Economy
Money Africa Wins $25,000 in NSIA Innovation Prize
By Adedapo Adesanya
Subscription-based financial edtech platform, Money Africa, won the star prize of $25,000 at the maiden edition of Nigeria Sovereign Investment Authority’s (NSIA) Innovation Programme.
The agency, through the event, rewarded 10 Nigerian innovators with the sum of $60,000 and equity investments in its Prize for Innovation programme.
At the Prize for NSIA Innovation Programme (NPI) held on Saturday in Lagos, Money Africa won the star prize of the maiden event.
Extension Africa won the second place of $17, 500 while Legit Car Africa won the third place of $12,500.
Seven other innovators- TruQ, Capsa Technology, Apace, Ya-lo, Credit-Chek, Vella Finance and Kobo Pay all got prizes of $5,000.
The programme, with the theme, Driving a Sustainable Future Through Innovation, is designed to identify innovative technological solutions developed by Nigerian tech entrepreneurs.
Mr Aminu Umar-Sadiq, the Managing Director/Chief Executive Officer of NSIA, said the event was organised to encourage entrepreneurs.
”I think the important thing is that this event actually catalyzes what we have seen as very great ideas emanating from Nigeria and entrepreneurs to solve Nigerian problems.
“I hope that this event allows us to mobilise domestic capital long-term patience toward Nigeria.
“So, hopefully, beyond that, we are also looking at the value creation and addition that comes beyond the investment in these companies.
“They will require further polishing of their business ideas and the positioning of these companies for exits.
“We are hoping that this event will shine a light on the possibilities that our own local entrepreneurs are able to offer for solving Nigeria’s problems,” Umar-Sadiq said.
As opposed to giving just catch prizes, the NSIA MD said that the organisation decided to split the prizes into two components, a cash component and also an equity component.
This, he said, would allow NSIA to take ownership in these businesses so that beyond just the prizes, it could actually engage with the entrepreneurs and add value to them beyond offering money.
Mr Kashifu Abdullah, the Director-General of the National Information Technology Development Agency (NITDA), said that the seed funding for startups would help position Nigeria for accelerated job creation in the digital economy.
“I am highly impressed with the kind of innovative ideas that I have seen today. And this shows that we have great potential and luck in Nigeria.
“And looking at what is happening and this kind of initiative to provide seed funding for startups, it will really help position Nigeria for accelerated jobs creation in the digital economy.
“Most startups fail because of lack of financing. And according to many research, more than 47 per cent of startups fail because of lack of financing at the initial stage,” he said.
According to him, NITDA has started the implementation of the Nigeria startup act.
He said, “Under the act, we are to establish a startup investment seed fund.
“The act says we need a minimum of N10 billion per annum, but we are targeting N100 billion so that we should be able to seed at least 1,000 early-stage startups and about 400 late-stage startups.
“This can help us to hit more than 80,000 jobs in Nigeria.”
Ms Oluwatosin Olaseinde, the winner of the star prize and founder of Money Africa Financial Services, who expressed joy, said the challenge of managing her finances pushed her to find solutions to financial literacy.
“I feel really excited. It’s really nice to have put in all this work, and then, here I am, the winner of this prize. I’m very grateful.
“I had a personal challenge with my money, I struggled to manage my finances, I called my friends, and they had similar problems.
“Now I realised that having money is not the only thing, how do you keep that money and I noticed that it was a general problem.
“According to the research by S&P Financial Literacy survey, Africans score the least in financial literacy.
“So, I embarked on that mission. Once I figured it out, I felt like an evangelist. All I did was just to teach and tell everybody about how to manage money and make the most use of what they have,” Ms Olaseinde said.
She urged innovators to be flexible with their methods and continue to push and be focused on the goal.
By Modupe Gbadeyanka
The federal government has been asked by the Nigerian Bar Association (NBA) to suspend the implementation of the controversial tax laws.
In a reaction to the tax reform acts, the president of the group, Mr Afam Osigwe (SAN), the suspension of the laws would allow for a proper investigation into allegations of alterations in the gazetted and harmonised copies.
A member of the House of Representatives, Mr Abdussamad Dasuki, alleged that some parts of the laws passed by the parliament were different from the gazetted copy.
To address the issues raised, the NBA said it is “imperative that a comprehensive, open, and transparent investigation be conducted to clarify the circumstances surrounding the enactment of the laws and to restore public confidence in the legislative process.”
“Until these issues are fully examined and resolved, all plans for the implementation of the Tax Reform Acts should be immediately suspended,” the association declared.
It noted that the controversies “raise grave concerns about the integrity, transparency, and credibility of Nigeria’s legislative process.”
