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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

Entertainment

TuneCore Launches Operations in Africa, Appoints Two Female Regional Executives

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TuneCore Jade Leaf and Chioma Onuchukwu

TuneCore, the leading digital music distribution and publishing administration company for independent artists, has launched operations in Africa. Jade Leaf has been hired as Head of TuneCore for Southern Africa and will share responsibility for key countries in East Africa with Chioma Onuchukwu, who has been hired as Head of TuneCore for West Africa. Both Leaf and Onuchukwu will report to Faryal Khan-Thompson, Vice President, International, TuneCore.

Onuchukwu will be based in Nigeria and oversee countries in West Africa including Nigeria, Ghana, Liberia, Sierra Leone and The Gambia. She will also look after Tanzania and Ethiopia in East Africa.  Leaf’s territory encompasses Southern Africa, including South Africa, where she will be based, as well as Namibia, Botswana, Zimbabwe, Zambia, Malawi and Lesotho. Leaf will also manage TuneCore operations in East African countries Kenya and Uganda.

Said Onuchukwu, “I am elated to be joining a renowned, independent music distribution powerhouse, especially in an incredible era for music creators in Africa at a time when we are gaining global recognition and increasing momentum. I look forward to collaborating with and supporting local artists.”

Before joining TuneCore, Onuchukwu was Marketing Manager at uduX Music, a music streaming platform in Nigeria. There she worked directly with popular African artists such as Davido, Yemi Alade, Patoranking, Kizz Daniel and more.

Commented Leaf, “I am incredibly excited to join the team in a time where the global conversation is around independence and ownership. TuneCore opens up a world of potential for independent artists at every level of their careers. Africa is home to a diverse range of artists who are seeking a reliable distribution service who understands their local needs and can ultimately give them the opportunity to turn their art into commercial success.”

Previously, Leaf worked at Africa’s largest Pay TV operator, Multichoice as the Marketing Manager for Youth & Music Channels, where she led brand re-imaging and marketing efforts for Music TV giant Channel O. Before that, she worked at Sony Music Entertainment Africa, focusing on African artists and content, as well as numerous marketing campaigns & projects for local and international artists.

There has been a meteoric rise in the uptake of streaming services in Africa, the growth has been attributed to several factors such as an increase in internet penetration via smartphones, the entrance of international and local streaming platforms in key territories and its youth population – More than 60% of African’s are under the age of 25.

In 2020, TuneCore saw an increase in music releases globally, with many African artists opting to use the DIY Distributor – DJ Spinall and Small Doctor in Nigeria, Spoegwolf in South Africa, Mpho Sebina in Botswana and Fena Gitu in Kenya to name a few.

Stated Khan-Thompson, “Africa is an extremely exciting music market with a lot of potential for growth. By hiring Jade and Chioma to lead our efforts, TuneCore is well positioned to maximize opportunities for independent artists across the continent. Both Chioma and Jade bring a wealth of experience and genuine interest in helping artists make their dreams come true. I couldn’t be more thrilled to have two incredible women representing the TuneCore brand in the continent”

TuneCore

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IFC Invest in Liquid Telecom Bond to Support Broadband Connectivity in Africa

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IFC, a member of the World Bank Group, invested in Thursday’s bond issued by a subsidiary of Liquid Telecommunications Holdings Ltd., which will allow the telecoms and technology solutions company to expand access to broadband Internet and digital and cloud services across Africa, further facilitating the growth of the continent’s digital economy.

Proceeds from the bond issued by Liquid Telecommunications Financing PLC, a wholly-owned subsidiary of Liquid Telecommunications Holdings Ltd, will enable the company to refinance existing debt and free up funds to expand its digital infrastructure network across Africa, including in markets with low broadband penetration.

By developing digital infrastructure, Liquid Telecommunications, Africa’s largest independent fiber, data center and cloud technology provider, aims to increase digital connectivity and inclusion in Africa and support the region’s growing digital ecosystem.

IFC played an anchor role and subscribed to 16 percent of the bond, equivalent to $100 million, which was listed on Euronext Dublin, Ireland’s main stock exchange, on February 25, 2021. The issuance raised $620 million.

Internet access in Africa relies largely on mobile networks, many of which are enabled by wholesale connectivity providers such as Liquid Telecommunications. Broadband penetration is low across the continent, with a mobile broadband penetration rate of 34 percent and fixed broadband penetration of less than five percent in most countries across sub-Saharan Africa, excluding South Africa.

“We are delighted that IFC has taken a significant anchor position in our new bond. In the countries in which we operate there are great opportunities to address under developed telecommunications and Internet access, as well as to accelerate the adoption of digital and Cloud-based services. Our refinance enables us to continue to invest in the African digital eco-system including driving penetration of digital and Cloud-based services to businesses who may not previously have had the resources to benefit from them, helping to bridge the connectivity divide, which is more crucial than ever in our current circumstances,” said Nic Rudnick, Liquid Telecom Group Chief Executive Officer.

