News - Afrikan Heroes

Nila Yasmin of Uganda Wins the 2019 APO Group African Women in Media Award

October 31, 2019

Ugandan journalist Nila Yasmin has won the inaugural APO Group African Women in Media Award announced last night at the 5th Africa Women Innovation and Entrepreneurship Forum (AWIEF) hosted at the Cape Town International Convention Centre (CTICC) on 29-30 October 2019. AWIEF is a prestigious annual event that sees global thought leaders, industry experts, policymakers, academics, development organisations and investors gather to dialogue, connect, network, share, collaborate and transact in a combined effort to boost Africa’s entrepreneurship ecosystem for women.

Ugandan journalist, Nila Yasmin

The Award according to the organizers, recognises, celebrates and empowers African women journalists who support female entrepreneurship in Africa was instituted to help bring attention to efforts being made by African women to create wealth and sustain their families and communities. The jury voted Nila Yasmin as the winner for her article “Aweko Faith Is Turning Uganda’s Waste Into Wealth”.

The trophy was handed over to Nila during the AWIEF awards ceremony and Gala Dinner by the Founder and Chairman of APO Group, Nicolas Pompigne-Mognard. She will also be bestowed with a USD 2,500 cash prize, an all-expenses paid trip to a prestigious International Women’s Forum, and online courses from one of the most respected international universities.

Nila Yasmin is a journalist who uses media and art to empower women. She worked as a news anchor for 7 years, anchoring English news on some of the most reputable radio stations in Uganda like Record Radio and HOT100. She retired from radio in December 2018, to start her own media company GLIM, a lifestyle women empowerment brand that celebrates and empowers women. She is also working with Media 256, a media production company in Uganda contracted by CNN to produce CNN African Voices and CNN Inside Africa.

Speaking on the development, Lionel Reina, CEO of APO Group said, “We would like to congratulate Nila Yasmin on winning the 2019 APO Group African Women in Media Award. The APO Group African Women in Media Award is part of our commitment to supporting the development of journalism on the continent. We were delighted to present this award at AWIEF in Cape Town as we celebrated women in journalism and entrepreneurship.”

Earlier this year, Ugandan journalist Isaac Khisa won the APO Group invitation to attend the 2019 Africa Hotel Investment Forum (AHIF). Cameroonian journalist Monica Nkodo won APO Group invitation to attend the 2019 EurAfrican Forum, one the most prestigious EU-Africa events. Nigerian journalist Oluseyi Awojulugbe also won the APO Group invitation to attend the African Development Bank’s 2019 Annual Meetings.

The three previous recipients of the AfricaCom invitation were science journalist Aimable Twahirwa from Rwanda, journalist John Churu from Botswana and journalist Lilian Murugi Mutegi from Kenya. In September 2016, reporter Aggrey Mutambo from Kenya won APO Group’s invitation to attend the Africa Hotel Investment Forum (AHIF), the leading hotel investment conference in Africa. In October 2018, Online News Editor Frank Eleanya from Nigeria won APO’s invitation to attend the Web Summit, the Largest Tech Conference in the World.

APO Group also sponsors the APO Energy Media Award and the APO Media Award where a journalist wins $500 a month for one year, one laptop and one intercontinental flight ticket to a destination of his or her choice as well as one year of access to over 600 airport VIP lounges.

The members of the jury were for last night’s event are Mrs Aïda Diarra, Senior Vice President for Sub-Saharan Africa at Visa, Mrs Rukmini Glanard, Executive Vice President Global Sales and Marketing at Alcatel-Lucent Enterprise, Mrs Bola Adesola, Senior Vice-Chairman at Standard Chartered Bank Group, Mr Lee Martin, Senior Vice President, Global Strategic Development at Getty Images and Mr Nicolas Pompigne-Mognard, Founder and Chairman of APO Group.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry.

Nigerian Businessmen in Ghana Reject Calls to Return Home

A cross section of Nigerian businessmen in Ghana have dismissed as a joke, the admonitions of the Nigerian High Commissioner to Ghana, Amb Olufemi Michael Abikoye urging them to return back to Nigeria. The Ambassador who made the call during an interactive session with Nigerian businessmen in Ghana said that conditions in Nigeria is far better than what it used to be.

