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Building Connections – The Value of Our Transport Networks

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By Tobechukwu Okigbo

Over the years, embarking on road trips across Nigeria has provided me with some of the most fulfilling and memorable experiences of my life.

Building Connections - The Value of Our Transport Networks

Tobechukwu Okigbo, Chief Corporate Services Officer of MTN Nigeria.

Our country is blessed with natural and beautiful landscapes, local cultures, languages and architecture that change as you move through the states or geo-political zones.

It’s only when you travel like this that you experience the richness of our diversity, providing a much-needed perspective and deeper understanding of our country.

When you can’t see a country for what it really is, then you are especially vulnerable to the manipulation of more radical elements.

Travelling through these places gives one a direct connection to them, and it is those connections that are so important to our cohesion.

Unfortunately, the option to travel by road is more limited today than it has been in the past, especially taking into consideration the prevailing security challenges.

Nigeria currently is quite low in the global ranking of road networks to people ratio, with many important roads in various state of disrepair.

This has an impact, not only on our individual ability to explore and understand our nation, building connections between us, but on our economy; limiting domestic trade, commerce and tourism, driving up costs and so reducing our competitiveness.

In turn, this impacts productivity, employment and puts a brake on improvements to living standards.

When a farmer struggles to get his produce to the market, the quality of the produce available to the consumer is lower and costs more.

When a petroleum marketer needs to move product from Lagos to Kano, the time it takes is a direct input into the price differentials we see across the country.

When it takes longer for a can of Coca-Cola to navigate the roads in the East, then it costs more for the consumer when it gets there.

When tourists fly into major cities but are unwilling to brave our roads and cannot explore our regions, we lose not just income, but the ability to share our culture and heritage with others.

At a very human level, poor roads contribute to unnecessary accidents and deaths.

The Federal Road Safety Corps (FRSC) estimates that 3,700 people lost their lives in the first ten months of 2022, and road quality is one of the top-ten causes of those accidents.

These challenges are not new, and the impact is understood by the government.

The Senate has estimated that Nigeria loses over N1 trillion in annual revenue due to bad roads, revenue which is critical to us as a nation.

The Federal Roads Management Agency (FERMA) estimates that the cost of loss in man-hours due to traffic caused by poor roads is N1.02 trillion every year.

This is before we consider the additional costs associated with price inflation that Nigerians and Nigerian businesses have to absorb.

Many will put the responsibility to fix roads solely on government. Besides, what are the governments at various levels doing if they cannot fix the roads.

Indeed, in fairness to the current administration, a lot of work has been done in both road repairs and the construction of new ones.

But the truth is, the expectations are very high. However, the reality is that the government alone cannot fix all the roads.

They only have to be strategic and take the lead on an integrated approach to providing motorable roads to the citizenry, which is why in recognition of the importance of improving our road infrastructure, the Nigerian government conceived and launched the Road Infrastructure Tax Credit (RITC) in 2019, a tax incentive programme to crowd in private sector finance for road construction, maintenance and repair.

It is designed to accelerate the investments that can be made to improve the network of roads in the country.

The government recognises the severity of the funding gap that exists, and that partnerships are required to deliver better roads, faster.

Not only does the RITC programme mobilise additional funding, it ensures that public budgets can be allocated to other equally pressing development priorities.

When done well, with proper planning, design and monitoring, these programmes attract significant private sector support and deliver impressive results.

Recognising that the RITC programme encapsulates everything that we at MTN call shared value, we are proud to have marked the 20th anniversary of our operation in Nigeria in 2021, by successfully bidding to reconstruct the 110km dual carriage Enugu-Onitsha expressway.

There is no better way of demonstrating the strength of the partnership between MTN and Nigeria, than by directly contributing to a project that benefits the government, business and the people by improving people’s ability to connect.

It is a tangible manifestation of our belief that “We’re good together” and an extension of our purpose to enable the benefits of a modern connected life to everyone.

