Africa - Afrikan Heroes

Africa has a lot to benefit from Russia—Steve Davies Ugbah

July 4, 2019

—Steve Davies Ugbah

Professor Steve Ugbah is Nigeria’s Ambassador to Russia and also holds a concurrent accreditation to the Republic of Belarus. In this interview, he speaks on the importance of Russia’s renewed engagement with Africa; Nigeria’s place in East-West geopolitical rivalry and benefit of AfCFTA in deepening trade ties within Africa among other issues. Excerpts:

How would you describe Nigerian-Russian relationship?

Nigeria-Russia relationship has improved in recent times. We are strengthening the relationship because for a long time it grew cold as we had no substantive ambassador to Russia for four years prior to my appointment. We are now trying to rebuild confidence and trust in each other and take the relationship seriously. So, the relationship is cordial and we are strengthening our bilateral ties.

How is Russia responding to this renewed engagement?

The response has been positive and we have held high-level meetings which are intended to signal to Russia the extent to which we value this relationship. It is a gradual process of rebuilding confidence and I am sure that soon, we would have attained 80 percent of our goal of confidence-building and reaping strategic benefits in the process. Russia is a very important country not just for Nigeria but also for Africa. The extent to which Russia and Nigeria and to a larger extent, Africa can strengthen its relationship, it will be mutually beneficial.

So, I am optimistic this rapprochement will mature and be of benefit to Africa in all facet of our relationship whether economic, cultural, or educational. Russia has been generous to Nigerians especially in the areas of cultural exchanges and scholarships for students. So, my hope is that these activities that are mutually beneficial will continue.

Which other opportunities are there for Africans to tap from Russia?

Russia is a superpower and Africa can benefit most certainly from its firepower and its experience in security. Russia has an abundance of minerals just like most African countries and it has been able to exploit its natural resources more efficiently and I believe we can learn from them. It also has the largest landmass on earth and they have been able to manage their diversity very well and this is what Africa can also benefit from. Of course, Russia’s comparative advantage is in hydrocarbons and this is what we can benefit from. So, there is a lot we can benefit from Russia even in the areas of agriculture, space technology, ICT and many others. So, Russia is well endowed and I believe Nigeria and Africa have a lot to benefit from the country.

In this era of intense geopolitical rivalry and great power competition, how do you think Nigeria can juggle its relationships with these powers?

Nigeria is a non-aligned country and I don’t think that will change its political posture as far as international politics is concerned. So we are not aligned to any geopolitical bloc. We are strictly guided by our interests and we go where we see opportunities. Nigeria has done business with the West, it is doing business with China and we are hoping to increase our level of contact with Russia and the former Soviet states, the Commonwealth of Independent States (CIS). So it is not necessarily about aligning with any bloc but it is about pursuing your interests aggressively as you can and going wherever your interest can be protected. So my hope is that both the East and the West will woo Nigeria and that will place us at an advantageous position. So it is about going to where your interests are protected and taking advantage of opportunities.

Given Russia’s renewed engagement with Africa and the African Continental Free Trade Area (AfCFTA) that came into force recently, how can Africa maximize the opportunities to boost trade ties with Russia?

It is a good thing that Russia is now waking up to Africa and is interested in exploring opportunities in the continent. That is why the Afreximbank annual meeting here in Russia and the heads of government meeting between Russia and Africa in Sochi, Russia come October are auspicious moments to deepen trade ties. Given that Russia is a continent-sized country, deepening trade ties will improve two-way trade between Russia and Africa.

In fact, I just returned from Nigeria with a Russian trade delegation of 13 companies that are looking for opportunities. We have partnered with Chambers of commerce in Lagos and Abuja while also taking advantage of the Russia-Nigeria Business Council here in Moscow. So I see a bright future for Russia-Africa relationship especially now that Africa is better placed to reap benefits from trade relationships within and outside the continent given the AfCFTA that will take of soon. This, will no doubt, fast track integration within the continent while boosting intra-African trade. Although protectionism is rising the AfCFTA I believe if well leveraged is a framework that will help solve some perennial problems faced by Africa such as unemployment and poverty.

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.

