News
DPSS, OMNL Develop World Class Procurement Curriculum
DPSS Consultants, UK and OMNL (Office Machines Nigeria Ltd) have kicked off curriculum development and qualifications structure for institutions in Nigeria under the World Bank economic reform and governance programme to produce a world class curriculum infused with global best practices.
This is coming on the heels of recent findings that some government procurement officers need to strengthen their skills and acquire competencies to be able to execute their job professionally thereby achieving transparency, value for money and compliance with the Public Procurement Act 2007.
Similarly, most institutions and local training organization offer courses in procurement or supply chain management without learning about modern tools, concepts, models and best practices as a result leaving them half baked and without requisite skills to integrate into international procurement standards.
But Mr. Okey Ikpe, managing director/chief executive officer, OMNL said his firm is tackling the skill and manpower shortage in the procurement sector with a tailor-made public procurement qualifications structure, curriculum assessment methods for use by local institutions and training practitioners.
His firm along with DPSS Consultants, UK is already working on the curriculum with the support of the International Bank for Reconstruction and Development (the World Bank) programme towards the Economic Reform and Governance Project (ERGP) through the Bureau of Public Procurement (BPP).
The BPP had on behalf of the federal government of Nigeria applied for a portion of the funds to engage DPSS Consultants UK and OMNL to develop professional procurement qualifications structure and training curriculum for use by training institutions in Nigeria.
Ikpe said alongside Paul Kelvin Jackson of l DPSS Consultants and his firm (OMNL), stakeholders meetings and consultations with other relevant professional bodies and associations have commenced.
Various professional associations represented at the meeting include the Procurement Professional Association, Chartered Institute of Purchasing and Supply Management Nigeria, Nigerian Bar Association, Bureau of Public Procurement (BPP), Nigerian Society of Builders amongst others.
Also consultation was held with the World Bank and the Chartered Institute of Purchasing and Supply UK.
Ikpe praised BPP for being forth right in adopting practical and best practice approach to increase procurement knowledge, competence and skills development opportunities for all procurement officers in the federal ministries, departments and agencies.
“We believe that this will help create rich pedagogical content that is useful, relevant and comprehensive for teaching and learning in institutions. Similarly it will ensure that curriculum developed is in line with international standards”
According to him, the acquisition of goods, works and services in public sector at local, state or national level accounts for significant percentage of government spending thus globally procurement management is given the status of a strategic function and deemed as a profession.
He said that “The curriculum will clearly design a clear structure in relation to job roles, levels / cadre and activities. This will be accompanied by a competency framework setting out the requirements for each level. This is part of what this engagement will achieve”
“We anticipated that at the end of the exercise DPSS consultants and OMNL will design and develop Nigerian public procurement qualifications structure, curriculum assessment methods for use by local institutions and training practitioners” Ikpe also said.
He also spare kind words for the Bureau of Public Procurement for strongly committing to the fact that people are Nigeria’s greatest assets and that a sustained investment in their training and development for the benefit of government procuring entities and individual officers is critical to national development and successful implementation of the Public Procurement Act 2007.
“Hence the Bureau considered the need to build and develop the required capacity within the Federal Ministries, Departments and Agencies to execute the procurement processes in accordance with the law and in line with International standards and best practices a critical success factor” he stated.
News
NELFUND Says UTME, NIN, BVN Mandatory for Student Loans
Nigerian Education Loan Fund (NELFUND) has said that Nigerian students will need to present their Unified Tertiary Matriculation Examination registration number (UTME); National Identification Number (NIN); and Bank Verification Number (BVN) to access student loans.
Mr Akintunde Sawyerr, managing director of NELFUND, assured that the body would ensure that those he called ‘ghost students’ would not have access to the soon-to-be-launched scheme.
The MD noted that NELFUND has put processes in place to ensure that all applicants and beneficiaries are traceable to prevent the loan from turning into a sort of national cake.
“We are using technology to run the system. The process of application is online and we are limiting human contact as much as possible. Once you have a Bank Verification Number, BVN and National Identification Number, NIN, which are parts of the requirements, we will have access to your data and all your accounts. This will also help us to know if you are qualified or not,” he explained.
He explained further that those who are already in school can apply for the loan at any level of their study, but must be at the beginning of each session. They would also have to provide their admission and matriculation details in addition to BVN and NIN.
According to the NELFUND boss, about 1.2 million Nigerian students in tertiary institutions and government-recognized skill acquisition centres would be among the first batch of beneficiaries. The number may increase as time goes on.