Ambassador Abikoye told Nigerian citizens particularly those doing businesses in Ghana to return home since the economy of Nigeria is now in a good shape

“Things are getting better in Nigeria and I can assure you. ..And I don’t see any reason why we should not be proud of Nigeria”, the High Commissioner admonished in a meeting with the members of the Nigeria Union of Traders Association Ghana (NUTAG) in Kumasi, Ghana.

The meeting was a fallout of recent developments in Kumasi where shops owned by Nigerians at Suame in Kumasi, the capital of the Ashanti Region, were recently ransacked by raucous Ghanaian youths in the early hours of Wednesday, 19 June 2019 by the locals to register their displeasure against a decision by the Ghana Union Traders Association (GUTA) to reopen closed Nigerian retail shops.

However, the businessmen say that what they expect the Nigerian government to do is to engage their Ghanaian counterpart in ways to address the attacks by Ghanaian youth, and also pay compensation to those whose wares were destroyed. They noted that there is no way every Nigerian will return home, and that it is even in the interest of Nigeria that her citizens are making exploits abroad and remitting funds home.

They therefore called on the Nigerian government to engage their Ghanaian counterpart in resolving the issues insisting that some business laws in Ghana go against the ECOWAS Protocol.

Speaking on the development during the Sensitization and Interactive Session with Ashanti Regional Security Council, the Ambassador said that anywhere in the world when you hear any two Black Men making an achievement, it is either the two are Nigerians or at least one other is

Nigerian traders closed their shops temporarily on Friday, 14 June 2019 over what they described as attacks from their Ghanaian counterparts.

The Ghanaian traders argue that they are only enforcing the laws of Ghana which bar foreigners from engaging in the retail sub-sector, a preserve of Ghanaians.The rampaging youth, who wore red bands and attires, also lit car tyres as part of their protest.

The Ghanaians also expressed anger about the kidnapping scourge in the country which they claim involves Nigerian suspects.
They, therefore, resolved and threatened to deal with the Nigerians since the authorities have not been able to intervene in the matter.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry.

Ghana ’s Govt Introduces Programme To Help Businesses Benefit From AfCFTA

Ghana ’s government has introduced a new programme to support Ghanaian businesses to take full advantage of the African Continental Free Trade Area Agreement (AfCFTA). Code-named Business Regulatory Reform Programme, the new programme seeks among other things, to strengthen local industries to make them competitive and help make Ghana’s business environment the most transparent and efficient in Africa.

‘‘The programme would ensure a Rolling Review of business regulations, using Regulatory Guillotine principles, which is a functioning e-Registry and Consultations Portal that will enable Ministries, Departments and Agencies to carry out systematically rolling reviews of regulations, in order to reduce turnaround times and the cost of compliance,” Ghana’s President Akufo-Addo said.

Here Is All You Need To Know

The Business Regulatory Reform Programme is a three-year initiative coordinated by Ghana’s Ministry of Trade and Industry, and implemented in partnership with other stakeholders.
The programme, aimed at improving the business atmosphere in the country, consists of seven components, President Akufo-Addo said.
The first component under the programme targeted reform initiatives which would ensure that Ghana’s position in the annual ‘Doing Business Ranking’ improved significantly.

Establishment of A One-Stop Registry

Additionally, Akufo-Addo said a one-stop registry of all business regulations would be established under the programme.
The purpose of the one-stop registry, according to him, is to ensure that the inventory of business-related acts, legislative instruments, regulatory notices and administrative directives are available at a single electronic registry.

“This will provide businesses with an easily accessible, one-stop repository of up-to-date information on all business regulations in the country,” he said.

Establishment of an Interactive Web Portal

Another component under the Business Regulatory Reform Programme is the establishment of an interactive web portal for public consultation with the government on business related policies and legal and regulatory changes.

“Minimum standards for transparency in public consultation will be introduced, including a consultations schedule published on the portal with timelines for receiving inputs from interested stakeholders,” the President said.

Introduction of Impact Assessment Mechanism

The reforms programme would lead to the introduction of an impact assessment mechanism to build a permanent system for quality control of new business regulations, and safeguard the gains made from reforms, he said.

“These assessments provide a tool to assess objectively the likely effects, positive and negative, of a new regulation, and propose better alternatives to achieve the agreed policy objective,” he said.

