News
Etisalat Supports Creativity at Ake Arts & Book Festival
Nigeria’s most innovative and fastest growing telecommunications company, Etisalat, has further demonstrated commitment to creativity and talent development in the country with support for this year’s edition of the annual Ake Arts & Book Festival, a gathering of eminent authors and writers in the historic city of Abeokuta, the Ogun State capital.
The company restated its commitment to uplifting and promoting creative endeavours like literature, and declared its pride in being one of the major sponsors of the event because it shares in the passions and aspirations of the literary society.
Speaking on the sponsorship, Modupe Thani, head, Events and Sponsorship, Etisalat Nigeria, said the Ake Arts and Book Festival like the Etisalat Prize for Literature, reiterates Etisalat’s vision of promoting passion, nurturing talents and providing a platform for Africans to communicate ideas and tell their own stories.
According to her, the Etisalat Prize for Literature wholly embodies the company’s vision, which is to identify and celebrate writers and literature enthusiasts from across the continent and beyond in order to give credence and honor to ‘home-grown’ talents while also rewarding new entrants and encouraging further participation in this area
Speaking also at the event, Mrs. Lola Shoneye, director, Ake Arts and Book Festival, said the festival which is in its third edition has grown in size and importance, attributing the success to the support from sponsors like Etisalat Nigeria.
Her words: “Our sponsors have in no small measure contributed to the success of this festival, sponsors like Etisalat and others don’t just throw money at us, but they also participate at the festival.” She disclosed that the festival has welcomed over 200 guests in the last two editions, held over 150 events, and directly reached more 10,000 people. This year, she added, the festival’s guests came from 18 countries across the world.
Commenting on the festival during the opening ceremony, Senator Ibikunle Amosun, the governor of Ogun State, commended the effort of Etisalat and other sponsors of the festival for their contribution to the growth and development of the coming generation. “The importance of literature and arts cannot be over-emphasised. So, its gives me great pleasure to see people from countries within Africa and beyond gathered here to promote literature and arts,” he said.
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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