News
TAC Organizes 4th Edition of the Industrial Games Challenge
The just concluded 4th edition of the Industrial Games Challenge organized by Total Automation Concepts (TAC) ltd for tertiary institutions was conducted online on Saturday, 21st December, 2024, just like the 2020 edition which took place during the COVID-19 pandemic.
The process commenced on the heels of the 32nd COREN assembly at Abuja were specific institutions were invited based on their geographical spread across Nigeria.
The project coordinator, Engr. Paul Ugoji, stated that this was done deliberately to highlight the reach of “Gamification in Learning” as a tool that can complement the traditional means of knowledge transfer in ways that can bridge the gap between various industries and the academia.
He also said, for economic development, Nigerian students should regularly have access to relevant industrial applications and information that would enable them compete comfortably with their peers globally.
The institutions that selected to participate in the 2024 edition were Covenant University, Federal Polytechnic Bida, Federal University of Technology Bida, Landmark University, Nnamdi Azikiwe University and Petroleum Training Institute while the applications utilized for the competition were Alpha 1 Petroleum Products Loading Depot and Alpha 1 Crude Oil Production Platform.
The top 2 Engineering students from each of these institutions were picked for the finals after going through a general basic online training and selection process. The first stage of the finals was a team event which involved the summation of scores obtained from students of each institution after engaging both applications.
The top 3 teams that emerged as winners were Covenant University represented by Aghanwa Daniel and Obin Ubene Egwu with a combined score of 100.0% taking first position, Petroleum Training Institute represented by Ikechukwu Divine Sobechukwu and Joseph Great scored 98.4%, took second position while Nnamdi Azikiwe University represented by Gideon Ubakwe and Francis Nwafor scored 92.0%, took third position.
The funds which make up part of the reward structure were electronically transferred to the top 3 students and the department of the first position team from Covenant University. After this stage, the main final was conducted between the 2 students representing Covenant University to decide who would take home the available laptop as the overall best player and this was picked up by Obin Ubene Egwu.
Finally, for participating in the event, all the 6 institutions received 10 one-year free licenses each for both applications to be installed in any computer of their choice. Before concluding the event, some invited industry professionals who witnessed the competition advised the participating students on how to make the best use of the opportunities they have now while in school.
The participating students then expressed their appreciation of the concept utilized for the event and hoped that the competition would be sustained on an annual basis for the Nigerian educational system.
The project coordinator thanked the students, institutions and lecturers who coordinated the students without whom the event wouldn’t have been possible.
He highlighted some of the challenges faced as internet penetration, non-uniformity of academic calendar, students access to personal computers and sponsorship but stated that he was glad that some of these issues were surmounted to an extent.
Finally, he also indicated that next year’s edition would be broader with more gamified applications covering a crude oil refining facility, waste water treatment plant, turbine power plant, spill contingency exercise and many more could be incorporated into the competition with support or sponsorship from industries covered by the project, this as earlier stated would definitely help us bridge the gap between the academia and various industries.
News
AfDB Approves Equity Investment in The Currency Exchange Fund to Support Access to Local Currency Financing Across Africa
The Board of Directors of the African Development Bank Group has approved an equity investment of USD 25 million in The Currency Exchange Fund (TCX), a global leader in offering long-term local currency hedging solutions in emerging and frontier markets.
This strategic investment will strengthen TCX’s capital base, enhance its risk-bearing capacity, and expand its ability to offer hedging instruments in illiquid and less liquid currencies across the African continent.
The transaction will help mitigate the foreign exchange risks faced by borrowers in Africa, particularly those operating in fragile states and underserved markets. TCX operates as a development-focused fund that provides tailor-made FX hedging instruments to enable local currency lending in countries where conventional hedging markets are either underdeveloped or non-existent.
The Bank’s investment will crowd in additional DFIs and private investors, reinforce Africa’s integration into global capital markets, and support sustainable growth by reducing the mismatch between the currency of debt and revenue for local borrowers.
Ahmed Attout, Director of the financial Sector Development Department, at the African Development Bank Group, stated: “This investment in TCX marks an important milestone in the Bank’s effort to deepen African capital markets and address the root causes of debt distress. The Bank’s support to TCX will unlock local currency financing for MSMEs, infrastructure and many sectors across Africa.”
He added : “The transaction forms part of the Bank’s broader objective to promote access to adequate financing through innovative alternative solutions.”
The investment builds on the Bank’s prior participation in TCX and reflects its continued confidence in the fund’s track record and impact-driven model. TCX has hedged more than USD 17 billion in notional amounts since inception, including over USD 4 billion across 31 African countries.
