News
NITDA to Showcase Six ICT Innovation Startups @ GITEX 2018
National Information Technology Development Agency (NITDA), in its continuous efforts to foster the growth of the technology ecosystem, plans to showcase the country’s ICT innovation at this year’s Gulf Information Technology Exhibition (GITEX 2018).
GITEX is an annual Information and Communication Technology trade show, exhibition, and conference that takes place at the Dubai World Trade Centre, Dubai, United Arab Emirates.
In a statement released on Thursday by Mrs Hadiza Umar, head, Corporate Affairs and External Relations, National Information Technology Development Agency, stated that the agency’s aim at this year’s GITEX is to showcase the global technological advancements and innovations in the domain of consumer electronics.
According to her, “The event provides a platform for accelerating investment-ready startups; expose them to international investors, networking opportunities, partnerships and access to witness emerging technologies that are changing the world.
“Previous attendance has recorded several successes with Nigerian startups coming top in pitching sessions and winning cash prizes as well as acceleration opportunities.
“Generally, startups have reported encouraging feedback on the effect of GITEX to their businesses.
The statement further states that “NITDA’s subsidiary, the Office for ICT Innovation and Entrepreneurship (OIIE), coordinates startups’ participation at the event.
“This year, the process started with a call for pitch deck submission from technology and technology enabled startups on 24th July 2018 through our websites, social media platforms, tech and traditional media, broadcast messages and emails to all attendees of previous NITDAs events.
“Due to the wide reach of the call for application, over 500 submissions were received.
“The rigorous selection was carried out in three stages with judges drawn from Government MDAs, Technology Hubs, academia, investors, professional associations and the ICT industry.
In the first stage, idea stage startups were disqualified, resulting into the short listing of 143 startups with technology products or technology enabled enterprisers for the second stage.
The second stage of the selection was a critical review of the successful stage one pitch decks based on criteria such as innovativeness, the startup is solving a real life problem, business model, traction, competitive advantage and team structure.
In the third and final stage, online pitching was conducted for two (2) startups from each region and the best six (6) startups emerged and represent the 6 geopolitical regions.
The successful startups are:
- Arone(SE) -A technology, transport and logistics company to solve the problem of lack of accessibility to medical supplies.
- Beepower (NE) – The product allows the use of one single source to power up multiple devices with different power requirements.
- Domenium (SS)- A solution designed to help police obtain evidence for crimes.
- Max (SW) – A technology, transport and logistics company that makes moto-taxis safe, efficient, and accessible to users in West Africa.
- Off-k.com(NW) –An online platform that helps students conveniently locate and securely pay for accommodation off campus.
- Wattlinq (NC) – A power technology with a website which provides services that monitors and manages energy availability and usage in homes.
Startups will undergo a one week bootcamp with seasoned resource persons in the ecosystem to equip them with state of the art skills to get the best of GITEX.
To ensure continuous support of the ecosystem, the story for startups who did not make the GITEX list does not end there, 10 startups from the GITEX submission were selected to participate in Startup Friday, Abuja, which will take place on 30th October 2018.
Twenty (20) more were selected for eNigeria, scheduled for 5-7thNovember, 2018.
Both events will also provide startups opportunities to pitch to investors, sponsorship for incubation, training on key entrepreneurship skills, access to network and a cash prize for the best startups.
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.
- News3 days ago
QNET Raises Alarm over Fraudulent Use of Foundation’s Name in Nigeria
- News3 days ago
SoftTalk Messenger Introduces Chat and Make Calls without Sharing your Phone Number
- Telecom2 days ago
Starlink Users in SA to be Cut Off April 30
- Telecom2 days ago
NCC Advises Subscribers to Opt for Strong Passwords to Beat Hackers
- Broadcasting2 days ago
Canal+ Offer for MultiChoice Gains Shareholders’ Support
- E-Financial2 days ago
Fidelity Bank Reports N124.3Bn Pre-Tax Profit for 2023
- Telecom3 days ago
9mobile Clinches 2 Trophies at the Prestigious SABRE Awards 2024
- E-Business2 days ago
Expert Urges FG to Harmonise NIN, BVN to Tackle Crimes