Also under the programme, he said there would be targeted regulatory relief for SMEs at early stages of development to stimulate higher levels of entrepreneurship and job creation in strategic sectors.

Public-Private Dialogue Mechanism

The last component under the programme, the President said, was a permanent Public-Private Dialogue Mechanism for structured dialogue between the government and the private sector.

“These reforms to improve the business environment complement and reinforce the strong measures that have been taken for financial and economic stabilisation.

“With the AfCFTA covering a market of 1.2 billion people, with a combined GDP of $3 trillion, across the 54 Member States of the African Union that have signed up to the Agreement, it will serve as the vehicle for Ghana ‘s businesses to trade with other AU Member States in a more modern and sophisticated manner”.

“Empowered Ghanaian enterprises should be frontline actors of this new, exciting journey in Africa’s economic history,” he said.

The 8th Edition of the Ghana Economic Forum (GEF) was held on the theme ‘Sustaining Financial and Economic Stability-The Key Priorities’.

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based Lawyer with special focus on Business Law, Intellectual Property Rights, Entertainment and Technology Law. He is also an award-winning writer. Working for notable organizations so far has exposed him to some of industry best practices in business, finance strategies, law, dispute resolution, and data analytics both in Nigeria and across the world

The Role the Media Plays in Supporting Female Entrepreneurship in Africa

October 30, 2019

By Nicolas Pompigne-Mognard

I’ve long believed Africa is a hive of entrepreneurial activity. That’s why events like the Africa Women Innovation and Entrepreneurship Forum (AWIEF) are so important to help inspire and encourage our continent’s next generation of innovators and business leaders.

What’s exciting about the situation in Africa, is the impact women are making in a traditionally male-dominated environment. A 2018 report by the World Bank found that Africa stands alone in having more new female entrepreneurs than male. The MasterCard Index of Women Entrepreneurship has also listed two African countries, Uganda (34.8%) and Botswana (34.6%), as having the highest percentage of women entrepreneurs globally.

But it is also true to say that women face more challenges than their male counterparts. Boardrooms in Africa – and indeed all over the world – tend to be slower to reward female-led initiatives. Getting your foot in the door is harder, and investment is more difficult to secure. That same World Bank study found capital in male-owned start-ups was six times greater than in those run by women.

Entrepreneurship is hard enough without these unnecessary barriers – and my own experiences have given me a vested interest in trying to break them down.

12 years ago, I was working as a European correspondent for an African news website Gabonews. I was a journalist. I’d studied law. It never really crossed my mind to try and build a multinational company from the ground up. But then I realised that there was a massive untapped market for a press release distribution service in Africa. A way for journalists to access Africa-related corporate news content easily and securely. And that, in essence, is what entrepreneurship really is: It’s about identifying a unique opportunity, and then turning it into reality.

APO Group started out in my living room – literally – and during the first years I had to be the IT manager, the sales consultant, the PA, HR, Finance, Marketing – everything. I had to learn it all from scratch.

But I’ve never stopped learning. The past 12 years have been a constant education. When I started, I could barely speak a word of English, but I realized quickly that it was critical to the success of the business, so I made it a priority.

In my experience, creating and developing a company is one of the most difficult things a human being can do. It requires a huge amount of time and energy, a lot of sacrifice, a healthy lifestyle and many other ingredients too.

It goes without saying, you will also need a huge slice of luck!

If you can survive those first few years, Africa is a continent that can reward you greatly. It is a place where entrepreneurial spirit has always abounded, even if startups have, in the past, lacked the support, financing or international exposure to move to the next level of global recognition.

Life might be tough for many in Africa, but its people are resilient. They understand the value of hard work. I’ve always thought that if you can make it in Africa, you can make it anywhere.

Events like AWIEF are showing that our collective passion for diversity and equality is driving success and helping entrepreneurs turn their dreams into reality. Remember: Africa is a perfect showcase for rich cultural diversity, as well as a hotbed of ideas and innovation. We are a continent of 54 countries. The birthplace of humanity. It is in our blood to try new things and to push the boundaries.

I’m proud to say our own attitude to diversity and equality has always been a vital part of APO Group’s success. Five of the nine members of our senior leadership team are women – and all are from different countries. We have built our company culture on fairness and flexibility. We do not want to be a company where employees are forced to choose between their careers and their families.

