General
NSE Employees Donate Funds to WARIF Foundation
By Modupe Gbadeyanka
During the last Christmas holidays, employees of the Nigerian Stock Exchange (NSE) further showed their golden hearts to a Lagos-based non- profit organisation, Women at Risk International Foundation (WARIF), by donating funds to support its initiatives.
This was part of the local bourse’s Employee Give-Back initiative, a scheme designed to encourage workers to make a positive impact in their communities whilst providing them with hands-on experience and learning opportunities on issues that plague the society.
The donation to WARIF builds on the longstanding tradition of donating money, food items and volunteering time by NSE employees in their bid to make a positive impact in the society.
Prior to this donation, NSE employees participated in the WARIF No tolerance for rape walk, which was held on Saturday, December 7, 2019, in commemoration of the United Nations ‘16 Days of Activism’ for Gender-Based Violence.
Head of Corporate Communications at NSE, Mr Olumide Orojimi, while presenting the donation to WARIF, stated that, “Giving back by volunteering our time, donating money and other essentials is at the core of our culture at the NSE.
“In addition, we believe that promoting gender equality and diversity is a critical success factor for global economic prosperity.
“At the exchange, we champion an organisational culture that promotes diversity and inclusion as well as the wellbeing and development of all employees through the implementation of gender friendly policies.”
Over the years, NSE employees have raised funds for worthy causes. During the 2018 Easter celebrations, members of staff of the exchange donated money to fund medical bills for 10 children in SOS Children’s Village, Lagos.
In 2017, they donated various food and household items to charities across the country including The Lagos Food Bank Initiative, Agege, Lagos, Total Parental Guidance Orphanage, Ibadan, Oyo State and Christian Relief Fund Motherless Babies Home, Obosi, Anambra State, all selected based on employees’ nomination and were selected via a random ballot system.
The exchange continues to build a thriving capital market by championing sustainability along four key impact areas of Marketplace, its platform for promoting market-based approach to Environmental, Social and Governance (ESG) imperatives; Community, where the NSE makes contributions to positively impact lives; Workplace, through which the Exchange facilitates diversity, wellbeing and harnesses the talents and skills of its people; and the Environment as it focuses on reducing its environmental impact.
The latest beneficiary of these gestures, WARIF, was established in 2016 in response to the high incidence of sexual assault, rape and human trafficking occurring amongst young girls and women across Nigeria.
General
How to Stop Recycling of Criminals, Ex-Convicts—Onabulo
By Emmanuel Udom
The president of the Crime Reporters Association of Nigeria (CRAN), Mr Olalekan Onabulo, has explained how the various justice systems could work to stop the recycling of criminals and ex-convicts in the country.
Speaking in his welcome address at the CRAN Public Lecture/Award ceremony held at Sheba Event Centre in Ikeja, Lagos, Mr Onabulo said that there is no denying the fact that the pursuit of justice and security is a shared responsibility that demands collective efforts and collaborations.
He further explained that since recidivism, which is the recycling of criminals and ex-convicts is a hydra-headed monster, which has become a significant source of concern for security agents in the country.
Security operatives are in most cases ambushed, killed or maimed by criminals earlier arrested, investigated and prosecuted who returned to a life of criminalities after their convictions.
According to the CRAN leader, these criminals are emboldened and unrepentant and may want to take their pounds of flesh from security operatives to carry out their professional duties.
Speaking on Justice System Administration and Security in Nigeria: Challenges, Opportunities, and Solutions, Mr Onabulo said all hands must be on deck to address the issue as the whole process seems to have failed and must be redeemed by all and sundry.
”The security operatives, the judiciary and indeed all Nigerians must collaborate and work together to create a safer, just, and equitable society for all,” he stated.
General
NIWA to Collaborate With Coastal States to Secure Waterways
By Adedapo Adesanya
The National Inland Waterways Authority (NIWA) has commenced moves to collaborate with coastal states across the country to increase the safety of Nigerians using the waterways to commute.
According to the waterways regulator, this is part of bids to enhance safety on the nation’s waterways.
This was disclosed by Mr Bola Oyebamiji, the Managing Director of NIWA while speaking at a one-day consultative forum on safety and insecurities on inland waterways, organiwed by the Nigeria Transportation Commissioners’ Forum in Ilorin, Kwara State on Thursday.
