News - Afrikan Heroes

The Nigerian National Petroleum Corporation (NNPC) Signs Floating Liquefied Natural Gas (FLNG) Heads of Agreement with UTM Offshore for Domestic Gas Use in Nigeria

July 23, 2023

The Nigerian National Petroleum Corporation (NNPC) signed a Heads of Agreement with Nigerian oil and gas company UTM Offshore Limited for the UTM Floating Liquefied Natural Gas (FLNG) project – a planned FLNG vessel set to produce 176 million cubic feet of gas per day from the Yoho Field. The agreement lays out the terms of the NNPC’s 20% equity contribution of the FLNG project, and represents a milestone in advancing domestic gas utilization in Nigeria.

The African Energy Chamber (AEC) believes that this is a monumental step towards scaling up access to clean cooking solutions in Africa, with the project and agreement serving as a blueprint for other resource-rich countries across the continent. With the agreement, liquefied petroleum gas (LPG) will become increasingly accessible to the Nigerian market, thereby reducing costs of the product while improving health, environmental protection and employment across the country.

The agreement showcases the NNPC’s commitment to ensuring domestic gas resources reap tangible rewards for the local population. According to NNPC Group Managing Director Mele Kyari, “No matter the amount of reserves you have underground, if you haven’t brought it up to the surface, you have done nothing. This is why we are very interested in this project and we are going to do our own part to ensure its success. Be assured that NNPC is solidly behind this project.”

Signed at the NNPC headquartered in Abuja this week, the agreement serves as the next step towards finalizing this important project. The FLNG facility is expected to be complete by 2026, and comprises a turret mooring system, gas pre-treatment modules, Liquefied Natural Gas (LNG) production modules, living quarters, self-contained power generation and utilities alongside storage and offloading. Last year, UTM Offshore inked the Front-End Engineering and Design contract with Kellogg Brown and Root; Japan Gas Corporation; and Technip Energies.

According to Julius Rone, Group Managing Director of UTM Offshore, “Final Investment Decision is expected to be taken in the fourth quarter of 2023 with planned project start up in the fourth quarter of 2026. When completed, it will produce 1.7 million tons per annum of LNG and 300,000 metric tons of LPG which will be fully dedicated to the domestic market. The project is estimated to provide direct employment for 3,000 Nigerians and indirect employment for an additional 4,000 people. The LPG produced will help bring down the price of cooking gas, improve the socioeconomic wellbeing of Nigerians, reduce deforestation and carbon emissions.”

Rone believes that the agreement is a testament to the company’s commitment to advancing access to clean cooking solutions in the country. With the new agreement, the partners have formalized the domestic LPG components and have additionally secured the backing of one of the country’s biggest energy firms, the national oil company NNPC.

“The agreement signed between the NNPC and UTM Offshore is a testament to the commitment of the Nigerian government to advancing access to clean cooking solutions in Africa. Nigeria has over 200 trillion cubic feet of proven gas reserves, resources which hold immense opportunities for the country and wider region. Rather than continue with historic trends which would see African oil and gas exported as unprocessed hydrocarbons, both the NNPC and UTM Offshore have prioritized domestic consumption. This project is a milestone development for the country and the Chamber commends the efforts being undertaken by the project partners to get it off the ground,” states NJ Ayuk, Executive Chairman of the AEC

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 Card Number Issuance to New Borns Ready for Take off – Dr. Bawumia

Ghana is set for the historic issuance of National Identification numbers, better known as Ghana Card numbers, to newborn babies in Ghana. This was made known by the Vice President of Ghana , Dr. Mahamudu Bawumia.

This follows the successful integration of the databases of the Births and Deaths Registry, the National Identification Authority and the Ghana Health Service.

The Vice President, who made the disclosure on Saturday July 22, 2023 said the first such Ghana Card number was issued to a newborn baby on Friday, July 21, 2023 after a successful test run of the system.

“The work of integrating the databases has been completed, The full test was done yesterday, and i am happy to say that the first Ghana Card number for a baby was issued yesterday.

Vice President of Ghana , Dr. Mahamudu Bawumia

“So from next month, all babies born in Ghana, once they take them to Weigh In, they will be issued the Ghana Card number and also get their Birth Certificate Identification number at the same time, because the two databases are talking to each other.”

“This is very transformational,” Dr Bawumia noted, explaining that they will have these numbers from the time they are babies till they pass away.

