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Leo Stan Foundation Taps Emelonye as DG, to Manage N1.5Bn Revolving Loan Project

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Leo Stan Ekeh, chairman, Leo Stan Ekeh Foundation (LSF), has appointed Engr. Amasike Emelonye as director general (DG) to head a team set up to manage the N1.5bn revolving loan scheme for entrepreneurs and indigent students in Imo State.

 

Ekeh had announced a three-year revolving interest free loan of N1b over the next 10 years to petty traders and small and medium businesses in Imo State on August 28, 2019. T

 Leo Stan Ekeh

he intervention, he revealed, is to reduce hardship, stimulate business activities and give hope to majority of the people in the state.

 

Further, Ekeh launched an educational support project for indigent but intelligent students of the state to enable them acquire proper university education.

 

For this, Ekeh set up a non-interest revolving loan scheme of N500m which shall stretch over the next 10 years to help others benefit from the scheme.

 

Emelonye, a first class British trained technology guru was the pioneer managing director of Zinox Technologies, one of the companies founded by Ekeh. Educated in the United Kingdom with multiple degrees and professional certifications, Emelonye is a thoroughbred ICT professional.

 

He led the Zinox team that designed the INEC electronic voter register system and co-developed the INEC SmartCard Reader and PVC system, amongst several other notable national and state projects.

 

A renewable energy and biometric solutions consultant to several Agencies, Emelonye is a tech guru who has led major ICT infrastructural developments.

Engr. Amasike Emelonye

He hails from Ideato South Local Government of Imo State and is happily married with a lovely wife and two brilliant children.

 

Ekeh disclosed that Emelonye was appointed based on his solid pedigree.

 

Furthermore, he affirmed that the platform for the N1.5bn loan scheme will be digitally-driven and with less human interface to avoid manipulations and compromises.

 

As a result, Emelonye’s industry experience will come in handy. In addition, he informed that other members of the management team will be unveiled soon.

 

Ekeh, who was reluctant to go further, when asked, disclosed that he is a product of a trust economy.

 

He added that he has done business in the last 37 years based on trust and not by pledging his assets based on collateral.

 

“The biggest collateral you can have today is your integrity. You cannot build a multinational company based on pledging your assets. So, I am giving a chance to others in this regard, even though it is a huge risk. If this works, it will help a lot of needy entrepreneurs and indigent children acquire quality education and challenge the status quo or what I call wealth disruption in the 3rd world.

 

“This is not a political-oriented programme and, as such, politicians are barred from participation.  It is also not a showbiz. Therefore, I urge the media to see themselves as partners in progress and only focus on sharing relevant information pertaining to the scheme.”

 

On the likely commencement of the scheme, Ekeh revealed that the project will take off before September ending.

 

“The first set of beneficiaries, about 1400, will take off before the end of September while we build remote technology to on-board the next batch. At the moment, our tech guys are working on the back-end. We want to limit human interference by at least 90% and instead, drive the project through technology,” he said.

 

Ekeh, who was met on arrival from a closing ceremony of a summer re-training exercise for teachers in his local government, Ubomiri in Mbaitoli Local Government which he funds every year, was quizzed as to whether the beneficiaries of the loan scheme will be able to repay the investment.

 

“Well, with human beings, you have to take a risk. The human capital in Imo State is very strong. I have no doubts about that. However, the infrastructural readiness of the state is a bigger problem. From what I have seen, Imo State is in a pitiable state and only God can save the state from its current level of infrastructural decay.

 

“The young Governor I can see is almost desperate to change the Imo story. You visit Imo and leave very depressed. It is really unfortunate.”

 

The serial digital entrepreneur who decried the sorry state of infrastructure in the State, further called on other well-meaning Imo indigenes to rise to the challenge.

 

“I plead with other indigenes of the state to contribute no matter how small to enhance the profile of their respective kindred. It will count,” he concluded.

 


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AXA Mansard Empowers Female SMEs with Financial, Digital Skills

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AXA Mansard, a member of AXA has empowered 200 female Small and Medium Enterprises with financial literacy and digital business skills.

In collaboration with SME 100 Africa, the two-day training, which was held in Lagos, is part of AXA’s lined-up programmes to commemorate this year’s International Women’s Day.

Speaking, Olusesan Ogunyooye, Head of Marketing AXA Mansard, said the training was aimed to empower female SME owners with skills to improve business output and position them for the increasing economic opportunities available in an increasingly digital marketplace.

Ogunyooye noted that the move was in line with AXA Mansard’s sustainability agenda, explaining that the company was convinced that support for women through its inclusive protection programmes was pivotal to its purpose of acting for human progress by protecting what matters and its mission of moving from being a payer to a partner.

He further said that focusing on digital skills was important because the company realised the importance of digital skills to the growth of the SME sector in Nigeria and wants to ensure that women were empowered enough to be a consequential part of that growth.

“It’s almost trite to say that SMEs are the engine for economic growth, especially in developing countries like Nigeria, where over 45 million adults are business owners. What needs to be continually discussed is how Nigeria is going to unlock that potential for economic development and how much of that potential will be unlocked by women and for women.”

“For us at AXA Mansard, we are aware that digital will play a major role in unlocking these current opportunities and Nigeria’s economic future. So, to ensure that women are equally represented in unlocking these future potentials, that’s why we have collaborated with SME 100 Africa to support them in developing the required skills”.