Facebook: https://web.facebook.com/Afrikanheroes/

How South African Startups Can Make Profit Giving To Charity

For South African startups that are still operating below R79,000 ($5700) between now and 31st of March, 2020 they can still benefit from zero tax on any income they make from their businesses. However, for those operating well above that monetary range — of R79,000 — they would need to pay taxes to avoid being fined. For the latter group of startups, one of the strategies to get around taxation and increase profitability is by donating to charity.

Here is how:

Which Organisations are Considered Charity In South Africa?

For South African businesses, charity organizations are registerable as Non-Profit Organisations (NPOs). NPOs in South Africa are governed by the Non-Profit Organisations Act (NPO Act).

The Act defines an NPO as either a trust, company or other association of people established to serve a public purpose — essentially, those in need.

However, the South African Revenue Service (SARS) usually urges NPOs to register as Public Benefit Organisations (PBOs) in terms of Section 30 of the Income Tax Act (ITA). Doing so will enable them to apply for the relevant tax exemptions afforded in terms of Section 18A of the Income Tax Act of South Africa, where required.

The Implication of Donating To Registered PBOs

For startups donating to registered PBOs in South Africa, they can claim tax deductions up to certain limits as long as the donations meet the expectations of Section 18A of the Income Tax Act, which may include evidence of a Section 18A certificate given to the donor.
A donation is valid if it is made in good faith, and is a voluntary, gratuitous gift given out of generosity, without reciprocal obligations or personal benefit for the donor. The donor may also not impose conditions that could enable them to derive some direct or indirect benefit from the donation.
The deductible portion of the donation is capped at 10% of the taxable income of the donor. That is, for each tax season, only 10% allowance on donation can be claimed as deductible tax.
Excess donation may be rolled over as a deductible donation in the subsequent year of tax assessment, with donor companies,
Consequently, donations and bequests made to registered PBOs are also not subject to donations tax and/or estate duty.
Similarly, assets donated or bequeathed to registered PBOs aren’t subject to capital gains tax.
Registered PBOs, themselves are exempt from income tax — certain receipts and accruals from trading or activities carried out by a PBO may, however, be taxable.

Running A PBO Itself Attracts Tax Incentives

Non-Profit Companies

For non-profit companies — governed by the Companies Act — in South Africa (PBO, etc), they may have all the benefits of juristic personality, which may include the protection of directors from personal liability.

However, since there is a total prohibition on the declaration of dividends in a not-for-profit company, shareholders will not receive any form of dividends.

A disadvantage of setting up this form of PBO, however, is that it’s administratively intensive, hence may attract higher costs

Image result for This is who is paying South Africaâs tax as at 2017 — This is who is paying tax in South Africa. In terms of revenue sources, personal income tax accounts for 38% of revenue, with value-added tax making up 25%. Companies tax accounts for 18%,

Non-Profit Trusts

Non-profit trusts — governed by the Trust Property Control Act — in South Africa can only apply for tax benefits if it complies with the relevant requirements of the ITA.

Trusts in South Africa are governed under the Trust Properties Control Act and common law. A trust can be established for private benefit or for a charitable purpose. To determine whether a trust qualifies as a charitable trust under South African law, a grantmaker must look to the trust deed.

A trust is created when a property is transferred by a trust deed. The trust then manages the property for the benefit of others or for the achievement of a particular goal.

The most significant advantage of a non-profit trust is its flexible structure — it can be used for a variety of purposes.

Another benefit of a non-profit trust is that its formation requirements and ongoing obligations are less onerous than those of a non-profit company, and it may be less costly to run.

A disadvantage is that a non-profit trust doesn’t have a separate legal personality. Trustees may, therefore, be protected from personal liability only to a limited extent.

What It Takes To Approve Tax Benefits for Public Benefit Organisations

To qualify for approval to benefit from tax deductions, the PBO has to undertake and support particular public benefit activities, including stipulated welfare and humanitarian; healthcare; land and housing; education and development; religion, belief, and philosophy; cultural; conservation, environment, and animal welfare; research; and sports activities.

These tax benefits are available to any individual or company making a bona fide donation to a registered PBO.

Bottom Line

For smart startups with the right tax strategies, this is one way of becoming some percent more profitable if properly utilized.

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.

