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Ministry of Niger Delta Affairs (MNDA) to Forge Closer Collaboration with KOI

Ministry of Niger Delta Affairs (MNDA) to Forge Closer Collaboration with KOI

Business
The Overseeing Director in the office of the Permanent Secretary, Ministry of Niger Delta Affairs, Mr. Alfred Abah has expressed the readiness of the Ministry to establish closer collaboration with the Korea International Cooperation Agency (KOICA) to improve the socio-economic development of the Niger Delta region. Mr. Alfred Abah made this pronouncement when the Country Director, KOICA, paid him a courtesy visit recently, in his office in Abuja. Abah explained that the Ministry was created in 2008 as an interventionist agency with the mandate to coordinate all the activities of other development partners, International Oil Companies (IOC) and intergovernmental agencies aimed at fast tracking a seamless development strategy for the region. The Director noted that the core fo...

FSDH Capital leads Shelter Afrique’s successful Debut N46 billion Bond Issuance

Business, Capital Market
FSDH Capital Limited, the investment banking and securities trading subsidiary of FSDH Group, has demonstrated its capital raising credentials by leading the successful financial close of the N46 billion (US$110.7 million) Series 1 Fixed Rate Senior Unsecured Bond Issuance in Nigeria's capital market under the N200 billion (US$481.3 million) bond issuance programme for Shelter Afrique. Shelter Afrique, the pan-African development finance institution exclusively dedicated to providing affordable and adequate housing finance across Africa was established by African governments to address the need for a sustainable housing delivery system and related infrastructure projects in Africa. Its shareholders include 44 African countries, the African Development Bank, the African R...
Shongai Packaging explores inter-African trade, exports plastic pallets to Ghana, Others

Shongai Packaging explores inter-African trade, exports plastic pallets to Ghana, Others

Business, Corporate Stories
Shongai Packaging Industry Limited a subsidiary of Sona Group of Industries, has begun its expansion into inter-African trade by exporting plastic pallets to Ghana and other African countries. This comes on the back of Shongai Packaging's commitment to reduce the environmental impact of packaging production on trees by producing plastic pallets for companies within and outside the country. Special Adviser to Ogun State Governor and Director General of Investment Promotion and facilitation Agency, Mr Olakunle Amoo lauded the innovation of the company at the export ceremony and urged other companies to emulate the export drive of Shongai Packaging Industry Limited. Speaking at the ceremony, Mr. Ajai Massadi, Group Managing Director of Sona Group of Industries stated that the i...
DOMESTIC VACCINE PRODUCTION HELPS NIGERIA BEYOND COVID-19

DOMESTIC VACCINE PRODUCTION HELPS NIGERIA BEYOND COVID-19

Business
The World Health Organization (WHO) on Friday chose Nigeria as well as five other African nations to assist in COVID-19 vaccine production.  This happened in response to Africa’s limited access to the vaccines. Moreover, the Director-General of the World Health Organization, Tedros Ghebreyesus, stated that the COVID-19 pandemic showed that dependence on a select few companies to give out worldwide public items is hindering and harmful. He emphasized the need to raise all regions’ capacity to manufacture the health items they need to tackle health emergencies. Furthermore, Tedros championed fair access to COVID-19 vaccines and lashed out at rich nations who hoard jabs and leave Africa behind. On Friday, the European Union- African Union summit in Brussels held a ceremony markin...
EGYPTIAN STARTUP MONEYHASH RAISES $3MILLION PRE-SEED AS IT EMERGES FROM BETA

EGYPTIAN STARTUP MONEYHASH RAISES $3MILLION PRE-SEED AS IT EMERGES FROM BETA

Business, Uncategorized
MoneyHash, an Egyptian startup that concentrates payment and fintech solutions via one integration, closed a multimillion US Dollar funding round in June 2021 has announced a US$3 million extension to the round The startup was founded in late 2020 by Mustafa Eid, Nader Abdelrazik, and Anisha Sekar.  It gives a consolidated checkout experience erected on top of a secure super-API. UAE-based venture capital firm COTU Ventures led the round and MENA fintech fund VentureSouq, as well as European fund VentureFriends, pitched in.  In addition, other assisting funds include Nuwa Capital, The Continent Venture Partners, First Check Africa, Kepple Africa Ventures, Fox Ventures, and LoftyInc Capital Management. A worldwide group of investors also pitched in, which include Belvo’s...
BEST WAYS TO ACCELERATE 5G ROLLOUT IN NIGERIA

