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JABU Pro Chancellor Commends Aladekomo, Chams

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(L-): Professor Anthony Imevbore, pro chancellor, Joseph Ayo Babalola University (JABU), Demola Aladekomo, group managing director and chief executive officer, Chams Plc, with Dr. Oluwawemimo Odunaiya (FCA) Chancellor, JABU,  during the 2nd Oladele Olashore Memorial Lecture at the University Campus in Ikeji-Arakeji in Osun State recently.
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Professor Anthony Imevbore, emeritus professor and Pro-Chancellor of Joseph Ayo Babalola University (JABU), has said Demola Aladekomo, group managing director, Chams Plc, and Chams Group still have more to contribute to Nigeria’s economic growth notwithstanding close to three decades of eminent service to the nation.
 
Professor Imevbore called on JABU students and the Nigerian youth at large to emulate the inspiring lives of Aladekomo and other successful Nigerian entrepreneurs who have contributed and are contributing immensely to the growth and development of the Nigerian economy.
 
JABU is Nigeria’s first ICT-driven entrepreneurial university which seeks to equip students with entrepreneurial skills irrespective of their basic academic pursuits, in order to make them self-sufficient, self-reliant, competent, and efficient employers of labour and adding value to our national economy. 
 
The Pro-Chancellor made this call during the 2nd Oladele Olashore Memorial Lecture at JABU in Ikeji-Arakeji, Osun State at the weekend.

He said, “We are indeed blessed to have Mr Demola Aladekomo, a seasoned entrepreneur on the podium sharing his entrepreneurial journey and success tips with us as the keynote speaker at the 2nd Oladele Olashore Memorial Lecture. From the deep education given to us on entrepreneurship today which is in alignment with the JABU vision, there is no reason why some of you here should start writing job applications after graduation.
 
“You have been given all the tips, all you need to be a successful entrepreneur just like the Late Oba Oladele Olashore and Mr Aladekomo, our guest speaker. Nothing compares to learning from an individual who discusses a topic of interest from life experience. The guest speaker is a resourceful Nigerian who has contributed immensely to the national economy and still has a lot more to contribute to the growth of this country,” Professor Imevbore said.
 
Delivering his keynote address entitled “The Entrepreneur as a Nation Builder”, Aladekomo lauded the commitment of the vision bearers of Joseph Ayo Babalola University to equipping undergraduate students with entrepreneurial skills irrespective of their basic academic pursuits.

He said, “It is indeed delightful that Joseph Ayo Babalola University is striving to produce a new generation of youths that are self-sufficient, self-reliant, and competent. Youthful entrepreneurs drive the economy of the United States.

America’s 25.8 million small businesses employ more than 50 percent of the private workforce, generating more than half of its national gross domestic product. Nigerian youths must imbibe same culture of entrepreneurship and stop differentiating between opportunities in the formal and informal, believing the latter is for illiterates. Without an upsurge in youth enterprise, our national economy cannot attain its true potential.”
 
The Group Managing Director of Chams Plc added that “It is ironic that we have lots of unemployed graduates when there are lots of societal needs that are not being met in the Nigerian market.

“Could it be lack of ideas or the false belief that entrepreneurs are born and not made that keep our youths searching for elusive jobs when the export market for cassava is grossly underserved? The scenario is the same across thriving sub-sectors of the national economy with an increasingly ageing workforce in which opportunities abound for energetic youth and new ideas.

“Entrepreneurs are created through education, experience and mentorship. They were not born with entrepreneurial insight, ability and skills which make them exceptional.

“With the right skills and attitude, any Nigerian youth with ambition and ideas can go far because of the existing limitless opportunities in the market. Nigeria represents an exceptional and extremely exciting opportunity for young and smart entrepreneurs with guts.” 
 
On his part, Professor Sola Fajana, Vice Chancellor, Joseph Ayo Babalola University said “the guest speaker, Mr Aladekomo has treated us to a life inspiring lecture which is more beneficial to the largely youthful audience in attendance. We are going home with message that wherever there is a need, there is need for enterprise; and by satisfying the need, your create value which includes employment and wealth. We are delighted to have Mr Aladekomo here to encourage our community of youths to make a difference just like the late Oba Oladele Olashore whose memory is being honoured today.”‎


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EFCC Arraigns Two FSDH Bank Officials Over $307k, €50k Fraud

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Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC), Ikoyi, Lagos, on Tuesday, March 3, 2026, arraigned two bank officials, Bakare Oladimeji Surajudeen and James Olukayode Imokwede, over an alleged $306,667.81 and €50,250 fraud before Justice Ismaila Ijelu of the Lagos State High Court sitting in Ikeja.
EFCC Arraigns Two FSDH Bank Officials Over $307k, €50k Fraud