Facebook: https://web.facebook.com/Afrikanheroes/

Nigerian e-health startup 54gene Raises $4.5m To Build Africa’s First DNA Biobank

July 3, 2019

This year has not been particularly bad for health startups in Africa. The latest on the list of newly funded startups in Africa is the Nigerian six-month-old e-health and genomics startup 54gene which has raised a US$4.5 million in a seed round of investment to allow it to build the first African DNA biobank.

A Look At The Funding

This round of funding, totaling US$4.5 million came from Y Combinator, Fifty Years, Better Ventures, KdT Ventures, Hack VC and Techammer, among others.
The startup plans to use the funds to pioneer and build the world’s first African DNA biobank, install electronic data capture systems in the leading tertiary hospitals in Nigeria, and expand its teams in Nigeria and the United States (US).
It is also planning expansion elsewhere in Africa.
54gene is a product of Stack Dx, which raised funding from early-stage VC firm Micro traction to develop the platform in January.
Since then, the startup has been selected to take part in the Y Combinator and Google Launchpad Africa accelerator programs, and it has now raised a sizeable seed round.

“The genomic revolution has taken place everywhere except for Africa; home to more than one billion people, and the very birthplace of humankind. What many people don’t realise is how genetically diverse Africa is, and that Africans have married within their tribes for thousands of years, which makes our DNA ideal for studying loss-of-function type mutations that can be replicated into new drugs. We believe this will be done through partnering with pharmaceutical industry players to drive groundbreaking research and layering a data science capability on the data being collected,” said Abasi Ene-Obong, founder and chief executive officer (CEO) of 54gene.

54gene Is Set to Build The Largest Database of Genomic and Phenotypic Consented Data of Africans.

54gene’s unique data sets will be used exclusively for research; to proactively address the significant gap the genomics market currently poses for Africa, using African DNA to focus on drug discovery opportunities that will improve access.
The startup has successfully completed pilot programs in three of Nigeria’s largest academic tertiary hospitals and is strategically expanding its biobanking activities to 10 of the country’s academic tertiary hospitals.
The biobank’s focus has also expanded from oncology to include cardiology, neurology, endocrinology and sickle cell disease.
54gene expects to secure 40,000 biobank samples by the end of this year and is working closely with research institutions on the continent, pharmaceutical companies, technology partners and healthcare regulators, to achieve this.
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World Economic Forum

“This capital infusion allows us to move swiftly. We are delighted to welcome like-minded, highly experienced investors, who will embark on this journey with us, to secure Africa’s pharma future and to impact millions of people’s lives through improved healthcare and drugs provision. We are committed to curating one of the most interesting genomic and phenotypic datasets in the world that will power the development of new drugs that benefit people of all races,” Ene-Obong said.

Seth Bannon, a founding partner at Fifty Years, said it was a “dirty secret” that the world’s genomic datasets were overwhelmingly Caucasian.

“By building datasets that are more inclusive, 54Gene will help democratise molecular medicine while unlocking insights that will lead to better therapeutics for everyone,” he said.

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.

Facebook: https://web.facebook.com/Afrikanheroes/

Centurion CEO speaks to Chinese Oil and Gas Investors on African opportunities

A team of attorneys from Centurion is in China this week to participate in the EG Ronda Licensing Roadshow being held today and tomorrow at the Kempinski Hotel Beijing. Led by CEO Nj Ayuk, the team is meeting with several high-profile Chinese executives and energy companies seeking to invest in sub-Saharan Africa.

The roadshow is organized by the African Energy Chamber on behalf of Equatorial Guinea’s Ministry of Mines and Hydrocarbons. With the biggest names amongst the Chinese energy companies attending, including companies such as CNPC, PowerChina Group, Sinopec, Sinochem, CNOOC, Shenergy, CMEC, and China Minmetals Corp, Centurion has had the opportunity to discuss considerable deals in several African oil markets.

“Centurion’s presence in China for the EG Ronda Roadshow is a mark of our commitment not only to Equatorial Guinea but to the promotion of Chinese investments across Africa,” declared Nj Ayuk from Beijing. “China is serious about investing in Africa, and Chinese investors and companies are looking for reliable African legal advisors and partners to efficiently do business in our continent. This represents billions of dollars of investment ready to support the development of the African oil industry.”

