News
IT Assembly Gets July Date
The Computer Professionals (Registration Council of Nigeria) has fixed July 2010 for the kick-off of IT Assembly, the annual conference of information technology professionals in the country.
Mr. Sikiru Shehu, Registrar, CPN, said that this year’s conference would be aimed at helping to further entrench IT at the heart of government’s developmental programmes for the country.
According to him, government’s desire at developing the economy with the Vision 20:2020 programme is very commendable. Adding that, the nation had already demonstrated that it understands the place of IT in national development. He said this year’s IT Assembly would therefore present an opportunity that IT professionals would use to further help in actualizing Nigeria’s dream.
Mr. Shehu said as the regulatory body for the computing profession in Nigeria, CPN would ensure that IT is given its right place in the quest for national development and would also continue to promote best practices in the industry.
He said with so much investment had already been made by government and the private sector in IT, it was now time for Nigerians to take full advantage of these and become a leader in the computing and general ICT- led economy.
Speaking on this year’s IT Assembly, Mr. Shehu said the Council intends to continue to build on achievements of the past by repositioning the computing profession and placing it in the position that it deserves. He added that the industry must have standards and that a situation whereby some people simply jump into the industry and begins to practice without following government-approved methods must be stopped.
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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