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ACT Foundation Leads Discussions On Partnership Among NGOs

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The sustainability of Social Enterprise Sector in Nigeria, depends largely, on partnership among the Non Governmental Organisations (NGOs), said speakers during Aspire Coronation Trust (ACT) Foundation maiden breakfast dialogue on Friday in Lagos.

Mr Aigboje Aig-Imoukhuede, the chairman of Coronation Capital Mauritius Ltd., and the keynote speaker at the session called on the NGOs to strive to change the world positively.

Aig-Imoukhuede who spoke on the  on the theme ”Connecting The Dots: Partnerships That Work”, said that there must be measurable impacts of the change brought forward by the organisations, as it would attract investors.

He said that NGOs were social enterprises are organisations or individuals who want to make an impact on humanity.

“Social enterprises want to do good. Some may call it charity, some may call it not for profit, but the common trend among them is that they want to do good. There is need to stimulate people’s ability to do good,” Aig-Imoukhuede said, adding that the size of giving in the United States was two per cent of the annual GDP.

According to him, in order words, in 2015, the Americans give well over $300 billion dollars to charitable organisations for the purpose of doing good.

He said that two per cent of GDP in Nigeria on an annual basis was over $10 billion. Aig-Imoukhuede called on government and well meaning Nigerians to support the NGOs, towards adding value to the society.

On his part, Mr Tunde Folawiyo, the Chairman of ACT Foundation, said that the NGOs in the country are focused on almost the same missions and targets hence the call for improved collaboration among them to impact the society better.

He said that partnership was the bedrock for greater support and sustainability in the third sector. According to him, what is most important is the value the NGOs get from working in affiliations.

“Partnership is a collaborative relationship between entities working towards a shared goal, through a mutually agreed work plan. Aspire Coronation Trust Foundation seeks to create partnership amongst the public, private and social sectors.

“Through partnerships, we, the non-profit organisations are invariably inviting influential players to buy into our dreams and vision, thereby making our goals more achievable.

“We all know the popular adage; united we stand, divided we fall, this is also applicable in the third sector. We need to connect, build and strengthen our relationship with players in the public and private sector,” he said.

Folawiyo said that as the NGOs connect the dots with players in the public, private and social sectors, they were creating a partnership which would avail them various opportunities.

He said that such opportunities included funding, support, capacity building, favourable policies that will out-live founders of the organisations.

According to him, the opportunities will help to achieve unified success, which is what the country and the world need.

“As an organisation that is passionate about creating positive social impact in our world, we realised that the change must first come from us, who work in this noble field, as well as our partners.

“ACT Foundation is a grantmaking non-profits organisation, established to support local, national and regional non-profit organisations working to address challenges and associated vulnerabilities in the African continent.

“Health intervention is at the heart of our foundation’s work, as we focus on malaria, cancer (breast, cervical and prostrate), in addition to maternal and and child health, with special focus on infants and young child feeding.

“We pay keen attention to the sustainability of our environment and this is visible through our environmental focus, which we implement through campaigning for proper waste management,” he said.

The chairman said that the high level of unemployment in the continent propelled ACT Foundation to prioritise entrepreneurship, especially in the areas of vocational education and skill acquisition.

He said that the entrepreneurship focus had provided individuals with hands-on expertise.

Folawiyo said that the foundation also drove the need for financial literacy and inclusion and leadership.

Also speaking, Ms Osayi Alile, the chief executive officer of ACT Foundation, said that there was the need for the NGOs to come together to discuss issues in the third sector.

Alile said the discuss would profer solutions on ways to handle the issues. “This is just the beginning of the conversations. We want to ensure that the sector prosper the way it should be,” she said.


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Detained Binance executive drags EFCC, NSA to court

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Binance executive Tigran Gambaryan has has dragged the National Security Adviser Nuhu Ribadu and the Economic Financial Crimes Commission (EFCC), to court alleging violations of his fundamental rights.

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In a filing dated March 18 and presented by his lawyer Olujoke Aliyu from Aluko and Oyebode Law Firm, Gambaryan sought redress before Justice Inyang Ekwo, requesting five reliefs. Similarly, Nadeem Anjarwalla, Binance’s Africa regional manager who escaped custody on March 22, initiated a separate suit before Justice Ekwo.

Gambaryan and Anjarwalla, in the suits marked: FHC/ABJ/CS/356/24 and FHC/ABJ/CS/355/24, had sued the Office of NSA (ONSA) and EFCC as 1st and 2nd respondents.

Gambaryan, a US citizen overseeing financial crime compliance at the crypto exchange platform, alleged that his detention and the confiscation of his international travel passport violated Section 35 (1) and (4) of the 1999 Constitution, constituting a breach of his fundamental right to personal liberty. He further requested the court to order his immediate release and the return of his passport. Additionally, he sought an injunction preventing further detention related to any Binance investigations and demanded a public apology from the respondents, along with costs incurred.

Gambaryan stated that he visited Nigeria on February 26 alongside Nadeem Anjarwalla, representing Binance, in response to invitations from ONSA and EFCC. Despite attending the meeting as requested, both were detained afterward without formal charges.

