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Sukuk: Fashola Receives N100 Billion Cheque Commends Investors



Sukuk: Fashola Receives N100 Billion Cheque Commends Investors

Minister of Power Works and Housing, Mr Babatunde Fashola SAN has received the cheque of N100Billion proceeds of the just concluded Investments Certificates (SUKUK) for Road Infrastructure across the country.

He commended investors for their demonstration of confidence in the nation’s economy.

At the brief but colourful presentation ceremony at the Conference Room of the Ministry of Power, Works and Housing, Abuja, Fashola also charged contractors working on the roads being financed with the SUKUK proceeds to reciprocate the gesture of the Federal Government which, according to him, has worked assiduously to ensure that funds were raised to pay them.

Recalling his meeting recently with the contractors where he promised that the roads would be appropriately financed, the Minister declared, “For me, I would only ask you to reciprocate the kind gesture”, adding that a lot of efforts and collaboration were put into the project to make it successful.

He thanked the Minister of Finance, Mrs Kemi Adeoshun, the Debt Management Office (DMO), other agencies and individuals who worked to make the programme successful as well as all the investors in the SUKUK for showing confidence, “not only in the instrument but also in the Nigerian economy”.

In her remarks before the presentation, the Minister of Finance, Mrs Kemi Adeosun, who described the SUKUK as yet another demonstration of the present administration’s readiness to embrace new developments in the financial sector, said Nigeria was not the only nation that has embraced such financial window adding that South Africa and Britain had also used the SUKUK window.

The Minister, who expressed gratitude to all the investors in the Investment Certificates, which, according to her, was oversubscribed by N5.6Billion, said it showed the level of confidence and readiness of Nigerians to invest in the building of the nation.

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Thanking the Minister of Power, Works and Housing for identifying the road projects covered by the SUKUK, which she described as critical to the economy of the country, Adeosun, who said the SUKUK programme was “all about inclusion”, added that the investment would unlock the potential in the nation’s economy.

Also in her remarks, after the presentation, the Managing Director of Lotus Capital, one of the Financial Advisers of the SUKUK project, Mrs. Hajara Adeola, expressed joy that the Fund was tied to specific projects adding that the Road Show carried out for the Fund showed the level of interest Nigerians have for the building of their country.

Also, the Deputy Managing Director of FBN Merchant Bank Limited, another Financial Adviser, Mr Taiwo Okeowo, commended the Federal Government for its commitment to the rebuilding of Nigeria thanking particularly the Minister of Power, Works and Housing for his untiring efforts to boost the confidence of investors.

Recalling that the Group was also chosen a few years back to participate in a similar fund raising programme, Okeowo expressed the appreciation of the government in reposing such confidence in his organisation pledging the readiness of the Group to contribute its might in future events for the country.

The Director General of the Debt Management Office, Ms. Patience Oniha, in her remarks, expressed joy that the SUKUK project had reached the stage of cheque presentation adding that apart from its numerous benefits, the SUKUK project had shown what teamwork could do in the effort to rebuild the country.

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Speaking on behalf of the contractors, the Managing Director of Reynolds Construction Company (Nigeria) Limited (RCC), Engr. Moussa Nakhla, commended President Muhammadu Buhari and the Federal Government for the efforts in the rebuilding of the nation’s infrastructure expressing joy that the administration has not belied the trust reposed in them by the contractors.

Thanking the Minister of Power, Works and Housing and the Minister of Finance for the confidence they continued to repose in the contractors, with assurances of payment, the Managing Director declared, “Nobody can hide our smile”, adding that the road to the present had not been easy.

The N100Billion SUKUK proceeds are to be shared equally to the six geopolitical zones with each zone getting N16.67Billion for the selected road projects in the zones while the road projects covered by the Fund, include five in the North Central, four in the North East, two in the North West, four in the South East, five in the South West and five in the South-South.

According to the Director Highways, Planning and Development in the Ministry, Engr. Chukwunike Uzo, roads under the SUKUK in the North Central include the Construction of Loko-Oweto Bridge, Dualisation of Abuja-Lokoja Road, sections 1 and 4, Dualisation of Suleja-Minna Road phase 2 and the Dualisation of Lokoja-Benin Road section 1.

In the North East Zone, the four projects include the Dualisation of Kano-Maiduguri Road sections 2,3, 4 and 5 while the four projects in the North West include Dualisation of Kano-Maiduguri Road Section 1, Dualization of Kano-Katsina Road Phase 1, Construction of Kano Western Bypass and the construction of Kzduna Eastern Bypass.

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In the South East, the four roads to benefit from the SUKUK fund include the rehabilitation of Onitsha-Enugu Expressway and the rehabilitation of Enugu-Port Harcourt Road sections 1, 2 and 3 while in the South-South the five projects include rehabilitation of Enugu-Port Harcourt Road section 4, Dualisation of Yenegoa to Otoeke-Bayelsa Palm Road and Dualisation of Lokoja-Benin Road sections 2,3 and 4.

For the South-West, the three projects covered include reconstruction of Benin-Ofosu-Ore-Ajebandele-Shagamu Dual-carriageway phase 3 and 4 and the Dualisation of Ibadan-Ilorin Road section 2.