We are also in the privileged position of being able to harness the power of media to support entrepreneurship in all its forms – and women in business in particular.

As an official sponsor of AWIEF, APO Group is delighted to be coordinating the APO Group African Women in Media Award which is designed to recognise, celebrate and empower female African journalists who support female entrepreneurship in Africa.

The media industry has had its own challenges to overcome in the drive towards equality. Newsrooms have been traditionally male-dominated, but female journalism students now outnumber male all over the world, and the next step is for these changes to materialise at a senior level, with increased numbers of women in leadership positions.

We hope the APO Group African Women in Media Award inspires more women to follow their passion for journalism and encourages them to persevere in their careers despite the obstacles.

All nascent business ideas need journalists to support them. A positive mention in the media can mean the difference between success and failure for entrepreneurs and small businesses.

AWIEF is the perfect platform for women in the media to get behind women in business by championing the best ideas, technologies and innovations. And the fact that women typically invest 90% of their earnings back into their families and communities mirrors APO Group’s own dedication to making sure African people thrive both at a local and a national level.

Our CEO, Lionel Reina, allows APO Group to further bridge the divide between business and media. He has been an important figure in helping future business leaders as they go through the early part of their careers. As a company board member for DAZZIL for example, Lionel’s aim is to inspire the next generation of talented tech entrepreneurs offering new technologies to the broadcast industry in Africa.

Even the biggest media companies and PR Agencies tend to promote their executive talent from within, meaning they remain unfamiliar with the cut-and-thrust of the commercial sector. Lionel is a business veteran, uniquely qualified to advise APO Group’s clients on their communication strategies in Africa and the Middle East.

For more than a decade, he was CEO for Eastern Europe, the Middle East and Africa at Orange Business Services, the B2B division of French telecoms giant Orange – a remit that covered more than 80 countries. He was also Middle East Director in the Gulf region for Accenture. So, when Lionel talks to entrepreneurs and startups, he truly has the inside track to success.

Since I brought Lionel in and stepped aside from CEO duties at APO Group in December 2018, it has given me a chance to follow my own passions for helping entrepreneurship in Africa. I’ve spent a lot of time visiting different countries, meeting new people and giving talks on how the media and business worlds can work better together.

I have particularly enjoyed the conferences I’ve hosted for young journalism students in Senegal, Uganda, Zambia and Ethiopia. It is the start of a continent-wide initiative to help promote entrepreneurship to the next generation of young Africans. I’ve tried to challenge their preconceptions and encouraged them to think big. In many of them, I see myself at their age: inquisitive, passionate – perhaps a little naive – but extremely well-placed to achieve entrepreneurial success.

Because now is the perfect time to strike. With a decent idea, a strong journalistic ethos and a little bit of luck, there is no limit to what you can achieve. And Africa might just be the perfect place to do it!

Nicolas Pompigne-Mognard is the founder & Chairman, African Press Organization (APO).

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry.

MasterCard Launches Initiative to Provide 10 Million Ethiopian Youth With Jobs

Ethiopian youth are in for a big surprise as MasterCard Launches initiative aimed at providing over 10 million young people access to dignified and fulfilling work opportunities in the country by 2030.

Dr. Ephrem T. Lemango, Commissioner, Jobs Creation Commission.

This follows the launch of an initiative, Young Africa Works in Ethiopia, by Mastercard Foundation that will seek to create employment opportunities for the youth in partnership with Ethiopia’s Jobs Creation Commission (JCC). Mastercard Foundation has committed an initial USD300 million to the initiative.

Young Africa Works in Ethiopia is aligned with the Ethiopian government’s plan to create new jobs to spur economic growth and was designed in partnership with the government, the private sector, academic institutions, and young people.

Mastercard Foundation will work with JCC to create programs to catalyze growth in the tourism, agriculture, manufacturing, and ICT sectors. Programs will support entrepreneurs and small and medium-sized businesses to achieve greater productivity and expand income-generating opportunities.

‘Ethiopia’s prosperity will be achieved when we individually achieve our full potential first. Creating jobs for all, particularly, youth and women, is about giving people hope, dignity and the means to build this prosperous future,” says Dr. Ephrem T. Lemango, Commissioner, Jobs Creation Commission.

