News
QNET, Partners Award over N2m Prize to FinGreen Phase 2 Winners
QNET on Wednesday celebrated the graduation ceremony of the second phase of its FinGreen financial literacy program in Lagos, Nigeria.
This is an essential milestone in the firm’s commitment to empowering individuals and communities through the power of financial knowledge, the FinGreen graduation ceremony was a fitting tribute to the dedicated participants who completed the second phase of the program.
These individuals have gained invaluable financial knowledge and skills, propelling them toward a future where they can make informed financial decisions and manage their resources effectively.
Biram Fall, Regional General Manager of QNET’s Sub-Saharan Africa region, expressed immense pride in the impact achieved by FinGreen Nigeria in just two short months. He highlighted the interactive workshops and the unique train-the-trainer approach that empowered 25 FinGreen Ambassadors to educate over 750 young individuals in essential financial principles through the peer-to-peer module.
“This initiative not only imparts practical insights into budgeting, savings, investment, and entrepreneurship but also cultivates informed decision-making. We firmly believe in promoting entrepreneurship and enhancing financial inclusion among youths to fuel economic growth and development, and the success of FinGreen Phase 2 stands as a testament to this commitment. Our heartfelt encouragement goes to the beneficiaries to become knowledge beacons, sharing their learnings within their communities,” he said.
FinGreen, QNET’s signature Corporate Social Responsibility (CSR) program in Nigeria, aims to equip Nigerian youths and women with the financial literacy skills needed to achieve financial freedom. It seeks to train 6,000 young Nigerians in essential financial skills, including saving, budgeting, investment, entrepreneurial employability, and identifying financial opportunities.
Ajisafe Abiodun Hakeem, CEO and Managing Director of Transblue Nigeria Limited, shared his vision for FinGreen, which extends far beyond the initial goal of training 6,000 individuals. He emphasized that true economic impact in Nigeria can only be achieved by equipping citizens with the right financial knowledge. By doing so, people can make informed decisions, even in challenging economic times.
The execution of this training program, which aligns with the United Nations SDGs and the Addis Ababa Agenda to provide adequate skills and proper developmental training for all, particularly for youth, women and entrepreneurs, was made possible through invaluable partnerships.
Financial Literacy For All (FLFA), the program’s Content and Training partner, played a commendable role in developing all the training materials. They also conducted the Training of Trainers (ToT) workshop for the 25 alumni who would become FinGreen Ambassadors.
Another crucial partner, the Consumer Advocacy and Empowerment Foundation (CADEF), was responsible for recruiting, assessing, and tracking the participants’ performance. Their efforts were instrumental in monitoring learning outcomes and gauging development in various areas.
One of the standout features of FinGreen is its peer-to-peer training model. Young participants are trained to become FinGreen Ambassadors, who, in turn, train others within their communities. This ripple effect is at the heart of Fingreen’s mission to alleviate poverty in Nigeria.
FinGreen’s success is evident in its remarkable achievements. In its inaugural phase, 20 Ambassadors were trained, and they went on to train 572 participants. Now, in Phase 2, 25 Ambassadors have emerged, and over 700 participants have received training in their communities. In total, FinGreen has empowered around 1,500 young people across Lagos, Ogun State, Osun, and Oyo states.
Professor Chiso Ndukwe-Okafor, Executive Director at CADEF, highlighted the importance of educating individuals not only in financial literacy but also in understanding that wealth encompasses physical, emotional, financial, and spiritual well-being. This holistic approach to wealth creation is what can drive lasting change.
“The reason a lot of us don’t understand what to do with what is in our hands is because most of us have not been taught. Being taught financial literacy, it’s very important for everybody.
“They say in Nigeria we have a lot of problems which means there’s a lot of solutions waiting to be developed. Every problem has a solution or more than one solution.
“So this is creating opportunities in people’s minds to see and focus on solutions, not problems. Starting here, it’s something that takes us way ahead into the future of Nigeria,” she noted.
Laja Shoniran, Executive Director of Financial Literacy for All, recognizes the dire need for financial literacy not only in Nigeria but across Africa. In contrast to countries like the United States, where financial literacy is highly promoted, there’s a lack of stability in financial education programs in Nigeria. The work being done by FinGreen is poised to change that narrative.
“Financial literacy is very key to every one of us no matter what level you are. Unfortunately, all across the world, it’s in dire need. In America, they have a whole month dedicated to financial literacy. That’s to tell you how important it is. But in Nigeria and Africa at large, we don’t have such, although some African countries such as Namibia, Ghana and Nigeria have tried it, but it’s not stable.”
