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9mobile Takes Entrepreneurship Mentoring Initiative to Port Harcourt

It was an exciting atmosphere as Nigeria’s innovative and SME-friendly telecommunications company, 9mobile, further affirmed its commitment to the growth of Small and Medium Enterprises (SMEs) in Nigeria by berthing the third edition of its entrepreneurship initiative, ‘The Hack’ in the Garden city of Port Harcourt, Rivers State.

The event, which was held at L. A King Dome Rumuomasi was attended by hundreds of budding entrepreneurs eager to learn innovative business ideas.
Welcoming the attendees, Olalekan Fatusa, the Director of Enterprise Business, 9mobile, expressed joy at the impressive turnout of the entrepreneurs for ‘The Hack’ Port Harcourt edition, especially the women.
“I am glad to be here as this is the third ‘Hack’ we are having in 2022. More importantly, I am happy to see many female business owners in attendance.
“We recorded a gender mix in the other cities where we have held this same program, but Port Harcourt stands out with a larger number of young female business owners. It is impressive and encouraging to see our women show the willingness to grow their businesses,” he said.
He assured participants that 9mobile through ‘The Hack’ will help them optimize their business, saying, “What we are doing today is to show you how to grow your niche and improve your businesses, as well as provide you with all the tools to scale.
“We firmly believe that, through entrepreneurship, we are on the road to overcoming unemployment in Nigeria.”
Business Growth Expert Tricia Olufemi-Olumide (TriciaBiz), who was the key facilitator at the forum, spoke on business growth strategies such as product development, sales channel optimization, complimentary products and services, collaboration and partnerships, continuous online presence, and deployment of strategic public relations tools for SMEs to upscale their businesses.
She emphasized the need for SMEs to leverage the diverse opportunities of online platforms beyond selling. “I encourage you to get on these platforms not to sell primarily but to gain massive visibility because people now look for adverts online to make business decisions,” she urged.
Oluwasegun Dawodu, Manager, Corporate and SMEs Markets, 9mobile, also interacted with the attendees and said, “The Hack is a smart shortcut to get something done because there are different ways of creating solutions, and one of these ways is what 9mobile offers. ‘The Hack’ is when you know how to upscale your business using technological solutions and tools. At 9mobile, we have the focus and the mindset of SMEs,” Dawodu said.
The Hack by 9mobile is a free enterprise initiative and networking event where seasoned SME mentors and business leaders share business fundamentals and insights to help SMEs and growing businesses scale up. It is one of 9mobile’s sustainability pillars entrenched in its brand DNA to grow the SME market, mitigate unemployment challenges and consolidate Nigeria’s economy.
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EFCC Arraigns Two FSDH Bank Officials Over $307k, €50k Fraud


EFCC
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AfDB Supports Francophone Africa Start-ups with €6.5M

The African Development Bank Group last week approved an investment of €6.5 million in the Saviu II fund in order to support technology start-ups through their seed phase and first institutional fundraising, mainly in French-speaking Central and West Africa.

The Bank will invest €4.5 million as equity and €2 million as a first-loss hedging tranche on behalf of the European Commission, under the Boost Africa Programme.
This participation of the Bank Group will enable the Saviu II fund to give priority to companies with a strong technological or digital component.
Saviu II, the second investment vehicle of Saviu Partners, plans to invest between €500,000 and €3 million in about 20 technology or technology-oriented business-to-business start-ups in the seed phase or carrying out first institutional fundraising.
The Saviu II venture capital fund aims to make at least 60% of its commitments in the French-speaking countries of West and Central Africa: Côte d ‘Ivoire, Cameroon, Benin, Senegal, Togo, Burkina Faso and Mali.
The fund can also co-invest in promising technology companies in East Africa that have a strong team and business model, and whose strategy includes entering the market in French-speaking West African countries and establishing a strong presence there.
In addition, the fund will devote a dedicated envelope to pre-seed investments, focusing on minority equity investments, usually in co-investment with studios, incubators or other ecosystem partners.
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Nigeria Inks $1.3bn MoU with AFC for Alumina Refinery, Mining Push

Nigerian Government has signed a $1.3 billion Memorandum of Understanding (MoU) with Africa Finance Corporation (AFC) via the Solid Minerals Development Fund (SMDF) to fund an alumina refinery, national geoscience mapping, and a strategic investment vehicle for mining growth.

Special Assistant to the Minister of Solid Minerals Development, Segun Tomori, said the refinery will process one million tonnes of bauxite yearly using a modern Bayer process, powered by an on-site gas-fired cogeneration plant.
Minister Dele Alake called it a transformative milestone boosting GDP, aligning with reforms that improve investment climate, regulations, and licensing to attract private capital. He directed agencies to fast-track permits.
The 20-year project at 95% utilization eyes 19 million tonnes total output, $1.2 billion annual GDP addition, $25 billion economic impact, and $8 billion forex earnings, per feasibility studies.
SMDF Executive Secretary Fatima Shinkafi termed it the agency’s biggest funding deal, supporting value-addition policy.
The partnership extends to geoscience mapping for mineral data, de-risking exploration, and a joint vehicle for mining assets.
Permanent Secretary Engr. Farouk Yabo praised the reforms. Shinkafi signed for government; AFC’s Franklin Edochie for the corporation, witnessed by AFC CEO Samaila Zubairu.
Tomori positioned it as Nigeria’s largest private mining investment and FDI magnet.
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