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IBM Commits $70m to Create 25m New Collar Jobs in Africa

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IBM is investing $70 million in building much-needed digital, cloud, and cognitive IT skills to help support a 21st century workforce in Africa.

The initiative, “IBM Digital – Nation Africa”, provides a cloud-based learning platform designed to provide free skills development programs for up to 25 million African youths over five years, enabling digital competence and nurturing innovation in Africa.

The initiative will be supported by the United Nations Development Program (UNDP), which has a special focus on fostering market-driven ICT skills in Africa and the Middle East.

This is part of IBM’s global push to build the next generation of skills needed for “New Collar” careers. “New Collar” is a term used by IBM to describe new kinds of careers that do not always require a four-year college degree but rather sought-after skills in cybersecurity, data science, artificial intelligence, cloud, and much more.

For the youth of Africa to be able to benefit from a cognitive future there needs to be a much higher level of digital literacy. At the top of the skills pyramid are developers, who need to know how to create solutions that can leverage the power of cognitive, and entrepreneurs who are aware of the potential.

IBM Digital – Nation Africa is designed to help raise overall digital literacy, increase the number of skilled developers able to tap into cognitive engines and enable entrepreneurs and would be entrepreneurs grow businesses around the new solutions.

Africa has approximately 200 million people between the ages of 15 and 24. By 2040, the continent is expected to be home to the world’s largest labor force, with an estimated working age population of 1 billion (*State of Education in Africa Report 2015).

Yet many African companies cite a local skills gap as one of the major bottlenecks to growth. In South Africa alone, where more than a quarter of the workforce is unemployed, businesses struggle to find appropriate skills, particularly in the IT field.

Through a free, cloud-based online learning environment delivered on IBM Bluemix, the premier cloud platform for business, the initiative will provide a range of programs from basic IT literacy to highly sought-after advanced IT skills including social engagement, digital privacy, and cyber protection.

Advanced users will be able to explore career-oriented IT topics including programming, cybersecurity, data science and agile methodologies, as well as important business skills like critical thinking, innovation, and entrepreneurship.

The initiative aims to empower African citizens, entrepreneurs, and communities with the knowledge and tools to design, develop, and launch their own digital solutions.

Based on Watson, the cognitive online system will adapt and learn. It will review the multiple interactions the education initiative will have with students, to help direct them to the right courses and help IBM refine the courses to better adapt the material for the needs of the users.

Watson will also create a depth of knowledge using anonymous information gathered from interactions with the students. This will help entrepreneurs and developers understand which current Bluemix solutions best meet their needs and refine their idea to help them design a solution that has greatest market potential.

With the aim of equipping as many as 25 million people with sought after IT skills over the next five years, the program will be launched from IBM’s regional offices in South Africa, Kenya, Nigeria, Morocco, and Egypt. This will enable the expansion of the initiative across the continent.

“IBM sees effective, high quality IT education as a key driver of economic vitality in Africa. Through access to open standards, best practices, IBM tools, and course materials, the broad scope of this initiative will enable vital skills development”, said Hamilton Ratshefola, country general manager for IBM South Africa. “In order to find solutions to Africa’s challenges, industries across the spectrum need to enable the existing and future workforce to perform at the forefront of technologies such as cognitive and cloud computing. This will be the key to spurring economic growth.”

The initiative will provide access to thousands of resources, in English, free of charge, including:

Ready-to-use mobile apps
Guides – web guides, demonstrations, interactive simulations, video series, and articles

Online Assessments – A range of self-assessment tests to track the progress of individuals, together with industry recognized ‘Open Badges’ aligned to digital competencies. The badges can then be shared with prospective employers

Volunteers – Creation of a volunteer program to support and promote digital literacy within their communities

App Marketplace – Provision of a platform on which new applications can either be made freely available or sold.

IBM will collaborate with UNDP on opportunities for STEM (Science, Technology, Engineering, and Mathematics) skills delivery, certification, and accreditation. UNDP will work with their network of existing government partnerships to extend the program throughout Africa.

UNDP’s 2015 Human Development Report highlighted that technology is affecting the nature of work by introducing new ways of communicating, new products and new demands for skills. New technologies are also reinforcing and deepening previous trends in economic globalization, bringing workers and businesses into a global network through outsourcing and global value chains.

“These processes are reshaping work and testing national and international policies. In an attempt to address this global challenge here in South Africa, as well as in other priority countries in Africa. UNDP is pleased to leverage its global presence, development knowledge, and long standing partnerships to provide context, traction and scale to this collaboration with IBM,” said Mr. Walid Badawi, UNDP Country Director in South Africa.

IBM has a direct presence in 24 African countries and has made several significant investments on the continent in recent years, including offices, innovation centers and other advanced facilities. The company has a research laboratory in Nairobi, Kenya and opened a second research facility in Johannesburg, South Africa in 2016.

In 2015, IBM rolled out a major initiative to expand its Africa Technical Academy and Africa University Program, providing advanced skills in cloud, analytics, and big data technologies, reaching today to over 150 academic institutions, in the continent.

In September 2016, a memorandum of understanding was signed between the Ministry of National Education and Vocational Training and IBM Morocco, for the launch of P-TECH program (Pathways in Technology Early College High School) in Morocco.

P-tech is an innovative global education model, designed by IBM, in close partnership with American educators. The company is also working with dozens of start-ups in South Africa.

IBM has been present in Africa since the 1920’s, and has a long history of collaborating with educational institutions and providing transformational solutions focused on providing value to higher education and its contribution to society.

IBM engages with communities around the globe by offering its technology, services, and expertise to solve some of the world’s most complex problems, applying technology and expertise to societal issues such as education development.

 


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NELFUND Says UTME, NIN, BVN Mandatory for Student Loans

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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.

NELFUND Says UTME, NIN, BVN Mandatory for 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.”

 


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Sun International Finalizes $14.4M Exit from Nigeria, Sells Interests to RFC

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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.

Sun International Finalizes $14.4M Exit from Nigeria, Sells Interests to RFC

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.

 

 


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Sam Darwish, US-Nigerian Businessman Suffers $6m Loss as IHS Shares Plunge

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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).

Sam Darwish, US-Nigerian Businessman Suffers $6m Loss as IHS Shares Plunge

Sam Darwish

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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