BEST WAYS TO ACCELERATE 5G ROLLOUT IN NIGERIA

Business, Uncategorized
The Nigerian government is eager to onboard the 5G rollout in the country.  However, some issues need addressing.  Firstly, bear in mind that most people in Nigeria use smartphone devices on the 2G and 3G networks.  This means that 5G rollout will be available to only a select few, especially as most Nigerian smartphone users do not use 4G, its younger brother. Secondly, the relatively low cost of 2G and 3G and the fact they work effectively with web browsing, VOIP, video conference calls make these compete with 5G rollout.  Consequently, the Nigerian government as well as the Nigerian telecommunications firms have work to do in convincing Nigerians to come aboard 5G. Meanwhile, let us look at the benefits of 5G and what this means for Nigerians. BENEFITS OF 5G ROLLO...
FLUTTERWAVE RAISES $250 MILLION TO BECOME AFRICA’S MOST ESTEEMED STARTUP

FLUTTERWAVE RAISES $250 MILLION TO BECOME AFRICA’S MOST ESTEEMED STARTUP

Business, Uncategorized
Afrocentric FinTech company Flutterwave announced on Wednesday it raised $250 million in its single-highest funding cycle at present. This values the firm at more than $3 Billion as it aims at mergers and acquisitions as well as expanding its existing customer base. Indeed, Facebook Inc co-founder Eduardo Saverin’s venture capital firm B Capital Group led this latest funding round. Additionally, Boston-based hedge fund Whale Rock Capital Management according to Flutterwave. The San Francisco-headquartered company was founded in Nigeria in 2016. It concentrates on individual and consumer transfers. Moreover, it is one of the many FinTech companies looking to enhance and leverage Africa’s thriving payments market. Flutterwave founder and CEO Olugbenga Agboola says, “It (funding) ...
IS FINTECH THE LIFE JACKET AFRICAN SMES NEED?

IS FINTECH THE LIFE JACKET AFRICAN SMES NEED?

Business
African SMEs need a life jacket.  However, the 64 thousand Dollar question remains: can FinTech throw this buoy to the drowning African SMEs?  This article explores the role FinTech plays in Africa as well as exactly how it can help save the continent’s SMEs. Firstly, FinTech is a financial technology that accelerates and improves financial services chiefly through software.  African enterprises use FinTech to make payments, facilitate loan services, investment as well as insurance deals. Moreover, African SMEs find FinTech very attractive because smartphone users in remote areas readily access the apps.  Many bank branches are not available in far-flung areas in Africa so FinTech is appreciated. In addition, businesses looking to upgrade can employ FinTech to achieve this.&...
BUA Cement  Commissions 3million Metric Tonnes Cement Plant In Sokoto

BUA Cement  Commissions 3million Metric Tonnes Cement Plant In Sokoto

Business
Nigerian Cement manufacturing company, BUA Cement PLC on thursday, January 27th commissioned a 3 million metric tonnes Sokoto Line 4 cement factory in Sokoto State, Nigeria. The event featured prominent Nigerians in attendance including the President of the Federal Republic of Nigeria, Muhammed Buhari who commisioned the plant, and the Executive Governor, Sokoto State among others. In his opening remarks, Alhaji Abdul Samad Rabiu Chairman, BUA Group, stated that BUA Cement has continiously sought to expand it's capacity to meet the ever growing demand for Cement in Nigeria. Furthermore, the chairman stated that in 6 years, 4 plants have been commissioned, 2 in Obu, Edo State and two in Sokoto, taking the company’s total production capacity to 17 million metric tonnes. “In th...
SONA GROUP RECEIVES Inside Business Africa’s 2021 Top Brand Award

SONA GROUP RECEIVES Inside Business Africa’s 2021 Top Brand Award

Business, Economy
Inside Business Africa, Africa's award winning business magazine & Television programme recently presented the respected IBA Top Brand Awards for Corporates to SONA Group of Industries and Top Brand Award – Malt Category to MALTONIC a product by SONA Group. Mr. A. K. Mirchandani, Chairman/CEO, SONA Group of Industries The award was presented to, the Chairman of the company Mr. A. K. Mirchandani,  at the official headquarters of SONA Group at Sango Ota, Ogun State. Receiving the award, the Mr. Mirchandani dedicated the award to the commendable efforts of his  staff thanking them for their resilience and their belief SONA vision over the years. He further stated that Maltonic which has been in the market for over 25 years remains a brand to beat in the malt drink m...