Also present at the occasion were, the Ministers of State of Power, Works and Housing, Hon. Mustapha Baba Shehuri and Surveyor Suleiman Zarma Hassan, Permanent Secretary, Works and Housing, Directors, Special Advisers and other top officials of the Ministry and the Ministry of Finance while on the contractors’ side were Managing Directors of Reynolds Construction (Nigeria) Limited, CCECC, Arab Contractors, CGC and Mothercat among others.



$1.5m Prize Pool: Top 10 Finalists of “Africa’s Business Heroes” Grand Finale Announced





The 2020 Africa’s Business Heroes (ABH)  prize, a flagship philanthropic program created by the Jack Ma Foundation’s Africa Netpreneur Prize Initiative (ANPI), has selected the top 10 finalists, who will pitch at the competition’s grand finale in November, for a chance to win a share of a US$1.5 million prize pool.

The ten outstanding entrepreneurs – half of whom are female – have been selected from over 22,000 applications across all 54 African nations, following several rounds of rigorous evaluation. With an average age of 34 years, the top ten represent eight African countries: Cameroon, Côte d’Ivoire, Ghana, Kenya, Nigeria, Senegal, Uganda, and Zimbabwe, and their businesses span key industries such as agriculture, fashion, education, healthcare, renewable energy, and financial services.

“I continue to be amazed by the passion, resilience, and vision of Africa’s entrepreneurs, and I look forward to meeting these ten extraordinary businesswomen and businessmen at the finale. I am excited to learn more about how they are driving positive change and progress across the continent,” said Jack Ma, Founder of the Jack Ma Foundation and Alibaba Group.

The passion, excellence, and diversity of the finalists reflects the DNA of the competition. The ABH program will recognize 100 African entrepreneurs and allocate US$100 million, over a ten-year period, in grant funding, training, mentoring and learning initiatives, access to key networks, and to develop a vibrant entrepreneur community to support Africa’s future business leaders. This is a testament to the Jack Ma Foundation’s long-term commitment to support Africa’s entrepreneurial ecosystem.

“The 2020 Africa’s Business Heroes competition has been incredible. The quality of the entrepreneurs and their ideas has been exceptional and this is a testament to the talent that exists across the continent. I am extremely excited to follow the rest of the competition and see who will come on top as the 2020 African Business Hero!” said Bethlehem Tilahun Alemu, ABH semi-finale judge and Founder of soleRebels, Garden of Coffee and Tefftastic.

“It’s been fascinating to be part of this unique initiative. From the start, I was struck by the diversity of people and projects involved, with the finalists providing almost even split of talented men and women from all over Africa. This competition has shone a light on our continent, and helped to showcase African solutions to African problems. As someone who knows how challenging it is to boot-strap their own business, I was heartened to see that many of the entrants are entirely self-funded, and have shown great determination, ingenuity and spirit to get this far. All the finalists are truly deserving of the opportunity they have been given. Jack Ma represents the very best in global entrepreneurship, so I am delighted to have been involved in such a fantastic project.” commented Nicolas Pompigne-Mognard, ABH semi-finale judge and Founder and Chairman of APO Group.

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On November 13th and 14th, Africa’s Business Heroes will host its Grand Finale, and winners of the 2020 ABH prize will be announced on November 14th, 2020.

During the online Grand Finale pitch, the top ten Heroes will present their business ventures, as well as their vision and leadership profile, to the finale judging panel that includes: Jack Ma, Founder of the Jack Ma Foundation and the Alibaba Group; Ibukun Awosika, Chairman of First Bank of Nigeria and Founder/CEO of The Chair Centre Group; Strive Masiyiwa, Founder and Executive Chairman of Econet Group; and Joe Tsai, Executive Vice Chairman of the Alibaba Group.

The next few weeks will be crucial for the finalists to finesse their pitches and leverage the in-depth training, learnings and insights that they have gathered along their ABH journey, culminating in the finale. All of this will be part of ABH brand-new business entertainment televised show, due to air in five episodes from November 21st to December 19th across Africa. The show will give the audience exclusive access to the real-world stories of the entrepreneurs of this edition, following them as they go head to head in the finale, and unveiling the key insights and advice shared by the finale judges, alongside the best moments and experience of the competition. By showcasing the huge talent of the contestants, ABH hopes to talk to the entrepreneurial spirit of startups and small businesses in Africa and around the world, inspiring them to pursue their aspiration and turn their ideas and solutions into concrete business ventures.


Meet the Top 10 finalists:

Abdulai A Dasana, CEO & COO, Amaati Company Limited (Ghana)

“We nourish the world” – Amaati is a social enterprise whose mission is to build sustainable communities through the use of an extinct and neglected crop called Fonio. The company is led by Abdulai A. Dasana, an agricultural technologist with a decade of experience in finance, banking and SMEs, and with a vision to revolutionize the agriculture sector to benefit the most vulnerable.

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Aboubakar Karim, CEO & Founder, INVESTIV (Côte d’Ivoire) 

“Technology and passion for agriculture” – INVESTIV is an Ivorian company whose mission is to help build the future of African agriculture by leveraging innovative technologies to support smallholder farmers throughout Côte d’Ivoire and West Africa. The company is led by Aboubakar Karim, a 25 years old agro-economist.

