Reports from South Africa say that about a thousand Nigerians who would like to return back to Nigeria using the open window of evacuation organized by the Nigerian mission in South Africa but are still trapped there due to the slow process of the evacuation programme. While about 600 registered to be part of the evacuation, documentation challenges have prevented many from leaving as only about 180 made it with the first batch. But more are still trooping into Johannesburg from many cities across the country.
It could be recalled that the first batch arrived Lagos from Johannesburg last Wednesday and were received by the Chairman of Nigeria in Diaspora Commission, Abike Dabiri among other top government functionaries. The evacuation plan by Air Peace was delayed due to documentation process by both the South African government and the Nigerian Missions in South Africa.
The Nigerian High Commission in South Africa was said to have arranged temporary Travel Certificate (TTC) for most of those that had offered to return home, many of whom do not have valid passports. Aside Air Peace’s offer, the government is said to have made arrangements for the immediate voluntary evacuation of all Nigerians.
In the latest outbreak of xenophobic violence in South Africa, deadly riots in Pretoria and Johannesburg killed at least 12 people and targeted foreign-owned businesses. There are fears that another round of attacks may follow because there is still tension in the country and comments attributed to some South African leaders are not helping matters are critics and civil society organizations blame the government for the negligence at the root of the whole xenophobic attacks. This concern about another wave of attacks is responsible for the voluntary repatriation from South Africa .
However, sources at the Nigerian Mission in Johannesburg say that efforts are being made to mop up the remaining people after they have been properly documented. However, a representative of the Nigerian community union in South Africa has blamed the officials of the Nigerian Mission in South Africa for the delays saying that the documentation process is so slow that it has become frustrating. Aside this group, there are others who arrived Johannesburg from different parts of South Africa to participate in the evacuation process even though the cities they live in did not experience the xenophobic attacks. A source who spoke with this Correspondent noted that some of those who arrived from farther place such as East London, Port Elizabeth, Durban, and Cape Town
Another source that spoke with this Correspondent say that many of those who volunteered to participate in the process was seen sleeping in the open at the High Commission with no shelter over them for three years. It was not until two days ago that the Mission provided hotel accommodation for them while the processing of their papers is ongoing.
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.
Things Fall Apart, Chinua Achebe’s epic novel, is 60 years. Centered on the cultural conflict that developed in the mill of the colonial project in Africa, the novel’s content and essence remain very relevant in the “hopes and impediments” and in the totalizing dissonance that is at the heart of postcolonial realities in the continent.
Ridden with violence, corruption, war, hunger religious intolerance, and largely travestied democracies, postcolonial Africa approximates a fantasy land where anything can happen. The situation continues to evoke that uncertain note on which Achebe ends the novel, that frozen moment when authentic Africa yields to the glory and triumph of Empire, giving birth to a fleeting, but totalizing and conflicting hybridity that has no end.
While the situation calls for concern as it relates to the harsh realities of the human condition in these parts, it has also provided a creative resource for artists at various times and from different standpoints. To this extent, as Things Fall Apart attains 60, it is pertinent to pay homage to its continued relevance and the sagacity of its legendary author through this exhibition whose thematic visions draw from the novel and some of the social realities that resonate with its centralizing theme in postcolonial Africa.
Things Fall Apart, was perhaps written for a distinctive purpose, which is to tell a version of history that often tends to be ignored. His inspiration for penning down the story is summarized in his proverb: Until the lion tells his story, the tale of the hunt will always glorify the Chuu Krydz Ikwuemesi hunter.
And indeed, Achebe rightfully roared until the tale of the hunt was heard from the lion’s point of view. His ability to creatively portray the white men stripping the Africans of their agency is a metaphor of how the cultural agency of the modern African people is constricted by the ambitions of empire and colonialism.
This fact is captured in the decline of African culture in the face of colonialism, and the subtle prediction of the divided consciousness and dissonance that would ravage the continent in post-independence and beyond.
Okonkwo, the major character in the novel, personifies Africa because he possesses a combination of all traditional African values: he is strong, powerful, influential and hardworking, as vividly captured in the paintings of Okonkwo by TobennaOkwuosa and Olisa Nwadiogbu. His status, however, changes with the coming of the white man. And like Okonkwo’s influence, the autochthonous culture and tradition fade as the white man imposes more of his visions and worldview on the people.