Officials of the National Identification Authority (NIA) say cards bearing the biometrics and other data will be issued to the children when they are older, after their digits and other features are fully formed.

Speaking in Cape Coast at the 75th Anniversary celebrations of Ghana National College, Dr Bawumia emphasized that the issuance of ID numbers at birth was an integral part of Government’s ongoing digitalization agenda, designed to prepare the nation to fully partake in the Fourth Industrial Revolution.

The Ghana Card is increasingly becoming the single source of proof of identity, with the unique number serving several purposes including as the Social Security, Health Insurance and Tax Identification number.

Hailing the impact Ghana National College has had on Ghana’s pre-and post colonial life, Vice President Bawumia challenged managements, staff and students in educational institutions to embrace the possibilities offered by Artificial Intelligence (AI) to improve teaching, problem solving and critical thinking, noting that it could be deployed meaningfully to bridge the gap between the developed and developing world.

“If we are in agreement that the boys and girls in our schools today are being trained to compete on the global stage, there is every justification for our students to be given exposure to AI.

“Government’s ongoing digitalization agenda is ample testimony of its appreciation of AI and the commitment to ensure that this country is not left behind. We have focused on pursuing digitalisation as part of our economic strategy because the Fourth Industrial Revolution is upon us and we must be part of the modern world…

“Whilst Government will do its part by leading the charting of a pathway to the deployment of meaningful AI in our national life, I expect our educational authorities to devise and deploy innovative teaching strategies that factor in ICT as a key ingredient,” he added.

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 industr

South African Delegation Visits Chile for Economic Cooperation

A delegation of South African government officials led by the Deputy Minister of International Relations and Cooperation, Mr Alvin Botes, will undertake an Official Visit to the Republic of Chile from 22 to 25 July 2023 to co-chair the Eighth Meeting of the Joint Consultative Mechanism (JCM) between South Africa and Chile.

South Africa and Chile enjoy cordial diplomatic relations that were formally normalised in October 1991. Bilateral relations between the two countries are underpinned by the values of respect for democracy, human rights and sustainable development. At the global level, the two countries agree on respect for the rule of international law, multilateralism and South-South Cooperation in pursuit of the development agenda of the South.

Bilateral and multilateral cooperation between South Africa and Chile is conducted within the framework of the JCM, which is co-chaired at the Deputy Ministerial level and meets every second year.

The areas of cooperation between the two countries include astronomy, fisheries and aquaculture; mining; education, science, and innovation; social development; sport, arts and culture; trade and investment and parliamentary relations.

The JCM also provides a platform to exchange notes and facilitate cooperation on regional and multilateral issues.

The Deputy Minister will also have a business networking session with South African and Chilean companies.

On 25 July 2023, Deputy Minister Botes will take part in the launch of the Exhibition: 10th Year Remembrance of Nelson Mandela under the theme: “The Legacy Lives on through You”, at the Museum of Memory and Human Rights in Santiago

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

Starsight Energy Receives $20 Million Investment to Power East Africa with Solar Energy

Starsight Premier Energy Finance (SPEF) is receiving a major boost as it secures a $20 million investment from the Netherlands Development Finance Company (FMO) and the Global Climate Partnership Fund (GCPF). The GCPF, an initiative launched by the German government in 2009 to combat climate change worldwide, aims to support projects like SPEF that contribute to environmental mitigation.

SPEF operates primarily in East Africa, with its headquarters located in Nairobi, Kenya. The company specializes in financing and installing solar power plants for commercial and industrial (C&I) customers in the region. These solar installations, which include ground-mounted and rooftop systems, are leased to businesses for a period ranging from 12 to 15 years. At the end of the lease period, the solar systems are sold back to the customers. This solar leasing model offers an attractive proposition for C&I customers, allowing them to reduce their electricity expenses significantly.

Rupesh Hindocha, Chairman and CEO of SPEF

“Thanks to our financing models, our customers generally save 35–60% on their electricity costs compared with their local electricity supplier. We are honored to have received this investment from the GCPF and the FMO, which will help us to develop our photovoltaic C&I activities throughout the region,” says Rupesh Hindocha, Chairman and CEO of SPEF.

This investment comes at a crucial time, as many African countries face challenges with escalating energy prices and power shortages. Solar power offers a viable solution to tackle these issues while simultaneously promoting sustainable practices. By adopting solar photovoltaic projects for commercial and industrial applications, businesses in the region can gain access to affordable and reliable energy, fostering economic growth and development while reducing CO2 emissions.

