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ViMP 2019 Edition: Junior Achievement Nigeria Hosts 50 Youth

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The Venture in Management Program (ViMP) is a mini-MBA program organized by Junior Achievement Nigeria (JA Nigeria), sponsored by African Capital Alliance Foundation, (ACA Foundation) and supported by the Lagos Business School (LBS) and Accenture Nigeria. ViMP participants are pooled from active or recently finished members of the National Youth Service Corps. Applicants go through a rigorous selection process, ensuring that only the most outstanding candidates are admitted into the program.

ViMP is a one-week residential program at LBS and participants are instructed in various modules covering Strategy, Business Management, Finance, Corporate Governance, Ethics, Leadership as well as MBA-modeled business cases. These lessons prepare participants to become ethical business leaders who will successfully run their own businesses or manage already established businesses and social enterprises.

This year’s program ran from February 11 through February 15.

Day 1 began with a tour and brief history of LBS, before the participants settled down for lectures on ‘How To Deliver Effective Presentations’ and ‘Building Your Leadership Potential’ both delivered by LBS faculty members, Lucille Ossai and Dr. Akin Oparison. Later in the evening, Toyin Odulate, CEO/Founder of Olori Cosmetics, spent some time with the #ViMP2019 cohorts, sharing her career journey and practical steps she took to build her business. She laid emphasis on networking, investing, and continuous learning.

 

ViMP 2019 participants pictured with Managing Director, Accenture and Chairman, JA Nigeria Board, Mr. Niyi Yusuf, Executive Director, JA Nigeria, Simi Nwogugu, Director of MBA Programs LBS, Dr. Uchenna Uzo, and JAN staff.

Day 2 began with a session on “Analysis of Business Problems” facilitated by Yetunde Anibaba, Management Educator & Consultant at Lagos Business School. The rest of the day was spent in class receiving lessons on Finance and Entrepreneurship as taught by LBS faculty members – Kayode Omoregie and Dr. Henrietta Onwuegbuzie. Participants were charged to be impact-driven while creating wealth from solving problems.

On Day 3, Niyi Yusuf, Managing Director of Accenture and Chairman of JA Nigeria Board met with the participants at LBS. Simi Nwogugu, Executive Director, JA Nigeria, also spent some time with the 2019 cohorts where she spoke to them about volunteering and social impact. Later that evening, participants convened at the Maison Fahrenheit Hotel, Lagos, where they got a chance to network with ViMP alumni, program sponsors, JAN board members and staff as well as local media correspondents.

MD, Accenture & Chairman, JA Nigeria Board Niyi Yusuf, speaking to participants at the Lagos Business School

ED, JA Nigeria, Simi Nwogugu speaking to participants at the Lagos Business School.

ED, JA Nigeria, Simi Nwogugu and Managing Director, Sigma Pensions, Dave Uduanu, pictured with ViMP Alumni, set of 2000-2012.

Members of staff, JA Nigeria at the Alumni Mixer

On Day 4, participants took part in an entrepreneurship contest during which five teams presented business plans for their products and services. The entries were judged by Vincent Egbe, Managing Director of GB Foods & ViMP Alumnus, set of 2003, Glory Enyinnaya, an International Business Consultant, and Kolawole Akinboye, Vice President, Projects, Rensource Energy. After all presentations were made, winners of the competition were rewarded for their innovation and enterprise.

Also Read: The power of rejection | Zoussi Ley

On Day 5, to round up the week long program, Kikelomo Longe, Council Member, ACA Foundation, delivered a powerful graduation lecture during which she encouraged participants to dream big, embrace obstacles and strive to overcome them. Thereafter, the most outstanding male and female participants were recognized and awarded. Franklin Nwachukwu, a Nutrition Biochemist and graduate of University of Ibadan and Ruby Igwe, a Lawyer and graduate of University of Kent won this recognition for their participation and contribution to in-class activities. Dr. Uchenna Uzo of Lagos Business School and Simi Nwogugu, ED of JA Nigeria gave the vote of thanks, charging participants to take all the knowledge gotten from the week and make good use of them. At the end of the day, participants were each presented with their certificates of program completion.

(L-R): Wendy Emesie, External Relations, African Capital Alliance, Dr. Uchenna Uzo, Director MBA Programs, LBS, Franklin Nwachukwu, Most Outstanding Male Participant, Ruby Igwe, Most Outstanding Female Participant, and Kikelomo Longe, Council Member, African Capital Alliance.

It was indeed a rewarding experience for the participants, who kept coming back to JA Nigeria with their testimonials. One of the participants, Doyinsola Ogunbiyi said, “One week of intensive mind-stimulating and refreshing training, and the lives of 52 participants have been greatly impacted for disruptive change in the economy and the world as a whole. Thank you JA Nigeria, ACA Foundation, Lagos Business School, and Accenture for this too-good-to-be-true experience!”

Some ViMP 2019 Participants at the Alumni Mixer.

Managing Director, Sigma Pensions Limited, Dave Uduanu, giving the Welcome Address at the Alumni Mixer.