Towards the end of the book, Okonkwo kills one of the white man’s court messengers, believing his people would unite and join him in fighting the outsiders. No one does, and in that instance, Okonkwo realizes just how much things have fallen apart. He hangs himself soon after and his death is the metaphorical death of the African spirit: political, religious, economic and otherwise.
Sadly, the politics of after the death of Africa’s authentic spirit is what plays out today as postcoloniality, with all its undying contradictions and conflicts.
Any wonder Achebe’s prophetic work continues to reverberate through generations, inspiring the creative instincts and talents of the gifted spirits. This year, Things Fall Apart attains 60, and to assert the continued relevance of the work, 15 artists from Africa have come together in this exhibition to pay homage to the novel and its illustrious author, with works inspired by moments from the novel and some social issues they allude to.
Titled And the Centre Refuses to Hold: Homage to Things Fall Apart @60, the exhibition comprises works by Chuu Krydz Ikwuemesi, TobennaOkwuosa, Ato Arinze, George Odoh, Tony Nsofor, Anthony Polo, Nathalie DjakouKassi, OlisaNwadiogbu, Akeem Muraina, Emma Mbanefoand ChinyereOdinukwe, Francis Ike, NnaemezieAsogwa, Benjamin Akachukwu, Obi Nwaegbe, IykeOkenyi, and Abigail Nnaji.
Reflecting the artists’ diverse background and experience, it is an eclectic collection including drawing, paintings in various media and technique, sculptures, installations, and mixed media.
The eclecticism is also vividly embodied in the thematic thrust of the works, as they address issues directly from iconic moments in the novel and from the African experience in the colonial and postcolonial periods. Thus social issues relating to religion, politics, intolerance, war, culture and (under)development are part of the creative resource in most of the works. The exhibition, therefore, is a celebration of postcoloniality in Africa, with Things Fall Apart as the centralizing spin-off.
For instance, works by Benjamin Akachukwu take a totalizing stand on conflict and dissonance as they harness the accidents of the tie-dye technique as a basis for paintings that literally reflect beautiful chaos in their forms. Holistically, they evoke the divided conscious that yawn at every interaction of our collective life and history.
The same metaphorical use of colour language is to be found in the works of some other artists like Chinyere Odinukwe, and Francis Ike where message depends more on colour than on the visuality of form. Beyond a general celebration of the contradictions of the postcolonial through their personal idiolects of colour, the artists explore diverse themes.
While Akachukwu visualizes conflicts, violence and divided consciousness in his Forms from My Skies series, Odinukwe’sOsondu and I Shall Wait Here present the dilemma of contemporary Africa where citizens are caught between the call for patriotism and the often overwhelming desire to run across the ocean in line with the counter-penetration of the West which now approximates and redefines slavery.
We find a corollary to this in Nwadiogbu’s Owners of the Land or Heavers of Wood, a work which refers to neo-colonization and the perpetuation of apartheid in other means and beyond its birthplace. That Africa and the black man are now subject of a twin-colonization is not in doubt.
While black Africa is still colonized by the West through the soft powers of culture and economics, on one hand, it is also a subject of colonization from inside through the exertions, caprices, and greed of corrupt leaders and politicians. Tobenna Okwuosa’s Black Man, in its content and iconography, captures this situation in its political, social and religious ramifications.
In another work, Okwuosa pays tribute to Achebe as a master storyteller through the imposition of the author’s portrait in the painting. Igbo uli traditional script is also explored and deployed at various locations in the work. It shares the same vision with the clay portrait by Ato Arinze which cleverly celebrates the person of Achebe and his great work.
Arinze also extends the essence of Achebe work in the overt and covert imageries in his other terracotta piece where the politics of (under)development is part of the centralizing interest. It is perhaps, this menace of underdevelopment that worries Nathalie Djakou in her work as it does Obi Nwaegbe in his concern with mundane realities in his impressionist and poetic paintings.
The Last Supper by Chuu Krydz Ikwuemesi and Tony Nsofor’s both reminds us of the hopes and impediments of the 20 century with all its tormenting and tormented characteristics. While Nsofor’s painting laments the failed aspirations and possibilities in the virtuosic orchestration of colour and form, Ikwuemesi captures the apocalyptic tendencies of the last years of that century and the beginning of this century through the symbolisms of The Last Supper. Comprising curious otherworldly faces, it is not the traditional last supper, but one in which the whole of humanity is at the table, a supper where the past and the future interrogate each other.