MTN will invest N202.8 billion in the rehabilitation of the road, receiving tax credits of the equivalent value that it can use to offset future tax liabilities.

Work has already commenced on the road with a delivery schedule that anticipates people will be able to use it within 18 months.

We fully understand the strategic importance of the Enugu-Onitsha road to the eastern economy and Nigeria at large.

For us, the completion of the rehabilitation of the expressway is more than fixing a road. It is more than a road; it is connecting people and opening an economy.

It is about creating memories for people to appreciate the beauty of our land.

I am incredibly excited at the potential of this partnership to embed a culture of collaboration between the public and private sector in Nigeria.

It is not just MTN that recognises this opportunity. The strong design of the RITC is evidenced in the range of other private sector partners that are joining the programme.

By working together, we can accelerate progress towards national development goals, make life easier for Nigerians and improve the prospects for all businesses, large and small.

Personally, I look forward to driving on the Enugu-Onitsha expressway, to re-ignite my passion for road trips, and seeing the vibrant beauty that is Nigeria.

It is not just about fixing a road; it is about accelerating connectedness and building lasting partnerships.

We’re good together!

Okigbo is the Chief Corporate Services Officer of MTN Nigeria.


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Detained Binance executive drags EFCC, NSA to court

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Binance executive Tigran Gambaryan has has dragged the National Security Adviser Nuhu Ribadu and the Economic Financial Crimes Commission (EFCC), to court alleging violations of his fundamental rights.

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In a filing dated March 18 and presented by his lawyer Olujoke Aliyu from Aluko and Oyebode Law Firm, Gambaryan sought redress before Justice Inyang Ekwo, requesting five reliefs. Similarly, Nadeem Anjarwalla, Binance’s Africa regional manager who escaped custody on March 22, initiated a separate suit before Justice Ekwo.

Gambaryan and Anjarwalla, in the suits marked: FHC/ABJ/CS/356/24 and FHC/ABJ/CS/355/24, had sued the Office of NSA (ONSA) and EFCC as 1st and 2nd respondents.

Gambaryan, a US citizen overseeing financial crime compliance at the crypto exchange platform, alleged that his detention and the confiscation of his international travel passport violated Section 35 (1) and (4) of the 1999 Constitution, constituting a breach of his fundamental right to personal liberty. He further requested the court to order his immediate release and the return of his passport. Additionally, he sought an injunction preventing further detention related to any Binance investigations and demanded a public apology from the respondents, along with costs incurred.

Gambaryan stated that he visited Nigeria on February 26 alongside Nadeem Anjarwalla, representing Binance, in response to invitations from ONSA and EFCC. Despite attending the meeting as requested, both were detained afterward without formal charges.

During the court proceedings, T.J. Krukrubo, SAN, representing Anjarwalla and Gambaryan, informed the court of the respondents’ absence despite being served. Krukrubo also mentioned their notice of withdrawal of legal representation for Anjarwalla, filed on March 26.

Justice Ekwo noted the withdrawal of legal representation and adjourned the matter to April 8 to allow the applicants to seek new representation and give the respondents an opportunity to appear.

In Gambaryan’s case, Krukrubo stated that although the processes were served on ONSA and EFCC, they still had time to respond. He requested an adjournment, indicating that the respondents’ deadline to file their applications would expire the following week.

Consequently, Justice Ekwo scheduled the next hearing for April 8 to continue proceedings.


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AXA Mansard Empowers Female SMEs with Financial, Digital Skills

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AXA Mansard, a member of AXA has empowered 200 female Small and Medium Enterprises with financial literacy and digital business skills.

In collaboration with SME 100 Africa, the two-day training, which was held in Lagos, is part of AXA’s lined-up programmes to commemorate this year’s International Women’s Day.

Speaking, Olusesan Ogunyooye, Head of Marketing AXA Mansard, said the training was aimed to empower female SME owners with skills to improve business output and position them for the increasing economic opportunities available in an increasingly digital marketplace.