 

(L-R): Nike Adeyemi, Executive Director, Fate Foundation and Olatoyosi Adekoya, Senior Vice President, Human Resources, African Finance Corporation (Both ViMP Alumni, set of 2002, addressing attendees at the Alumni Mixer).

(L-R): Yemisi Akinbo, Vice President, African Capital Alliance (also ViMP Alumna, set of 2000), Simi Nwogugu, Executive Director, JA Nigeria, and Kikelomo Longe, Council Member, African Capital Alliance pictured together at the Alumni Mixer.

We look forward to ViMP 2020 and invite potential participants to visit our website at www.ja-nigeria.org and follow us on social media for more details in the coming months.

We appreciate our sponsors and supporters: – Africa Capital Alliance Foundation; Lagos Business School and Accenture Plc. as well as our media partners: – Channels TV, BellaNaija, BusinessDay and Business Africa Online

About Junior Achievement Nigeria

Junior Achievement Nigeria (JAN) is part of Junior Achievement Worldwide (JAWW), the world’s largest and fastest growing non-profit economic education organization with a 120-country network. Since inception in 1999, JAN has reached over 850,000 students in over 20,000 classrooms in over 29 locations across the country through over 2000 volunteers. As part of a global network, JAN is able to leverage resources and expertise to deliver localized cutting edge experiential programs built on JAWW’s three pillars of work readiness, entrepreneurship and financial literacy, to in- and out-of-school youth ages 5-27 free of charge.

To support the work we do, please visit our website at www.ja-nigeria.org for more details on how to get involved.

Instagram – www.instagram.com/janigeria

Twitter – www.twitter.com/janigeria

Facebook – www.facebook.com/JAnigeria

LinkedIn – www. Linkedin.com/JANigeria

Press Release

João Manuel Gonçalves Lourenço, The President of the Republic of Angola To Speak At The Angola and Turkey Business Forum

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João Manuel Gonçalves Lourenço, The President of the Republic of Angola (Image: Claudia Padayachy)

The President of the Republic of Angola, João Manuel Gonçalves Lourenço, will give the inaugural speech at the Angola-Turkey Business Forum, to be held at the Ato Congresium Conference Center in Ankara, Turkey, today, 28 July 2021, at 9:00 am local time.

President Lourenço, who will address the Turkish business community, will take this opportunity to highlight Angola’s economic potential and the opportunities that the country offers. He will also discuss his government’s commitment to economic growth and development through the private sector as well as the multiple initiatives that have been adopted to improve the business environment.

This Forum is part of the official program of President Lourenço’s visit to the Republic of Turkey and is the perfect opportunity to inform the local business community and investors of Angola’s new business environment. Numerous ongoing reforms and support policies for private investment and the diversification of the economy have been put in place.

The Chairman of the Board of Directors of AIPEX, António Henriques da Silva, will present the numerous investment opportunities in the Republic of Angola.

Turkey’s Minister of Commerce, Mr. Ahmet, and the President of DEIK, are also expected to present at the Forum. 

Around a hundred Angolan and Turkish companies from various sectors are expected to participate in the event.

The Angolan and Turkish business communities will soon enjoy closer ties, with the launch of two direct weekly air connections between Luanda and Ankara through Turkish Airlines.

The  Angolan presidential delegation comprises Manuel Nunes Júnior – Minister of State for Economic Coordination, Edeltrudes da Costa – Minister and Cabinet Director of PR, Tete António – Minister of Foreign Affairs, João Ernesto dos Santos – Minister of National Defense and Homeland Veterans, Sérgio dos Santos – Minister of Economy and Planning, Ricardo Viegas de Abreu – Minister of Transport, João Baptista Jorges – Minister of Energy and Water, Manuel Tavares de Almeida – Minister of Public Works and Spatial Planning, Diamantino de Azevedo – Minister of Mineral Resources , Oil and Gas, António Francisco de Assís – Minister of Agriculture and Fisheries, Victor Fernandes – Minister of Industry and Commerce and Antonio Henriques da Silva – Chairman of the Board of Directors at AIPEX.

Over the last 18 years, Turkey has significantly increased its presence in Africa, going from 12 embassies and investments of around USD 100 million in 2003 to 42 embassies and around USD 6.5 billion in direct investments in 2021.

From 2003 to 2019, Turkey’s trade with Africa increased about five times, and now some 51 African cities are served by Turkish Airlines, which plans to start flights to Angola soon. (Source: issafrica.org and AIPEX).

To date, Angola has registered around USD 200 million in investments of Turkish origin, especially in mining and steel. President João Lourenço’s visit to Turkey will boost economic relations between the two countries and, in the medium term, an increase in Turkish investment in Angola is expected in priority sectors, namely, industry, mining, energy, tourism and transport, in addition to trade, where the two countries already have strong links.

The trade balance between the two countries is unfavourable for Angola, data from the General Tax Administration (AGT) indicate that from 2015 to 2020, Angola’s imports from Turkey was around USD 1,702,737,951.00, while exports from Angola to Turkey in the same period were only 41,960,419.00 USD.