“Supporting solar photovoltaic projects for commercial and industrial applications will provide affordable and reliable access to energy for businesses in the region, stimulate economic development in East Africa, and reduce CO2 emissions,” explains Peter Page, Investment Officer at responsAbility, the manager of GCPF.

For the record, SPEG was created in 2021 following the acquisition of a 50% stake by Starsight Energy (which operates mainly in West Africa) in the East African activities of Premier Solar Group. This merger has strengthened SPEF’s position and capacity to provide solar energy solutions to businesses across the continent, thus contributing to a greener and more sustainable future for Africa.

Zuri Health Secures Strategic Investment from Five35 Ventures for Healthcare Innovation

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard

United States Enters Security Cooperation to Deliver Cutting-Edge Training Aircraft to Tunisia

July 21, 2023

Government delegations from the United States and Tunisia have finalized a security cooperation agreement between the two countries leading to the handover of four next generation American-made Textron T-6C Trainer Aircraft highlights U.S. commitment to support Tunisia’s efforts to respond to security and humanitarian needs.

This precedes a handover ceremony on Monday, January 17, where the United States Ambassador Joey Hood and Deputy Under Secretary of the Air Force, Kelli Seybolt, joined the Minister of Defense Imed Memmich for the handover ceremony of four class-leading, American produced Textron T-6C Trainer Aircraft. Another four aircraft will be delivered within the next thirty days.

Brigadier General Shawn Holtz, Deputy Commander of Michigan Air National Guard, Lieutenant General Habib Dhif, Major General Mohamed Hajjem, and other members of the Tunisian Armed Forces also participated in the ceremony.

In 2020, the Tunisian Air Force signed Foreign Military Sales Contract with American company Textron Aviation Defense and the U.S. Government, to purchase eight next generation Textron T-6C Trainer Aircraft. These innovative, advanced technology training aircraft will be an integral part of Tunisia’s 2030 Aviation Modernization Plan: training the next generation of Tunisian pilots, expanding interoperability with the U.S. and NATO, and fortifying national security.

Speaking at the event, Ambassador Hood said, “Tunisia plays an important role in ensuring not only its own national security but also that of northern Africa and the continent as a whole,” and reiterated the United States’ commitment to supporting Tunisia’s efforts to strengthen the Tunisian Air Force’s capacity to respond both to security and humanitarian needs.

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

Egypt Concludes Bilateral Consultations With Sri Lanka

A successful bilateral consultation between Egypt and Sri Lanka has been concluded. This follows efforts by the two countries aimed at focusing on a range of areas of bilateral cooperation including economic and trade cooperation. This second session of consultations took place between the Foreign Ministries of Sri Lanka and Egypt in Colombo on 19 July 2023.

The consultations were co-chaired by State Minister of Foreign Affairs, Tharaka Balasuriya and Assistant Minister for Asian Affairs of the Ministry of Foreign Affairs of Egypt, Ayman Kamel. The consultations focused on a range of areas of bilateral cooperation including economic and trade cooperation, the current economic recovery process, investment and tourism promotion, people-to-people exchanges, and multilateral cooperation. The two sides agreed to enter into agreements in new areas of cooperation and to revisit the existing agreements with a view to consolidating collaboration in the respective areas.

State Minister Balasuriya emphasized the importance of deepening the engagement in political and economic cooperation and in the cultural sphere. Assistant Minister Ayman Kamel also stressed the importance of business to business contact and revitalizing the business council. The Egyptian side acknowledged the growing investments by Sri Lankan companies in Egypt.

The two sides reaffirmed mutual interest in continuing to work closely in multilateral fora including on global issues such as climate change issues, food security and debt restructuring.

Underscoring the significance of the 65th anniversary of diplomatic relations between Egypt and Sri Lanka, both countries expressed interest in celebrating the occasion.

Additional Secretary for Africa Affairs Mohammed Jauhar, Director General of Africa Affairs Dr. Chanaka Talpahewa, senior officials of the Foreign Ministry and line agencies and Ambassador of Sri Lanka to Egypt M.K. Pathmanaathan took part in the consultations. The Egyptian delegation included Ambassador of Egypt Maged Mosleh and embassy officials.