The Foundation announced its first phase of implementing partners, including the International Centre for Insect Physiology and Ecology (icipe), Kifiya Financial Technology, First Consult PLC and DAI Europe, Dalberg, Ministry of Innovation and Technology, and SNV. The cumulative value of the first phase of partnerships is over
USD119 million and will see more than 1.4 million direct work opportunities contributing to Young Africa Works in Ethiopia’s goal of 10 million work opportunities by 2030.

“Through my travel across Ethiopia, I’m inspired by the creativity and dynamism of young entrepreneurs and how their innovations are bringing about meaningful change in their communities,” says Reeta Roy, Mastercard Foundation President and CEO. “Young Africa Works will support them by providing access to finance, business development support and skills development so they can further scale their businesses to create more jobs for young Ethiopians.”

Learning from its work in 34 countries on the continent, including Ethiopia, over the past decade, the Foundation will deepen its engagement in 10 African countries. Ethiopia is a priority country because of the government’s commitment to reform the policy and regulatory environment to encourage the development of the private sector and attract foreign investment. Since 2009, the Mastercard Foundation has committed more than USD62 million to advance financial inclusion, education, and youth livelihoods.

“It’s hard owning your own business, and I failed at least twice, but if you follow your passion, then you are able to really impact people’s lives. What keeps me going is knowing that my drive does not come from making a profit, but from creating jobs that are giving people a livable income and helping them flourish and grow. As an entrepreneur, I want to improve the productivity, creativity and sustainable growth of my company but this means access to capital and land so that I can expand and scale my business,” explains 29-year old Semhal Guesh, Founder and CEO of Kabana Leather in Addis Ababa, a start-up that was established in 2017 and now employs more than 80 people, 80% of them young women.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry.

Rwanda Becomes Africa’s First Country To Launch Volkswagen’s Electric Car

From the first phone manufacturing factory in Africa, the tiny Eastern African country of Rwanda, 35 times smaller than Nigeria in size, has become Africa’s first country to launch Volkswagen’s electric car, the e-Golf. Through This also, Rwanda has become the first African country where Volkswagen is testing electric cars. This launch saw four of the cars unveiled on the local market with one charging station at the Volkswagen facility at Rwanda’s Special Economic Zone.

Here Is All You Need To Know

The electric vehicles is a partnership between Volkswagen and Siemens under a pilot project.
The electric vehicles will be added to the firm’s fleet to operate under its Mobility Solutions initiative where activities include ride-hailing, corporate car sharing and rentals.
The Moving Rwanda Initiative will use four e-Golfs and one charging station for the initial phase of the pilot project.
Officials say that 16 additional cars will eventually join the market, to bring the number to about 20 cars and there will be 15 charging stations spread out across Kigali.

Siemens role in the partnership involves setting up charging stations.
The Chief Executive Officer of Volkswagen’s operations in Rwanda Michaella Rugwizangoga said the cars are fully electric, not hybrid.
Prior to today’s launch, Siemens, alongside the City of Kigali and Rwanda Energy Group, conducted an assessment of the city’s grid to establish whether it can support innovation.
They said that the findings showed that the city’s grid was adequate to support the charging stations at the launch and consequent phases of the pilot project.

In June this year, Rwanda Energy Group said that there was not adequate demand for energy in Rwanda compared to production capacity and called for firms to consume more energy.

No Electric Volkswagen Car For Sale Yet

The newly launched electric cars will not be sold into the market at the moment but will be under the custody of Volkswagen Rwanda during the pilot project.

The pilot project will involve data collection and analysis on aspects such as performance of the electric cars, reception by consumers, consumer trends and suitable conditions for the cars.

Nadege Gaju, the Head of Sales and Marketing, said that it’s this data that will inform the consequent rollout of the project’s other phases.

According to Michaella Rugwizangoga, the pilot project is also part of the Volkwagen’s global ambitions of phasing out the combustion engines in the next decade as the firm seeks greener ambitions.

A Look At The New Electric Cars

The electronic car will be of the Volkswagen Golf Model.

They are however not assembled in Rwanda but are produced in Germany and imported.

A fully charged car officials say can cover up to 230 Kilometres in ideal conditions. However, the distance is subject to conditions such as altitude, terrain and gradient among other factors.

Rugwizangoga said that the firm is currently training drivers and technicians on the driving and maintenance of the electric cars.

