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Covid-19 and Financial Inclusion in Nigeria: The Good, The Not-So-Ugly

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Onyeka Akpaida, Founder and Chief Impact Officer at Rendra Foundation

No one envisioned the world would be at a standstill for 6 weeks, much less experiencing a global pandemic; in an unprecedented manner, COVID-19 decided to show up regardless.

The economic disruption of this pandemic will largely come from ‘’aversion posture” taken by people to avoid contracting the virus. These include government-imposed lockdowns, business closures and reduction in activities by people which will inadvertently affect all sectors of the economy and translate into reduced income for suppliers, lower wages, unemployment and a lower standard of living.

Bringing it home, our 2020 fiscal budget revenue assumptions were made with a $57 per barrel benchmark; however, the crude oil price dipped as low as $20 this month.

This is worrisome to me as we have been unable to sufficiently set aside buffers against these daunting economic challenges. It is my hope that coming out of this pandemic, Nigeria is able to commence a dogged economic diversification drive.

The estimated number of financially excluded adult Nigerians as of 2018 was 36.6m and given the lockdown situation following the pandemic, many financial services providers are unable to implement planned projects in terms of onboarding customers. It is obvious that Nigeria will not be achieving her 2020 financial inclusion goal of reducing exclusion by 20% from 36.6m to 19.9m adult Nigerians.

Statistics from Global Findex also show that a lack of regular income is the major reason for financial exclusion and it is inevitable that the economic impact of the pandemic which includes loss of income particularly with adults that earn daily wages will not do us any favours in closing this gap.

This article will be addressing the impact of the pandemic on Nigeria’s financial inclusion drive and recommendations to stakeholders- fintech, social enterprisesand government on how best to mitigate and innovate in the short andmedium-term.

Although the effects of this pandemic are going to hit hard in the short and medium- term; there is ample opportunity to cushion the effects by getting the most vulnerable adult Nigerians financially included to give them access to the opportunities highlighted in the recommendation section of this article.

The Not-So-Ugly (Covid-19)

Remote Work: This is inevitable as many brick and mortar financial service providers have to swim against this tide that is in an uncharted territory. The banks are sequestered and so are the customers; financial service providers are leveraging on every office and communication tool to keep work going. You can find us in front of our computers with the webcam on having your ‘beloved’ Monday morning meeting with your line manager trying to explain why you have been unable to land that customer.

Loans & Lending: There will definitely be a surge in the requests for loan facilities to meet up to daily and expensive demand of staying at home; I can imagine most lending institutions and apps are inundated with loan requests given the ease of getting credit in less than 5 minutes. Loan default is guaranteed as some workers have been laid off, and those who earn daily wages in non-essential sectors will be unable to meet up with their repayments.

The good news is the Central Bank of Nigeria has directed that moratorium be given to credit facilities and most financial service providers have taken a consumer friendly position by providing up to 3 months moratorium to ease the burden on borrowers. The Central Bank of Nigeria has also directed that interest rates on all applicable intervention funds be reduced from 9% to 5% (be sure to check that your bank has done it.) It is also expected that lending institutions will reduce the credit limits of customers to mitigate default.

Mobile Money Usage: Following the lockdown measures and call for social distancing, most transactions will be conducted via mobile banking apps and agents to cater to under-served and peri- urban communities. According to EFINA Access to Finance 2018 Survey, Mobile money usage increased by 2.2% from 2016 and we expect these numbers to increase exponentially by the end of 2020 with the lockdown being a key catalyst.

Leveraging the use of USSD offline technology, it has become easier reaching the under-served with affordable banking services as it does not require internet usage. We expect to see growth in the Access to Finance 2020 survey statistics on mobile banking usage in the areas with previously high financial exclusion rates.