“These developments strike at the very heart of constitutional governance and call into question the procedural sanctity that must attend lawmaking in a democratic society,” it noted.
“Legal and policy uncertainty of this magnitude has far-reaching consequences. It unsettles the business environment, erodes investor confidence, and creates unpredictability for individuals, businesses, and institutions required to comply with the law. Such uncertainty is inimical to economic stability and should have no place in a system governed by the rule of law.
“Nigeria’s constitutional democracy demands that laws, especially those with profound economic and social implications, emerge from processes that are transparent, accountable, and beyond reproach. Anything short of this undermines public trust and weakens the foundation upon which lawful governance rests.
“We therefore call on all relevant authorities to act swiftly and responsibly in addressing this controversy, in the overriding interest of constitutional order, economic stability, and the preservation of the rule of law,” the organisation stated.
By Adedapo Adesanya
Demand for hot stocks, including MRS Oil Plc, buoyed the NASD Over-the-Counter (OTC) Securities Exchange by 0.52 per cent on Tuesday, December 23.
The energy company was one of the three price gainers for the session as it chalked up N19.69 to sell at N216.59 per share versus the previous day’s value of N196.90 per share.
Further, FrieslandCampina Wamco Nigeria Plc gained N2.95 to close at N56.75 per unit versus N53.80 per unit and Golden Capital Plc appreciated by 84 Kobo to N9.29 per share from Monday’s N8.45 per share.
Consequently, the market capitalisation went up by N10.95 billion to N2.125 trillion from N2.125 trillion and the NASD Unlisted Security Index (NSI) rose by 18.31 points to 3,570.37 points from 3,552.06 points.
Yesterday, the NASD bourse recorded a price loser, the Central Securities Clearing System Plc (CSCS), which gave up 17 Kobo to close at N33.70 per unit against the previous trading value of N33.87 per unit.
The volume of securities traded at the session went down by 97.6 per cent to 297,902 units from the previous day’s 12.6 million units, the value of securities decreased by 98.5 per cent to N10.5 million from N713.6 million, and the number of deals remained flat at 32 deals.
By value, Infrastructure Credit Guarantee Company (InfraCredit) Plc ended as the most actively traded stock on a year-to-date basis with 5.8 billion units exchanged for N16.4 billion. This was followed by Okitipupa Plc, which traded 178.9 million units valued at N9.5 billion, and MRS Oil Plc with 36.1 million units worth N4.9 billion.
In terms of volume, also on a year-to-date basis, InfraCredit Plc led the chart with a turnover of 5.8 billion units traded for N16.4 billion. Industrial and General Insurance (IGI) Plc ranked second with 1.2 billion units sold for N420.7 million, while Impresit Bakolori Plc followed with the sale of 536.9 million units valued at N524.9 million.
By Dipo Olowookere
It was another bullish trading session for the Nigerian Exchange (NGX) Limited as it closed higher by 0.59 per cent on Tuesday.
The market further rallied due to continued interest in large and mid-cap stocks on the exchange by investors rebalancing their portfolios for the year-end.
Yesterday, Aluminium Extrusion sustained its upward trajectory after it further appreciated by 9.96 per cent to N14.90, as Austin Laz gained 9.81 per cent to close at N2.91, Custodian Investment improved by 9.69 per cent to N38.50, and First Holdco soared by 9.35 per cent to N50.30.
Conversely, Royal Exchange declined by 7.22 per cent to N1.80, Champion Breweries shrank by 6.57 per cent to N15.65, NASCON lost 5.36 per cent to trade at N105.05, Sovereign Trust Insurance depreciated by 5.28 per cent to N3.77, and Japaul went down by 4.51 per cent to N2.33.
At the close of business, 29 shares ended on the gainers’ table and 27 shares finished on the losers’ log, representing a positive market breadth index and bullish investor sentiment.
This raised the All-Share Index (ASI) by 895.06 points to 153,354.13 points from 152,459.07 points and lifted the market capitalisation by N579 billion to N97.772 trillion from the previous day’s N97.193 trillion.
VFD Group finished the day as the busiest stock after it recorded a turnover of 192.0 million units worth N2.1 billion, GTCO exchanged 63.5 million units valued at N5.6 billion, Access Holdings traded 49.8 million units for N1.0 billion, First Holdco sold 45.8 million units valued at N2.3 billion, and Secure Electronic Technology transacted 38.3 million units worth N28.4 million.
In all, market participants bought and sold 677.4 million units valued at N20.8 billion in 27,589 deals compared with the 451.5 million units worth N13.0 billion traded in 33,327 deals on Monday, showing an improvement in the trading volume and value by 50.03 per cent and 60.00 per cent apiece, and a shortfall in the number of deals by 17.22 per cent.
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