Volkswagen In Rwanda

Volkswagen entered the Rwandan market in June 2018 to assemble and also introduce a mobility solution.

During the launch of the facility in 2018, the firm said that they had the capacity to produce up to 1000 cars annually under the models (Passat, Polo, Amarok and Terramont)

It was expected to produce 90 cars by March this year.

Company executives were tight-lipped on the number of cars produced so far as well as the sales into the local market citing confidentially.

Volkswagen Rwanda’s model involves Semi Knocked Down kits during assembly.

A semi-knocked-down kit is whereby partially assembled parts and shipped in and then all put together for sale to customers.

The components of the cars are shipped from various markets such as South Africa, the US and Argentina.

They, however, disclosed that the Terramont model has the highest demand in the Rwandan market.

The ride-hailing app Move operated by the firm reported 250 drivers, 60,000 downloads with 30,000 active users.

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based Lawyer with special focus on Business Law, Intellectual Property Rights, Entertainment and Technology Law. He is also an award-winning writer. Working for notable organizations so far has exposed him to some of industry best practices in business, finance strategies, law, dispute resolution, and data analytics both in Nigeria and across the world

After 58 Years, Nigeria’s Third Largest Oil Producer Chevron Folds Up Its Oilfields

Nigeria’s third largest oil producing company Chevron is divesting itself from oil fields in Nigeria as it focuses on growing its U.S. shale output in New Mexico and Texas, as well as investments in banking and industry, sources said. Chevron joins rivals including Exxon Mobil and Royal Dutch Shell in a drive by foreign oil companies to reduce their footprint in Africa’s largest oil producer which has been mired in political and security instability in recent years.

Chevron Is Looking For Buyers

The San Ramon, California-based company is looking for buyers for a number of its onshore and shallow offshore fields in Nigeria , where local producers have expanded their presence.

Chevron’s Nigerian subsidiary operates and holds a 40% interest in 8 blocks in the onshore and near-onshore regions of the Niger Delta under a joint venture with Nigeria’s National Petroleum Company (NNPC), according to its website.

The discussions are being held directly with potential buyers and Chevron is not planning to launch a tender process for the assets at this stage, two of the sources told Reuters.

In 2018, Chevron’s production in Nigeria reached 194,000 barrels of crude oil per day, 233 million cubic feet of natural gas per day and 6,000 barrels of liquefied petroleum gas (LPG) per day, according to its website.

Chevron obtained oil acreage license in Nigeria in 1961.

Chevron has been active producing commercially viable gas in its Western Niger Delta operations and its deepwater operations. Prior to militancy in the Niger Delta, Chevron was Nigeria’s third largest oil producer after Shell and Mobil Producing.

About Chevron Nigeria

Chevron Nigeria Limited is a subsidiary of Chevron Corporation and it is one of the largest oil producers in Nigeria. It was previously operating in Nigeria under the business name of Gulf Oil Company until merger activities changed its name to Chevron Nigeria. After another merger by the parent company with Texaco, the Nigerian oil and gas assets of Texaco Overseas Petroleum Company of Nigeria were merged into Chevron.

In the shallow and inland waters of Nigeria, the firm operates a joint venture with the Nigerian National Petroleum Corporation.

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based Lawyer with special focus on Business Law, Intellectual Property Rights, Entertainment and Technology Law. He is also an award-winning writer. Working for notable organizations so far has exposed him to some of industry best practices in business, finance strategies, law, dispute resolution, and data analytics both in Nigeria and across the world

Pension Funds And Insurance Companies In Namibia Can Now Invest In Private Companies And Diversify Their Portfolios

October 29, 2019

The Namibian government has opened the way for pension funds and insurance companies in the country to invest in private companies, a move which private companies like startups would benefit a lot from. Under this new position, pension funds and insurance companies in Namibia will now be able to invest more money in private companies and diversify their portfolios. The change follows a government announcement that they will increase the percentage of funds put in unlisted investments.

Here Is All You Need To Know

According to the Namibian Pension Fund Act, a pension fund must invest in unlisted investments a minimum of 1.75% of the market value of its total assets.
However, unlisted investments may cumulatively not exceed 3.5% of the market value of the total assets of a fund.
Now, according to Finance minister Calle Schlettwein during the mid-term budget review recently, regulations will be amended to allow pension funds, insurance companies to invest from 5%, 7.5% and ultimately to 10% in phases, as the 45% domestic asset requirement takes effect.
The regulations also conditioned that all unlisted investments be used to finance the activities within Namibia of the companies which are the subjects of the unlisted investments and may not be transferred out of Namibia in any form or manner.
According to Schlettwein, the amendments will not wait for new financial institutions market laws but will be implemented under the current laws with certain conditions.