FinGreen is Investing in the Future
Among the graduates of the program, three participants stood out for their exceptional performance during peer-to-peer training. They were awarded seed funding and e-learning vouchers for courses on QNET’s learning platform. The first runner-up received N500,000, the second runner-up received N750,000, and the winner received N1 million.
Temitope Glory Adesemowo, the program’s winner, is determined to pass on the legacy of wealth creation to the next generation. She recognizes that true wealth is not just about being rich; it’s about creating a lasting impact through wise investments and financial discipline.
On what made her standout, she said: “I was myself all through the program, not trying to impress. I had my mind set on doing this and doing this well, my priority was not about me doing it well, but making sure that my students understood what I was going there to do. Even when it wasn’t convenient for me, I had my mind set up on these people understanding what I was going there to do. I achieved that.”
She attributes her success to her mentors and supportive family who played an important role in her journey.
“The seed capital is not just about creating an initial boost; it’s about setting an example,” Ajisafe Abiodun Hakeem, CEO and Managing Director of Transblue Limited said. “QNET and Transblue recognize that entrepreneurship and self-reliance are key to economic growth. Therefore, they support participants through internships and mentorship until they can start their businesses.”
FinGreen’s second-phase graduation is not just a celebration of individual achievements but also a reiteration of the transformative power of financial literacy. QNET, Transblue, and partners are lighting the way toward a brighter and more financially empowered future for Nigeria’s youth. Through knowledge sharing, mentorship, and a commitment to fostering entrepreneurship, they are sowing the seeds of economic growth and sustainable development in the nation.
Sapphire Technologies, energy recovery systems specialist has formed a strategic partnership with Horizon Shores Nigeria Ltd., marking its entry into the African market.
Sapphire Technologies said in a media release that the collaboration will enable the deployment of its FreeSpin In-Line Turboexpander technology, an energy recovery system designed to capture and convert otherwise wasted pressure energy into clean electricity.
Through the partnership, Sapphire Technologies said it aims to provide clean power solutions across Nigeria’s midstream and upstream sectors. The solutions will enable oil and gas operators to enhance energy efficiency, reduce carbon emissions, and improve economic outcomes, the company said.
“Our partnership with Horizon Shores is a milestone for Sapphire Technologies as we expand into one of Africa’s most dynamic energy markets”, said Freddie Sarhan, CEO of Sapphire Technologies.
“By leveraging our FreeSpin In-line Turboexpander technology, Nigeria could see significant gains in energy efficiency and economic resilience, reducing dependence on traditional power sources and fostering a greener future”.
Nigeria is a significant player in the global oil and gas market, with an estimated 37.5 billion barrels of crude oil and 209.26 trillion cubic feet of natural gas reserves, Sapphire Technologies noted.
The country’s oil and gas market is expected to reach a production capacity of 4.6 billion cubic feet per day in 2024, highlighting its potential for further growth, the company said.
This context underscores the importance of Sapphire Technologies’ partnership with Horizon Shores in bringing clean energy solutions to this dynamic market, it said.
“This partnership with Sapphire Technologies allows us to integrate state-of-the-art energy recovery systems, meeting Nigeria’s energy needs while supporting our commitment to environmental sustainability”, said Oluseun Olusola of Horizon Shores Nigeria Ltd.
“With Sapphire’s FreeSpin technology, we’re opening new pathways to decarbonize our industry while achieving long-term economic benefits”.
Sapphire Technologies and Horizon Shores plan to deploy over a dozen turboexpander projects in Nigeria over the next three years.
News
Jiji Honoured as Best in Retail Range Excellence, Unveils Mega Black Friday Discounts Across categories
Jiji, Africa’s online marketplace, has been awarded the prestigious title of “Best Retail Organization in Range Excellence” at the Africa Retail Awards 2024.
The event was hosted by the Africa Retail Academy and Lagos Business School – Pan Atlantic University in partnership with Nairametrics and KPMG.
This accolade highlights Jiji’s exceptional dedication to delivering a wide and diverse product range that meets the needs of millions of buyers and sellers across Nigeria.
The recognition comes as the organisation gears up for its biggest sales event of the year – Black Friday 2024. With the award highlighting the organisation’s vast product offerings, this year’s Black Friday campaign promises to be the most exciting yet for shoppers seeking unbeatable deals across various categories.
Statistics by the National Retail Federation predicts that holiday spending will grow 2.5-3.5% YoY this 2024, reaching around $985 billion, while online shopping is expected to increase 8-9% YoY by end 2024, reaching around $296 billion in sales.
What’s the deal this Black Friday?
To celebrate its win and further demonstrate commitment to Nigerian consumers, Jiji is launching a Black Friday campaign featuring jaw-dropping discounts of up to 85% across its product categories.