Besides these works, there are others which celebrate moments in the novel, not necessarily from the angle of illustration, but in a bid to inscribe the novel as a datum that enables us to come to terms with the past, present and future of Africa, as it relates to her religious, cultural and political aspirations and realities.
Nwadiogbu’sEzinne, Ikwuemesi’sMkpuluMma, George Odoh’sEzimma are all good examples. At the level of content, they provide interesting opposites to the visions of Iyke Okenyi, Francis Ike and Abigail Nnaji who seem to grapple with existential and historical issues in their works.
While Okenyi’s sculpture aspires to monumentality as a way of amplifying the meaning and evocative power, Ike and Nnaji’s paintings rely on subject matter and form as the roadmap to experience, as they straddle memory, desire and the conflicting grounds in-between.
In all, the epochal, historical traveling exhibition and the Art Talk planned to take place at SOAS, the University of London in 2019 all makeup one composite celebratory statement in honour of a novel whose relevance and influence continues to cut across generations.
Like the blind men and the elephant, the artists engage the novel as a creative resource from individual perspectives, employing media and techniques as the spirit moves them. What unites them in their finding and resulting works is, perhaps, the novel’s capacity as a source of metacreativity for artists and scholars and as a historical and anthropological reference to which we must all return now and again.
–Chuu Krydz Ikwuemesi is an Artist, Art Historian and Associate Professor of Fine Art, University of Nigeria, Nsukka.
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.
Good day for South African businesses, bad day for their Nigerian counterparts. This is because there are still so many issues surrounding equity crowdfunding in Nigeria. Below, we discuss the legal implications of crowdfunding in Nigeria more intensely.
Crowdfunding sometimes appears the only alternative for start-ups, in the face of stifling interest rates on loans from banks and financial institutions, and lack of funds from family and friends as well as the absence of venture capitalists and angel investors. Crowdfunding is a way of funding a project or venture by raising small amounts of money from a large number of people, typically via the Internet. Here is a quick grasp of reality.
The United States
The United States’ Securities and Exchange Commission has made a lot of rules on Crowdfunding which will enable eligible companies to offer and sell securities through crowdfunding. Thus in the US, all transactions under Regulation Crowdfunding take place online through an SEC-registered intermediary, either a broker-dealer or a funding portal. A company is to raise up to a maximum aggregate amount of $1,070,000 through crowdfunding offerings in a 12-month period. However, there is a limit on the amount individual investors can invest across all crowdfunding offerings in a 12-month period. Securities purchased in a crowdfunding transaction generally cannot be resold for one year.
South Africa.
There is no substantial legislation on crowdfunding in South Africa, except that equity crowdfunding is a form of securities. However, South’s Africa’s first equity crowdfunding platform Uprise.Africa was launched after being told by the Financial Services Board (FSB) that the platform does not fall foul of the Collective Investment Schemes Act, the platform’s founder and COO Patrick Schofield said. Inge Prins, the Chief Marketing Officer Uprise.Africa, had hinted the platform, in one of its numerous success instances, paid out investment funds to a local brewery, Drifter Brewery following a successful campaign that raised R3,889,000 (US$293,000), far exceeding its stated goal by almost R1,000,000.
Understanding How Crowdfunding Works
Crowdfunding refers to raising money from the public (who collectively form the “crowd”) primarily through online forums and social media.
Crowdfunding models include: Donation-based crowdfunding (in which donors are not typically granted anything in return for their donation)
Rewards-based crowdfunding (in which backers contribute funds in exchange for some reward–in many cases the item produced by the campaign)
Equity crowdfunding (Equity crowdfunding refers to raising money from small public investors (who collectively form the “crowd”) primarily through online forums and social media. In exchange for relatively small amounts of cash, investors get a proportionate slice of equity in a business venture).
Debt/lending crowdfunding (in which lenders provide money and expect their loan to be paid back with interest).
Crowdfunding For Private Companies Cannot Work Unless Nigeria’s Companies And Allied Matters Act (Nigeria’s Chief Company Legislation) Is Amended.
The idea of having crowdfunding for companies is that the general public would be allowed to contribute towards the formation of the companies. Now while the public can contribute to an idea, the same is not possible for a company. By section 22(5) of Nigeria’s CAMA, it is impossible for a private company to invite the members of the public to subscribe to its shares. It is also impossible for equity crowdfunding to work because the idea of equity crowdfunding is that the public funds the formation of the company expecting to be repaid their contributions by way of shares in the company.
