News
Credit Bureau Gets New Group Structure
CRC Credit Bureau Limited says it has commenced its conversion to a group of companies to lead its growth journey effective January 1, 2022.
A statement said that in line with the new group structure, the organisation intended to lead the evolution of enhancing decision making, using data analytics and artificial intelligence-driven products and services for businesses operating in Africa.
According to the statement, the key changes are that CRC Credit Bureau Limited will retain its name as the holding company, and will continue to diversify its scope of business operations by assisting financial and non-financial institutions from all economies in Africa, in making critical decisions regarding their customers and businesses.
It added that the introduction of a new subsidiary, CRC Data and Analytics Limited, has a mission to accelerate data-driven outcomes across lines of businesses, developing faster results, deeper insights, better decisions, and ultimately, business development through self-service analytics and data science.
It said consequent upon this, CRC Credit Bureau Limited had also implemented a group-wide management structure and named executives that would drive its leadership.
The group would be led by the Group Managing Director/Chief Executive Officer, Dr ‘Tunde Popoola, the statement said.
He has been the managing director/chief executive officer of CRC Credit Bureau Limited since its establishment in 2008.
Prior to this, according to the statement, he was also the pioneer chief executive officer of the Abuja Enterprise Agency.
It said Mrs Jelilat Kareem has been named as the group chief operating officer and would oversee the finance, enterprise wide services, operations, and technology of the group.
The new subsidiary, CRC Data Analytics Limited, would be led by Mr Ademola Adesalu as the managing director to provide institutions the means of using data analytics and artificial intelligence to make informed decisions.
Mr Ezekiel Agbonifo heads the newly created audit, control and risk management group; while Mrs Peggy Chukwuma-Nwosu was named the chief commercial officer of the bureau business, the statement said.
EFCC
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.
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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