News
Health: Ikeja Electric Fetes Bariga Community with Safety Nets
Ikeja Electric Plc, Nigeria’s largest electricity distribution company, has joined the global fight against malaria as it marked World Malaria Day with the donation of treated mosquito nets and medical tests to six riverine communities in Lagos.
Determined to combat the dreaded disease, which is prevalent in sub-Saharan Africa, Ikeja Electric partnered with frontline Health Management Organization, Hygeia HMO Limited, to donate the Malaria prevention items to residents of Olambe, Igando, Ilaje-Bariga, Ijede, Oke-ira and Aboru communities of Lagos State.
IE’s Head Corporate Communications of Ikeja Electric, Felix Ofulue explained that as a socially responsible corporate citizen, the Day provided an opportunity for the company to provide support in fighting malaria and contributing its quota to ensuring a relatively healthier society.
“In line with this year’s theme, we are working to bridge the gap in malaria prevention in riverine communities and that is why we decided to partner with Hygeia to sensitize the community on Malaria prevention with the distribution of over 1000 treated mosquito nets and also provided provide free medical tests and treatment to members of communities most prone to the disease”, he said.
To ensure a seamless intervention exercise, Ikeja Electric had earlier on mobilized communities via various Community Development Committees, who in turn called on risk prone members of communities such as pregnant women and nursing mothers, urging them to attend the medical intervention exercise.
Hygiea on their part, deployed mini malaria test centers across all locations visited. The treated nets were then distributed after representatives educated on the need to keep living areas neat and free from stagnant and dirty water which makes a good breeding ground for mosquitoes.
Some of the beneficiaries of the initiative commended the company for its efforts in giving back to the society.
The initiative, which is part of Ikeja Electric’s Personal-Corporate Social Responsibility (P-CSR) Action plan, forms part of IE’s long standing commitment to giving back to host communities within her coverage area.
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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