Image result for Namibia economic stats — GDP of Namibia

Exposing Funds To Too Much Risks?

Regarding the risk from unlisted projects, Schlettwein said they are aware of the risk and they are busy putting the finishing touches on the performance criteria that need to be fulfilled before any investment is made.
He said even though the country has a stock exchange where the pension funds can be invested, Namibia has so many private companies that are not listed on the Namibian Stock exchange.

“So we have to create opportunities for the investors; asset managers and pension funds to partake in these companies. We do believe that these private companies need to grow. That is why we believe there is opportunity in unlisted companies,” Schlettwein explained.

The announcement also came at the time the financial market (money and capital market) is liquid with limited bankable projects to invest in, with most of them being diverted to fixed income assets mostly treasury bills and bonds.

Assistant portfolio manager at First Capital Milner Siboleka told the Namibian that lifting of the threshold will expose pension fund assets more to the industry offering attractive returns according to available data with diversification benefits.

“The decision will also ensure broader economic development benefits given the size of pension fund assets standing at N$170 billion,” Siboleka stated.

Siboleka said given the regulations and requirements, most pension funds, including the Government Institutions Pension Fund (GIPF) [which accounts for 70% of the pension funds industry] has developed investment policies specifically.

He noted that it has become a global trend, especially among emerging and developing economies, to commit more funds to unlisted investments given their higher multiplier effect on the economy, with South Africa’s pension funds threshold requirement ranging between 10% to 15% depending on the asset class.

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based Lawyer with special focus on Business Law, Intellectual Property Rights, Entertainment and Technology Law. He is also an award-winning writer. Working for notable organizations so far has exposed him to some of industry best practices in business, finance strategies, law, dispute resolution, and data analytics both in Nigeria and across the world

The Ghanaian Government Signs Visa Waiver With Six Countries

October 28, 2019

In its efforts to rebrand Ghana as home to the Black diaspora, and also improve investment and business climate, the Ghanaian government has entered into multiple nations visa waiver scheme with six countries. According to a release from the Ghanaian Foreign Affairs Ministry, Ghanains who hold ordinary passports and diplomatic passports can now travel to India, Iran, Colombia, Equatorial Guinea, Hungary, and Morocco without Visa.

The Visa Waiver was approved by the Ghanaian Parliament late last week before they commenced their weekend break. Minister of Foreign Affairs had earlier submitted the paperwork to parliament for approval a source told African Heroes.

This development comes after South Africa’s Department of Home Affairs added Ghana to a list of seven countries whose nationals will be permitted to enter South Africa visa-free.

South Africa had in September 2018 announced that it was finalising a number of visa waiver agreements with other countries including Ghana to allow travellers to enter the country without a visa.

The South African visa waiver covered only diplomatic passport but not ordinary passport officeholders, the report said. However, there are indications that Ghana is working to have it cover all Ghanaians.

This development according to government officials is a very positive one taking cognizance of the labourious process of visa application Ghanaians go go through before traveling to some of these countries.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry.

Africa University seeks to develop and protect African Intellectual Property With i5 Innovation Hub

By Fraser Mitchell

African companies and industries are losing value by failing to protect their intellectual property and failing to patent innovations, warns Prof. Munashe Furusa, Vice-Chancellor of Africa University.

Prof. Munashe Furusa, Vice-Chancellor of Africa University

Estimates of the damage done to the African economy through lack of Intellectual Property (IP) protection runs into billions of dollars.

Changing the culture around IP protection is one of the goals of the i5 Innovation Hub set up at Africa University.

Prof Munashe explained “We have set up an innovation hub known as the i5 hub, set up to promote research, encourage innovation, technological solutions and business enterprise development.

“The i5 innovation hub gets its name from the five mantras of the innovation institution, which are; ideation, innovation, incubation, intellectual property, and industry development.

“Through this hub, the University has helped companies across the country and the continent to protect their intellectual property by assisting them in securing patents.