Again, under Section 22 of CAMA, the maximum number of persons a private company shall have shall not exceed fifty, not including persons who are bona fide in the employment of the company.
Nigeria’s Securities and Exchange Commission and Crowdfunding
The Commission determines governs all company securities in Nigeria. Section 13 of the Investment and Securities Act (the chief Act that regulates securities of companies in Nigeria) empowers the Commission to:
regulate all offers of securities by public companies and entities;
register securities of public companies;
prepare adequate guidelines …necessary for the establishment of securities exchanges and capital trade points.
register and regulate the workings of venture capital funds and collective investments schemes in whatever form;
Consequently, by Section 67(1) of the Act, no person shall make any invitation to the public to acquire or dispose of any securities of a body corporate or to deposit money with anybody corporate for a fixed period or payable at call, whether bearing or not bearing interest unless the body corporate concerned is-(a) a public company, whether quoted or unquoted, and the relevant provisions of Act are duly complied with.
To this effect, the SEC, which was empowered to do so, has gone ahead to give the listing requirements for any company in Nigeria to include that the company must be registered as a public limited company with no restrictions on the transfer of fully paid shares; have a minimum of three (3) years operating track record; have a pre-tax profit from continuing operation of not less than N300million cumulatively for the last three (3) fiscal years and a minimum of N100 million in two (2) of these years. Hence, since equity crowdfunding is ideally a thing for new, mostly private companies limited by shares, there is no way any of them would be able to fulfill the listing requirements, to be able to offer their securities to the public.
The continued ban on equity crowdfunding in Nigeria by SEC, therefore, is not a surprise, even though the Commission said it is looking at the crowdfunding rules in the US and Canada.
The SEC believes that crowdfunding cannot be effective in Nigeria in the meantime because of a lack of rules.
Bottom Line
While equity crowdfunding remains banned in Nigeria, donation and reward-based crowdfunding are however excluded from the SEC’s regulatory remit. This explains why there are a number of donation crowdfunding platforms, and not one for equity crowdfunding. Nigeria’s first equity-based crowdfunding platform, Malaik, launched in 2015 is now down and is up for sale at $3795 on HugeDomains.com, while other donation-based platforms such as Donate-ng.com, and Imeela have since carried on.
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.
Nigerian born author Lesley Arimah has been declared the winner of The 2019 Caine Prize for African Writing for her short stories. Her short story titled Skinned won the Award. This win is coming against the backdrop of her being shortlisted for the Award on three previous occasions.
The Shortlist for this year came alongside Meron Hadero of Ethiopia for ‘The Wall’, Cherrie Kandie of Kenya for ‘Sew My Mouth’, Ngwah-Mbo Nana Nkweti of Cameroon for ‘It Takes A Village Some Say’, and another Nigerian Tochukwu Emmanuel Okafor for his work titled ‘All Our Lives’.
Arimah’s story was first published in McSweeney’s Quarterly Concern (Issue 53). A statement by Caine Prize said, “‘Skinned’ envisions a society in which young girls are ceremonially ‘uncovered’ and must marry in order to regain the right to be clothed. It tells the story of Ejem, a young woman uncovered at the age of fifteen yet ‘unclaimed’ in adulthood, and her attempts to negotiate a rigidly stratified society following the breakdown of a protective friendship with the married Chidinma. With a wit, prescience, and wicked imagination, ‘Skinned’ is a bold and unsettling tale of bodily autonomy and womanhood, and the fault lines along which solidarities are formed and broken.”
In 2016, Arimah was shortlisted for the Caine Prize for her short story which became the title story of her collection of short stories, ‘What It Means When A Man Falls From The Sky.’ In 2017, Arimah’s ‘Who Will Greet You At Home’ which was shortlisted for the prize was first published in the New Yorker.
The £10,000 prize is the most prestigious literary award for a short story on the continent. Dr. Peter Kimani, the Chair of Judges when announcing the prize said, “The winner of this year’s Caine Prize for African Writing is a unique retake of women’s struggle for inclusion in a society regulated by rituals.