Centurion has always been at the forefront of channeling foreign investments into Africa’s oil & gas value chains. The firm has advised on the most recent PSCs being signed in the continent and continues to be part of landmark deals and projects in West and Eastern Africa.

The firm has a specific desk dedicated to Chinese companies and investors and has been increasingly working in diversifying the flow of investments coming into Africa’s extractive industries, working with new partners from Russia, Turkey, and the Middle East.

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.

Facebook: https://web.facebook.com/Afrikanheroes/

Merck Foundation launches first ‘Merck Health Media Training’ in partnership with the First Lady of Guinea

Merck Foundation, the philanthropic arm of Merck KGaA Germany has organized their first “Merck Foundation Health Media Training” in Conakry, Guinea in partnership with H.E. Madam Djene Conde, The First Lady of Guinea and Ambassador of Merck’s “More Than a Mother” project, together with Ministry of Health and Ministry of Information and Communication to break the stigma around infertility in Guinea and rest of Africa.

Speaking on the program, the CEO of Merck Foundation and President of Merck More than a Mother Dr. Rasha Keleje, said that “the training program which is a part of ‘Merck More than a Mother’ community awareness Program and was organized for the first time in Guinea for local media representatives and media students”. In her contribution, the Guinean First Lady, Madam Djene Conde added that “we are happy to host this training program together with Merck Foundation”.

Highlighting the importance of the program, Dr. Kelej notes that “media plays an important role in sensitizing the society. It can help in breaking the stigma around infertility. I am delighted to initiate this important training session as I strongly believe that the media plays a significant role to influence our society to create a cultural shift. It has the capacity and ability to break the stigma around infertility in the community.” The training was addressed by The First Lady, Dr. Rasha Kelej, Hon. Amara Somparé, Minister of Information and Communication, Guinea. It was also addressed by stalwarts of media and top infertility experts.

Moreover, it provided a great opportunity for the journalists to meet the experts and also to network with each other and work as a unit to eradicate the stigma around infertility in Guinea and the rest of Africa. It was attended by journalists working for Print, TV, Radio and Online media and journalism students.

“The Merck Health Media Training program focused on international standards and media ethics for reporting sensitive issues like infertility in Africa. It was designed to benefit the journalists in understanding the infertility issues in African communities and to learn the best media practices to cover such issues” added Dr. Rasha Kelej.

Merck Foundation also announced Call for Application for “Merck More than a Mother” ‘Media Recognition Awards’ for Guinea and rest of Africa. The “Merck More than a Mother” ‘Media Recognition Awards’ were launched in 2017 with the aim to emphasize the role of media in enhancing the public engagement and understanding of infertility stigma and the need to change its social perception in African communities. The applications are invited by media professionals to showcase their work to raise awareness about infertility prevention and breaking infertility stigma in Guinea and the rest of Africa.

Who can apply? Journalists from print, online, radio and multimedia platforms from Guinea and rest of Africa. Last date of submission: Entries can be submitted till 30th October 2019.

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.

Facebook: https://web.facebook.com/Afrikanheroes/

African Energy Chamber Commends the Reappointment of Mohammed Barkindo as Secretary General of Organization of the Petroleum Exporting Countries (OPEC).

The African Energy Chamber (EnergyChamber.org) has commended the re-appointment of Mohammed Barkindo as Secretary General of OPEC saying it is as a factor of stability for African and global oil markets. Barkindo was reappointed yesterday during OPEC’s meeting in Vienna, Austria.

According to Energy Chamber, Secretary General Barkindo has managed to keep OPEC united as an organization under very unstable times and a deep crisis in commodity prices. His leadership and diplomacy have restored market stability and successfully sealed landmark agreements like that of the Declaration of Cooperation between OPEC and non-OPEC member countries.

More importantly for our continent, it is under Secretary-General Barkindo that OPEC gained its two newest African members, Equatorial Guinea in 2017 and the Republic of Congo in 2018. Last year, he was awarded the Africa Oil Man of the Year award by Africa Oil & Power for prioritizing of cooperation in turbulent times, for stabilizing oil markets and for raising the voice of Africa on the global energy stage.

