark Cuban wants to buy twitter/X from Elon Musk—internet demands ‘bring back the bird!’

Mohbad’s Father Demanded Quick Burial After Davido’s N2m Donation’, PA

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