The Good (Recommendation):

Financial Inclusion Goal: The  Digital Nigeria report on financial inclusion as at January 2020 revealed that over 36 million of the 101.4 million adult Nigerians are financially excluded and if you are gender- focused like I am, it will interest you to know that about 20.5 million of the excluded population are women. There is a huge opportunity for new players in the financial inclusion space irrespective of your business location- Urban centres or rural communities and if you are passionate about under-served communities, there are over 28 million excluded people in this demography.

Reduction in barriers to entry by regulators in the financial inclusion space such as high cost of fees will also encourage more players and ultimately bring us closer to Nigeria’s financial inclusion goal of achieving a 20% reduction in the excluded population by 2020.

Kenya’s largest Telco announced a fee waiver on M-Pesa, the country’s leading mobile money product for 90 days to reduce the physical exchange of currency in response to the COVID-19 outbreak following a directive from Kenya’s President Uhuru Kenyatta to explore ways of deepening mobile-money usage to reduce risk of spreading the virus through physical handling of cash. Implementation of such measures will use digital finance as a lever to influence social distancing, P2P transactions and financial inclusion in an infectious health crisis.

Fintech and Social Enterprises: There is an opportunity for fintech companies to innovate and go beyond payments and transactions. One of the many effects of the pandemic and lockdown measures is an increase in illnesses especially in rural and densely populated households or communities where social distancing is nothing but a pipe dream. This is the time to collaborate with health management and pension organisations to develop a product that caters to the vulnerable and under-served.

Micro & SME Businesses and Households: Nigeria with over 37 million micro, small and medium enterprises (MSMEs) account for over 84% of the jobs in the country; the Central Bank of Nigeria, taking the 48.5% contribution of the sector to our GDP, introduced the N50 billion Targeted Credit Facility (TCF) in March 2020 as a stimulus package to support households and MSMEs affected by the COVID-19 pandemic. This facility will be disbursed through the NIRSAL Microfinance Bank (NMFB) with a reviewed maximum amount for MSMEs now pegged at N2.5mm (formerly 15mm) and a moratorium period of up to 1 year.

To date 80,000+ number of applications have been received and you can access the guidelines and application via the NMFB. There is also a need for a membership or association system to be created for hawkers and road side sellers who fall under the category of micro-businesses to access to facilities such as the COVID relief for affected businesses. The association will be responsible for disbursement, monitoring and repayment of the facility.

Government Agencies

As it is, the government is fast losing the trust of its citizens as the stories from the implementation of social protection programmes are highly discouraging. Although we are in a too little too late situation, I will still recommend that the government makes financial inclusion and biometric registration an essential part of its social registration process. This will reduce the risk of paying “ghost beneficiaries”as each person registered will have the BVN as a unique identifier.

In the US where there is a stimulus package for citizens earning less than 75000 USD. Eligible citizens are now receiving $1200 monthly support. 7 eleven (a Walmart competitor) and Mastercard created a card with an account behind it to quickly capture the excluded and reduce their wait time to receive the stimulus by several weeks when compared to the post-delivery option.

Also Read: Women in Tech: Interview With Ellen Fischat, Founder Story Room and Inspiring Fifty SA Ambassador

Written by: Onyeka Akpaida is a financial service professional with 9+years of experience in financial inclusion, consumer-centric digital banking and public sector engagement in a top tier leading International Bank and the founder of Rendra Foundation where she works to promote financial inclusion for low- income and migrant women in northern Nigeria.

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Thabo Mashegoane Appointed As Chairman of the Africa ICT Alliance (AfICTA)

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Thabo Mashegoane

The President and Board Chairperson of the Institute of Information Technology Professionals South Africa (IITPSA), Thabo Mashegoane, has been elected as Chairman of the Africa ICT Alliance (AfICTA).

Formerly the Vice-Chairman of AfICTA, he succeeds Engr. Hossam Elgamal from Egypt to become the third Chairman. AfICTA, a private sector-led alliance of ICT Associations, multinational corporations, companies, organisations and individuals in the ICT sector in Africa, aims to fulfil the promise of the digital age for everyone in Africa by encouraging dialogue and fostering ICT enabled development.

