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Durotoye, Others Commend Etisalat for Empowering Youth

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Etisalat, Nigeria’s most innovative telecom company has been commended for its genuine interest in the development of the youth of Nigeria.
Fela Durotoye, internationally sought motivational speaker, gave the commendation at a career summit sponsored by Etisalat for the Batch A corps members of the National Youth Service Corps in Lagos state over weekend.
Commending the telecom giant, Durotoye who was the lead speaker at the forum tagged “9JA career summit” said: “Career talk opportunity like this presents an advantage for the Nigerian graduates. And for a company like Etisalat to channel its resources in this direction, is a strong indication that the company believes in the Nigerian youth and its future. I am more than grateful and on behalf of Nigeria, I say thank you Etisalat”.
Durotoye who is the founder of Visible Impact charged the corps members to create positive change wherever they find themselves and reposition their careers for national significance. In the same vein, Mrs. Oyegbamgbose Jemeribe, director of Learning and Development, National Employers Consultative Association (NECA); in her key note address, enjoined the youth corps members to be focused as they move ahead in their career.  
Organized in partnership with E-Green Ltd, a sustainable human capital and corporate investment management firm and executed through Mind the Gap (MTGap), a career mentoring project aimed at improving the leadership and problem solving skills of youth corps members, the summit also had Olumuyiwa Olulaja of KPMG as one of the speakers.
“We are interested in the total development of our graduates”, said Wael Ammar, chief commercial officer, Etisalat.
“The success of today’s event elicits a satisfactory feeling in us. The response of the corps members is indeed overwhelming and is a strong indication that they value what they have gained from the speakers today. We hope that through this summit, the youth will be inspired, motivated and enlightened to create the needed positive change wherever they find themselves, through their chosen career, thus contributing to economic and national development”.
Tayo Olosunde, principal partner, E-Green Ltd., explained that the objective of the summit is to provide a mainstream platform whereby youths can reposition their careers for national significance. He said: “The call of this generation is the pursuit of greatness by realigning their personal aspirations towards national aspirations. To achieve this, there is need to regroup, retain, retool and refocus this vast manpower into a dynamic workforce that will drive our future economic growth and development. It is a priceless support we are getting from Etisalat for a ground breaking event such as this”.
Etisalat has continued to register its support for the National Youth Service Corps (NYSC)’s programmes through active sponsorship of major events which had contributed to a successful completion of the three weeks orientation camp for corps members deployed to Lagos state for their national youth service. The telecommunications company sponsored the welcome party for the current batch of corps members and was also a key sponsor of NYSC activities for 2009. 

 


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AfriLabs, Korea-Africa Foundation in Strategic Partnership to Boost African Innovation

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African hubs network AfriLabs has signed a memorandum of understanding (MOU) with the Korea-Africa Foundation for a strategic partnership aimed at driving innovation and economic growth across the continent.

AfriLabs is a network organisation that is committed to driving innovation and entrepreneurship on the continent by bringing together technology hubs, startups, investors, and other key stakeholders in the ecosystem.

Having recently announced the admission of 16 new hubs, AfriLabs now has a network of 478 hubs across 260 cities in 53 African nations.

The Korea-Africa Foundation, meanwhile, aims to serve as a platform for collaboration between the private and public sectors, and to strengthen exchange and cooperation with African countries.

The collaboration between the two aims to bridge the gap between Korean and African startups by leveraging each other’s expertise and resources. This will be achieved through the exchange of insights on youth development, the launch of joint research initiatives, and the fostering of a dynamic ecosystem that cultivates talent and entrepreneurial spirit in both regions.

“At AfriLabs, we are dedicated to unlocking Africa’s full potential and generating wealth through strategic alliances. This partnership with the Korea-Africa Foundation unlocks a treasure trove of opportunities for startups, granting them access to a global network, invaluable resources, and unparalleled industry knowledge.

“Together, we will empower the next generation of African innovators and entrepreneurs, paving the way for sustainable development and a thriving economy,” said Anna Ekeledo, executive director of AfriLabs.


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$750m World Bank Loan:  FG May Reintroduce Telcoms, Gambling Taxes

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Federal government may reintroduce the controversial telecom tax and other fiscal measures to fulfill one of the conditions for The World Bank’s fresh $750 million loan to Nigeria.

$750m World Bank Loan:  FG May Reintroduce Telcoms, Gambling Taxes

Experts have however strongly opposed new taxes, calling them harmful to the sector’s survival and the larger economy.

