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IFC, Viva To Reward Entrepreneurs in Climatetech, Healthtech, Fintech

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Viva Technology

By Adedapo Adesanya

The International Finance Corporation (IFC) and Viva Technology have announced the second edition of the AfricaTech Awards, an initiative to spotlight Africa-focused companies with innovative solutions addressing key development challenges linked to climate change, health care, and financial inclusion.

The organisers, in a statement on Monday, said founders are invited to apply for the awards in three categories – climate tech, fintech, and health tech – on the awards’ website from February 27 to March 12, 2023.

The winners of the awards will gain access to leaders and top executives in the tech industry and increased visibility among global investors, including IFC, one of the largest venture capital investors in emerging markets.

The inaugural edition of the awards launched last year attracted more than 300 applicants. WEEE Centre won the award in the climate tech category, Click2Sure in fintech, and Chefaa in health tech.

Tech entrepreneurship can help drive economic growth in Africa and promote innovation and competitiveness in key sectors of the economy, including financial services, logistics, commerce, energy, and agriculture.

Funding for African tech startups reached a record $5.4 billion in 2022, according to Briter Bridges, but that is just a fraction of the funding available in developed countries. US startups, for example, received $200 billion in 2022.

Speaking on this, Mr Makhtar Diop, IFC’s Managing Director, said, “Tech entrepreneurship can help shape Africa’s future by contributing to countries’ efforts to address key challenges linked to climate change, food security, health resilience, and financial inclusion.

“Yet Africa’s tech ecosystems are underserved by private capital investments, receiving just 1 per cent of the global VC funding in 2022. With initiatives like the AfricaTech Awards, we hope to help innovative startups attract more private investment, showcasing the dynamic and growing opportunities in the continent’s tech sector.”

The 2023 AfricaTech Awards are part of IFC’s strategy to support tech ecosystems in emerging markets by providing startups with the capital, market expertise, and networks they need to scale.

In November 2022, IFC announced a $225 million VC platform to support tech entrepreneurs across Africa, the Middle East, Central Asia, and Pakistan. In addition, IFC has recently expanded the IFC Startup Catalyst Program by $60 million to help seed funds, incubators, and accelerators finance and mentor early-stage startups and prepare them for later-stage investment.

The winners of the AfricaTech Awards will be announced at Viva Technology 2023 from June 14-17 in Paris, France.

Knowledge partner Deloitte will help shortlist the top 15 startups under each sector category. After a second round of review by the awards judging panel, the top three startups in each category will be invited to join Viva Technology in Paris and pitch their innovative solutions in front of a global audience of investors, government representatives, and top tech executives.

“Following last year’s success, we are delighted to organize a second edition of the AfricaTech Awards challenge with the support of IFC. The awards will showcase the best of the African technology ecosystem on the VivaTech stage in Paris next June,” said Viva Technology Co-Presidents, Mr Maurice Lévy and Mr Pierre Louette.

Adding his input, the Managing Director, Mr François Bitouzet, said, “Every year, the event gives outstanding entrepreneurs a unique opportunity to highlight game-changing innovations for the continent. We are therefore building bridges between Africa and new international markets to draw attention to African ecosystems and what they have to offer.”

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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Ogun NSCDC Arrests 210 Suspects for Vandalism, Illegal Mining

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Ogun NSCDC

By Adedapo Adesanya

The Ogun State Command of the Nigeria Security and Civil Defence Corps (NSCDC) says it arrested 210 suspects for vandalism, fraud, and illegal mining in the last 18 months as part of its anti-vandalism drive.

The Ogun State Commandant, Mrs Remilekun Ekundayo, disclosed this during a courtesy visit to the Nigeria Union of Journalists, NUJ, council in Abeokuta, the state capital.

Mrs Ekundayo said the command had also recovered over N23 million in fraud-related cases for victims and resolved more than 1,700 disputes through alternative dispute resolution mechanisms within the same period.

She added that the command has sustained intelligence-driven operations that have prevented several criminal activities and ensured the protection of pipelines, railway corridors, and power installations across the state.

While stressing that security remains a shared responsibility, Mrs Ekundayo called for stronger collaboration with the media to enhance public awareness and safety in the state.

According to her, the visit was aimed at strengthening cooperation between the corps and the media, describing journalists as critical partners in the state’s security architecture.

