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Sahara Energy Has No Outstanding Facilities With UBA – Management

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The attention of Sahara Energy Resource Limited (Nigeria) (“SERL”) and the entire Sahara Group has been drawn to a publication in the Guardian Newspaper of 11th April 2019 made by United Bank for Africa Plc (“UBA”) and their counsel pursuant to the ex parte order made by the Honorable Mr. Justice Liman of the Federal High Court, Lagos Division, in Suit No. FHC/L/CP/387/19 pursuant to a winding up petition in Suit No. FHC/L/CP/387/19.

SAHARA’S POSITION

Sahara has reviewed the publication and wish to comment as follows:

1. SERL is not indebted to UBA, has no outstanding facilities with UBA nor did it borrow any money from UBA in any loan transaction that is the subject matter of either the civil petition (FHC/L/CP/387/19) or the civil summons (FHC/L/CS/387/19 as advertised) that formed the subject of the ex parte order;

2. SERL did not grant a direct guarantee to UBA on any loan transaction that UBA could unilaterally enforce or sue on;

3. SERL and one of its affiliate companies, NG Power-HPS Limited sued UBA in Suit No. FHC/L/CS/236/19 at the Federal High Court, Lagos, on 13th February 2019, claiming a number of declarative and injunctive remedies relating to unorthodox methods employed by UBA in relation to its dealings with the Plaintiffs.

4. UBA, on 12th March 2019 sued New Electricity Distribution Company Limited and SERL along with two other institutions, First Trustees Limited and Ecobank Capital Limited in Suit No. FHC/L/CS/382/2019, by way of Originating Summons, claiming certain declarations and injunctions to which SERL has filed full and comprehensive response.

5. The suits in paragraphs 3 and 4 have been set down for hearing before the Federal High Court in Lagos on 30th May 2019.

6. While the above suits are pending and have been set down for hearing, UBA commenced a third suit on the 13th of March, 2019 and applied ex parte (without putting SERL on notice), following which it obtained an order ex parte to advertise its petition.

7. The petition was only served on SERL at about 12.25 p.m. on 11th April 2019 after it has been advertised as aforesaid.

8. Our lawyers have been duly instructed and have taken all necessary steps to ensure that the order is discharged or set aside as soon as practicable.

9. SERL and the entire Sahara Group will vigorously pursue and defend UBA’s petition to its logical conclusion with a view to dismissing the petition.

10. We assure our esteemed clients, bankers, suppliers, stakeholders and the general public that SERL and its legal team are taking all lawful steps to ensure that SERL interest is vigorously defended and SERL has implicit confidence in the Nigerian judiciary to resolve the matter and dispense justice between the parties.

11. SERL will provide periodic updates to its esteemed clients, suppliers and bankers as may be necessary on the outcome of steps being taken in connection with the suits.

– Sahara Group

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Empowering Entrepreneurs is the Route to Eradicating Poverty in Africa – Tony Elumelu Foundation CEO, Ifeyinwa Ugochukwu

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As Tony Elumelu Foundation Past Beneficiary, Wecyclers, Receives King Baudouin Award African Development Prize

Brussels, Belgium, June 13, 2019—The CEO, Tony Elumelu Foundation, Ifeyinwa Ugochukwu, stated that building and empowering entrepreneurs is the route to eradicating poverty and creating economic transformation in Africa. She said this in a fireside chat in Brussels where she was a guest of King Philippe and Queen Mathilde of Belgium as one of Tony Elumelu Foundation past beneficiaries, Wecyclers received the African Development Prize awarded by the King Baudouin Foundation.

During her remarks, she emphasized the need for Africans to develop a job-creating mentality, not a job-seeking mentality to catalyze the economic development on the continent.

She linked this to the work of the Tony Elumelu Foundation and its impact on the African continent. Its mission is to empower 10,000 African entrepreneurs in 10 years through its Entrepreneurship Programme. Just half-way through the Programme, the Foundation has empowered 7,520 African entrepreneurs across 54 African countries, providing its alumni with a non-refundable seed capital of $5,000 each, training, mentoring and networking opportunities. To further scale the impact of its work beyond its 10,000-beneficiary goal, the Foundation launched TEFConnect—the largest digital networking platform for African entrepreneurs—late last year. Already, the platform boasts over 500,000 registered users who network, do business and forge partnerships across the continent.

Hosted by the King Baudouin Foundation, the ceremony was in honour of the Nigerian business Wecyclers for their contribution to the development of sustainable recycling and environmental wellbeing. In 2012, Wecyclers received seed capital from the Tony Elumelu Foundation through a partnership with accelerator, CCHub.

Following the presentation of the prize to Olawale Adebiyi, Wecyclers CEO, Mrs. Ugochukwu commended the work of the team. The award represented further credence to the importance and potential of entrepreneurship in Africa in transforming the economy and lives of Africans.

She said, “The Wecyclers initiative is further testament to the Tony Elumelu Foundation’s belief that all of Africa’s problems are businesses waiting to be taken on by the bright young minds we have in Africa”.