During the court proceedings, T.J. Krukrubo, SAN, representing Anjarwalla and Gambaryan, informed the court of the respondents’ absence despite being served. Krukrubo also mentioned their notice of withdrawal of legal representation for Anjarwalla, filed on March 26.

Justice Ekwo noted the withdrawal of legal representation and adjourned the matter to April 8 to allow the applicants to seek new representation and give the respondents an opportunity to appear.

In Gambaryan’s case, Krukrubo stated that although the processes were served on ONSA and EFCC, they still had time to respond. He requested an adjournment, indicating that the respondents’ deadline to file their applications would expire the following week.

Consequently, Justice Ekwo scheduled the next hearing for April 8 to continue proceedings.


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AXA Mansard Empowers Female SMEs with Financial, Digital Skills

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AXA Mansard, a member of AXA has empowered 200 female Small and Medium Enterprises with financial literacy and digital business skills.

In collaboration with SME 100 Africa, the two-day training, which was held in Lagos, is part of AXA’s lined-up programmes to commemorate this year’s International Women’s Day.

Speaking, Olusesan Ogunyooye, Head of Marketing AXA Mansard, said the training was aimed to empower female SME owners with skills to improve business output and position them for the increasing economic opportunities available in an increasingly digital marketplace.

Ogunyooye noted that the move was in line with AXA Mansard’s sustainability agenda, explaining that the company was convinced that support for women through its inclusive protection programmes was pivotal to its purpose of acting for human progress by protecting what matters and its mission of moving from being a payer to a partner.

He further said that focusing on digital skills was important because the company realised the importance of digital skills to the growth of the SME sector in Nigeria and wants to ensure that women were empowered enough to be a consequential part of that growth.

“It’s almost trite to say that SMEs are the engine for economic growth, especially in developing countries like Nigeria, where over 45 million adults are business owners. What needs to be continually discussed is how Nigeria is going to unlock that potential for economic development and how much of that potential will be unlocked by women and for women.”

“For us at AXA Mansard, we are aware that digital will play a major role in unlocking these current opportunities and Nigeria’s economic future. So, to ensure that women are equally represented in unlocking these future potentials, that’s why we have collaborated with SME 100 Africa to support them in developing the required skills”.

“Our choice of digital and financial literacy skills is deliberate. We understand the power of the duo. We understand that helping these SMEs with the skills to attract more customers will be a faster means to empower them.

“We see that they have amazing products and services, but they need to understand how to attract value for themselves by attracting the right customers, and you will agree with me that virtually all customer segments are online in one way or another today.

“So, if we can empower them with digital business skills, we would have helped them with the heavy lifting of trying to find and attract customers”. Ogunyooye explained.

According to him, AXA Mansard believes that for the world to experience progress truly, there must be an equitable distribution of creation and access to opportunities for men and women. This quest for balance informed the SHE for Shield initiative, a women-centred inclusive protection programme of AXA Mansard.

SHE for Shield is a group of initiatives designed for the Nigerian woman. The goal is to see them grow, add value, and help them mitigate risks at every step.

According to the company, research has found that access to health care is one of the most important things to Nigerian women, regardless of their economic segment. They desire to be financially independent, secure, and respected in the community.

 


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IFC Invests in New 4DX Ventures Fund to Support Tech Startups in Africa

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IFC is investing $10.5 million in a new fund by 4DX Ventures, a New York-based venture capital firm focused on supporting early-stage African technology companies across a broad set of sectors, including fintech, e-commerce, edtech, climate tech, and health tech.

IFC’s investment in 4DX Ventures Fund III will come from IFC’s $225 million venture capital platform, which was launched last year to strengthen emerging VC ecosystems and invest in early-stage companies in Africa, the Middle East, Central Asia, and Pakistan.

Africa is among the regions least served by venture capital, receiving just 2% of global venture deal volume in the third quarter of 2023. Access to capital on the continent has been further exacerbated by a slowdown in global venture capital investment.

Tech ecosystems are nascent, or even nonexistent, outside of more established markets such as Egypt, Kenya, Nigeria, Senegal, and South Africa.

“IFC and 4DX Ventures share the commitment to supporting tech entrepreneurs with innovations that will help Africa leapfrog in critical areas such as climate, health care, fintech, e-commerce, and education,” said Walter Baddoo, Co-Founder and General Partner of 4DX Ventures.

“We look forward to partnering with IFC to help promising tech startups build transformative businesses and realize sustainable development impact on the continent.”

4DX’s new fund will invest in companies with tech solutions that can improve productivity, efficiency and competitiveness across Africa. The firm’s first two funds invested in companies such as Egypt-based e-commerce platform MaxAB, an IFC portfolio company; Ghana-based health tech firm mPharma; and Kenya-based B2B e-commerce platform Wasoko, formerly known as Sokowatch.

“By supporting the development of tech ecosystems in emerging markets, IFC’s venture capital platform aims to improve access to key services, boost business competitiveness, and promote job creation through digital transformation,” said Mohamed Gouled, Vice President of Industries at IFC.

“Our investment in venture funds such as 4DX Ventures will help African entrepreneurs access more financing and resources they need to scale tech innovations and bolster sustainable growth across the continent.

In addition to providing capital, IFC will work with 4DX Ventures to implement their environmental and social management system.


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