“In matters of security, your role becomes even more strategic and impactful,” she said.

“The NSCDC is statutorily empowered to protect critical national assets and infrastructure, prevent vandalism and economic sabotage, and support disaster management and emergency response,” she said.

In his remarks, the Ogun State Chairman of the NUJ, Mr Wale Olanrewaju, assured the commandant of the council’s support and continued partnership through accurate and prompt reporting of security issues.

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Defence Minister Musa Warns Mali Conflict May Destabilise West Africa

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defence minister christopher musa

By Adedapo Adesanya

Nigeria’s Minister of Defence, Mr Christopher Musa, says the capture of a key Malian town by rebels poses a threat to West Africa that requires foreign intervention to prevent the insurgency from spreading.

A series of coordinated attacks by militants in late April left Mali’s Defence Minister dead and forced Malian and Russian mercenary forces to withdraw from the northeastern stronghold of Kidal.

Mr Musa, a retired army general, said in an interview with Bloomberg that the international community must come together to deal with the insurgents before they wreak havoc on the region.

The deteriorating situation in Mali may trigger a wider regional crisis, the defence minister said.

His admittance comes as the border region of Nigeria, Benin and Niger on the southern edge of the Sahel region is becoming a new stronghold for jihadists, as militants turn forests and pastoral networks in West Africa into bases for recruitment and international attacks.

“If they allow them to get any foothold in Mali, completely, they are not stopping there,” he warned.

He called for a joint campaign style like that of the United States against the Islamic State in Syria as a way to root out terrorists in West Africa.

General Musa noted that the collapse of states across the region has been the main driver of arms proliferation, with coastal West African states, including Ghana and Togo, becoming increasingly vulnerable.

He cited the fall of former Libyan dictator Muammar Gaddafi in 2011 as a turning point that released vast stockpiles of weapons into circulation, a problem compounded by ongoing instability in Sudan.

The combined crises have created an open corridor across the Sahel, allowing small arms, light weapons and ammunition to flow largely unchecked.

He added that this has worsened due to weak border controls and the ease of movement across the region.

Attacks in Nigeria have also risen, with data from the website of the Armed Conflict Location & Event Data (ACLED), a conflict-monitoring group, affirming that the number of suicide bombings in Nigeria by March already matched the annual average over the past six years.

The Nigerian military has also been dealt a blow to its military bases and senior figures targeted. In April, Brigadier-General Oseni Omoh Braimah was killed when Islamist fighters attacked a base in Borno State.

The minister said disruptions linked to global conflicts, including the war in Ukraine, as well as the ongoing war in Iran, have made it harder to source weapons even when funding is available. To meet its defence goals, Nigeria is stepping up efforts to build domestic arms-manufacturing capacity.

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N33.8bn Fraud: Court Convicts ex-Power Minister Saleh Mamman

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Saleh Mamman

By Modupe Gbadeyanka

A former Minister of Power in Nigeria, Mr Saleh Mamman, has been convicted by a Federal High Court in Abuja over his connection with a N33.8 billion fraud.

He was found guilty of a 12-count charge brought against him by the Economic and Financial Crimes Commission (EFCC).

While delivering his judgment on Thursday, Justice James Omotosho declared that the former government official is guilty of all the charges levied against him by the agency.

In the suit marked FHC/ABJ/CR/273/2024, the EFCC informed the court that the convict, who served under the administration of late President Muhammadu Buhari, conspired with ministry staff to divert about N22 billion meant for the Zungeru and Mambilla Hydro Electric Power projects.

He was removed from office by the late president in 2021 and arrested by the anti-money laundering organisation four months after. He was said to have used embezzled funds of up to N33.8 billion to acquire properties.

At the court today, the judge confirmed that Mr Mamman made a cash payment of $655,700 (equivalent to N200 million) for landed property in Abuja, without recourse to a financial institution.

He was also found guilty of criminal breach of trust in relation to funds released by the federal government for the Mambilla and Zungeru Hydroelectric Power Plant projects.

“The evidence of the prosecution is overwhelming against the scanty and almost absent defence of the defendant.

“The defendant did not offer any credible evidence to rebut the prosecution’s case,” Justice Omotosho held.

“Rather than creating a legacy to tackle the epileptic power supply in the country, the defendant was living large at the expense of ordinary citizens.

“Little wonder that Nigerians have remained in darkness till today,” the judge added.

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