Mrs. Ifeyinwa Ugochukwu closed her remarks by reiterating the commitment of the Tony Elumelu Foundation to supporting SMEs and MSMEs and in turn creating the millions of jobs that the youth population of Africa needs.

 

Tony Elumelu Foundation

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Africa loses $50B annually due to corruption, illegal flows

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Ministry of Planning – Youtube

CAIRO – 13 June 2019: The first African Forum for Combating Corruption revealed that the African continent losesan estimate of $50billion annually due to corruption and illegal financial flows, the Planning Ministry said.

The forum,which is held under the patronage of President Abdel Fatah al-Sisi in Sharm El-Sheikh, highlighted several issues and important topics in the strategies of African countries and their efforts to confront corruption and illegal financial flows.

The Ministry of Planning, Follow-up and Administrative Reform stressed that the problem of corruption is of the utmost importance to the development priorities in the African continent, emphasizing the need for comprehensive treatment for the matter.

The ministry also expressed its happiness and pride in participating in the session “Sustainability of the African continent’s resources to serve the objectives of sustainable development” as it is the first forum of its kind to be held on the African continent.

The ministry talked about the importance of anti-corruption efforts to achieve sustainable development.

It also pointed out that the national plans and strategies to achieve sustainable development in many countries of the continent, including Egypt,are based upon special axes fighting corruption, indicating that this reflects the centrality of anti-corruption efforts within the framework of the UN, regional and national strategies for sustainable development.

“Corruption negatively affects the revenues of public budgets of states, the economic efficiency of institutions and the efficiency and effectiveness of public administrative organizations as well as its impact on the investment environment in general,” it stated.

According to the ministry, the African countries have stepped up their efforts in recent years to fight corruption and increase regional cooperation in this area, the ministry said, stressing the importance of activating mechanisms and legal and regulatory frameworks developed by the countries of the continent to combat corruption, including the African Union Convention against Corruption and the SADC Anti-Corruption Protocol, as well as ECOWAS Anti-Corruption Protocol.

On the Egyptian anti-corruption efforts to achieve sustainable development in accordance with the vision of Egypt 2030 and at the national level, the Planning Ministry pointed out that the Egyptian State attaches great importance to intensifying efforts to enhance the efficiency of institutions and fight corruption to achieve comprehensive and sustainable development.

The Egyptian government is currently carrying out a comprehensive plan for the reform and governance of the administrative system, the ministry said, stating that the plan aims at raising the efficiency of institutions, strengthening governance and combating corruption.

 

-Egypt Today

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WorldRemit launches new product for business payments to Nigeria

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Through the WorldRemit website and app small and medium-sized enterprises (SMEs) can now quickly and securely transfer money to pay employees and contractors in 140 countries including Nigeria

LONDON, United Kingdom, June 13, 2019 – Leading digital money transfer company WorldRemit has launched WorldRemit for Business, a new service that enables small and medium-sized business owners to quickly pay employees and contractors in 140 countries worldwide, including fast-growing markets such as Nigeria, Ghana, Kenya, and South Africa. The platform will first be available to U.K.-registered businesses.

WorldRemit’s low fees and exchange rates are shown up-front and customers can send money easily via the company’s website and app. By extending its money transfer service to SMEs, WorldRemit will save businesses time and money when they make international payments.

Each year, the UK imports $2 billion in goods and services from Nigeria, where SMEs account https://pwc.to/2Re1abj for 96% of businesses and 84% of employment. WorldRemit for Business will make it easier individuals to receive payment by UK-based partners via bank transfer to GT Bank accounts. While some banks can take up to one week to process payments, WorldRemit transfers to Nigeria are processed instantly.

Customers sending funds abroad can easily track their transfers in real-time on the WorldRemit app and opt-in to receive daily exchange notifications to send money abroad at the optimal time.

Ismail Ahmed, Founder and Executive Chairman at WorldRemit, comments: “When I first started WorldRemit, I was frustrated with the high charges and long delays in sending money abroad both as a business owner and consumer. Over the past 9 years, we’ve made it easier for 4 million people around the globe to send and receive money. 

Today, we’re pleased to extend that service offering to businesses, and put an end to the steep fees that many businesses have to pay, especially when sending to Nigeria. We’re committed to making it quick, safe and easy for you to pay individuals across borders, leaving you to focus on growing your own business.”

Shane Lennox, Senior Product Manager for Business, comments“With more people moving and settling across borders, the nature of business is becoming increasingly global. This new product offering is catering for those in need of a digital service that solves a number of pain points faced by SMEs with international staff and contractors. This new product launch will enable millions of SMEs to benefit from our award-winning convenient service.”

Also Read TeamApt Secures Switching License From CBN To Power Payment Infrastructure Solution, AptPay

WorldRemit customers complete over 1.4 million transfers every month from over 50 countries to over 140 destinations using its app or website and remains committed to providing innovative solutions to meet money transfer needs across the world. In addition to partnering with Nigerian Banks including First Bank of Nigeria Plc, Access Bank Plc, Fidelity Bank Plc for instant digital money transfers. In April 2019 the company launched international transfers to Paga mobile money accounts.

Visit the WorldRemit website for more information on how to send Business payments (https://bit.ly/2XI2GVN).

WorldRemit

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