EFCC

The defendants, who are both top officials of FSDH Merchant Bank Limited, were arraigned on a 10-count charge bordering on alleged stealing and retention of stolen property to the tune of $306,667.81 and €50,250.
The petitioner, FSDH Merchant Bank Limited, alleged that an internal audit uncovered unauthorized debits totaling $306,667.81 and €50,250, equivalent to N527,406,916.66 (Five Hundred and Twenty-Seven Million, Four Hundred and Six Thousand, Nine Hundred and Sixteen Naira, Sixty Six kobo), from its Letters of Credit (LC) payable accounts.
Investigations revealed that the defendants processed fraudulent transfers through the SWIFT platform to third parties.
One of the counts reads:
“That you, BAKARE OLADIMEJI SURAJUDEEN and JAMES OLUKAYODE IMOKWEDE, sometime in 2021 in Lagos within the jurisdiction of this Honourable Court, dishonestly took the sum of N527,406,916.66 (Five Hundred and Twenty-Seven Million, Four Hundred and Six Thousand, Nine Hundred and Sixteen Naira, Sixty Six kobo), property of FSDH Merchant Bank Limited.”
Another count reads:
“That you BAKARE OLADIMEJI SURAJUDEEN AND JAMES Olukayode Imokwede sometime in 2021 in Lagos within the jurisdiction of this Honourable Court dishonestly took sum of $306,667. 81 (Three Hundred and Six Thousand, Six Hundred and Sixty Seven dollars, Eighty one cents) property of FSDH Merchant Bank Limited”.
The defendants pleaded “not guilty” to all the charges preferred against them.
Following their pleas, prosecution counsel, H. U. Kofarnaisa, asked the court for a trial date and also prayed that the defendants be remanded in a Correctional facility pending trial.
Counsel to the first and second defendants, Oluwaseun Akintunde and Olajide S. Onasanya, informed the court that bail applications had been filed on behalf of the defendants and also urged the court to grant them bail on liberal terms.
They also prayed that the defendants be remanded in the EFCC custody pending the perfection of their bail conditions.
The prosecution counsel, however, opposed the prayers of the defence seeking the remand of the defendants in the EFCC custody, saying that “the EFCC detention facilities are overstretched.”
After listening to both parties, Justice Ijelu granted the defendants bail in the sum of N2 million each, with two sureties in like sum.
The court ordered that one of the sureties must be a relative, who is gainfully employed.
The sureties must provide evidence of tax payment in the last three years and must show proof of livelihood, with their residences verified.
The defendants were ordered to deposit their international passports with the court, and must not travel outside the country without the leave of the court.
The judge subsequently remanded the defendants in a Correctional facility pending the perfection of their bail conditions.
Justice Ijelu adjourned the matter till March 25, 2026, for the commencement of trial.

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AfDB Supports Francophone Africa Start-ups with €6.5M

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The African Development Bank Group last week approved an investment of €6.5 million in the Saviu II fund in order to support technology start-ups through their seed phase and first institutional fundraising, mainly in French-speaking Central and West Africa.

The Bank will invest €4.5 million as equity and €2 million as a first-loss hedging tranche on behalf of the European Commission, under the Boost Africa Programme.

This participation of the Bank Group will enable the Saviu II fund to give priority to companies with a strong technological or digital component.

Saviu II, the second investment vehicle of Saviu Partners, plans to invest between €500,000 and €3 million in about 20 technology or technology-oriented business-to-business start-ups in the seed phase or carrying out first institutional fundraising.

The Saviu II venture capital fund aims to make at least 60% of its commitments in the French-speaking countries of West and Central Africa: Côte d ‘Ivoire, Cameroon, Benin, Senegal, Togo, Burkina Faso and Mali.

The fund can also co-invest in promising technology companies in East Africa that have a strong team and business model, and whose strategy includes entering the market in French-speaking West African countries and establishing a strong presence there.

In addition, the fund will devote a dedicated envelope to pre-seed investments, focusing on minority equity investments, usually in co-investment with studios, incubators or other ecosystem partners.


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Nigeria Inks $1.3bn MoU with AFC for Alumina Refinery, Mining Push

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Nigerian Government has signed a $1.3 billion Memorandum of Understanding (MoU) with Africa Finance Corporation (AFC) via the Solid Minerals Development Fund (SMDF) to fund an alumina refinery, national geoscience mapping, and a strategic investment vehicle for mining growth.

Nigeria Inks $1.3bn MoU with AFC for Alumina Refinery, Mining Push

Special Assistant to the Minister of Solid Minerals Development, Segun Tomori, said the refinery will process one million tonnes of bauxite yearly using a modern Bayer process, powered by an on-site gas-fired cogeneration plant.

Minister Dele Alake called it a transformative milestone boosting GDP, aligning with reforms that improve investment climate, regulations, and licensing to attract private capital. He directed agencies to fast-track permits.

The 20-year project at 95% utilization eyes 19 million tonnes total output, $1.2 billion annual GDP addition, $25 billion economic impact, and $8 billion forex earnings, per feasibility studies.

SMDF Executive Secretary Fatima Shinkafi termed it the agency’s biggest funding deal, supporting value-addition policy.

The partnership extends to geoscience mapping for mineral data, de-risking exploration, and a joint vehicle for mining assets.

Permanent Secretary Engr. Farouk Yabo praised the reforms. Shinkafi signed for government; AFC’s Franklin Edochie for the corporation, witnessed by AFC CEO Samaila Zubairu.

Tomori positioned it as Nigeria’s largest private mining investment and FDI magnet.


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