General News
German Varsities Welcome Pan-African University Students for Summer School
The first cohort of students of the Pan African University Institute of Water and Energy Sciences, including Climate Change (PAUWES) attended a Summer School in Germany organized from July 17 to 31.
The summer school was organized in partnership with the Deutsche Gesellschaft fuer Internationale Zusammenarbeit (GIZ), the German Academic Exchange Service (DAAD), the Institute for Technology and Resources Management in the Tropics and Subtropics (ITT) at the Cologne University of Applied Sciences, the United Nations University Institute for Environment and Human Security (UNU-EHS) and the Center for Development Research (ZEF) of the University of Bonn.
During these two weeks, the 26 African students were given the opportunity to receive training from highly qualified faculty and had access to the state-of-the-art facilities of the German partner universities.
In addition, the students visited significant sites for the water and energy sector, including the Jülich Solar Tower, the Heimbach Hydropower Plant and Cologne Flood Management Center (SteB).
Furthermore, the German-Algerian Chamber of Commerce and Industry (AHK Algérie) also organised a range of activities including a visit of Protarget, one of the numerous German companies which are active in the energy and water sectors and are looking to future recruits from the next generation of experts.
For Djamel, 23, from Algeria, this Summer School has been the most rewarding experience of his entire academic journey.
“This study trip to Germany exceeded my expectations. The programme was very intense but it was worth it. All the professors were very friendly and the workshops, the excursions and lab experiments were really interesting”, said the young Algerian. Djamel is one of the three students staying in Germany after the Summer School as they were offered internship positions at ITT.
“In Africa and in the rest of the world, we can clearly observe the effects of climate change. Replacing fossil fuels by renewable energy is part of the solution. In that respect, Africa has an important role to play as it has significant renewable energy resources. However, in order for the continent to harness its green energy potential, it needs to have highly qualified young people who have the capacity to use the latest technologies and who share an ambitious vision for their continent. This is the role of PAUWES within the African continent: we are training the next generation of global-minded experts to tackle local and global problems, such as climate change, energy and water supply.
“It is this constant exchange of people and ideas that makes our Institute so unique on the continent. Of course, this amazing project would not have been possible without the unwavering support of our African and international partners. As Kofi Annan said, “cooperation and partnership are the only routes that offer any hope for a better future for all humanity”. At PAUWES, we are fortunate enough to be supported by Germany and Algeria, which are among the most advanced countries in the sectors of renewable energy and water science, as well as climate change,” said Professor Abdellatif Zerga, Director of PAUWES Institute.
Earlier this year, PAUWES held its first International Symposium which was attended by academics and researchers from all over Europe, Africa and beyond.
Further activities are already scheduled for the next academic year, including the organisation of events (webinars, open lectures, etc.) and the introduction of the social and professional exchange platform.
A winter school is even planned in Tlemcen, Algeria for November.
PAUWES currently has 26 students from 12 African countries studying as part of the first cohort on its MScs in Water and in Energy.
These world-class graduate programmes, which will from next academic year offer dual tracks in engineering and policy, provide students with a broad foundation in theory and practical skills which equip them to continue to PhD level or pursue a career in water, energy or climate change solutions.
The next academic year will start in September 2015 with a new class of 50 students in both the engineering and policy tracks.
The Pan African University Institute of Water and Energy Sciences (including Climate Change) (PAUWES) is hosted by the University of Tlemcen, Algeria.
The institute was founded by the African Union Commission as part of PAU. In partnership with the German government, the Institute offers graduate students access to leading academic research and the latest theoretical and hands-on training in areas vital to the future of African development – water, energy and the challenge of climate change.
Supported by the integrated PAU network, which include PAU institutes in Kenya, Nigeria, Cameroon and Southern Africa, PAUWES attracts renowned international faculty and highly qualified students from across the African continent.
The German Government (with GIZ, KFW and DAAD) is the Key and Thematic Partner, providing financial, technical and administrative support to the project.
Central Bank of Nigeria (CBN) has yet to publish its annual financial statements beyond the 2022 financial year, despite legal provisions requiring the apex bank to release its audited accounts annually.
An annual report is a comprehensive report on a company’s activities throughout the preceding year.
Annual reports are intended to give shareholders and other interested people information about the company’s activities and financial performance.
The most recent annual report and financial statements of the CBN available to the public remain those for the 2022 financial year.
Under Section 50 of the Central Bank of Nigeria (CBN) Act, the bank is required to prepare, submit and publish its audited annual financial statements.
Section 50(1) stipulates that the CBN must transmit its annual accounts, certified by an external auditor, to the President and the National Assembly within two months after the end of each financial year.
Section 50(2) further provides that the annual report submitted to the President and the National Assembly should be published in a manner determined by the CBN Governor, while Section 50(3) mandates the CBN Board to ensure the accounts are published in the Federal Government Gazette as soon as possible.
Despite these statutory requirements, the apex bank has not made public any annual financial statements after the 2022 reporting year.
