News
LAN Partners BOI to support Start-ups
Mr Segun Olukoya, the Director of Lagos Angel Network Ltd. (LAN), said that the company will partner with Bank of Industry (BOI) to create programmes that would provide finance, support and mentoring for start-ups.
Olukoya made this known on Friday during a workshop organised by Lagos Angel Network to educate start-ups on investment opportunities.
The theme of the workshop was: “Raising Capital for your Start-up’’.
Olukoya said that knowledge, learning, mentoring and finance were the key things needed for businesses to be successful.
He said that the workshop would provide insights on what entrepreneurs need to attract funding for their businesses.
“It will also provide an opportunity for entrepreneurs to interact with experienced angel investors and credit specialists.
“The workshop is also aimed at enlightening start-ups on what investors look out for in businesses before investing,’’ Olukoya said.
He also noted that the bank of Industry was partnering with the firm to see if there were start-ups they could give loans to, “provided they meet the required standard’’.
Also speaking, Mr Sunday Afolami, Regional Manager, Lagos Region, Bank of Industry, said that before giving funds to start-ups they have to establish whether they need it or not.
He said that would help BOI to articulate what the funds would be used for and how the start-up would pay back both principal and interest and still make profit.
Afolami said that BOI gave loans to micro, small, medium and large enterprises.
“We give loans to new and existing companies seeking expansion or diversification.
“Also borrowers, whose management capability, financial situation, character and reputation are incontrovertible.
“Clients also have to demonstrate ability to meet loan payments, ‘’ he said.
Afolami said that BOI was offering this support to further create jobs, wealth, by alleviating poverty and create room for profitability and technology transfer in the country.
He said that BOI also intended to transform Nigeria’s industrial sector by providing financial and business support services to enterprises.
The Lagos Angel Network is an association of investors committed to providing seed funding, mentoring and access to their business networks to Lagos area start-up entrepreneurs and their early-stage businesses.
It is a network of business angels that put start-up funding and mentoring into early-stage ventures in Lagos, Nigeria.
Founded in 2014, LAN is the first members’ only network in Nigeria specifically created to finance early- stage and start-up businesses.
News
Legit.ng, Shade of Life Foundation Partner to Advance Autism Awareness in Nigeria
Legit.ng recently joined forces with the Shade of Life Foundation to become a voice of autism, and drive advocacy for improved media support during Autism Awareness Month.
Conversations around media support exploration was led by Joseph Omotayo, head of Department for Human Interest Stories at Legit.ng, and Dr. Eziafakaku Nwokolo, founder and CEO of the Shade of Life Foundation,
This partnership is a response to the concerns raised by organizations like the Shade of Life Foundation about the level of support received from the media in discussing autism as a disability.
While other disabilities may receive attention, autism, with its critical developmental implications often lacks adequate representation in mainstream media.
Recognizing the importance of addressing these concerns, Legit.ng took proactive steps by integrating itself into the essence of autism awareness.
It facilitated a one-hour workshop with Dr. Nwokolo, the founder of the foundation, to deepen our understanding of autism, its various spectrums, and the language boundaries associated with it.
Other steps we took in advocating autism awareness in the media, can be seen in our attached press release.
Legit.ng believes that by amplifying the voices of autism and advocating for better media representation, we can contribute to creating a more inclusive and accepting society for all.
News
As Nigeria Struggle, Tanzania Turns off Power Plants Due to Excess Supply
While 85 per cent of Nigeria is in darkness, Tanzania, an African country has shut down five hydroelectric stations in a bid to reduce excess electricity in the national grid.
Kassim Majaliwa, prime minister, Tanzania, has said the main plant, Mwalimu Nyerere Hydroelectric Station, alone generated enough electricity to power major cities, including Dar es Salaam, the country’s commercial hub.
It is the first time Tanzania, which suffers chronic power shortages, has closed hydroelectric stations due to excess production.
“We have turned off all these stations because the demand is low and the electricity production is too much, we have no allocation now,” an official from state-run power company, Tanesco, said.
The 2,115MW Julius Nyerere Hydropower Dam is said to be almost filled with water following heavy rains that started early this year.
Meanwhile, while the country has an installed capacity of 1,938MW and the grid installed capacity of 1,899MW, Nigeria which has an installed capacity of 13,000MW is struggling to electrify 85 per cent of its electricity consumers.
News
President Tinubu Appoints Jim Ovia as Student Loan Fund Chairman
President Bola Tinubu has approved the appointment of Jim Ovia, renowned banker and businessman, as the Chairman, Board of the Nigerian Education Loan Fund.
Ovia’s appointment is contained in a State House statement titled, ‘President Tinubu appoints Jim Ovia as Chairman of the Nigerian Education Loan Fund,’ and issued on Friday by Ajuri Ngelale, special adviser to the President, Media & Publicity.
The statement noted that “Ovia is the founder of one of Nigeria’s leading banks and a respected business leader, with a surfeit of efforts and benefaction towards nurturing and empowering young Nigerians.
“He is an alumnus of Harvard Business School and holds a Master’s in Business Administration from the University of Louisiana.”
The National Student Loan Programme is a pivotal intervention that seeks to guarantee sustainable higher education and functional skill development for all Nigerian students and youths.
The Nigerian Education Loan Fund, the implementing institution of this innovation, demands excellence and Nigerians of the finest professional ilk to guide and manage.
“The President believes Mr. Ovia will bring his immense wealth of experience and professional stature to this role to advance the all-important vision of ensuring that no Nigerian student suffers a capricious end to their pursuit of higher education over a lack of funds,” the statement partly read.
Ovia’s appointment will also ensure “that Nigerian youths, irrespective of who they are, have access to higher education and skills that will make them productive members of society and core contributors to the knowledge-based global economy of this century.”
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