“The extension of H.E. Mohammed Barkindo’s mandate as Secretary-General for another term is excellent news. It is well-deserved and a result of the trust he has gained from the entire global energy community,” declared NJ Ayuk, Executive Chairman of the Chamber and CEO of the Centurion Law Group.

“Secretary Barkindo has maintained faith in the future of the oil & gas industry, he picks the right battles and fights them with courage. As the race towards stability continues, his sense of teamwork will continue building the bridges our industry needs to achieve greater prosperity.”

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.

Facebook: https://web.facebook.com/Afrikanheroes/

You Cannot Purchase Shares In These Nigerian Companies Now

The Nigerian Stock Exchange, Nigeria’s apex market for trade in stocks and securities has sent a bad signal to investors and dealers that the shares of the under-listed 11 Nigerian companies are now suspended from trading on the Exchange. The suspension is because the companies failed to file their accounts with the NSE within the stipulated time.

Nigeria’s NSE’s market rules states that if an issuer fails to file the relevant accounts by the expiration of the Cure Period, the bourse will first send to the Issuer a “Second Filing Deficiency Notification” within two business days after the end of the Cure Period; suspend trading in the Issuer’s securities; and notify the Securities and Exchange Commission (SEC) and the Market within 24 hours of the suspension.

A Look At The Affected Companies

The suspended companies include:

Conoil Plc

This company was also suspended last year for failing to file its audited financial statements as required by the market rules. The company declared over N1.4 billion dividends during its last financial year. The dividend declaration meant N2.00 on every 50 kobo ordinary share of the company.

Between 2012 and 2016, the company has paid a total of N8.4bn as a dividend. Conoil Plc is Nigeria’s indigenous petroleum marketing company. The 2016 revenue of the company stood at 85 billion naira. Nigerian Billionaire Mike Adenuga is the Chairman of the company.

FTN Cocoa Processors Plc

The company was also suspended last year October 8, 2018, for non-compliance with rule 3.1 of the Exchange (Issuers’ Rules) − rules for the filing of accounts and treatment of default filing. is a provider of processed agricultural commodities. The company’s market capitalization stands at NGN440m and it sold at 20 kobo per share on July 1 before the suspension.

The company is one of the few cocoa processing industries in the country. It supplies beverages to Nigeria’s leading beverage companies like Nestle Nigeria Plc and Promasidor Nigeria Limited, makers of Cowbell Milk and Cocoa products. The company has failed to convene an annual general meeting or declare a dividend for two consecutive years now. In a statement issued in March 2019, the company said it has lacked sufficient working capital to continue with production.

Goldlink Insurance Plc

The company has previously been suspended in 2017 for failure to file the relevant accounts by the expiration of the Cure Period. In 2010, the company paid its investors 2 kobo dividend per share. The company has not declared any dividend since 2017.

Lasaco Assurance Plc

The insurance declared 4 kobo per share dividend last year. Its market capitalization stands at NGN2.124 Billion.

Niger Insurance Plc

The company’s annual report for the year ended December 31, 2017. The report indicated a zero dividend per share. The company has also been faced with claims of its inability to pay off its indebtedness.

R.T. Briscoe Plc

The company is the distributor of Toyota motors in Nigeria. Trading on the company’s shares were suspended in 2018 for failing to file relevant financial results and accounts as expected.

Other suspended companies include:

Resort Savings & Loans
Royal Exchange
Standard Alliance Insurance
Universal Insurance.

The Implication of The Suspension

In view of the submission of its accounts and pursuant to rule 3.3 of the Default Filing Rules, which provides that the suspension of trading in the issuer’s securities shall be lifted upon submission of the relevant accounts, provided the Exchange is satisfied that the accounts comply with all applicable rules of the Exchange, the Exchange shall thereafter also announce through the medium by which the public and the SEC were initially notified of the suspension.

Consequently, the suspension of the above-listed companies will only be lifted upon the submission of the relevant accounts and provided The Exchange is satisfied that the accounts comply with all applicable rules of The Exchange.

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.

Facebook: https://web.facebook.com/Afrikanheroes/

Terrestrial fiber infrastructure investments key to enabling the growth of Africa’s digital economy

July 2, 2019

The dialogue centered on the notion that the development of the terrestrial network is key to growing the digital economies of all African countries.