But The World Bank in programme appraisal document, dated May 17, 2024, on the loan disbursement to Nigeria, said that $750 million loan to Nigeria will support the federal government’s policy reforms.

A copy of the plan’s document posted on the World Bank website indicated that the government might reintroduce the excises on telecom services, and EMT levy on electronic money transfers through the Nigerian Banking System among other taxes.

Recall that on June 13, Wale Edun, minister of finance and coordinating minister of the economy, announced the approval of two financial support packages by the World Bank valued at $2.25 billion.

The loan consists of $1.5 billion for Nigeria’s reforms for economic stabilisation to enable transformation (RESET) development policy financing program (DPF) and $750 million for Nigeria’s accelerating resource mobilisation reforms (ARMOR) program-for-results (PforR).

In the programme appraisal document, the World Bank said the ARMOR programme contains revenue policy measures such as raising pro-health taxes on tobacco, and alcohol.

The Bretton Woods institution also said the programme contains the introduction of taxes on online betting and gambling, as well as new excise on telecommunication services.

Experts have however warned that these taxes would have severe consequences for investment and the operational viability of telecom companies.

According to them, higher taxes would hinder digitalization efforts, which are crucial for economic growth.

The proposed tax measures, according to the industry, are not only damaging to the telecom sector but also to the broader economy.

 

 


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EFCC, Flutterwave to Establish Cybercrime Centre for Security of Transactions

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Economic and Financial Crimes Commission (EFCC) and Flutterwave, unicorn payments technology company have signed a Memorandum of Understanding (MoU), to establish and a state-of-the-art Cybercrime Research Centre.

EFCC, Flutterwave to Establish Cybercrime Centre for Security of Transactions

Areas of focus of the centre include advanced fraud detection and prevention, policy development, as well as youth empowerment.

The fintech company with fortunes worth over $1bn headquartered in San Francisco with footprints in Nigeria and other African countries said the centre would also provide a “sustainable lifeline to youths across the country”.

To this effect, the Silicon Valley-based company signed a Memorandum of Understanding with the anti-graft agency in Abuja.

Ola Olukoyede, chairman, EFCC; Olugbenga Agboola, founder, Flutterwave; Christopher Gray, director of Federal Bureau of Investigations (FBI); and other senior officials from both the EFCC and the FBI witnessed the signing of the MoU

Specifically, the MoU was signed by Mohammadu Hammajoda, secretary, EFCC and Agboolaof Flutterwave.

Olukoyede said, “This partnership marks a significant leap forward in our efforts to combat financial crimes and ensure a secure financial landscape for Nigerians. The Cybercrime Research Centre will significantly enhance our capabilities to prevent, detect, and prosecute financial crimes.”

On his part, Agboola said, “This initiative underscores our commitment to creating a fraud-free financial ecosystem and leading the charge in safeguarding transactions across Africa.

“We applaud the EFCC’s relentless efforts to combat internet fraud and other illicit activities in the financial sector.”

The Cybercrime Research Centre, to be established at the new EFCC Academy in Abuja, would serve as a hub for advanced research, training, and capacity building in the fight against financial crimes.

Areas of focus of the centre include advanced fraud detection and prevention, collaborative research and policy development, youth empowerment and capacity building, technological advancement and resource enablement, among other key areas.

“Advanced Fraud Detection and Prevention: Developing and implementing cutting-edge technologies to detect and prevent financial fraud. The centre will offer comprehensive training for law enforcement and industry professionals to combat modern financial crimes effectively.

“Collaborative Research and Policy Development: Engaging in joint research initiatives and policy formulation to enhance the understanding and regulation of financial crime. The centre will provide a platform for the exchange of ideas and best practices between the public and private sectors.

“Youth Empowerment and Capacity Building: Providing high-end training and research opportunities for 500 youths, equipping them with the skills needed to navigate and excel in the digital economy.

“Technological Advancement and Resource Enablement: Creating a repository of advanced tools, technologies, and resources to support financial crime investigations, including protocols for addressing emerging threats such as cryptocurrency-related crimes,” the statement concluded.

Birthed in 2016 by Agboola, fondly referred to as GB, Flutterwave, with its corporate headquarters in San Francisco and operational head office in Lagos State, grew within a short time, penetrating the African market with customisable payments applications through its unique Application Programming Interface.

 

 


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