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Konga Partners LASG on Second MSMEs Exclusive Fair

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Konga.com, has again demonstrated its commitment as a company that employees, customers & society are proud of and depend on as it deepens commerce and trade in Africa by supporting and empowering Micro Small & Medium Enterprises through its collaboration with Lagos State government to host the second Micro Small & Medium Entreprises Exclusive Fair in Lagos which held from the 28th August to 2nd September, 2017.

Declaring the Fair open, Akinwunmi Ambode, Governor of Lagos State, who was represented by Mr. Tunji Bello, the secretary to the State Government, described MSMEs as the catalyst to industrialization drive.

The Governor acknowledged the importance of MSMEs to the Nigerian economy with the Fair increasing global visibility, productivity and profitability of goods locally made in Lagos.

He stated that government will continue to formulate policies that will enhance the productivity of all businesses in Lagos and charged entrepreneurs to take advantage of such in scaling up.

Shola Adekoya, CEO of Konga Online Shopping Limited while highlighting some of the things that Konga.com brings to the table of this strategic collaboration with Lagos State government for the second year running said “It’s in Konga’s DNA to be the engine of trade and commerce in Africa by empowering MSMEs to move their businesses to the next level in the smart world.”

He identified four key areas to buttress this saying “Firstly, advertising and marketing helps get your products to many eye balls and with the millions of site visits that Konga enjoys, these MSMEs can take advantage of that to get their products to more people on the platform thereby reaching a wider market across the nation.

“Secondly, with CBN and more people clamoring for cashless system, it has become expedient for entrepreneurs to leverage on KongaPay to accept payment easily both online and offline. With Konga’s warehouses being opened up to MSMEs, you don’t get limited by the space that you have as we can now provide warehousing and logistics for you to ship across the whole of Nigeria with full insurance policy.”

Prince Rotimi Ogunleye, Lagos State Commissioner for Commerce, Industry and Cooperatives, also reiterated the benefits derived from the support of Konga last year stating “The partnership with Konga provided the avenue for exhibitors who listed on Konga platform to gain market access and global visibility which gave them opportunity to scale up. The MSME Exclusive Fair is to compliment the purchase made-in-Lagos campaign as it promotes small scale production for economic growth and employment generation for all Nigerians.”

With the MSME Exclusive Fair, Konga is poised to help MSMEs match with the fast changing technology by providing platforms that showcases their products to the entire world with just a click. Konga is providing a platform for MSMEs to sell, a payment solution that their business needs, warehousing and logistics solution that moves their goods all over the country.

Konga.com is Nigeria’s largest online mall. The company launched in July 2012 with a mission, ‘To Become the Engine of Commerce and Trade in Africa’. The company has recorded very rapid growth and in just 5 years, konga.com has built an operation that leads the market in customer satisfaction, merchandise shipped and innovation.

Konga began operations as a first party retailer investing in inventory and infrastructure to support the birth of ecommerce in the region.

The company has now evolved to become Nigeria’s most vibrant online marketplace with close to 30,000 merchants registered and selling on the platform.

With over 200,000 products listed on the site, spanning various categories including Phones, Computers, Clothing, Shoes, Home Appliances, Books, healthcare, Baby Products, personal care and much more; Konga is Nigeria’s largest online marketplace.

Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world.

So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

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New Toll Gates to be Located at Old Spots – Fashola

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The Federal Government has announced that it has concluded plans to re-introduce tolls on major highways across the country.

 

Mr. Babatunde Fashola, minister of Power, Works and Housing, while appearing before the Senate Commitee on Federal Roads Maintenance Agency on Thursday, said 38 points had been identified in the first phase of the re-introduction.

 

“Clearly, tolling is coming,” the minister told the lawmakers.

 

While saying that the new toll gates would be situated at the old spots, Fashola stated that tolls would be collected after the roads had been made motorable.

 

He said, “We are not going to ask road users to pay toll on a road that is not good. While the construction (of gates) is going on, we are working on the design. We want to standardise the design so that when we ask people to come and bid for the construction, we can control what they are going to construct. They are going to construct with the materials we have prescribed.

 

“We can also control the price so that nobody is bidding with disparage prices; there will be the floor and the ceiling. Your price will vary according to how many plazas you build and not because you claim to have used ‘foreign’ materials.

 

“The last part we are working on is the software that drives the management, audit and payment of toll. We want to use the development that has taken place between when the old toll plazas were dismantled and now. There were no GSM and payment platforms as of that time as we have cell phones and cards now. We want to make it very easy for people to go to kiosks and buy toll cards and pay tolls.

 

“It will also be easy to audit from any of our offices. We will be able to see what is going on, how many people passed, how many vehicles, and we can settle payments to operators in a very transparent and accountable way.”

 

Members of the committee decried that only N800m had been released to FERMA out of the N25bn voted to the agency in the 2017 budget.

 

They disclosed that there was a plan to move a motion next week to ask the government to release more funds for road maintenance as the Yuletide season was approaching.

 

Fashola however said releases to FERMA were suspended as the agency did not have a board for some time.

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AfDB Approves $15m Equity Investment in Africa Capital Works Fund

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The Board of Directors of the African Development Bank (AfDB) has approved a US$ 15m equity participation in Africa Capital Works Fund.

The investment will finance Sub Saharan Africa’s mid-market companies in strategically selected sectors that offer the potential to be transformed into local and regional industry champions, over a longer than usual ownership period.

Launched by the independent alternative asset manager, Capitalworks Group, is a US$300m fund, targeting institutional and professional investors across the continent.  The Fund, led by Joint Managing Partners, Beth Mandel and Nana Sao, will invest in financial services, agriculture, healthcare and manufacturing by deploying longer termed equity.