Ogunyooye noted that the move was in line with AXA Mansard’s sustainability agenda, explaining that the company was convinced that support for women through its inclusive protection programmes was pivotal to its purpose of acting for human progress by protecting what matters and its mission of moving from being a payer to a partner.

He further said that focusing on digital skills was important because the company realised the importance of digital skills to the growth of the SME sector in Nigeria and wants to ensure that women were empowered enough to be a consequential part of that growth.

“It’s almost trite to say that SMEs are the engine for economic growth, especially in developing countries like Nigeria, where over 45 million adults are business owners. What needs to be continually discussed is how Nigeria is going to unlock that potential for economic development and how much of that potential will be unlocked by women and for women.”

“For us at AXA Mansard, we are aware that digital will play a major role in unlocking these current opportunities and Nigeria’s economic future. So, to ensure that women are equally represented in unlocking these future potentials, that’s why we have collaborated with SME 100 Africa to support them in developing the required skills”.

“Our choice of digital and financial literacy skills is deliberate. We understand the power of the duo. We understand that helping these SMEs with the skills to attract more customers will be a faster means to empower them.

“We see that they have amazing products and services, but they need to understand how to attract value for themselves by attracting the right customers, and you will agree with me that virtually all customer segments are online in one way or another today.

“So, if we can empower them with digital business skills, we would have helped them with the heavy lifting of trying to find and attract customers”. Ogunyooye explained.

According to him, AXA Mansard believes that for the world to experience progress truly, there must be an equitable distribution of creation and access to opportunities for men and women. This quest for balance informed the SHE for Shield initiative, a women-centred inclusive protection programme of AXA Mansard.

SHE for Shield is a group of initiatives designed for the Nigerian woman. The goal is to see them grow, add value, and help them mitigate risks at every step.

According to the company, research has found that access to health care is one of the most important things to Nigerian women, regardless of their economic segment. They desire to be financially independent, secure, and respected in the community.

 


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IFC Invests in New 4DX Ventures Fund to Support Tech Startups in Africa

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IFC is investing $10.5 million in a new fund by 4DX Ventures, a New York-based venture capital firm focused on supporting early-stage African technology companies across a broad set of sectors, including fintech, e-commerce, edtech, climate tech, and health tech.

IFC’s investment in 4DX Ventures Fund III will come from IFC’s $225 million venture capital platform, which was launched last year to strengthen emerging VC ecosystems and invest in early-stage companies in Africa, the Middle East, Central Asia, and Pakistan.

Africa is among the regions least served by venture capital, receiving just 2% of global venture deal volume in the third quarter of 2023. Access to capital on the continent has been further exacerbated by a slowdown in global venture capital investment.

Tech ecosystems are nascent, or even nonexistent, outside of more established markets such as Egypt, Kenya, Nigeria, Senegal, and South Africa.

“IFC and 4DX Ventures share the commitment to supporting tech entrepreneurs with innovations that will help Africa leapfrog in critical areas such as climate, health care, fintech, e-commerce, and education,” said Walter Baddoo, Co-Founder and General Partner of 4DX Ventures.

“We look forward to partnering with IFC to help promising tech startups build transformative businesses and realize sustainable development impact on the continent.”

4DX’s new fund will invest in companies with tech solutions that can improve productivity, efficiency and competitiveness across Africa. The firm’s first two funds invested in companies such as Egypt-based e-commerce platform MaxAB, an IFC portfolio company; Ghana-based health tech firm mPharma; and Kenya-based B2B e-commerce platform Wasoko, formerly known as Sokowatch.

“By supporting the development of tech ecosystems in emerging markets, IFC’s venture capital platform aims to improve access to key services, boost business competitiveness, and promote job creation through digital transformation,” said Mohamed Gouled, Vice President of Industries at IFC.

“Our investment in venture funds such as 4DX Ventures will help African entrepreneurs access more financing and resources they need to scale tech innovations and bolster sustainable growth across the continent.

In addition to providing capital, IFC will work with 4DX Ventures to implement their environmental and social management system.


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