“Our best chance at ensuring much-needed internet access for everyone in Africa, from large corporates and small businesses to individuals, is to invest in digital infrastructure. Our investment in the Liquid Telecom bond will help the company free up capital to further expand broadband access across Africa, laying a solid foundation for a faster, more resilient recovery,” said Stephanie von Friedeburg, Interim Managing Director and Executive Vice President, and Chief Operating Officer of IFC.

To support Africa’s digital economy, which could be worth $180 billion by 2025, IFC provides financing to mobile network operators, independent tower operators, data centers and broadband connectivity providers. IFC also provides capital to help entrepreneurs and innovative businesses grow and works with financial institutions and telecommunications companies to speed the adoption of digital payments and lending to expand financial inclusion.

Source IFC

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Investment

Diaspora investments: A must for the development of Africa

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Image Source: rupixen.com

It has been three years since his Excellency president Nana Akufo-Addo of Ghana shared some controversial thoughts on Africa’s dependence on aid or support from Europe in a decades long effort to develop the continent.

He was applauded for his bold statement and stance, but many (especially people from the Ghanaian diaspora) thought they were only words. Words they had heard many times before, but without plans or actions backing them. This might be true from their perspective, yet for the current generation of descendants from those who have been sold into slavery, it was good to hear an African leader show some backbone.

“We can no longer continue to make policy for ourselves, in our country, in our region, in our continent based on whatever support that the western world or France, or the European Union can give us. It will not work. It has not worked, and it will not work”.

The Diaspora Is Linked To The Strength of Africa

President Nana Akufo-Addo’s views on European aid are commendable, even if we debate how much he will be able to back up his words with actions.

“The place of the Diaspora, the status of the people in the diaspora, of the African diaspora, is intimately linked with what happens on the continent. An Africa strong and performing, transforms your position, your status here in Europe”.

He was addressing diaspora members in France, but he could have been addressing all people of African descent worldwide. The fact is that his ability to back his words, not exclusively but to an important extent, is contingent on the support he as an African leader receives from the African diaspora.

Remittance Coming From The African Diaspora

As a member from the African diaspora, one might ask: “Are we not supporting enough?”

Ishmeal Lamptey (Source: unsplash.com)

According to the World Bank Sub Saharan Africa received an estimated 48 billion US dollars in remittance funds from the African diaspora in 2019.

A study by Comstock, Iannone, Bhatia published in March 2009 (yes, the phenomenon has been studied for some time now) shows most funds are spend on costs of sustenance (29%), medical costs (16%) and education (12%).

When looking at the order of precedence these costs take in relation to each other, we see that unforeseen costs come first, second are medical costs and the last are for education. This underlines what we all know. The fact that there is often a sense of emergency to these transfers.

The Need To Move From Remittance To Investment In Africa

So, to answer the question of the diaspora, if it is not doing enough…well no. Harsh isn’t it? The fact of the matter is that the remittance funds are our own version of aid to the continent. It is keeping our people our family from dying but it’s not helping with any development.

We, the African diaspora, need to make the transition from remittance to investment. Remittance will always be part of the financial flows, but when seen in relation with Foreign Direct Investments (FDI) from the diaspora, they shouldn’t dominate as they do at present.

Following the content of a few independent journalists, there is now ample proof that at least some in the diaspora are not only willing, but able to move to the continent and start new businesses. But this group is a very small minority. The vast majority will not be able to follow suit and we should not want them to.

The revenues of the use of their human capital is needed to generate the investment flows Africa needs. The challenge Sub Saharan Africa faces is that of aggregation of available funds originating from the diaspora. The funds are clearly there, the industries which need them for we’ve identified, but now we need to create a robust infrastructure to aggregate and get them to their destination.

Like we pointed out in our previous article about thinking sufficiently big; while we keep our eyes on the end goal, we might need to start building one stone at a time. From individual projects, to industries, to the whole economy.

When doing so, we need to keep in mind that Africa is a unique environment. The common instruments of capital allocation used in the world should certainly be our starting point, but not limit our imagination when pooling the diaspora funds and channeling them into the continent.

As we have admonished a few times now; Africa should think BIG. And that also applies to its diaspora. In the coming articles we will continue exploring the idea of “thinking big” in the African context. So please make sure to subscribe to our Newsletter. We invite you to share your thoughts with us on the matter and get a discussion going with us and our other readers.

Article By: Jerrol Cambiel, Chief Executive EU Operations Debnoch Capital

 

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