During an electronic election at the AfICTA Annual General Meeting on 25 November, Mashegoane was elected chair, while IITPSA Past President and Non-Executive Director Ulandi Exner was also elected AfICTA Vice-Chair for Southern Africa.

The election named the following board members and officers: Paul Rowney, Deputy Chair; Opeyemi Onifade, Treasurer; Dr. Waudo Siganga, Vice-Chair for East Africa; Engr. Assem Wahby, Vice-Chair, North Africa; Adetola Sogbesan, Vice-Chair, West Africa; and Eric Sindeu, Vice-Chair, Central Africa.  

Thanking his predecessors for their service and leadership in the Alliance to date, Mashegoane noted that AfICTA was an organisation with a vast network, impact on critical policies, and reputation that took years and hard work to build. “Mine is to take the baton and continue where the honourable Engr. Hossam Elgamal has taken this organisation to. Of importance is the platform to enable African countries to collaborate and share best practices and lessons learnt with an objective of not leaving anyone behind in development. This is a vision we will continue to uphold. We stand in a critical position to influence attainment of Sustainable Development Goals 2030 through ICT.”

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Speaking after the election, Mashegoane said digital inclusion and ICT-enabled development was also a key mission for the IITPSA in South Africa.  “The IITPSA shares the vision and ethos of AfICTA. IITPSA has also stated that we need to step up efforts to achieve the goals of the 2030 Agenda for Sustainable Development, which, among other things, seeks to bridge the digital divide and harness technology to address major global challenges such as poverty, climate change and conflict, we need to work harder. At IITPSA, we believe this means we have to collaborate across industries, across countries, to deploy the benefits of ICTs for the good of all,” he said.

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Baller Syndicate: Building Europe’s First Elite Athlete Angel Syndicate

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Baller Syndate Founders – Koen Bosma (r) and Jason Esseboom (l) (Source: Baller Syndicate)

Baller Syndicate is an exclusive network of elite athletes that are looking to get into entrepreneurship and investing. An initiative by Koen Bosma and Jason Esseboom, two former athletes who were better at startups, than playing football. They played together in a youth academy and crossed paths in the world of startups and innovation. Koen and Jason share a passion for sports, entrepreneurship, and investments.

Over the past few years, they have worked with hundreds of startups and invested in 20+. Most of those startups are trying to break into the sports-, health-, and entertainment industry. During this time, Koen and Jason had the privilege of working closely with founders, which gave them great insights but also a first-row seat to startups’ biggest pain point.

Startups in the sports-, health, and entertainment industry have a disproportionate mismatch with angels that can truly accelerate their journey, compared to startups in other industries.

When Koen and Jason looked closely, they spotted a trend in the USA of elite athletes making tech investments cool and accessible to the world. Athletes like Lebron James, Kevin Durant, and Serena Williams are building their own family offices, venture funds, becoming LP’s or doing direct or syndicated angel investments. So they asked themselves the question: why is this not happening in Europe?

This led to starting Baller Syndicate.

What Baller Syndicate do

“Our vision is to unlock athletes’ capabilities as accelerators for the growth of startups. When we started having conversations with active-, and retired athletes about their post-career activities, we truly learned a lot. Simply mentioning the term “investment” to an athlete in Europe turns all signals to red and makes their alarm bells go off! We could hear them thinking: “are these guys trying to take my money!?” said Jason Esseboom.

“The interesting thing, however, was that when we took the conversations a layer deeper, we learned athletes actually get approached for investment opportunities quite regularly, but always ‘through a guy’. When athletes don’t totally understand the concept, the default is to rely on someone they trust.” Jason Esseboom.

We learned that athletes “solve” their lack of knowledge about investment opportunities by putting their trust in a person they know well.

Baller Syndicate goal is to decrease the knowledge gap by educating athletes with understandable content. Education is liberation and that’s how they will help athletes change the narrative!

How does our education work?

