Nigerian Bank - Afrikan Heroes

Nigerian Bank, FCMB, Is Inviting Agri-tech Startups To Incubate Under This New Programme

August 8, 2019

This is a huge chance for agritech startups across Nigeria. The FCMB-Wennovation Agritech Incubation Programme, in conjunction with Wennovation Hub, has launched a bid to guide early-stage AgriTech Start-ups across Nigeria so that they can test and validate their ideas as well as gather their first set of customers or pivot if need be.

This will be done through a combination of financial support, guidance, and training. The secondary objective is to prepare these start-ups for acceleration.

Here Is All You Need To Know

The goal of the 2019 incubation is to:

Expose 10 teams across Nigeria to the root of the pre-defined problem statement by merging an in-depth problem definition strategy with an immersion process.
Support at least top 10 teams with a demonstrable Minimum Viable Product to build a sustainable business model by taking them through a design thinking workshop and subsequently a 3 weeks incubation program.
Support at least tops 2 Agritech startups in Nigeria with seed investments and grants.
Offer access to experienced mentors and a cohort structure that encourages peer learning and support.
Provide opportunities to connect with potential customers and investors.

What Are Expected of Prospective Applicants

Applications should focus on four problem statements, namely Input, Production, Processing and Storage, and Marketing and Sales, with Wennovation Hub looking for MVP-stage startups with some form of market validation.
The programme commences with a one-week immersion component where selected startups get to interact with community members through Wennovation Hub immersion partners. Startups who successfully complete the immersion programme and the required reporting commitments will be invited to a two-week Bootcamp in Lagos.
It all concludes with a demo day in September, with all successful startups to be taken into a six-month post-Bootcamp aftercare programme

At the end of calls for application, 10 Agritech start-ups will be selected for the incubation program.

The program will be concluded with a pitching competition at the demo day where 2 Agritech startups will win a total of N3million in Grants.

To apply, click here

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.

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Nigerian Bank of Agriculture is Open For New Investors

April 19, 2019

Nigerian Federal Government is willing to give out the 60 per cent interests it has in the Bank of Agriculture. It said it will divest 60 per cent of its stakes in the Bank of Agriculture (BoA) as part of plans to restructure the bank.

Nigerian Agency in charge of sales of government companies, Bureau of Public Enterprises (BPE), said the bank had been under-performing since 1972 when it first came into existence.

What the Agency Plans To Do

According to the DG of the Bureau of Public Enterprise, once the equity of the bank is restructured:

The Central Bank of Nigeria’s equity in the bank would be reduced to 20 per cent
Federal Ministry of Finance (incorporated)’s equity would be reduced to 20 per cent, so that both government agencies’ equity in the new bank will be a minority of 40 per cent.
Private sector investors would then be invited to subscribe to 20 per cent of the equity;
The remaining 40 per cent equity will be owned by farmers and farmers’ cooperatives, the statement endorsed by the by Head, Public Communications, BPE, Amina Tukur Othman.

Related: Nigeria’s Forex Market Gets 210m CBN Boost

Aim of the New Strategy

The BPE stated that the new strategy is to transform the bank into a truly agriculture finance bank modeled along the lines of Agriculture Bank of China and Rabobank of the Netherlands.
The model would ensure that farmers form clusters of cooperatives and thrift societies throughout the six geo-political zones for the purpose of participating in the ownership of the Bank.
The model would fundamentally ensure that the BoA becomes a farmers’ bank owned by farmers.
The BPE also said measures to make the bank attractive to investors and attract cheap funding from multilateral development institutions and other institutional investors with a focus on agricultural financing.

Charles Rapulu Udoh

Charles Rapulu Udoh 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 organisations 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.