 

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Press Release

Wärtsilä to modernise power generation at Nigeria’s oldest and largest food company, Flour Mills Nigeria

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Wärtsilä will enable leading Nigerian food company to modernise its power generation facilities to meet everyday production needs

The technology group Wärtsilä will supply fuel-flexible dual-fuel engines to extend, improve, and modernise power generation for a captive power plant at Nigeria’s oldest and largest food and agro allied company, Flour Mills Nigeria. The company’s Lagos-based power plant is needed to ensure sufficient capacity and a reliable electricity supply around the clock to meet its food production requirements, and commitments to its customers. The two received orders were booked by Wärtsilä in March and June. 

The first order comprises a 9-cylinder Wärtsilä 34DF dual-fuel engine generator set and is an extension to the existing generating capacity provided by a similar Wärtsilä engine generator set that has been successfully operating since 2017. The second order comprises a 12-cylinder Wärtsilä 34DF engine generator set and is intended to replace an existing inefficient mono-fuel generating asset in the plant with efficient dual-fuel generating capacity as part of Flour Mills Nigeria’s captive power plant modernisation plans. The Wärtsilä engine generator sets will be delivered during 2021 and are expected to become fully operational in early 2022. 

The multi-fuel capability of the Wärtsilä engines, which can switch seamlessly from natural gas to liquid fuel mode while running at full load, facilitates continuous supply of electricity to critical loads in the event of uncertainties in the quality and quantity of the gas supply. In addition to maximising the availability and reliability, this inherent capability provides a valuable hedge against fuel price increases, and lends itself to accommodating future fuel infrastructure developments. 

Also Read Wärtsilä Optimised Maintenance agreement supports growth ambitions of a privately-owned Nigerian supplier of energy to the national grid

“It is always gratifying to receive repeat orders from a customer, not only because it signifies their satisfaction with our solution, but also because it cements the relationship between our companies. Operational flexibility and efficiency, which are features of the Wärtsilä engines, are becoming key issues in energy production, and are especially relevant for production facilities with a critical need for a reliable electricity supply,” commented Marc Thiriet, Energy Business Director, Africa West. 

The Nigerian government’s 30-30-30 vision document for the power sector aims to achieve a capacity of 30,000 megawatts of electricity by the year 2030, with at least 30 percent being supplied from renewable energy sources. The selection of fast-starting and stopping Wärtsilä engines means that should the customer have access to solar or wind power in the future, these engine generator sets can provide smart back-up generation to balance the fluctuating supply from renewables.

Wärtsilä has a leading position in supplying flexible power generation to West Africa with 4792 MW of capacity installed, of which 667 MW in Nigeria. Wärtsilä has operated in the country since 2010 and has about 90 employees locally.

 

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Investment

Yoco raises US$83m to scale its financial ecosystem for small businesses in South Africa

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Yoco Founders (Images: Ivy Shirinda-JNPR)

Yoco, South African payments and software platform, has secured $83 million (R1.2 billion)  in Series C funding amid a surge in demand for digital payments amongst African small businesses.

The latest investment round brings the total funds raised to date, by Yoco, to US$107 million. These funds will enable Yoco to accelerate the development of its financial ecosystem, which already includes online and in-store payments, business software and capital, as well as expand its market presence beyond South Africa.

Among the company’s new investors are Dragoneer Investment Group, which is making its Africa investment debut, Breyer Capital, HOF Capital, The Raba Partnership, 4DX Ventures, TO Ventures, Futuregrowth and several current and former executives from global tech leaders such as Coinbase, Revolut, Spotify and Gojek.

“We are excited to partner with such world-class investors who have joined our quest to break barriers and create access to financial services for millions of small businesses across the continent.” said Katlego Maphai, the chief executive office of Yoco, “Looking ahead, this investment will unlock capacity for us to accelerate product development for our merchants and continue on our growth trajectory in South Africa and beyond.”

In less than six years, Yoco has become the preferred payments partner for over 150 000 small businesses across South Africa, processing more than US$1 billion in card payments per year. Importantly, Yoco’s growth has been driven almost exclusively by small, independent businesses that were previously cash-only due to the complexity and high costs of existing alternatives.

Carl Wazen, Yoco’s chief business officer, says that despite being the largest payments platform in South Africa, Yoco is still at the beginning of its journey.  “There are over 6 million small businesses in South Africa and well over 100 million across the Middle East and Africa that still transact only in cash.” Wazen says “recent consumer behaviour shows a shift away from cash and businesses have to rapidly adapt to this change. This presents a huge opportunity and it is our mission to support that transition.”

Yoco team

Yoco has big plans for seizing this opportunity by continuing to deepen its market presence in South Africa and expanding into Africa and the Middle East region over the next two years. The goal, according to Wazen, is to reach at least a million merchants within the next four years.

“Working so closely with small businesses during a global pandemic, and in particular through a challenging socio-economic environment in South Africa, we have a firsthand account of how agile these businesses need to be in a rapidly changing world,” says Maphai.

“Removing barriers and levelling the playing field by creating access to financial tools is a big part of answering these challenges. Yoco is at the forefront of solving what is critical for small businesses and enabling them to thrive. This new capital injection translates into an acceleration of access for small businesses in our region and beyond, bringing our vision of open commerce forward,” concludes Maphai.

 

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