According to a statement from the judges, Arimah’s Skinned defamiliarizes the familiar to topple social hierarchies, challenge traditions and envision new possibilities for women of the world. Using a sprightly diction, she invents a dystopian universe inhabited by unforgettable characters where friendship is tested, innocence is lost, and readers gain a new understanding of life.
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.
Recall that the Nigerian Central Bank (CBN) in collaboration with the Bankers’ Committee recently introduced the Creative Industry Financing Initiative (CIFI) to improve access to long-term low-cost financing for entrepreneurs and investors in the Nigerian creative and information technology (IT) sub-sectors, as part of efforts to boost job creation in Nigeria, particularly among the youth.
The Bank has gone ahead to announce the modalities for the implementation of the initiative.
In Summary, The Procedure For Accessing The Loan Is As Follows:
Any person interested in accessing the loan should:
Approach any bank of his/her choice with a business plan or statement detailing how much is needed for his/her business.
The bank provides an applicant with the documentation requirements for accessing any of the loan types.
The documentation requirement shall be acceptable by the respective bank for credit requests for its customers.
The bank carries out due diligence of the application and documentation submitted.
Successful applications are issued offer letters, which shall have therewith repayment schedules in accordance with the business dynamics
The successful applicants shall accept the offer as well as meeting all the conditions specified in the offer letter precedent to draw down.
The bank forwards successful application with copies of the offer letter to the Director, Development Finance Department, Central Bank of Nigeria for consideration and release of an aggregate of the facility amount to the bank for lending to a successful application.
The bank disburses funds to successful applicants within ten days of receipt from the CBN
The bank bears the credit risk and shall be responsible for the performance of the facility.
Where Could The Loan Be Accessed From?
Interested persons should visit any money deposit bank in Nigeria — commercial, micro-finance bank, etc.
Nigeria’s Access Bank has already commenced disbursement of loans to beneficiaries in the entertainment industry, under this Creative Industry Financing Initiative of the Central Bank of Nigeria.
The bank said the first tranche of the CIFI loans worth N20bn, would be made easily accessible to the borrowers in the sector.
Other banks are also ready to disburse the loan to prospective applicants.
What Businesses Are Covered And How Much
The businesses that are covered are existing enterprises, startups and students of higher institutions engaged in software development.
Creative Industries Covered are:
Businesses in the fashion (including designing) industry
Businesses in the Information Technology (including e-commerce, online payment solutions, software engineering, etc.)
Businesses in the Nigerian movie industry (including movie producers, movie distributors)
Business in the Nigerian music industry (whether as record labels, music artists, etc.)
Terms & Conditions
For these businesses, the terms and conditions are as follows:
SN
BUSINESS TYPE
MAXIMUM AMOUNT Per
Applicant (₦
Interest Rate/ Length of Year Before Repayment
1
Student Studying Software Development
3 million
9% per annum/
3 years (monthly repayment)
2
IT Businesses
Payment For Equipment Purchase/ Rental Fees
9% per annum;
10 years (quarterly repayment)
3
Movie Production
50 million
9% per annum;
10 years (quarterly repayment)
4
Movie Equipment Financing
50 million
9% per annum;
10 years (quarterly repayment)
5
Movie Distribution
500 million
9% per annum;
10 years (quarterly repayment)
6
Music
Payment For Equipment Purchase/ Rental Fees
9% per annum;
10 years (quarterly repayment)
7
Fashion
Payment For Equipment Purchase/ Rental Fees
9% per annum;
10 years (quarterly repayment)
For further terms and conditions, including guarantors and securities, download, open and read the CBN modalities by clicking on this link
Further inquiries on the modalities may be referred to the Director, Development Finance Department, Central Bank of Nigeria, Abuja.
Why Focus Is On the Creative Industry
The CBN appears to have focused on the creative industry for the following strategic reasons:
The film industry sector contributed 2.3 percent (N239 billion) of Nigeria’s Gross Domestic Product (GDP) in 2016 alone.
In the same year, Nigeria’s music industry grew by 9 percent to reach a value of 39 million dollars and is set to grow by 13.4 percent CAGR by 2021, with an estimated worth of about 73 million dollars.
Information Technology: The gaming industry in Nigeria, according to a PwC study on gaming, benefited from a broadening customer base, mostly the large and youthful population, with Nigeria’s video game industry’s value put at $150 million USD as at 2016. It is also estimated that mobile gaming in Nigeria would surpass $147 million USD by 2020
This writer advises that you check out your local banker in Nigeria for more information on how to access the loan.