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

Addis-Djibouti Corridor is Key to Unlocking Connectivity and Trade for Ethiopia and the Horn of Africa

The upgrading of the Addis-Djibouti corridor, a vital trade route and a lifeline for Ethiopia’s 120 million people, will get a significant upgrade thanks to the newly approved Horn of Africa Initiative’s Regional Economic Corridor Project. The project, endowed with a $730 million grant from the International Development Association (IDA), aims to improve regional connectivity and logistics efficiency in Ethiopia along this key trade route connecting landlocked Ethiopia to the port of Djibouti.

“Improved regional connectivity and trade are essential to unlocking Ethiopia’s economic potential,” said H.E. Ahmed Shide, Minister of Finance of the Federal Democratic Republic of Ethiopia. “This project is important to support our commitment to fostering inclusive growth and regional integration, as we are now fully focused on sustaining the growth and reaping the peace dividends,” he added.

Over 95% of Ethiopia’s import-export trade (by volume) uses the Addis-Djibouti corridor. The project aims to upgrade the road to Djibouti, including the Mieso-Dire Dawa section, which is currently in poor condition and unsuitable for growing truck traffic. This section forces road users to take a longer route through Mille, adding 146 kilometers to their journey. Upgrading the Mieso-Dire Dawa section to a four-lane expressway will reduce transport time, enhance road safety, save fuel and maintenance costs, and reduce pollution. This upgrade is crucial for Ethiopia’s economic growth and social development, as it will improve the efficiency and capacity of this crucial trade route.

Other project benefits include enhancing Ethiopia’s trade competitiveness by improving logistics efficiency through regulatory and institutional reforms, investments in logistics facilities, and building the government’s capacity to facilitate the modal shift to railways. The project will also provide opportunities for private sector participation in operating freight truck terminals. Additionally, investments in secondary roads will connect local communities to the main corridor, increase job opportunities for underserved communities and women, and contribute to long-term development outcomes.

“This is a transformative initiative for Ethiopia and the Horn of Africa region. It will improve connectivity, enhance trade volumes, create job opportunities, and improve access to basic services with a greater flow of goods and people across the Horn,” said Ousmane Dione, World Bank Group Country Director for Eritrea, Ethiopia, South Sudan, and Sudan.

“The Addis-Djibouti Regional Economic Corridor project is one of the priority operations that we are supporting in the Horn to help connect hinterland to ports and markets, and to increase opportunities for regional trade. Its expected outcomes extend beyond economic growth and social development in Ethiopia, as it will enhance regional integration and generate spillover benefits for the entire region,” said Boutheina Guermazi, World Bank Director for Regional Integration for Africa and the Middle East.

The project is aligned with the World Bank Group’s Country Partnership Framework for Ethiopia, and is part of the Horn of Africa Initiative, which aims to tackle common development challenges in member countries, including Djibouti, Kenya, Ethiopia, Eritrea, Somalia, Sudan, and South Sudan. These projects align with the African Continental Free Trade Area, promoting socio economic development, reducing poverty, and increasing Africa’s competitiveness in the global economy.

The World Bank’s International Development Association (IDA), established in 1960, helps the world’s poorest countries by providing grants and low to zero-interest loans for projects and programs that boost economic growth, reduce poverty, and improve poor people’s lives. IDA is one of the largest sources of assistance for the world’s 74 poorest countries, 39 of which are in Africa. Resources from IDA bring positive change to the 1.3 billion people who live in IDA countries. Since 1960, IDA has provided $458 billion to 114 countries. Annual commitments have averaged about $29 billion over the last three years (FY19-FY21), with about 70 percent going to Africa.

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

Egyptian Startups Invited to Apply for 12th Edition of MINT Incubator Programme

July 20, 2023

EGBank and Alex Angels have opened applications for the latest edition of the MINT Incubator, which helps startups grow and become investment-ready. Launched in 2018, the three-month equity-free MINT Incubator has had 10 editions since.

The programme features a series of mentoring sessions and workshops covering topics such as finance, sales and marketing, growth hacking, accounting basics, legal and governance, attracting and retaining talent, and branding. Participants also receive free co-working space.

MINT Incubator, which has a sector-agnostic track as well as a dedicated fintech-focused one, is designed for startups at the minimal viable product (MVP) stage. The incubator aims to help startups grow their business and become a more attractive investment opportunity.

It culminates in a Demo Day, with participating startups pitching live to an audience of the top angel and venture capital investors in the region. Applications are open and those wishing to apply should visit https://mint.eg-bank.com/home/incubator/ExternalApplynow.

