News
Breakthrough in Education Funding could help Over 8million Nigerian Children- Education Commission
.Youth activists deliver petition with 1.5 million signatures calling for the biggest global investment in education history
.United Nations Secretary-General, World Bank, and Regional Development Banks support for the International Finance Facility for Education.
.UN Special Envoy Gordon Brown warns of global education crisis with “wide and persistent divide” that risks excluding 400 million girls from employment by 2030.
Nigeria has one of the world’s largest populations of out-of-school youth in the world, and most children deprived of an education are girls.
Today, youth activists from around the world will meet in New York with United Nations Secretary-General Antonio Guterres and carry a clear and simple message:”We need more and better funding for education to achieve our full potential.”
The youth will hand over a global petition with more than 1.5 million signatures calling on world leaders to launch a new International Finance Facility for Education that can provide an additional USD 10 billion for global education investments for the most marginalized young people throughout the world.
More than eight million Nigerian children, 60% of them girls, are not in school and won’t have the skills they need to get jobs and build secure, stable futures.
Nigeria is part of a global education crisis. If no action is taken, more than 400 million girls around the world will not be on track to have the skills needed for employment in 2030.
Learning standards across Africa are 100 years behind today’s average high-income countries, and by 2030 the International Commission on Financing Global Education Opportunity (the Education Commission) estimates that more than half of the world’s children and young people – some 800 million youth – will not have the basic skills needed for the modern workforce.
On current trends, it will take until after 2100 for all countries to reach the Sustainable Development Goal 4 (SDG 4) target of ensuring that all children complete primary and secondary education.
UN Special Envoy for Global Education Gordon Brown said: “The human faces behind these statistics are the most heartbreaking.
“In Nigeria, girls living in poverty bear the greatest burden – many of them drop out of school and get married early.
“They are left without skills for the modern economy and won’t have much hope for the future.”
The International Finance Facility for Education would work with countries to collectively achieve the largest education investment in history and empower the next generation to fulfill their potential.
Young people are outraged that progress has stalled as investment has not kept pace with the need for education funding.
International support for education has declined from 13% of all aid ten years ago to now just 10%.
All aid to education in developing countries combined offers only USD 10 per child – not enough to pay for a second-hand textbook, let alone a quality education.
Today at the United Nations, Global Youth Ambassadors from Nepal, Kenya, and Sierra Leone are bringing the signatures of more than 1.5 million people asking for change and immediate action.
The petition was collected by young people working with several organizations, including Theirworld’s network of 900 Global Youth Ambassadors in 90 countries, BRAC in Bangladesh, and Idara-e-Taleem-o-Aagahi in Pakistan.
The youth will meet with the United Nations Secretary-General, UN Special Envoy Gordon Brown, President of the Inter-American Development Bank Luis Moreno, and the World Bank’s Vice President for Human Development Annette Dixon to discuss funding for education.
The International Finance Facility for Education could help countries like Nigeria bridge the education funding gap and get all children in school and learning.
The Facility, put forth by the Secretary-General, would make aid more effective by leveraging and maximizing the impact of donor resources through the World Bank and regional development banks to provide an additional 20 million places in school in its initial stage.
Countries would multiply the impact by increasing their own funding and committing to critical education reforms.
Upon meeting with the youth advocates and receiving the petition, the United Nations Secretary-General declared, “In our fast-changing world, we cannot accept 250 million children failing to learn even the most basic skills.
“In the coming decade, some one billion young people will enter the workforce. They all need education so that they can help build a world of peace, prosperity, dignity, and opportunity for all.
That is why the proposed new International Finance Facility for Education is critical.”
History shows that innovative and concerted international efforts can have profound impact. A decade and a half ago, such cooperation generated extraordinary new resources for the health sector and saved millions of lives.
Achieving universal education would increase GDP per capita in low-income countries by almost 70% by 2050.
The Facility will make what was once considered impossible – quality education for every child – possible within a generation.
News
NELFUND Says UTME, NIN, BVN Mandatory for Student Loans
Nigerian Education Loan Fund (NELFUND) has said that Nigerian students will need to present their Unified Tertiary Matriculation Examination registration number (UTME); National Identification Number (NIN); and Bank Verification Number (BVN) to access student loans.
Mr Akintunde Sawyerr, managing director of NELFUND, assured that the body would ensure that those he called ‘ghost students’ would not have access to the soon-to-be-launched scheme.
The MD noted that NELFUND has put processes in place to ensure that all applicants and beneficiaries are traceable to prevent the loan from turning into a sort of national cake.
“We are using technology to run the system. The process of application is online and we are limiting human contact as much as possible. Once you have a Bank Verification Number, BVN and National Identification Number, NIN, which are parts of the requirements, we will have access to your data and all your accounts. This will also help us to know if you are qualified or not,” he explained.
He explained further that those who are already in school can apply for the loan at any level of their study, but must be at the beginning of each session. They would also have to provide their admission and matriculation details in addition to BVN and NIN.