The Bank’s participation is expected to facilitate increased hedging volumes in priority sectors such as the public sector (Debt Management Offices and Public Development Banks), infrastructure, energy access, microfinance, and SME development. TCX also plays a unique role in fragile and low-income countries, with around 18% of its global outstanding portfolio currently focused on such markets.
Ruurd Brouwer, TCX’s Chief Executive Officer stated : “We are thrilled to welcome African Development Bank Group to TCX’s capital base, joining fellow development finance institutions, impact investors and governments that support our local currency hedging solution. It marks the start of a close partnership in protecting AfDB’s public and private sector borrowers from currency risk and promoting the development of African capital markets. We very much look forward to increasing our joint impact on the continent.”
This operation is aligned with the Bank’s Ten-Year Strategy 2024–2033. It complements the Bank’s broader capital markets strategy, which includes support for local currency bond issuance, Partial Credit Guarantees, and private sector local currency lending.
The investment is expected to deliver strong development impact. The African Development Bank remains committed to fostering resilient capital markets in Africa, supporting de-risking mechanisms for the private sector, and expanding access to local currency finance to promote inclusive and sustainable development.
Shoprite, once a beacon of modern retail shopping in Nigeria, is currently grappling with significant operational challenges as several of its stores across the country face closure or remain understocked.
Investigations reveal that Shoprite outlets in Ilorin and Ibadan have permanently shut down, while other branches, including the popular Ikeja City Mall outlet in Lagos and the Jabi Lake Mall branch in Abuja, are struggling with empty shelves and few customers. The usually bustling shopping spots now resemble shadows of their former selves, with hollow aisles and dwindling merchandise.
A staff member at Ikeja City Mall told our correspondent that the new management is in the middle of tough negotiations with suppliers that have delayed restocking. “Hopefully, when that is completed, things will return to normal,” she said, while also admitting that the impasse has stretched on for months, leaving many workers anxious about the future.
Similarly, workers at the Jabi Lake Mall branch lamented a lack of supplies for over two months, expressing fears about their job security. “Everybody here, our chest is beating because we don’t know what’s happening,” one employee disclosed.
Shoprite first entered Nigeria in 2005 and quickly expanded to multiple cities, employing thousands of Nigerians. However, a combination of rising operational costs, including exorbitant rents such as the reported ₦66 million monthly rent at the Kano Ado Bayero Mall branch, forex challenges, and fierce competition have severely affected the chain’s operations.
Despite the gloomy outlook, Shoprite management insists they are not exiting Nigeria. A spokesperson said efforts are ongoing to resolve the supply chain issues and assured that shelves would be restocked by the end of September.
Still, with two branches already closed and others appearing deserted, shoppers and workers alike are left wondering whether Shoprite can regain its footing and recapture its former dominance in Nigeria’s retail sector.
Africa’s leading neobank and foremost fintech platform, PalmPay, is celebrating six years of delivering value, impact, and reliable banking services to millions of users across Nigeria. With more than 35 million people now choosing PalmPay for their everyday financial needs, the company marks this milestone by reflecting on a journey shaped by its users.
Since its launch in 2019, PalmPay has transformed from facilitating its very first transaction into powering millions daily. Along the way, PalmPay has helped small and medium businesses scale, supported families in reaching their goals, and made everyday money management simpler, safer, and more rewarding. Its users’ trust has fueled PalmPay’s journey and continues to inspire the company’s commitment to making financial services smarter, simpler, and more inclusive.
“PalmPay was built on the belief that banking should be accessible to everyone, safe, easy, and rewarding,” said Chika Nwosu, Managing Director at PalmPay. “Over the last six years, we’ve earned the trust of our users, and their impact stories remind us that our solutions are not just about technology, but enabling smarter banking habits tailored to individual needs.”
To celebrate this milestone, PalmPay is launching the Lucky Wish Campaign, running from September 12 – 29th, 2025. The campaign will spotlight user stories, reward loyal customers with Apple AirPods, iPhone 17 Pro, Samsung A16, and highlight impact data, to showcase the trajectory of the brand’s impact since its launch in 2019.
In addition, the ongoing Hustle Grant Campaign continues to spotlight ambitious entrepreneurs leveraging PalmPay’s solutions. As part of the celebrations, 9 final winners will be announced in phases with the final announcement scheduled for September 26th. Each of these winners are set to receive N500,000 to support and grow their businesses, further amplifying the celebrations and reinforcing PalmPay’s user-centric approach to marking this milestone.
As PalmPay looks ahead, the company remains focused on powering the future of smarter banking and driving impact across its diverse user base.
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