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

Kenya’s FaidiHR Launches New Platform to Facilitate Casual Worker Payments

FaidiHR, the Nairobi Kenyan-based payroll startup, has launched a new fintech product called CasualPay that is designed to transform the way businesses manage and pay casual workers.

Previously known as Crew HR &Payroll until a rebrand last year, FaidiHR was founded in 2018 as an all-in-one cloud platform that allows small and medium enterprises in Africa to automate their HR processes. The platform helps to automate payroll, off-days, employee data, tasks, inventory, training, appraisals, and expenses.

The startup, which received an undisclosed amount of funding from SprintX, a US-based VC focused on early-stage startups, in August of last year, has now launched CasualPay, which allows businesses to manage casual workers on a cloud database. It allows attendance to be booked in the system on a real-time basis, and reconciliation of working days which automatically computes the total amount owed to the casuals.Finally, business owners are able to initiate payments, which once approved sees casuals receive their money on M-Pesa automatically with a click of a button

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

Microsoft CEO Satya Nadella Bags $1-billion on Surging Shares

Microsoft CEO, Satya Nadella has crossed the $1 billion threshold as a result of the windfall as the company’s shares surged on the back of AI-driven rally which pushed its stock to new highs. Nadella’s bonus includes all payouts he has collected from Microsoft that can be parsed from regulatory filings: equity grants, salary, bonuses and dividends. It’s underpinned by Microsoft shares returning more than 1 000% since his first day in the top job.

It’s not clear what Nadella has done with these proceeds, and the calculation does not account for expenditures or private investments. Regulatory filings show that he’s gifted shares worth $20-million over the years, though there’s no disclosure of the beneficiaries.

Nadella’s most transformative move may prove to be the company’s multibillion-dollar investment in OpenAI

Microsoft spokesman Frank Shaw said by e-mail that Nadella “does not have a net worth of a billion dollars or more”. He declined to comment further.

Nadella took the reins at Microsoft in 2014, at a time when many thought the technology giant’s best days were behind it. Today, it’s the second largest company in the world and is considered the frontrunner in the race to capitalise on artificial intelligence.

Nadella’s most transformative move may prove to be the company’s multibillion-dollar investment in OpenAI and its ChatGPT bot, which a senior executive called a “Windows 95 moment”, referring to the hugely successful software release nearly three decades ago. That catapulted Microsoft ahead of competitors like Google in AI capabilities, and is the main driver of the stock’s 50% surge this year.

“He is a well-liked person and has built an incredible team around him,” said Sam Garg, an associate professor at ESSEC Business School in Singapore. “He is also among the few tech CEOs who are not reviled by politicians and regulators.”

Nadella is part of an exclusive club of corporate titans who’ve amassed 10-figure hauls from their employers. He’s traced a similar arc to Apple’s Tim Cook, the leader of the only company in the world that’s more valuable than Microsoft. Both took over successful firms at inflection points, and both had to contend with the long shadows of lauded founders. Nine years after ascending to the CEO role, Cook reached billionaire status.

The bulk of Nadella’s haul stems from a series of equity grants he has received over the years, with payouts tided both to his continued service and to performance targets. He’s periodically sold some of the shares.

It also accounts for cash bonuses and dividends he’s received, assuming they’re taxed at the top federal rates.

Like for Cook, the ballooning value of Nadella’s awards largely stems from Microsoft’s stock returns, including reinvested dividends, since early 2014.

It also underscores a decade of change at the Redmond, Washington-based company. When Nadella became CEO, many saw Microsoft as a company of dwindling relevance: a juggernaut known for Windows and Office trying to find its way in a world of handheld devices. Charting the path forward fell to Nadella, a native of Hyderabad, India, with degrees in electrical engineering and computer science.

He started at Microsoft in 1992 and worked on business software and services through much of his career. He earned an MBA by taking weekend classes at the University of Chicago, commuting from Seattle.

He moved through various leadership roles and eventually became president of Microsoft’s server business. From there, he was plucked as CEO after a lengthy process that included several internal and external candidates. He was 46 at the time.

A few years before, Nadella had sat down with then-CEO Steve Ballmer for his annual review. In a 2014 interview with the New York Times, Nadella recalled asking Ballmer how he was performing.

“You don’t have to ask me, ‘How am I doing?’” Ballmer responded. “At your level, it’s going to be fairly implicit.”

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