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.
Nigeria is set to launch its economy back on track. The Central Bank of Nigeria is now making it mandatory for money deposit bank in Nigeria to maintain loan to deposit ratio of 60% effective September 30, 2019.
The statement from the bank reads as follows:
In order to ramp up growth of the Nigerian economy through investment in the real sector, the Central Bank of Nigeria (CBN) has approved the following measures:
All DMBs are hereby required to maintain a minimum Loan to Deposit Ratio (LDR) of 60% by September 30, 2019. This ratio shall be subject to quarterly review. 2) To encourage SMEs, Retail, Mortgage and Consumer Lending, these sectors shall be assigned a weight of 150% in computing the LDR for this purpose. The CBN shall provide a framework for classification of enterprises/businesses that fall under these categories.
3) Failure to meet the above minimum LDR by the specified date shall result in a levy of additional Cash Reserve Requirement equal to 50% of the lending shortfall of the target LDR.
The CBN shall continue to review development in the market with a view to facilitating graeter investment in the real sector of the Nigerian economy.
This is The First Time The Central Bank of Nigeria Is Weighing In On Minimum Lending Ratio
Previously, there Nigeria had no rule on minimum loan-to-deposit ratios. However, many Nigerian lenders have pegged ratios of about 40%.
However, Nigerian banks are so reluctant with lending to businesses and have resisted lending to businesses and consumers and instead piled their cash into naira bonds, which yield 14.3% on average, one of the highest rates globally.
Lenders worry that with inflation at more than 11%, extending more credit could endanger the financial system through an increase in non-performing loans, or NPLs.
That makes some analysts skeptical of whether the new measures will work.
“Forcing banks to lend under the current macro-economic situation will only result in a buildup in Non-performing loans,” analysts at Lagos-based CSL Research, including Gloria Fadipe, said in a note to clients.
“This could pose a risk to financial stability.”
CSL estimates it could result in an additional 1.4 trillion naira ($3.9 billion) of lending if the central bank gets its way.
Bad Loans
Non-performing loans as a percentage of total credit in the Nigerian banking industry declined to 11% in the first quarter from 14% a year ago, according to the National Bureau of Statistics. Past experience with such measures isn’t encouraging. The central bank last year allowed banks to use their statutory cash reserves to fund manufacturers on the condition that such loans were at a maximum interest rate of 9% and a minimum maturity of seven years. The lenders didn’t take advantage of the policy due to credit risk and high returns on government bonds, according to Michael Famoroti, an economist and partner at Stears Business.
The Implication of This To Businesses
With this move, it is expected that Nigerian money deposit banks are going to loosen up money to Nigerians. For businesses desiring to raise funds, this is the best time to laugh as more banks would be rushing after them. However, it remains whether Nigeria’s commercial banks would not fight back, by either setting up SPVs or lending to more stable corporations, in which case the vision of the CBN may have been defeated.
So businesses should dust up their loan procurement files and get set for September 30, 2019.
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.
One of Africa’s youngest billionaire businessmen, the 39-year-old founder of Springfield Energy, Kevin Okyere will be honored with the Entrepreneurship Award at the FACE List Awards gala during the 2019 Pan-African Weekend in New York City July 18-21st. At the age of 11, Kevin Okyere was already showing interest in entrepreneurship as he sold iced water to football supporters at the Kumasi Sports Stadium in Ghana to make extra cash. This surprised many considering he was from a wealthy home.
Born in 1980, Okyere completed his high school education in Ghana before moving to the United States where he studied Accounting at the George Mason University in Virginia while doing varying jobs including working as a security guard. Coming from the Ashanti region of Ghana, his father had made enough fortune in construction, steel manufacturing, and large-scale cocoa farming before becoming a traditional belief.
Yet, Okyere, with his entrepreneurial spirit, would take on jobs with textile companies in the U.K. during his family’s annual summer vacation trips to London, according to an article on Forbes. He would later, become the founder and Chief Executive Officer of the billion-dollar oil company, Springfield Group, a successful energy conglomerate in West Africa that he established and has managed for over 10 years.
Okyere has been able to build the Springfield Group from a $70 million investment into a $1 billion (annual revenue) multifaceted Ghanaian oil giant, according to Forbes. An entrepreneur, Kevin uses his razor-sharp skills in business strategy, finance and negotiations to envision and execute high-end commercial and developmental projects. Kevin is widely recognized by his peers, and local and international media as one of the pioneers in Africa’s energy sector.