“In Africa, we produce a lot of innovations, but we don’t protect them. Africa University is a centre of excellence for intellectual property studies.

“We have helped organisations, the government of Zimbabwe, and also worked closely with the African Regional Intellectual Property Organisation, and the World Intellectual Property Organisation to raise awareness on intellectual property. This is important because our industries can produce innovations, but if they can’t protect them and patent the creative productions, they lose value.”

Prof. Furusa sees the innovation hub as one step towards wider changes in education and business that are required to tap into the innovative natural talents of young Africans.

“I have realised that institutions curtail children’s innovation. I have seen that when you give African children ready-made toys, they will dismantle them and start putting them back together.

“For me, rather than make toys for children, teach them how to make toys; and they will go on to develop innovations, solutions, and industries for the future. We need to provide materials, resources, and policy framework that will drive that.”

A hub for African innovation

Africa University is an institution of excellence situated in Mutare, Zimbabwe, working to produce leaders, educators, and innovators for the African continent.

Zimbabwe has unfortunately been the victim of a single story that speaks of the country’s decline and collapse. However, a story of the potential the country still holds stands out in the form of Africa University. The University is a truly Pan-African institution, and home to students from 31 African countries.

Innovation is often seen as a concern reserved for scientific or technological industries. However i5 Hub manager Ms. Yollanda Washaya explains that fostering a culture of innovation is applicable across all industries; “As Africa University, we knew that we needed to redefine the concept of innovation and tailor it to one that serves our needs, and our vision for the direction of innovation in Africa.

“Our aim is to generate solutions that transform the way we do business and improve the quality of life for all of the people that live on our continent and world.”

The Africa University i5 hub is open to local entrepreneurs and businesses in addition to students enrolled in the University. Prof Munashe sees collaboration with business and government as vital to fostering innovation, stating “There has to be a strong partnership between the private sector, universities, and government, where all parties step into each other’s shoes. This approach would lead to collaborative relationships through information sharing, revenue generation and sharing, and government investment in innovation.”

Addressing Africa’s Critical Challenges

Africa University’s approach to research and innovation goes beyond commercial projects.

The University is engaged in tackling many of the critical challenges blighting the continent from malaria to child abuse to the migration crisis engulfing parts of North Africa and Europe.

Africa University is one of the few institutions on the continent researching changes in the environment and weather patterns. In light of the recent Southern African cyclone, the University sent students to carry out environmental research which focused on spurring policy change and improving disaster preparedness and management.

Prof. Furusa explains “We are working on some exciting and important projects, one of them being Malaria research. As a centre of excellence for malaria research, we have an insectary where we breed mosquitoes for research purposes. We also help both companies and consumers find out if the mosquito-combating products released to the market are effective or not through our research.

“We are a centre of excellence for child rights and childhood studies as well. We are doing transformative research in conjunction with UNICEF. on how the menace of child abuse and early marriage can be defeated.

“We are also venturing into immigration and migration studies. Here we look at people’s moving patterns, most notably the recent deaths and refugee situations caused by attempts by continental Africans to cross the Mediterranean into Europe.

“We are involved in environmental research and advocacy, geared at producing research that will lead to policy recommendation, and improving disaster preparedness and management. As earlier mentioned, we are also big on intellectual property studies in Africa.

“Our intellectual property program is supported by the world intellectual property organisation, the African Regional Intellectual Property Organisation, and the Japanese government.”

A Call to Action for Universities, Private sector, and Governments: Recognise the Triple Helix Partnership is Vital

In all areas of research and innovation, the University of Africa seeks to partner with government and the private sector. Finding solutions to the critical problems facing African nations will require broad collaboration. Prof. Furusa’s vision is for the University to be at the forefront in starting this long-overdue dialogue.

“There must be recognition that the triple helix partnership between universities, industries, and governments is vital for the development of any nation. This partnership requires governments to think like industries and universities, industries to think like government and universities, and universities to think like government and industries. This is important so that when we go into partnerships, we have a better understanding of the potential opportunities that exist for that partnership”.

“A policy framework that will facilitate creative collaboration is also essential. One policy that would be essential is a policy on revenue generation and sharing, as well as intellectual property sharing. Investment in innovation by governments themselves is also critical. There is a need for increased investment in innovation and research because that is where new products and new processes will come from.”

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry.