By Adedapo Adesanya
The African Development Bank (AfDB) has been named to the Board of the World Business Angels Investment Forum (WBAF).
In a press release, the forum noted that the latest board member will represent Africa’s early-stage equity markets, entrepreneurship and startup ecosystems, small and medium enterprises and high-growth businesses, angel investors, and private equity funds.
In addition, Mr Abdu Mukhtar, the bank’s Director of Industrial and Trade Development, will occupy the lender’s board seat.
Speaking on this, Mr Baybars Altuntas, WBAF’s Executive Chairman said, “We are delighted to have the African Development Bank Group as a global board member of the World Business Angels Investment Forum.
“I am confident that by including AfDB, WBAF will be able to provide a wide range of opportunities for start-ups, scaleups and high growth businesses in Africa—ones that will open the doors for economic development.
“By working together across borders, with a common vision, and with these smart dynamics in mind, we are well placed to bring about positive change in Africa and the global economy.”
“I welcome Dr Abdu Mukhtar to the Board, and I look forward to working with him in our mutual efforts to ease access to smart finance to create more jobs and more social justice worldwide. I believe AfDB’s efforts to convert the world and Africa economy to a smart economy in cooperation with the World Business Angels Investment Forum will be very productive,” said Mr Altuntas.
He added, “WBAF is committed to collaborating globally to empower the economic development of the world by fostering innovative financial instruments for startups, scaleups, innovators, entrepreneurs and SMEs and to promoting gender equality and women’s participation in all sectors of the world economy.”
On the African lender’s part, Mr Mukhtar noted, “I am excited about joining the WBAF Board and am quite impressed by its vision. Support for innovation, entrepreneurship and SME development is very important to us, especially since these areas are directly linked to some of our development objectives, including job creation and women empowerment.
“I look forward to working with the experts on the WBAF Board to advance these objectives. I am sure WBAF and AfDB will create a great impact in the startup, angel investment and SME markets of Africa. The ultimate goal is to produce more jobs and social justice in Africa.”
WBAF promotes access to finance for businesses from start-up to scale-up, with the goal of generating more jobs and social justice worldwide. The Forum engages with a wide range of institutions to help shape the global agenda.
It is a partner of the G20 Global Partnership for Financial Inclusion (GPFI), a platform for G20 members, interested non-G20 countries, and relevant stakeholders to advance financial inclusion, and implement the G20 Financial Inclusion Action Plan.
Other board members include Abdulaziz N. Al-Khalifa, Chief Executive Officer of Qatar Development Bank; Dr Abdul Malek Al Jaber, President, Middle East Business Angels Network (MBAN); Dr Hashim S. Hussein, Head of the United Nations Industrial Development Organization – Investment & Technology Promotion Office (UNIDO-ITPO) and Prof Dr Inderjit Singh, Co-president, World Entrepreneurship Forum (WENF).
Russia Proposes Complete Ban on Cryptocurrencies
By Adedapo Adesanya
The Russian central bank has proposed a complete ban on cryptocurrencies in the country.
The proposal emphasized that crypto is extremely volatile and has helped to spread fraudulent activities in the country, adding that it is also a potential risk to the country’s national economy.
Director of the Bank of Russia, Ms Elizaveta Danilova, during a presentation, said that a complete ban would mean no mining, trading, or usage of crypto in the country.
However, owning cryptocurrencies would still be legal.
The report also suggested that the government should introduce punishments for individuals who buy or sell products/services using crypto.
The central bank, which is planning to issue its own digital currency, said crypto assets becoming widespread would limit the sovereignty of monetary policy, with higher interest rates needed to contain inflation.
This isn’t the first time the Bank of Russia has gone after cryptos as it had banned mutual funds from investing in any cryptocurrencies.
In 2019, the country blamed cryptocurrencies for spreading money launching and terror financing.
However, the government legalized crypto in 2020, although banning their use as payments.
The move is the latest in a global cryptocurrency crackdown as governments from Asia to the United States worry that privately operated and highly volatile digital currencies could undermine their control of financial and monetary systems.
With the total ban of the asset by China, Russia witnessed a rise in crypto mining and this move has already triggered investors to dump their coins.
In September, China intensified its crackdown on cryptocurrencies with a blanket ban on all crypto transactions and mining, hitting bitcoin and other major coins and pressuring crypto and blockchain-related stocks.
Market analysts note that although the Bank of Russia’s proposal can cause significant worry for its crypto traders and miners, it’s still not confirmed if the government will follow through with a total ban.
Proposed Amazon Headquarters in South Africa Under Threat
By Adedapo Adesanya
Plans by Amazon to establish its Africa headquarters in Cape Town, South Africa, could hit a snag if a legal challenge by indigenous activists is allowed to proceed, a Cape Town court heard on Thursday, January 20.
According to reports, construction is already underway for Amazon’s $262 million African headquarters on land that Khoisan communities hold sacred as a site of their early resistance to European colonisers in 1510.
Several Khoisan groups threw their support behind the project after the developers agreed to build a heritage, cultural and media centre that will be operated by indigenous groups.
However, the Goringhaicona Khoi Khoin Indigenous Traditional Council and a neighbourhood association have asked the Western Cape High Court to halt construction.
A lawyer for the property developers, the Liesbeek Leisure Property Trust, told the court that Amazon has signalled it will pull out of the project if the delay is granted.
According to an advocate, Mr Sean Rosenberg, “If Amazon has indicated, even directly, that it’s not going to tolerate any further delays, that’s not hearsay evidence.
“That’s direct evidence of what Amazon’s intentions are.”
“The much more likely possibility is that this project will not go ahead, given what has happened up until now, given Amazon’s impatience, given Amazon’s indication,” he added.
Amazon itself is not named in the case but the hearing is expected to conclude Friday.
Once hunter-gatherers, known under the now-discarded label of Bushmen, the Khoisan suffered deeply under colonisation and apartheid.
Many in their community say they still endure wide social inequalities and economic opportunities today, and their past remains overlooked.
DR Congo Raises Stake in Shelter Afrique 2.46%
By Aduragbemi Omiyale
The government of the Democratic Republic of Congo (DRC) has increased its shareholding in Shelter Afrique to 2.46 per cent, up from 1.68 per cent held previously.
This followed the payment of $1.7 million capital arrears in the pan-African housing development financier on December 22, 2021, to add to the initial $2.5 million.
DR Congo has now joined Tanzania, Morocco, Mali, Lesotho, Namibia, Togo and Zimbabwe as Shelter Afrique Class A shareholders who have fully paid their capital obligations.
“We are grateful to the government of the Democratic Republic of Congo as this is a show of strong belief in the role and mandates of Shelter Afrique in the provision of affordable housing in Africa, and particularly the DRC.
“We are particularly appreciative of the roles played by the Minister for Urban Planning and Housing, Mr Pius Mukala and the Minister for Finance, Mr Nicolas Kazadi, for making the disbursements,” the Group Managing Director and Chief Executive Officer of Shelter Afrique, Mr Andrew Chimphondah said.
“We wish to show our gratitude to the eight shareholders who have fully paid their capital subscriptions and to those who continue to increase their stakes in the company – it is a huge vote of confidence in our board approved strategy which is being implemented successfully by the management,” Mr Chimphondah added.
In the recent past, DRC has enhanced its engagement with Shelter Afrique. Consequently, the company has ramped up its activities in the country by actively pursuing large-scale, low-cost housing projects in DRC through public-private partnerships and equity investments.
Recently, Shelter Afrique approved a line of credit worth $11.4 million to a financial institution to finance 285 mortgages in the country.
Shelter Afrique is also keen on supporting urban regeneration projects in Lubumbashi and Goma, which is expected to develop 500 housing units – the company has set aside $20 million, pending board approval.
“Additionally, under our social housing plans, we are currently reviewing a housing project in Goma that seeks to develop 1000 housing units for families displaced by the eruption of Mount Nyiragongo and Kanyaja, which occurred in May and June 2021. When approved, we will invest $1 million in equity for a period of 7 years,” he further stated.
Other projects so far financed by Shelter Afrique in the DRC include Devimco’s 7-floor office building for rental purposes, La Tradition, Le Concorde, L’Ambassadeur; Azda; and a 10-storey building in Kinshasa developed by ELOLO SPRL.
Like Our Facebook Page
Latest News on Business Post
- BEDC Promises to Restore Electricity to Delta Community January 23, 2022
- Q4 2021: Nollywood Records 1.9% Rise in Movie Production January 23, 2022
- Lagos Calls for Caution as COVID-19 Fourth Wave Ends January 23, 2022
- Unlisted Securities Depreciate by 0.41% Friday January 22, 2022
- Naira Falls at I&E as Bears Wipe $1trn from Crypto Market January 22, 2022
- Oil Again Falls Under Pressure of US Inventories Rise, Profit Taking January 22, 2022
- Do Some Politicians Think Their Country is Hopeless? January 22, 2022
- 7 Ways Tech Can Help to Get You on Track with Your Resolutions January 22, 2022
- FAAC Disburses N699.8bn to FG, States, Councils January 22, 2022
- NGX Trading Indices Sustain Growth as NNFM Further Gains 9.72% January 22, 2022
Feature/OPED2 years ago
Davos was Different this year
Economy5 years ago
Kwara Disburses N1.7b For Projects
Travel/Tourism5 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
Technology1 year ago
How To Link Your MTN, Airtel, Glo, 9mobile Lines to NIN
Economy5 years ago
How To Identify Fake Naira Notes
Banking4 years ago
Sort Codes of GTBank Branches in Nigeria
Economy4 years ago
FAAC: FG, States, LGs Share N655.18b in January
Economy4 years ago
NSE Market Capitalisation Sheds N76b as Sell‐offs Persist