He emphasised the critical role that safety and security play in fostering a thriving water transportation system.
The conference, themed Prevalent Safety, Security Hazards and Practices in Inland Waterways: Passenger Transport Safety in Ilorin, Kwara State, sought to address the pressing issues facing the inland waterways sector.
Mr Oyebamiji acknowledged the ongoing efforts by NIWA to improve safety, such as the recent unveiling of the transportation code for public use, and the inauguration of several operational assets including survey boats, gunboats, water ambulances, and a passenger ferry.
He also noted that safety campaigns have been launched across all operational bases, targeting local communities in their native languages.
The NIWA boss highlighted the support from the National Assembly, including the ongoing discussions on establishing coastal guards and the attention safety and security on inland waterways have received from the House Committee on Inland Waterways.
He appealed to the Commissioners for Transportation across relevant states to collaborate with NIWA in areas such as training, safety campaigns, infrastructure development, and financial empowerment.
He also stressed that while the challenges are significant, they are surmountable through collective action, adding that the efforts must be complemented.
The NIWA MD expressed optimism for actionable and implementable outcomes from the forum, which he believes will contribute significantly to ensuring safer and more secure inland waterways in the country.
General
Seedstars Africa Ventures Raises $42m in First Close
By Adedapo Adesanya
Seedstars Africa Ventures I, a venture capital fund making early-stage investments in highly scalable start-ups in Africa, has achieved a first close of $42 million
The raise was led by the African Development Bank and EIB Global with the support of the European Union, under the ACP Trust Fund – EU Compartment and Boost Africa among other global investors.
The fund, with offices in Nairobi, Dakar and Paris, has further secured $50 million in commitments towards an $80 million fundraising target.
The milestone was announced at the 2024 Africa Investment Forum Market Days currently underway in Rabat, Morocco.
The fund has already deployed over $10 million to five pioneering African startups in the climate, food systems, energy access, internet connectivity, financial inclusion, and payments infrastructure sectors.
These are Beacon Power Services (Nigeria), Poa! Internet (Kenya), Xeno (Uganda), Bizao (Cote d’Ivoire, Senegal, and France): and Shamba Pride (Kenya).
According to a statement, it was disclosed that these businesses serve over 60 million people, including by connecting 60,000 households to the internet, supporting 50,000 farmers, and empowering 30,000 individuals with financial inclusion services across eight African countries.
“The portfolio is also fully 2X compliant, empowering women in startups and ecosystems,” the statement added.
Both the African Development Bank and the European Investment Bank are founding partners of the Africa Investment Forum, a platform that advances transformative African projects toward financial close.
Seedstars Africa Ventures I is addressing gaps in early-stage financing across Africa through investments of up to $2 million in seed and series A rounds, with significant follow-on capacity of up to $5 million, thereby bridging available pools of capital.
By leading successive investment rounds, the fund will catalyse co-investment while offering operational support to start-ups.
The Fund was founded by Ms Maxime Bouan, Mr Tamim El Zein and Mr Bruce Nsereko Lule who have over 45 years of experience investing and working across the continent.
Seedstars Africa Ventures is a member of LBO France Group, which played a pivotal role in seeding this initiative as part of their multi-asset class African strategy, alongside other initiatives.
Speaking on this, Mr Robert Daussun, and Ms Stéphanie Casciola, Chairman and CEO respectively of LBO France said “We are delighted by Seedstars Africa Ventures’ latest milestone, and proud to have been the initial supporter of the team. The portfolio the team has built with our support is innovative and transformative, already providing significant impact and value to the continent. LBO France appreciates the opportunity SAV provides for us and our partners to be part of Africa’s growth story.”
“The African Development Bank views Seedstars Africa Ventures as a strategic opportunity to provide innovative support to Africa’s venture capital industry. It serves as a conduit to improve access to finance for youth and women while also enhancing the availability of risk capital in Francophone Africa.
“This is an area that has traditionally faced limited access to risk capital,” said Mr Ahmed Attout, African Development Bank Group Director for Financial Sector Development.
“We welcome the investment of the African Development Bank, our Boost Africa partners, in the Seedstars Africa Ventures fund,” said EIB Vice-President, Mr Ambroise Fayolle. “Accelerating digitalisation is a priority for the EIB, and we are committed to supporting African businesses as they drive innovation and prosperity on the continent.”
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