I’ll break that question into three pieces. There is so much good content out there, that navigating it can be tough, or even overwhelming. Our vision towards education is to aggregate the most relevant content and translate it into a language athletes understand. We don’t see ourselves as professors but as translators.

Our first approach is to make an online course with actionable and engaging videos. This is the theory part. Secondly, we interview athletes that are active in entrepreneurship or investing to provide valuable case studies for athletes that are new to it. Everything is online, so the athletes determine when and where they want to learn. Of course, we dream of a big live event where we connect the worlds of startups and athlete investors, but that’s not happening in a world governed by a pandemic.

The last point is that we are lean startup evangelists at our core. We start our educational program with selected athletes and truly learn if our translations resonate with them. Starting with a small group and learning where we need to improve so we can move forward.

In our education, we have three principles:

  1. We skip jargon or break it down
  2. We logically structure content, tested by elite athletes
  3. We facilitate group learning through our community

We believe this structure puts athletes at an advantage to learn how they can make independent investment decisions.

When ask how they make money from Baller Syndicate. Jason responded by saying… “Right now, we don’t… We invest our time and money to make Baller Syndicate into something valuable for athletes and startups. The sportstech ecosystem really needs to grow, and we believe we need to give first, and hopefully get something in return later. Baller Syndicate is our way of building the sportstech ecosystem. Our educational platform will run as a foundation, where athletes are required to pay a small fee as a yearly contribution. Secondly, we are attracting corporate sponsors that have a similar vision as ours, to pitch in a bit.”

For the athletes that have learned they want to go start with tech investments, Baller Syndicate operate as a typical angel syndicate. Their business model is based on carried interest, which means they only make a buck when their athletes are making profits. But they have some strict “rules” for their members to start with tech investments.

If the athletes don’t know how to activate an investment, there is just waste. So before any tech investment is considered through the Baller Syndicate platform, they ask these five questions below:

  1. Does the startup have something special that fits the profile of our members?
  2. Can we add value beyond money (and the obvious Twitter post)
  3. Are multiple athletes on board?
  4. Do the interested athletes know they need to create a balanced portfolio of startups, and not ‘bet’ on 1 or 2
  5. Is there a lead investor (in case of large investment rounds)

According to Jason, there are a ton of other factors to consider, but these are key questions we ask to help elite athletes de-risk their startup investments. Our goal for 2020 is simple too. They are building our educational content and testing it with a selected group of 10 athletes. Primarily footballers, but also professional golf- and tennis players.

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“Building this syndicate is as tough as it gets, but we are up for the challenge. Motivated to the core on the big vision we have: unlocking athlete potential as accelerators for startups’ growth.” said Jason Esseboom.

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Legacy Global Summit 2020: Positioning Africa for profitable partnerships

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The premiere edition of the Legacy Global Summit organised by Legacy Premier Foundation held on the 5th and 6th of November 2020. The virtual event hosted business leaders, investors, educators and distinguished men and women from different sectors and works of life as they shared practical insights on several topics.

The conference, through panel discussions and plenary sessions, focused on nurturing and strengthening long term business relationships between US and Africa, opening up channels of sustainable business opportunities, supporting growing African businesses, fostering mutual business interests, and building a formidable ecosystem of trade and investment, that will enhance ease of doing business between the United States and Africa.

Day 1, Thursday 5th Nov. 2020

The event kicked off with the opening remark by Dr. Remi Duyile, Founder of the Legacy Premier Foundation and the convener of the conference. She stated the importance of intergenerational collaboration and partnership and how the future of Africa must be preserved. She spoke about her faith in the future of Africa and highlighted the possibilities of greater outcomes as regards to trade and investment in Africa.

Dr. Remi Duyile 

Special remarks to the six continent participants was followed by John C. Wobensmith, Secretary of State of Maryland , USA

The opening remark was followed with a brief orientation of the virtual teleconferencing platform by Dr Wendy Brisley Executive Director of M3Linked , and a SUPER networking session by Dr. Richard Kaye from CEO space International.

