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GEN, Elumelu Foundation Others Join Forces to Spark Global Entrepreneurship

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An impressive collection of organizations have come together to answer President Barack Obama’s call at the Global Entrepreneurship Summit yesterday in Nairobi, Kenya, to advance entrepreneurship and economic growth around the world.

Representatives of the Global Entrepreneurship Network (GEN), Entrepreneurs’ Organization (EO) and Tony Elumelu Foundation (TEF) participated in a formal signing ceremony at the Summit, committing to lead the Spark Global Entrepreneurship initiative.

Spark is a coalition that is seeking to mobilize like-minded organizations, companies and investors that collectively generate more than $1 billion dollars in private investment for emerging entrepreneurs by the end of 2017.

“The world is full of nascent entrepreneurs with brilliant ideas—but they need stronger ecosystems to help them unleash those ideas and grow them into game-changing startups,” said Jonathan Ortmans, president of Global Entrepreneurship Network and one of three Spark coalition co-chairs.

“Spark increases coordination and collaboration among startup support programs and amplifies their efforts.”

The first wave of companies that have stepped forward include Citi, EY, GE, Google and IBM. Two African companies, Rendeavour, the continent’s largest urban land developer, and SkyPower, the largest provider of utility-scale solar power projects in the world, have joined as well.

“African entrepreneurship has been the missing link in Africa’s development. The actions of just one entrepreneur sends ripples across a community and entrepreneurship lifts people permanently out of poverty and creates social wealth,” said Tony Elumelu, founder of the Tony Elumelu Foundation.

“We all know entrepreneurship, anywhere in the world, is not easy nor is success guaranteed. All stakeholders – the private sector, governments, NGOs and donors – must make a commitment to use their respective powers to address the hurdles facing African entrepreneurs. That is what Spark is all about.”

Spark taps into the growing involvement of government programs in helping entrepreneurs start and scale new firms.

U.S. Vice President Joseph Biden announced the Spark initiative at the 2014 Global Entrepreneurship Summit in Morocco and outlined the commitments of some of the most active and effective U.S. government programs such as the Presidential Ambassadors for Global Entrepreneurship, Young African Leaders Initiative, African Women’s Entrepreneurship Program and more.

Spark is asking for commitments from organizations and individuals willing to “start the spark” by collaborating and contributing resources, networks, data and ideas to multiply efforts and help founders start and scale new firms.

“We are excited to leverage our in-market presence in nearly 50 countries to support Spark, inspire today’s entrepreneurs and foster the next generation globally,” said Vijay K. Tirathrai, CEO of Entrepreneurs’ Organization. “Our organization provides numerous platforms to bring entrepreneurs together for enhanced learning and leadership growth. Spark is a natural extension of our commitment and we call on others to join us and affect positive change through entrepreneurial support.”


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Bolt Expands Operations to Jos

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Bolt, leading ride-hailing app in Africa, has expanded its operations in Nigeria with the launch of its services in Jos.

This announcement comes shortly after the company announced that it had launched an Insurance Protection cover that safeguards riders and drivers in all its operational cities across the country.

Bolt started operating in Nigeria in 2017 and is already the largest on-demand transportation network in the country.

The expansion brings Bolt’s cities in Nigeria to a total of 12 including Lagos, Abuja, Port Harcourt, Owerri, Uyo, Calabar, Kano, Abeokuta, Enugu, Ibadan and Benin City.

Femi Akin-Laguda, country manager, Bolt Nigeria, said,“Demand for ride-hailing transportation is growing across Nigeria as people desire more flexible ways to move and the cost of car ownership continues to rise.

“Ride-hailing services like Bolt make it possible for more people to enjoy the convenience, affordability and safety of getting from one place to another, while simultaneously providing a steady income for thousands of drivers and vehicle owners who utilise the platform to earn an income and support their families on a flexible schedule with no commitments,” he continued.

Bolt has been hugely successful in every city where it has launched and with this expansion move, continues to solidify its footprint across the country.

In celebration of its launch in Jos, Bolt has announced that it will offer a launch discount to riders while offering drivers 0% commission for the first three months.

One of Bolt’s key success factors in its growth, and rapid expansion has been the fact that drivers utilising its platform receive 80% to 85% of fares paid by riders – a significantly higher percentage than what drivers using other similar platforms receive.


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CSCS Sensitizes Financial Market Stakeholders on Cyber-Security

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Central Securities Clearing System (CSCS) Plc, Nigeria’s capital market infrastructure, sustains cyber-security advocacy as it sensitizes financial market participants on rising rate of cybercrime.

In a webinar organized by CSCS, financial market stakeholders, including bankers and capital market operators dialogued on innovative measures for preventing cybercrimes, dire need for increased campaign and exigency of collaborative investments to reign the rising rate of cybercrime.