The programme, he noted, will be funded with one per cent of the total annual collectable revenue by the Federal Inland Revenue Service (FIRS), which will amount to N194 billion if the agency meets its projection.
He explained that the loan would be paid in two segments. The first, he said, is the chargeable school fees which would be paid directly to the institutions while stipend would be paid into individual student’s account for day-to-day upkeep.
Mr. Sawyerr stated that the amount individual applicants will access will vary because of the course of study, school fees payable and geographical location of the institutions among others.
On the method of payback, he said, “You don’t start paying back the loan until two years after your National Youth Service Corps, NYSC Scheme and that is, if you have secured a job or business. A beneficiary can defer repayment if he has not secured a job, but if after due diligence, he defaulted, then he becomes a criminal and we will work with every agency that can help us get the money back, for example, EFCC, ICPC etc.”
News
Sun International Finalizes $14.4M Exit from Nigeria, Sells Interests to RFC
Sun International Limited, run by Anthony Leeming, South African entrepreneur, has agreed to sell its Nigerian interests to Rutam Finance Company Limited (RFC) for roughly $14.4 million.
The move is part of Sun International’s strategy to consolidate operations and focus on key markets. Sun International joined the Nigerian market in 2009, but has struggled in recent years due to a challenging operating climate.
This divestiture is consistent with the company’s strategic objectives and represents a shift in portfolio management.
Sun International, will sell a 43.3 percent ownership investment in Tourist Company of Nigeria PLC (TCN), which manages Lagos’ Federal Palace Hotel, to RFC for $1.875 million.
In addition, the group would pay off its whole $12.675 million credit to RFC, effectively exiting the Nigerian market. The corporation also intends to sell its remaining 6% ownership in TCN in due course.
The transaction, subject to customary closing conditions including as regulatory approvals, is estimated to create a cash inflow of about $14.41 million for Sun International.
These funds will be utilized to reduce debt.
Following the completion of the acquisition, TCN will no longer be included in Sun International’s financial statements.
This will reduce group debt by about $41.82 million, excluding IFRS 16 lease liabilities.
The closing is scheduled for no later than May 28, 2024, provided that all usual closing conditions are met. The Nigerian Competition Authority, the Securities and Exchange Commission, and the Nigerian Stock Exchange have all provided key clearances.
Sun International, founded in 1968 by the late Sol Kerzner, has grown into a renowned gaming and resort company under Leeming’s leadership.
In fiscal 2023, the company’s revenue increased by 7% to $646.14 million, while headline earnings increased by 86 percent to $55.35 million.
This demonstrates Sun International’s resiliency and strategic direction. Sun International’s pullout from Nigeria demonstrates the company’s dedication to streamlining its portfolio and pursuing growth possibilities in key areas.
With a rich history and a focus on the future, this transaction demonstrates the company’s commitment to create wealth for shareholders and stakeholders while also strengthening its position in the gaming and hospitality industries.
News
Sam Darwish, US-Nigerian Businessman Suffers $6m Loss as IHS Shares Plunge
Sam Darwish, a US-Nigerian telecom entrepreneur, has experienced a huge financial setback in his holding in IHS Holdings following a recent drop in the shares of the top telecom infrastructure company on the New York Stock Exchange (NYSE).
According to data, Sam Darwish’s investment in IHS Holdings has lost $6 million in market value during the last 13 days. This drop reflects increasing selling pressure among NYSE investors.
From March 12 to 30, Darwish’s investment in IHS Holdings increased from $35.17 million to $49.27 million, resulting in a $14 million gain.
Darwish founded IHS Holdings in 2001, and it has since grown to become the largest telecom infrastructure business in Africa, Europe, Latin America, and the Middle East.
It is renowned for its huge tower count and is the world’s third-largest independent international tower firm.
In the last 13 days, IHS Holdings shares on the NYSE have dropped by 11.72 percent, from $3.67 on April 3 to $3.24 at the time of writing.
As a result, the company’s market capitalization has dropped below $1.1 billion, causing significant losses for stockholders.
As chairman and CEO of IHS Holdings, Sam Darwish holds a critical position in African telecom.
With a strong 4.17 percent ownership holding, equivalent to 13,958,158 ordinary shares, he is a key participant in the global telecom infrastructure business.
The recent double-digit loss in IHS Holdings shares has resulted in a $6 million decrease in the market value of Darwish’s shareholding in the top telecom infrastructure company. His shareholding has decreased from $51.23 million on April 3 to $45.22 million.
Despite this defeat, Darwish remains an important figure in the worldwide telecom business.
IHS Holdings’ extensive tower network and smart acquisitions have secured its position as a major participant in the global telecom infrastructure sector.
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