Brian Castleberry, the Regional Manager – Middle East, Africa & India Office of International Investment and Trade moderated the first panel session titled “Doing Business In The UAE” which had business personalities from Dubai – Sheikha Abdulla AlNuaimi, Executive Director of Marketing and Sales Ajman Free Trade Zone UAE and Arshi Zaveri, CEO TrustwithTrade Group as panelists.

L-R: Skeiha Abdulla AlNuaimi, Arshi Zaveri and Brian Castleberry 

They highlighted the possibilities of doing business in the UAE and also mentioned that there are no barriers to foreign investments from diverse sectors. Sheikha Abdulla AlNuaimi pointed out that the creation of the free trade zone has become one of the biggest drivers for business growth in the UAE. In response to the question of gender inclusion in the business community of the UAE, Arshi Zaveri stated that the leadership of the UAE has ensured that women-owned businesses are supported and women are welcomed even in executive positions.

The second panel session ‘Access to capital’ was moderated by Jeannine Scott, the Founder and Principal of America to Africa Consulting, LLC (A2A). The panelists were: Alan Beard, Roshanda Johnson – Business Development Specialist US International Development Finance Corporation Brian Castleberry, Nicole Woods – Business Development Expert Export-Import Bank of the United States and Femi Akinrebiyo – Global Manager, Upstream manufacturing Agribusiness and services IFC

L-R: jeannine Scott, Alan Beard, Nicole Woods, Femi Akinrebiyo and Rashanda Johnson

The discussion was centered around the issues faced by SMEs as regards getting capital for their business or projects.The essence of capacity building for business owners was also discussed in order for businesses to measure up to the requirements of financing institutions.

One of the panelists, Alan Beard, from Interlinks spoke about how important it is for business owners to have high quality financial statements before seeking capital.

Femi Akinrebiyo, global manager IFC enjoined entrepreneurs to know where to go in order to get capital or funds. He mentioned that every financial Institution has specifics, as regards what kind of idea or project they invest in.

Nicole Woods, a business development expert spoke about the role relationships and partnerships play in giving entrepreneurs access to real opportunities. She advised business owners to have a good plan and strategy  before meeting with any investor or financial institution.

Rashanda Johnson from DFC stated the willingness of the dfc towards entrepreneurs to scale their business or project.

Jeannine Scott concluded by saying that the ability to be flexible and to move quickly is very important for business success.

The third panel, titled ‘Doing Business in Africa’ was moderated by the Chief Commercial Officer of Mixta Africa, Rolake Akinugbe-Filani. The panelists included: Dipo Adesina, Dr. Olawanle Akinboboye, Esther Dassanou, Hon. Idris Mohammad, and Gregory Simpkins.

The discussion centered on the importance of good government policies and how it affects the flow of business transactions. Each speaker shared their thoughts on the question asked – ‘Is Africa still a choice destination for doing business?’ 

Esther Dassanou highlighted the fact that Africa has the largest percentage of women entrepreneurs and business owners and she believes Africa is still a choice destination for doing business with opportunities, waiting to be explored.

Dipo Adesina, a serial entrepreneur envisaged the population strength of Africa (which is 1.2 billion people) as a pointer that Africa is still a choice destination for business. He also mentioned that entrepreneurs must continue to look at which continent is constantly growing in population so as to understand where to invest.

Dr. Akinboboye, a business leader in the tourism industry took a step by step approach to highlight the fact that Africa has a 30.2 million square kilometer area with a population of 1.2 billion people.He made his point clear that with all Africa has, Africa is still a choice destination for doing business.

Gregory Simpkins also shared insights on the goal of AGOA to increase Intra-Africa trade, and connect business people together. He mentioned that one of the benefits was the creation of scale.

In between the panelists were standalone global impact thought leaders and influencers such as Dr Arikana Chihombori-Quao , Max Sutherland and Delegate Darryl Barnes who spoke and moved people to action.