The online event themed “Cyber Security and Information During the Pandemic” was lauded for its timeliness, as COVID-19 pandemic and attendant remote connections may have increased cyber-security risks in many organizations, particularly as the crime rate surges globally, with rising exposure of financial services institutions in Nigeria and the broader African continent.

The event which was widely attended with participants from the banking sector, capital market and public service, had Mr. Tobe Nnadozie (Divisional Head, Technology and Innovations, CSCS Plc), Mr. Bharat Soni (Chief Information Security Officer, GTBank Plc) and Mr. Ikechukwu Ugoji (Chief Information Security Officer, Interswitch Limited) as panelists.

Speaking on the event, Mr. Haruna Jalo-Waziri, the Chief Executive Officer, CSCS Plc, noted that “cybersecurity is a collective effort and everyone must play their role to preserve the integrity and sanctity of the financial market.

The pandemic and its attendant remote connections occasioned by business continuity and work-from-home protocols have increased exposures to cyber-security risks and some businesses may have suffered colossal losses due to cyberattacks since the pandemic.

More than ever, cyberattacks are like a double whammy at this challenging time when businesses are re-strategizing to adapt to the new normal and ensure sustainability.”

Mr. Femi Onifade, the Chief Strategy Officer, CSCS Plc reiterated the CEO’s perspective, noting that “a breach on any market participant’s network may inadvertently expose the entire system, thus reinforcing why we must collaborate to prevent any vulnerabilities in the financial system and why all participants and stakeholders must take active and effective measures in ensuring and sustaining cyber-resilience.”

While speaking at the event, Mr. Bharat Soni said, “new work culture has expanded remote activities and cloud capabilities to an unprecedented level, thereby making businesses more vulnerable to cyber-attacks such as online scams and phishing, disruptive malware, malicious domains amongst others.

Hence, the use of strong authentication for accessing networks would no longer be an option but a necessity.” He concluded that “Awareness of the new realities of safe cyber practices need to be communicated to employees, partners and customers so that they can remain aware of the evolving cyber threat and how to best protect themselves and their organizations”.

In the same vein, Mr. Ikechukwu Ugoji said, “over 90% of cyber breaches are facilitated by phishing email or social engineering attack and that every employee is a first-line of defence against incoming threats and employees must be made to understand their vital roles and responsibility in protecting the organization.”

On his part, Mr. Tobe Nnadozie, posited that “the pattern of spend on cybersecurity shows clearly that organizations are making relevant investments to protect their systems and broader market, albeit sadly, lack of vigilance is the leading cause of breaches”.


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Muoghalu, Kukah Headline ARCAN Lectures

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Association of Retired Career Ambassadors of Nigeria (ARCAN) has lined up a two-week long, five-lecture series to commemorate the 60th Independence Anniversary of Nigeria.

Muoghalu, Kukah Headline ARCAN Lectures

Ambassador Joe Keshi

The lecture series scheduled to commence from Tuesday September, 22 through to Tuesday, October 6 2020 is themed Nigeria @ 60- The Journey So Far.

Dr. Kingsley Muoghalu, former Deputy Governor of Central Bank of Nigeria, CBN, and a presidential candidate during the 2019 presidential election is expected to kick off the lecture series on Tuesday. He speaks on the topic: Nationhood, Development and Democracy in Nigeria.

Other speakers include the highly revered Bishop Matthew Hassan Kukah who would be speaking on Thursday, September 24 on the topic: 60 years of Nigeria’s Journey to Democracy: Hopes and Impediments.

Dr Vanessa Iwowo, an award-winning management scholar takes the stage on Monday 28 September, 2020 and she would dwell on the topic: [email protected]: Leadership, Democracy and the Politics of Identity.

Tuesday, 29th September, 2020  would be the turn of political activist and scholar Dr. Usman Bugaje to explore the topic: 60 years of Nation-Building: The Management of Our Diversity, Resources and Nation-Building.

Erudite scholar and specialist in International Relations, Prof W. Alade Fawole, is billed to speak on Tuesday 6th October, 2020 on the topic: Nigeria in International Affairs: Prognosis for the next Sixty Years.

The host, Ambassador Joe Keshi, said remarks would be made by an array of eminent Nigerians including ARCAN President, Amb J.K Shinkaiye, ARCAN’s Doyen , Amb Ignatius C. Olisemeka and other eminent Nigerians and diplomats.

According to Keshi, “the series will review the state of our nation in the last 60 years and how the lofty dreams of our founding fathers of building a just and equitable nation where no man is oppressed can be truly attained.

“Additionally, it will review the impact of domestic policies on our foreign policy pursuits and engagement, and above all, offer a futuristic vision of what our foreign policy priorities in the next 60 years should be like,” he said.


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