In 2008, Kevin established Springfield Energy, one of the leading energy actors in Ghana who over a period of five (5) years, has supplied 12.5% of Ghana’s petroleum products requirement. The Company has also supplied hydrocarbons into other countries along the Gulf of Guinea. The Company is the first Ghanaian Independent Firm to lift crude oil from the TEN field (Ghana).
Kevin established Springfield Ashburton Limited in Nigeria, the only indigenous Ghanaian company to be involved in energy-related trade out of Nigeria. Kevin is the driving force behind Springfield Exploration & Production Ltd, the first wholly owned independent Ghanaian firm to own and operate a deep offshore oil block in Ghana. As a matter of fact, Springfield E&P is the only African company to own and operate a deep offshore asset.
Previously, Kevin operated a telecommunications company in Ghana after leaving a thriving career in the Accounting and Finance sector in the USA. He sits on the board of numerous companies including Aker Solutions Ghana Limited, a joint venture between Fairfax Oilfield Services Limited, a Springfield Group Company, and Aker Solutions of Norway, a leading global provider of oil field services. He also holds a highly influential position as a board member of the Society of Petroleum Engineers (Ghana Section).
Kevin is also a passionate leader and public speaker. He has engaged with business leaders, entrepreneurs, and students at Harvard Business School and the University of Ghana Business School on the topics of energy, governance, and entrepreneurship in Africa.
He is an esteemed philanthropist, establishing alongside the Springfield Foundation, the Kevin Okyere Foundation, an entity that delivers impactful initiatives in health and education.
The FACE List Awards are a prestigious celebration of pan-African achievement that honor the black diaspora’s most influential pioneers and trailblazers, while providing an opportunity for the business community to connect and celebrate our success stories.
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.
Startups in Nigeria do not seem to be leaving any stones unturned. Nigerian based solar energy distribution startup, Anergy has raised 9 million (NGN3.2 billion) in Series A to fund its commercial growth with new business models, improve on partnership avenues, and expand its activities.
The Funding At A Glance
The funding round was led by Breakthrough Energy Ventures, while Shell-funded All On Energy, the European Union-backed ElectriFI and the Norwegian Investment Fund for Developing Countries (Norfund) participated in the capital injection.
Founded in 2014 by Femi Adeyemo and Kunle Odebunmi, Anergy provides solar power systems to homes and businesses, with a special focus on companies spanning the hospitality, education, financial, agriculture, and healthcare industries.
In the last half-a-decade, the startup claims to have installed over 2 MW of clean energy solutions for more than 2,000 clients.
Funding Was To Scale Operations
“We believe that energy needs in Nigeria have surpassed rudimentary requirements of low power utilization and our product offerings are solving for reliability and not just access,” says CEO Femi Adeyemo, Anergy
“ElectriFI, an EU-funded access to energy impact facility, is thrilled to join such a strong group of investors backing visionary entrepreneurs who will positively impact thousands of local businesses in Nigeria,” said Dominiek Deconinck, ElectriFI Fund Manager.
What Anergy Does
Anergy’s distributed energy systems leverage the amalgamation of solar power, superior storage solutions, and proprietary remote management technologies. The startup uses this to deliver scalable, reliable, and affordable solutions designed to address the problems associated with intermittency and grid unreliability.
“Arnergy inherently understands the West African market and its need for power reliability. Creating accessibility to reliable renewable energy sources is paramount to economic growth in this region.With Arnergy’s technology, we can significantly decrease carbon emissions, and it’s a model that can be replicated all over the developing world,” said Carmichael Roberts of Breakthrough Energy Ventures.
What Attracted Investors To The Startup
The startup got the investment because, according to Mark Davis, EVP Clean Energy from Norfund,
“Access to clean and stable energy is a prerequisite for job creation and development.’’
Davis said Norfund is proud to support the expansion of Arnergy which will provide Nigerian households and businesses on a weak-grid connection with a cheaper, cleaner and more reliable power solution to meet their daily needs.
‘‘ElectriFI, an EU-funded access to energy impact facility, is thrilled to join such a strong group of investors backing visionary entrepreneurs who will positively impact thousands of local businesses in Nigeria,” said Dominiek Deconinck, ElectriFI Fund Manager.
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.