Starting from today until November 29, 2024, shoppers can take advantage of significant savings on everything listed on Jiji from smartphones and electronics to fashion, furniture, and beauty products.
“We’re honoured to receive the ‘Best Retail Organization in Range Excellence’ award. This recognition reflects our dedication to offering an expansive selection of products that cater to diverse consumer needs,” – Majolie Obaje, Regional head of PR & Marketing, Jiji
“As we kick off our Black Friday campaign, we’re excited to give our customers access to incredible deals across over 15 categories. We remain committed to promoting the power to bargain, affordability, and convenience for our 12m+ users on Jiji. Customers all over Nigeria are set to save big while they get more value for their money.” – Majolie Obaje, Regional head of PR & Marketing, Jiji
What should shoppers expect?
Jiji has teamed up with verified top sellers to bring exclusive offers, providing a wide range of discounted items across categories including popular ones like:
Phones & Tablets: Buyers can explore incredible prices on smartphones, tablets, laptops, and gaming consoles. Verified sellers are offering discounts of up to 85%, making it the perfect time to upgrade tech devices for less.
Fashion: Shoppers looking to revamp their wardrobes will find unbeatable deals on outfits, shoes, and accessories. Jiji’s fashion category offers everything from trendy streetwear to luxury items at fantastic discounts.
Home, Appliances & Furniture: Customers can elevate their living spaces with affordable furniture, home appliances, and air conditioners, all available at up to 85% off. It’s a prime opportunity for families to enhance their homes at pocket-friendly prices.
Health & Beauty: Luxurious fragrances, skincare products, and makeup essentials are all on sale, with significant markdowns that make it easy for beauty enthusiasts to grab their favourite items without breaking the bank.
Exclusive Black Friday shopping tips for buyers?
To ensure customers get the best out of this year’s Black Friday campaign, Jiji offers dedicated landing pages to their favourite items where they can easily discover the hottest deals. The company also advises shoppers to:
Search early and frequently: New deals are added regularly, so checking in often will help buyers get the most desired items.
Act fast: With limited-time offers and high demand, products may sell out quickly.
Prioritise safety: Jiji emphasises the importance of following its safety tips when completing transactions. The platform encourages buyers to meet with sellers in public places, inspect items to be sure they meet their request, and only pay if satisfied.
What’s the impact on Nigeria’s e-commerce industry?
Jiji’s unique approach to offering a broad product range at competitive prices and its meet-inspect-pay model have been instrumental in shaping Nigeria’s e-commerce space.
This Black Friday, the platform’s campaign not only reinforces its position as a market leader but also highlights the growing trend of online shopping among Nigerian consumers. Reports show consumers are increasingly concerned that in-store prices are not competitive with online prices, with 20% of consumers saying they’ll increase their online spend this 2024.
Jiji’s recognition by the Africa Retail Awards comes at a time when consumer expectations are evolving. There’s now a strong preference for platforms that provide variety, convenience, and value.
The organisation’s ongoing efforts to strengthen the platform, and its strategic collaborations with top sellers, reflect its adaptability to market trends and commitment to delivering a superior shopping experience.
Economic and Financial Crimes Commission (EFCC) has arrested Timber Kesiye Wabote, the former Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), over allegations of misappropriating $35 million in public funds linked to the failed Brass Project in Bayelsa State.
Wabote’s arrest follows the earlier detention of Akintoye Adeoye Akindele, the Managing Director of Atlantic International Refinery and Petrochemical Limited, who faces charges of money laundering, misappropriation, and diversion of funds.
The investigation centers around a project that was meant to develop an Energy Infrastructure Park in the Okpoama Community, Brass Local Government Area, Bayelsa State, including a refinery, jetty, gas plant, power plant, data center, and tank farm with the capacity to process 2,000 barrels of oil per day. NCDMB, under Wabote’s leadership, had reportedly provided counterpart funding of $35 million for the initiative.
However, the project was abandoned in December 2020 with minimal progress made despite the substantial funds allocated. Investigations revealed that Akindele was paid the $35 million by NCDMB to oversee the construction of the refinery and associated facilities. The funds were reportedly misappropriated, leaving little to show for the investment.
Preliminary findings suggest that Wabote, during his tenure as NCDMB Executive Secretary from 2016 to 2023, was involved in multiple such investments, including the Brass Free Trade Zone initiative. Wabote’s arrest is tied to the mismanagement of the $35 million intended for the refinery project.
The EFCC is currently holding Wabote at its Abuja facility, while investigations continue into the case, with other suspects also under scrutiny.
EFCC spokesman, Dele Oyewale, confirmed Wabote’s arrest on Wednesday but declined to provide additional comments on the matter.
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