Experts at the 2019 ‘Africa Panel Session’ of the International Telecoms Week (ITW), held recently in Atlanta, USA discussed the importance of infrastructure investments in local internet exchanges and terrestrial networks as being instrumental to facilitating the development and growth of Africa’s digital economy.

Presenting on the theme “Enabling Africa’s Digital Economy”, Principal Analyst at TeleGeography, Patrick Christian, evaluated the African digital economy, noting that the study of global trends show Africa maintaining its position as the fastest growing region in internet usage through data volumes remain shockingly lower than other parts of the world.

Mr.Christian, underscored the importance of the role content providers such as Google, Microsoft, and Facebook, play in driving Internet traffic and the expectation that their traffic on the continent will increase with the growth of Africa’s digital economy. It is expected that having more content beginning to reside and be exchanged within Africa, will add tremendous benefits to the ecosystem.

A panel that included high-level representation from MainOne, Google, Avanti Plc, Angola Cables, CSquared Africa, and WIOCC engaged in compelling discourse that highlighted these and other key factors for development in Africa’s digital economy. The dialogue centered on the notion that the development of the terrestrial network is key to growing the digital economies of all African countries.

A point further emphasized by MainOne’s CEO, Funke Opeke, who stated that the organization is currently working in Lagos State of Nigeria to enable digital transformation through the deployment of 2500km of fibre across the State, adding to the almost 1000km of fibre currently deployed.

Opeke stated, “Our immediate focus is to ensure we have fibre to the towers, fiber to schools, health care facilities, and other government agencies, fiber to the enterprise/business districts, and with a density to reach within 1km of the majority of citizens in Lagos. We envisage having network density whereby over 60% of the population is within 1km of fibre access with the planned deployment.”

The 2019 Africa Panel session at ITW co-sponsored by MainOne continues to provide a platform for key global players to share perspectives on the opportunities and challenges of telecoms development on the African continent. This year makes it the 8th time in a row that MainOne has sponsored the session.

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.

Facebook: https://web.facebook.com/Afrikanheroes/

APO Group African Women in Media Award to Recognise Support of Female Journalists for Women’s Entrepreneurship in Africa

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

One of Africa’s biggest media group, APO Group, will present its inaugural APO Group African Women in Media Award set to recognize, celebrate and empower African women journalists who support female entrepreneurship in Africa.

The Award will be bestowed to the winner at the 5th Africa Women Innovation and Entrepreneurship Forum’s (AWIEF) Conference, Exhibition and Awards hosted at the Cape Town International Convention Centre (CTICC), 29-30 October 2019, with the theme ‘Enhancing impact: digitalization, investment, and intra-African trade’.

AWIEF’s prestigious annual event is a platform that sees global thought leaders, industry experts, policymakers, academics, development organizations, and investors gather to dialogue, connect, network, share, collaborate and transact in a combined effort to boost Africa’s entrepreneurship ecosystem for women.

According to Lionel Reina, CEO of APO Group, “We are extremely excited for the opportunity to highlight the work of female journalists sharing the stories of women entrepreneurs in Africa. The APO Group African Women in Media Award is part of our commitment to supporting the development of journalism on the continent. We are delighted to present this award with AWIEF in Cape Town as we celebrate women in journalism and entrepreneurship.”

Entries for APO Group African Women in Media Award must offer valuable insights into African female entrepreneurs while appealing to a global audience.

The award is open to African woman journalists and bloggers, whether directly employed or freelancers, working in the continent of Africa who have produced a story that has been broadcast or published in English, French, Portuguese or Arabic in the form of a printed publication, a television feature, a radio story, a website or a blog whose primary audience is based in Africa.

Stories must have been broadcast or published between 1st January and 15th September 2019.

Stories are judged on content, writing, analysis, creativity, human interest, and community impact.

All stories must be submitted in electronic format:
– Print: upload the scan(s) of the published article;
– Radio: upload the SoundCloud link;
– Website: upload the URL; and/or
– TV: upload the YouTube link.

TV material must first be uploaded to YouTube (www.YouTube.com) and radio material to SoundCloud (SoundCloud.com).