The “Public-private-partnership: A Fundamental Key To Developmental Growth” panel session engaged participants and co-speakers on the wide range of discussions, from international public-private partnerships to foreign investments in the African continent. Moderated by Shavon Smith, Principal, the SJS Law Firm, the session was an eye-opener to foreign partnerships and global business opportunities available for African business owners, as well as possible limitations. The panelist drove their points home by highlighting a few key factors influencing the Public-private-partnership ecosystem globally, amongst which are local and international policies, leadership, market accessibility, local talent and public perception.

L-R Dr. Arikana Chihombori-Quap, Max Sutherland, Darryl Barnes and Dr. Wendy Brisley

Special remarks were also made by the State Attorney for Prince George’s County, Aisha N. Braveboy, the U.S. Representative for Maryland’s 4th Congressional District, Congressman Anthony Brown and Honorable Darryl Barnes, the Representative of the 25th Legislative District in the Maryland House of Delegates.

Friday, 6th November 2020

The second day of the event kicked off with a presentation on ‘Sustainable Ecosystem for African businesses’ by Guest Speaker Otunba Bimbola Ashiru, former Commissioner of Commerce and Industry and Director of O’DUA Investment Company Limited

Otunba Bimbola Ashiru 

He highlighted the potentials of the African market and laid emphasis on the fact that Africa is recognized as the next business hub waiting to be harnessed. “A bright light shines on the African tech ecosystem” said Otunba Bimbola.

Dr Menna Demmesie

The event continued with a Guest session anchored by as Dr Menna Demessie who spoke on the topic “Leveraging Policy and Policymakers for International Trade Relations”. Dr Menna extensively impressed the need for business owners, particularly the locals to get accustomed to the policies and laws – local, state, federal and international – that would help facilitate ease of doing business.

Hon. Aisha Braveboy

Honorable Aisha Braveboy, earlier in the event, gave a special remark acknowledging the great work done by Dr Remi Duyile, the convener of the program. She expressed in joy in the vision of the Summit, wholeheartedly, and appreciated the Speakers and participants who availed themselves on that day. Honorable Aisha also anchored the graduation ceremony of the HERISE Global Internship program. 

The first panel for the day came up shortly after Dr Menna’s session. Tagged “Going Global: Understanding International Trade and Development,” the session featured Global thought leaders from various works of life namely; Tisa Clark, President, J.D. Clark Professional Services, L.L.C. (JD Clark); Don Williams, President and CEO of Princeton Healthcare International; Dr Kamaladevi Baskaran, Head of Industry Relations & Faculty, Department of Management & Commerce, Amity University, Dubai;  Denise Cortês-Keyser, Entrepreneur, Motivational speaker, Finance and Investments Adviser Founder, DCK GLOBAL. Dr Kavita Kapur, an Assistant Professor at the College of Business, Bowie State University moderated the session.

The panel discussions was deeply engaging, as conversations centered on cross-disciplinary collaborations and partnerships, exploring global talent exchange, international trade processes and attracting the right investments/investors.

Mrs Toyin Sanni

Mrs Toyin Sanni, CEO, Emerging Africa Capital spoke on the “Women Empowerment through Trade and Investment” She approached the topic keenly from her experience as a Financial Markets Expert and Gender Leader. Mrs Toyin, during her session, highlighted the importance of creating opportunities for women, as they are responsible to many grass root business establishments on the African continent. She went further to propose key solutions that could help promote gender empowerment and parity across the continent. Education, easy access to funding, and promotion of gender equality were some of the key solutions she mentioned, with the promotion of gender equality on the very top of that list. 

Afterwards, Denise Cortês-Keyser gave an expose on The African Union’s African Continental Free Trade Area (AfCFTA) uncovering key details on the scope of the agreement. She touched on historical data, the vision of the trade agreement which is to allow free access to commodities, goods, and services across the continent; and the current number of countries who have both signed and approved ratification of the AfCFTA Agreement – which currently stands at 30 countries, as at the time of her session.  Denise stated 2 major issues posing as bulwarks to the AFCFTA. Issues such as unified trade policies and markets, cultural gaps, and manufacturing pose a great challenge to the implementation of the agreement. She further suggested seven namely: trade finance, trade facilitation, and trade policy, trade related infrastructure, trade information, productive capacities, and a factor market integration.