Axel Emmanuel Gbaou, CEO & Founder, Le Chocolatier Ivorien (Côte d’Ivoire) 

“Cocoa revolution in progress” – Le Chocolatier Ivorien manufactures and offers Africa-made, handcrafted and quality chocolate, promoting sustainable cultivation techniques and a fairer distribution of income in the cocoa chain through a direct partnership with female growers. The founder Axel, who started his career as a banker and established the company in his mother’s kitchen, holds a degree in International Public Law, and a Master’s in Taxation.

Chebet Lesan, Founder & CEO, Bright Green R. Energy (Kenya) 

“Revolutionizing Africa’s kitchens” – BrightGreen Energy produces life-saving fuel bricks that reduce the cost of cooking for underserved communities across Africa and save forests. The company is led by Chebet Lesan who has a background in Leadership from The University of Cambridge, Product Design from The University of Nairobi, Supply Chain Management from Rutgers School of Business and a Business-Design Fellowship from Massachusetts Institute of Technology D-lab.

Cyrille Nkontchou, Founder & Chairman, Enko Education (Cameroon)

“Your launchpad to the best universities” – Enko Education operates the largest single network of private schools in Africa that teaches the International Baccalaureate curriculum to democratize access to quality international education for African youth. The company was founded by Cyrille Nkontchou, an economist by training with extensive experience as a fund manager, a banker and a consultant.

Ethel Mupambwa, Co-Founder and Executive Director, Moneymart (Zimbabwe)

“Creating wealth; changing lives”- Moneymart is a Zimbawean based microfinance institution that offers tailor-made business loans to MSMEs and individuals who live off the power grid to access quality solar-lighting-kits. The company is co-led by Ethel Mupambwa, who has nine years of experience in finance and is a Level 2 Chartered Financial Analyst Candidate.

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Dr. Emma Naluyima Mugerwa, Founder, MST Junior School (Uganda) 

“Little seeds, big dreams” – MST Junior School is a Primary School with a unique approach and learning model. It aims to equip the pupils with unique skills to solve agriculture issues such as food insecurity, waste mismanagement and malnutrition. The school was established by Dr. Emma Naluyima, a vet, farmer and educator with a desire to train young people and change their lives through Modern and Purposeful Farming.

Joan Rukundo Nalubega, CEO & Founder, Uganics (Uganda) 

“Buy a soap – save lives” – Uganics is a social business that manufactures life-saving organic anti-malaria soap to address malaria, which kills millions of people every year, and sells around the world at a high profit margin to subsidize sales to poor populations at the same price as regular soap. The company is led by Joan Rukundo Nalubega, a Malaria survivor and a social entrepreneur with a vision to fight Malaria.

Mame Diarra Bousso Gueye, CEO & Founder, Diarrablu (Senegal) 

“Artisans & algorithms for a conscious lifestyle” – Diarrablu is a Senegalese fashion tech company merging African artisan traditions with technology to empower African artisans and build an ethical and sustainable fashion future centered around ancestral African craftsmanship. The company is led by Diarra Gueye who has experience in finance, mathematics, and design and recently completed her Master’s at Stanford University with a focus on creative mathematics.

Oluwasoga Oni, CEO & Co-Founder, Mdaas Global (Nigeria) 

“Unlocking diagnostics for Africa’s next billion” – MDaaS Global builds and operates modern, tech-enabled diagnostic centers in clinically-underserved communities starting in Nigeria to provide a world-class patient experience at highly-affordable prices. The company is led by Oluwasoga Oni, an MIT-trained system engineer.




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Naira strengthens against dollar




Barely 24 hours, the Naira was forced to a downward trajectory by dollar scarcity, it bounced back, closing at N477 to a dollar at the parallel market in Lagos.

The News Agency of Nigeria (NAN) reports that the Pound Sterling and the Euro traded at N608 and N550, respectively.

The Naira, however, weakened marginally at the investor’s window, losing one point to close at N386 to a dollar.

The volume of trade at the window shrunk by 1.83 million dollars when compared to Tuesday, to close at 18.44 million dollars

The Nigerian currency exchanged at N381 to a dollar at the official CBN window.

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Oyo govt. will continue to support SMEs, Olaniyan assures



The Deputy Governor of Oyo state,  Engr. Raufu Olaniyan has reassured the state’s government commitment to supporting Small and Medium Scale Enterprises in the state,

The deputy governor gave the assurance at the Commissioning of a new shopping mall ATM located in the Oke Ado area of Ibadan.

Olaniyan noted that small scale businesses with adequate support have the potential to be a major employer of labour.

He reiterated the state’s government desire to support entrepreneurs who chose to do business in the state, stressing that the present administration has put necessary machinery in place to make doing business in Oyo state stress free.

Alhaja Adeogun Tunrayo Muslimat,  owner of ATM mall had earlier informed that her desire to set up business in the state aside profit was also borne out of her avidity to support the government in the area of job creation, and also boost the economy of her home state.


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