If one is not a member of these sites, one will need to sign up in order to upload the video or radio material. Once one has obtained the link, one must enter it in this online entry form when inputting one’s story details.

The online entry form is available here: http://bit.ly/APOaward

The deadline for entries is 15th September 2019. The finalists will be announced on 1st October 2019 while the winner will be announced on Wednesday, 30 October 2019.

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.

Facebook: https://web.facebook.com/Afrikanheroes/

Kenya: Startup d.Light Raises $18 Million For Expansion

Kenyan startup d.Light is never leaving any stone unturned in its quest to scale its business and expand its operations. The startup is the latest on the continent to raise funds. The solar kit solution has just received Sh1.84 billion capital injection from a consortium of lenders to help accelerate its growth in Africa.

A Look At The Funding

The investment came from two responsibility-managed funds: SunFunder, DWM, and SIMA.
The startup hopes to use the funds to expand its product line and enter new markets to reach more customers.
The new capital is coming barely a few months after three European government funds committed Sh4.1 billion into d.Light.
The company said the financing was organized by Inspired Evolution, an Africa-focused investment advisory firm specializing in the energy sector.

d.Light At A Glance

Although started by the Americans Sam Goldman and Ned Tozun, the Kenya-based startup provides solar-powered solutions — ranging from lights, phone chargers, radios, and even televisions — which are sold in over 60 countries.
In April, it opened a regional office and service center in Eldoret, Kenya as part of the company’s expansion strategy to reach and impact 100 million lives globally by 2020.
Located at KIPPS Plaza, Iten road, the office, and service center has been opening daily including weekends and public holidays.
The center offers sales services and after-sales services for d.Light’s products including solar home systems and portable solar powered lanterns.
The startup has 1,000 employees and 3,000–5,000 commissioned agents, is generating about $100 million of revenue a year, and experiencing 40–50% growth annually.

“Significant amounts of capital are required to enable us to continue providing these financing plans for our customers as we grow.

“We are thankful for the continued support of our funding partners to enable us to create a brighter future for the families we serve,” said d.light chief executive and co-founder Ned Tozun in a statement on Monday.

For the startup co-founder and chief executive Ned Tozun the funding by SwedFund, Norfund, and Dutch Development Bank FMO would give d.Light some new impetus to expand into new markets and increase product lines to reach more customers.

This Investment Is A Major Win For A Startup That Had A Humble Beginning

For a startup that started off struggling to raise funds, this is a big moment for it. Early investors in the startup did not believe investing in its high-risk, unproven proposal and hence were uninterested.

“I was someone who doesn’t like public speaking. I’m more of an introverted person; I was like a coder and stuff,” Ned told Forbes in a interview. “So, going out and pitching to venture capitalists, I was so nervous the first times. But, as with anything, if you do it enough, and if you really believe in the business that you’re doing, you’ll get better and better.”

This is after a series of rejection from venture capitalists too.

“You guys will fail. Please don’t waste your life on this,” one investor told them.

The startup came to its turning point when d.light won the Draper Fisher Jurvetson Venture Challenge and earned a $250,000 check from the well-known VC firm.

Image result for Cleantech funding in Africa — Source: World Economic Forum

Inspired by the win, Guy Kawasaki’s Garage Technology Ventures doubled their $250k winnings. Buoyed by this in-pouring of funds, Ned relocated with his wife to China to figure out how to build solar-powered solutions that were affordable, high quality, and at scale. At the same time, his co-founder, Sam Goldman, moved to India to figure out how to sell and distribute the products.

Today, more than a decade since starting d.light, the startup has raised a little over $100 million in equity and debt financing. This is roughly a 50/50 mix of both.

‘‘Having the brand name of Stanford really helped. So did meeting VCs lecturing at school, and cold emailing investors,’’ Ned said.

Of course, once those initial investments came in, fundraising became a lot easier for Ned and his team.

‘‘I always say that, as a founder, you’re swimming in an ocean full of sharks, the sharks being investors. Eventually, one of them is going to bite, and then everyone else will want to bite.

You just need to stay afloat until then. You need to topple that first domino, and then the rest will come,’’ Ned said in the interview.

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.