The development comes after the CBN, on August 11, 2023, released its consolidated financial statements covering seven years the first such publication since 2015.
President Bola Tinubu appointed Olayemi Cardoso as Governor of the CBN on September 15, 2023, following the removal of former Governor Godwin Emefiele in June of the same year.
Emefiele is currently facing trial over alleged corruption-related offences.
Last week, the Supreme Court ordered the final forfeiture of several of Emefiele’s properties, along with $2.045 million in cash.
Dangote Petroleum Refinery and Petrochemicals has successfully completed a landmark US$2.5 billion private equity placement, in what is believed to be Africa’s largest publicly disclosed primary equity private placement by value.
This marks a major milestone in the company’s long-term expansion strategy.
In a statement issued on Thursday, the company said the offering was 3.7 times oversubscribed relative to its initial offer size, reflecting strong investor confidence in the refinery’s growth prospects and resulting in the issuance and allotment of approximately US$2.5 billion in new equity.
The fundraising follows the recent equity capital raise in which existing investors expanded their holdings alongside new institutional investors, strengthening the refinery’s capital base to support its next phase of growth.
According to the company, proceeds from the private placement will finance the continued expansion of its refining and petrochemical operations, reinforce its capital structure and enhance financial flexibility for future investments.
The transaction attracted broad participation from international and African institutional investors, sovereign-related investment vehicles, development finance institutions and long-term strategic partners.
Among the key investors were the Africa Finance Corporation (AFC) and India Infra Buildco, an investment vehicle facilitated by the African Export-Import Bank (Afreximbank). The offering also drew participation from a diverse mix of institutional and individual investors, underscoring strong market confidence in the refinery’s long-term strategy.
Chairman of Dangote Petroleum Refinery and Petrochemicals, Aliko Dangote, described the successful capital raise as a strategic move to deepen and institutionalise the company’s shareholder base while complementing internal cash flows and external financing.
“This further demonstrates our profound commitment to developing domestic refining and petrochemical capacity, reducing Africa’s reliance on imported refined products and strengthening the continent’s energy security,” Dangote said.
Managing Director and Chief Executive Officer of the refinery, David Bird, attributed the strong investor response to the company’s operational performance and leadership.
“The exceptional demand we saw is a testament to our operational excellence, execution capacity, and investor confidence in DPRP’s leadership,” he said.
Following the completion of the transaction, the company said it is well positioned to continue executing its long-term growth strategy by expanding world-class refining and petrochemical capacity while strengthening Africa’s energy security.
Once again, The Gathering on 100 Pitchathon has rewarded some of Nigeria’s most promising young entrepreneurs, with three startups sharing ₦5 million in funding.
Pitchathon
The pitchathon took place at the Abuja edition of the Gathering on 100 held between July 18 and 19, at This Day Dome, Central Business District, Abuja.
The competition brought together founders from different sectors to pitch their businesses before a panel of judges.
The Pitchathon remains one of the most sought after experiences at The Gathering on 100, an MTN Nigeria initiative that connects young Nigerians with opportunities for entrepreneurship, innovation and personal development.
Omolola Rebecca, founder of Agrovest, emerged overall winner, receiving ₦2.5 million for her agritech solution, which provides funding for farmers to improve access to capital and boost agricultural productivity.
Reacting to her victory, Rebecca said the recognition would give her business greater visibility and open doors to more investors. “Winning this competition means more people will notice what we’re building.
“It puts Agrovest in front of potential investors and partners, and gives us the opportunity to grow our impact by supporting even more farmers,” she said.
The second prize of ₦1.5 million went to Agbo Obinnaya, founder of Case Radar, a legal technology platform that uses generative artificial intelligence to simplify access to legal services in Nigeria.
The platform enables users to obtain legal guidance, understand legal documents and connect with legal professionals through a single digital platform.
Abdulmuiz Adam secured third place and ₦1 million with WaveBudget, a fintech platform that combines savings and responsible financing.
The platform allows users to save towards financial goals, access buy now, pay later services through partner merchants with a 50 per cent down payment, and manage their savings in one place.
Presenting the prizes to the winners, Lanre Coker, Manager, Customer Acquisition and Compliance, North-West, MTN Nigeria, said the initiative reflects MTN’s commitment to supporting young Nigerians with the resources they need to grow their ideas into sustainable businesses.
“The Gathering on 100 is about helping young Nigerians achieve the height of their endeavours, whatever they may be.
“We know there are brilliant ideas across the country, and through initiatives like the Gathering on 100, we are creating opportunities for innovators to access funding and the confidence to keep building,” he said.
The Abuja edition builds on the success of previous Pitchathons held during The Gathering on 100 across the country.
In Lagos, eight startups received a combined ₦45 million in funding, while three startups shared ₦5 million at the Aba, Enugu, and Kano editions. With the Abuja winners now joining the growing list of recipients, the Pitchathon continues to position itself as a platform for discovering and supporting the next generation of Nigerian entrepreneurs.
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