News
Aladekomo to Speak on National Identity Management @ UNILAG
The University of Lagos MBA 83-84 class has invited Sir Demola Aladekomo to speak on the Socio-Economic Imperative of National Identity Management.
Aladekomo is a Computer Engineer.
He is the Chairman of SmartCity Resorts Plc, Card Centre Nigeria Limited, Treasure-nest Limited, Crops Nigeria Limited, Chams Consortium Limited, Insider Concepts Limited and the founder of Chams Plc.
The event which comes up on Thursday April 15, 2021 by 4pm via Zoom (meeting ID 82815951731) will be moderated by Prof. Lere Baale, Chief Executive of Business School Netherlands (BSN) in Nigeria.
On his acceptance to participate, Aladekomo said an effective national identity management system is critical to the development of any economy.
It provides a universal identification infrastructure for a country because it enables access and means to confirm the identity of individuals residing in a country.
Referring to the study carried by the World Bank he further said the ability to prove one’s identity is a cornerstone of participation in modern life, yet over 1.5 billion people lack proof of legal identity.
In most countries in Africa, like Nigeria, lack of strong foundational identity systems has often led to a proliferation of disconnected functional registers.
Many are currently faced with the challenge of reverse-engineering civil registers and national IDs in order to improve efficiency and meet demand for identification services.
At the centre of all this is human beings. It is expected the discourse will touch areas such as financial services, identity management, security, political stability & evolution, etc.
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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