According to the NELFUND boss, about 1.2 million Nigerian students in tertiary institutions and government-recognized skill acquisition centres would be among the first batch of beneficiaries. The number may increase as time goes on.
The programme, he noted, will be funded with one per cent of the total annual collectable revenue by the Federal Inland Revenue Service (FIRS), which will amount to N194 billion if the agency meets its projection.
He explained that the loan would be paid in two segments. The first, he said, is the chargeable school fees which would be paid directly to the institutions while stipend would be paid into individual student’s account for day-to-day upkeep.
Mr. Sawyerr stated that the amount individual applicants will access will vary because of the course of study, school fees payable and geographical location of the institutions among others.
On the method of payback, he said, “You don’t start paying back the loan until two years after your National Youth Service Corps, NYSC Scheme and that is, if you have secured a job or business. A beneficiary can defer repayment if he has not secured a job, but if after due diligence, he defaulted, then he becomes a criminal and we will work with every agency that can help us get the money back, for example, EFCC, ICPC etc.”
News
Sun International Finalizes $14.4M Exit from Nigeria, Sells Interests to RFC
Sun International Limited, run by Anthony Leeming, South African entrepreneur, has agreed to sell its Nigerian interests to Rutam Finance Company Limited (RFC) for roughly $14.4 million.
The move is part of Sun International’s strategy to consolidate operations and focus on key markets. Sun International joined the Nigerian market in 2009, but has struggled in recent years due to a challenging operating climate.
This divestiture is consistent with the company’s strategic objectives and represents a shift in portfolio management.
Sun International, will sell a 43.3 percent ownership investment in Tourist Company of Nigeria PLC (TCN), which manages Lagos’ Federal Palace Hotel, to RFC for $1.875 million.
In addition, the group would pay off its whole $12.675 million credit to RFC, effectively exiting the Nigerian market. The corporation also intends to sell its remaining 6% ownership in TCN in due course.
The transaction, subject to customary closing conditions including as regulatory approvals, is estimated to create a cash inflow of about $14.41 million for Sun International.
These funds will be utilized to reduce debt.
Following the completion of the acquisition, TCN will no longer be included in Sun International’s financial statements.
This will reduce group debt by about $41.82 million, excluding IFRS 16 lease liabilities.
The closing is scheduled for no later than May 28, 2024, provided that all usual closing conditions are met. The Nigerian Competition Authority, the Securities and Exchange Commission, and the Nigerian Stock Exchange have all provided key clearances.
Sun International, founded in 1968 by the late Sol Kerzner, has grown into a renowned gaming and resort company under Leeming’s leadership.
In fiscal 2023, the company’s revenue increased by 7% to $646.14 million, while headline earnings increased by 86 percent to $55.35 million.
This demonstrates Sun International’s resiliency and strategic direction. Sun International’s pullout from Nigeria demonstrates the company’s dedication to streamlining its portfolio and pursuing growth possibilities in key areas.
With a rich history and a focus on the future, this transaction demonstrates the company’s commitment to create wealth for shareholders and stakeholders while also strengthening its position in the gaming and hospitality industries.
News
Sam Darwish, US-Nigerian Businessman Suffers $6m Loss as IHS Shares Plunge
Sam Darwish, a US-Nigerian telecom entrepreneur, has experienced a huge financial setback in his holding in IHS Holdings following a recent drop in the shares of the top telecom infrastructure company on the New York Stock Exchange (NYSE).
According to data, Sam Darwish’s investment in IHS Holdings has lost $6 million in market value during the last 13 days. This drop reflects increasing selling pressure among NYSE investors.
From March 12 to 30, Darwish’s investment in IHS Holdings increased from $35.17 million to $49.27 million, resulting in a $14 million gain.
Darwish founded IHS Holdings in 2001, and it has since grown to become the largest telecom infrastructure business in Africa, Europe, Latin America, and the Middle East.
It is renowned for its huge tower count and is the world’s third-largest independent international tower firm.
In the last 13 days, IHS Holdings shares on the NYSE have dropped by 11.72 percent, from $3.67 on April 3 to $3.24 at the time of writing.
As a result, the company’s market capitalization has dropped below $1.1 billion, causing significant losses for stockholders.
As chairman and CEO of IHS Holdings, Sam Darwish holds a critical position in African telecom.
With a strong 4.17 percent ownership holding, equivalent to 13,958,158 ordinary shares, he is a key participant in the global telecom infrastructure business.
The recent double-digit loss in IHS Holdings shares has resulted in a $6 million decrease in the market value of Darwish’s shareholding in the top telecom infrastructure company. His shareholding has decreased from $51.23 million on April 3 to $45.22 million.
Despite this defeat, Darwish remains an important figure in the worldwide telecom business.
IHS Holdings’ extensive tower network and smart acquisitions have secured its position as a major participant in the global telecom infrastructure sector.
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