News
InterswitchSPAK 5.0 to Premiere in Nigeria, Kenya
Interswitch, one of Africa’s leading integrated payments and digital commerce companies, is set to commence airing of the fifth edition of the National Science Competition, InterswitchSPAK, its flagship Corporate Social Responsibility (CSR) initiative.
According to press release, the competition will premiere in Nigeria and Kenya on October 29, 2023, “signifying Interswitch’s unwavering commitment to fostering educational excellence and empowering Africa’s youth by rewarding their passion for Science, Technology, Engineering, and Mathematics (STEM).”
The statement said: “Each thrilling and suspense-filled episode will feature a set of contestants slugging it out for the grand prize. Viewers can catch the twists and turns of the show as it unravels on their TV screens every Sunday at 6:00 p.m. on DSTV Africa Magic Family Channel 154, and on the AIT network at 7.30pm with a repeat broadcast every Wednesday at 3:30 p.m. on DSTV Africa Magic Family Channel.”
It further said that at the end of the competition, the top 3 contestants will be rewarded with the sum of N12.5 million. Specifically, the winner will receive N7.5 million, spread across a period of five years, a laptop, and monthly stipends; the second-place winner will cart away N4 million worth of scholarships, spread over three years, a laptop, and monthly stipends, while the third-place winner will be rewarded with a N1 million scholarship for one- year, monthly stipends, and a laptop.
Furthermore, the statement said that in order to reward more participants in this year’s commemorative edition, the 4th to 24th top candidates will also receive varying cash rewards up to the tune of N250,000, “for their grit, passion and outstanding participation during the finals and semi-finals, premised on the principle that every SPAKster, as they are fondly called, is a winner.”
It added that this year’s competition would recognise and reward exceptional teachers with the top 27 teachers in Nigeria and the top 6 teachers in Kenya receiving cash prizes in recognition of their efforts in preparing their students and laying the foundational bricks for a bright future ahead.
According to the statement, InterswitchSPAK has also awarded 54 of the top-scoring students from across the country with free JAMB e-pins, during the pre-qualifying stages of the competition (the national qualifying examinations) held earlier this year, further enabling their pursuit of higher education.
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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