The general shallowness of African capital markets and the high cost of debt finance mean that Private Equity plays a central role in helping to unlock and grow the potential of individual companies and ecosystems.

Furthermore, mid-sized African enterprises struggle to raise the long-term capital they need to grow through the multiple phases of value creation to achieve enterprise growth and jobs.

The AfDB recognizes the significant imbalance between the supply of and demand for long-term capital in the rapidly growing and developing Sub-Sahara Africa economies and the mid-market companies within them and share ACWs’ thesis that longer-term capital offers a better way to address this imbalance.

The investment in Africa capital Works offers significant potential for development impact and helps advance the strategic agenda of the Bank’s High 5 priorities   with regards to Industrialize Africa, Integrate Africa, Feed Africa and Improve the quality of life for the people of Africa.

More specifically, the investment will support; the promotion of financial inclusion through offering affordable and improved financial services for the unbanked; gender and social benefits arising from support to smallholder farmers; private sector development through improved access to finance for mid-cap businesses; as well as enhance regional trade by investing in regional companies thereby facilitating their growth across countries and regions.

Africa Capital Works strategy is well aligned with the Bank’s Ten-Year Strategy (2013-2022) as it contributes directly to achieving the Bank’s inclusive growth vision.  It promotes the Bank’s Private Sector Development Strategy (2013-2017) by developing growth oriented enterprises as well as the Bank’s Financial Sector Development Policy and Strategy (2014–2019) whose priority is to increase access to finance to the underserved and to deepen the financial market.

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Bharti Family Pledges 10% of Wealth To Philanthropy

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By peter oluka

The Bharti Family, which has built one of India’s leading business enterprises, today pledged a part of their personal wealth for philanthropic purposes.

The Family has decided to pledge 10% of their wealth, including 3% of their stake in group flagship Bharti Airtel, towards supporting the activities of Bharti Foundation, the Group’s philanthropic arm, one of the few professionally managed philanthropic bodies in India.

With this commitment, the Bharti Family envisions to significantly step up the scope and reach of Bharti Foundation’s activities, and further enable the Foundation to develop and execute innovative development models to support the aspirations of India’s underprivileged including students of Satya Bharti Schools.

Set up in the year 2000, Bharti Foundation has grown in scale and stature, and evolved well beyond customary cheque book philanthropy to design and implement innovative development models, particularly in the area of education.

Led by a full time CEO and COO, the Foundation’s team of over 200 highly motivated professionals and approx. 8000 teachers work across multiple programs in the areas of education of approx. 240,000 underprivileged children in rural India.

Bharti Foundation has also supported the creation of Bharti School of Telecommunication Technology & Management at IIT Delhi, Bharti Centre for Communication at IIT Mumbai and Bharti Institute of Public Policy at ISB Mohali.

The Foundation has also instituted a number of scholarship programs, the prominent being scholarship for Indian students studying at the University of Cambridge, UK.

Bharti Foundation is a leading contributor to the Swachh Bharat Abhiyan that is addressing the sanitation needs of poor households in the country.

The Foundation has built approx. 18,000 toilets in Punjab’s Ludhiana making it an Open Defecation Free (ODF) district benefitting approx. 90,000 people.  Bharti Foundation has now undertaken another similar initiative to make Amritsar District in Punjab ODF with a target to build 50,000 toilets in collaboration with the Punjab Government.

With this, Bharti will become the first corporate to facilitate ODF status for two districts in the country.

Announcing the commitment, Sunil Bharti Mittal, Founder and Chairman, Bharti Enterprises and Chairman, Bharti Foundation, said, “Today is a major milestone in the journey of the Bharti Family. Being first generation entrepreneurs, we feel absolutely privileged that this nation gave us the opportunity to imagine and build world-class businesses. Bharti’s DNA has always been about creating a deep positive impact on society through our businesses, and we are proud to have contributed to the India growth story.”

“Firm believers in Mahatma Gandhi’s concept of Trusteeship, we have always reckoned that ownership of business is a social responsibility, and wealth creation cannot be an end in itself. Even when we were small in size and relatively modest with our business goals, we always aspired to be part of the wider nation building process.”

“We feel grateful every day for our good fortune and feel the instinctive and overwhelming urge to give back to the society and create opportunities for others. Bharti Foundation has done some exceptional work for uplifting the underprivileged and it stands out as a shining example of how professionally managed development arms of businesses can build innovative and sustainable models that make real and measurable difference on ground. We hope in the years and decades to come, Bharti Foundation will be able to unlock its full potential as a change agent and enable millions of fellow Indians fulfill their dreams.”

Today, Bharti Foundation also announced its plans to set up Satya Bharti University for Science and Technology to complement its existing programs in the area of education. The University will have a strong focus on future technologies like AI, Robotics, AR/VR, IoT, in addition to offering degrees in Electrical & Electronics Engineering and Management. It will be a non-profit centre of excellence and will offer free education to a large number of deserving youth from economically weaker sections.  It will also promote and fund advanced research with global linkages. It intends to add leading global industry partners, i.e. Facebook, Google, Apple, Microsoft and SoftBank among others.

Making the announcement, Rakesh Bharti Mittal, Vice-Chairman, Bharti Enterprises and Co-Chairman, Bharti Foundation said, “Having built a successful model for primary and senior schooling under Satya Bharti Schools, Bharti Family plans to build Satya Bharti University – a world-class institution, to support the higher education aspirations of India’s youth. Our aspiration is to develop it into a centre of excellence not just in India but globally.”

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