Denise Cortês-Keyser 

Victory Oluwasegun, CIO of Jamborow and COO/Co-founder of SpringPort Technologies moderated the next panel session ‘Generational Bridge-Building for Emerging Leaders and Entrepreneurs’ with panel members: Josephine Agbeko, Dayo Israel and Lara Abiona. 

They addressed critical issues that stand as barriers between different generations. They highlighted the fact that all generations have something to offer and more would be achieved if each generation can leverage their strengths, and collaborate instead of compete.

In response to a question on the challenges of intergenerational gap, Josephine Agbeko described the younger generation as a set of people who will always ask “why” and sometimes such characteristics might be in contrast with the perception and attitude of the older generation and vice versa. She affirmed the importance of collaboration between generations. Lara Abiona also affirmed that the younger generation are willing to provide answers for their future. Victory Oluwasegun chimed in with the phrase ‘In the long run it’s not what we do that matters but why’.

Top (L-R): Victory Oluwasegun, Victory Oluwasegun, CIO of Jamborow and COO/Co-founder of SpringPort Technologies; Josephine Agbeko, Climate justice and Sustainable Business Development Professional ; Lara Abiona, Director of Partnerships and Advancement, Baobab Consulting; Dayo Israel, Permanent Board Member at Lagos State Universal Basic Education

The ‘Diplomatic Round table session’ followed immediately, anchored by Dr.  Lawrence Mcneil the Dean of Bowie University. The panel members were Lawrence Manzi, Amb. Pradeep K Kapur, and Kayode Alabi.

Amb. Kapur, while speaking on trade and investment stated the impact Africans in Diaspora can have on Africa if they decide to build and invest in Africa. He acknowledged the achievements of Africans in Diaspora in different sectors and suggested that it’s important that Africans in Diaspora begin to create a legacy in Africa as their heritage.

Also Mr. Lawrence Manzi highlighted 3 pillars responsible for the growth of Rwanda – Unity as a people, Accountability and thinking big. 

Mr. Kayode talked about the efforts made by the Kwara State Government in Nigeria as regards trade and investment in different sectors 

Top (L-R): Dr Lawrence Mcneil, Dean of School of business, Bowie State University; Ambassador Pradeep K Kapur, Ambassador of India to Chile and Cambodia; Lawrence Manzi, First Counselor in charge of Political Affairs at the Embassy of Rwanda; His Excellency Kayode Alabi, Deputy Governor, Kwara State, Nigeria

The last panel session was titled ‘Entertainment: Tool for Nation Building’. The session was moderated by Kemi Ajumobi with Rozina Negusei and Audi Maikori as panelists

During the session the successes and achievements of the entertainment industry in Africa and the global impact was highlighted.

Audu Maikori talked about how African content enjoys more streaming and downloads from international audiences.

Rozina Negusei also mentioned that African entertainment is now the best next thing after playing soccer drawing the attention of music lovers worldwide.

Top (L-R): Kemi Ajumobi, Associate Editor, Businessday Media Ltd.; Audu Maikori Founder, Chocolate City Group: Rozina Negusei, President and CEO Entreeg records Record label executive
Awardees

The two-day event ended with an Award session, launch of the ‘Legacy Colossus Coaching for women and also the ‘Legacy Global Network’ – a platform to connect global entrepreneurs and business leaders that will serve as an engine of growth for emerging leaders.

Dr. Remi Duyile, the Convener giving the closing remarks

The summit will ultimately impact business interactions between nations, creating a bridge for investors and entrepreneurs to meet and create innovative value. The 2021 edition is scheduled to hold in the UAE.

www.legacyglobalsummit.org

www.legacypremier.org

Info@legacypremier.org

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