“Our choice of digital and financial literacy skills is deliberate. We understand the power of the duo. We understand that helping these SMEs with the skills to attract more customers will be a faster means to empower them.

“We see that they have amazing products and services, but they need to understand how to attract value for themselves by attracting the right customers, and you will agree with me that virtually all customer segments are online in one way or another today.

“So, if we can empower them with digital business skills, we would have helped them with the heavy lifting of trying to find and attract customers”. Ogunyooye explained.

According to him, AXA Mansard believes that for the world to experience progress truly, there must be an equitable distribution of creation and access to opportunities for men and women. This quest for balance informed the SHE for Shield initiative, a women-centred inclusive protection programme of AXA Mansard.

SHE for Shield is a group of initiatives designed for the Nigerian woman. The goal is to see them grow, add value, and help them mitigate risks at every step.

According to the company, research has found that access to health care is one of the most important things to Nigerian women, regardless of their economic segment. They desire to be financially independent, secure, and respected in the community.

 


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IFC Invests in New 4DX Ventures Fund to Support Tech Startups in Africa

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IFC is investing $10.5 million in a new fund by 4DX Ventures, a New York-based venture capital firm focused on supporting early-stage African technology companies across a broad set of sectors, including fintech, e-commerce, edtech, climate tech, and health tech.

IFC’s investment in 4DX Ventures Fund III will come from IFC’s $225 million venture capital platform, which was launched last year to strengthen emerging VC ecosystems and invest in early-stage companies in Africa, the Middle East, Central Asia, and Pakistan.

Africa is among the regions least served by venture capital, receiving just 2% of global venture deal volume in the third quarter of 2023. Access to capital on the continent has been further exacerbated by a slowdown in global venture capital investment.

Tech ecosystems are nascent, or even nonexistent, outside of more established markets such as Egypt, Kenya, Nigeria, Senegal, and South Africa.

“IFC and 4DX Ventures share the commitment to supporting tech entrepreneurs with innovations that will help Africa leapfrog in critical areas such as climate, health care, fintech, e-commerce, and education,” said Walter Baddoo, Co-Founder and General Partner of 4DX Ventures.

“We look forward to partnering with IFC to help promising tech startups build transformative businesses and realize sustainable development impact on the continent.”

4DX’s new fund will invest in companies with tech solutions that can improve productivity, efficiency and competitiveness across Africa. The firm’s first two funds invested in companies such as Egypt-based e-commerce platform MaxAB, an IFC portfolio company; Ghana-based health tech firm mPharma; and Kenya-based B2B e-commerce platform Wasoko, formerly known as Sokowatch.

“By supporting the development of tech ecosystems in emerging markets, IFC’s venture capital platform aims to improve access to key services, boost business competitiveness, and promote job creation through digital transformation,” said Mohamed Gouled, Vice President of Industries at IFC.

“Our investment in venture funds such as 4DX Ventures will help African entrepreneurs access more financing and resources they need to scale tech innovations and bolster sustainable growth across the continent.

In addition to providing capital, IFC will work with 4DX Ventures to implement their environmental and social management system.


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Climate Action Africa Announces CAAF24

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Climate Action Africa (CAA) has announced the inaugural convening of the Climate Action Africa Forum (CAAF24). This international event brings together stakeholders from across the world who drive thought leadership insights on how to encourage collaboration, catalyse actionable solutions, and urge governments, businesses, and individuals to invest in climate-smart initiatives.

The climate-focused event was announced at last week’s Friday international press conference held at the prestigious Transcorp Hilton Abuja. This marks a significant milestone in Africa’s journey towards a sustainable future. A precursor to the upcoming Climate Action Africa Forum scheduled for June 17-19, 2024, at the Landmark Events Centre in Lagos, Nigeria, this press conference brought together leaders, experts, and stakeholders from across the globe. The gathering’s main goal was to discuss the urgent need for sustainable development plans and climate-smart investments in Africa.

Framed by the theme “Green Economies, Brighter Futures: Innovating and Investing in Africa’s Climate-Smart Development,” the international press conference became a vibrant platform for insightful discussions, strategic collaborations, and impactful engagements. It convened an esteemed gathering of leaders, experts, and stakeholders to explore solutions for Africa’s pressing environmental challenges.

The event kicked off with a welcome address by the Executive Director and Co-founder of Climate Action Africa, Grace Mbah, who having announced the commencement of event registration as April 2nd, 2024, made the call for tech-driven solutions and innovations in the fields of emissions reduction, transportation, agriculture, energy, circularity and building and construction to apply to participate in the deal room.

Providing insights to attendees on how innovative approaches and collaborative action is at the heart of CAAF24, she extended an opportunity to like minded organisations who would like to partner by hosting side events and finally, a call for volunteers from across the continent.

“It’s no news that the world stands at a critical juncture, where decisive action is imperative to mitigate the adverse impacts of climate change. Against this backdrop, CAAF24 serves as a pivotal platform for key stakeholders to engage in meaningful discourse, and forge collaborative pathways towards a greener, more sustainable future.

The essence of CAAF lies in its commitment to shaping a climate-resilient Africa through co-creation, innovation, and sustainable investment. Through this initiative, we aim to catalyse solutions that enhance the sustainability and prosperity of the continent’s natural resources, people, and economies,” Grace stated.

During the International Press Conference, distinguished speakers and thought leaders emphasised the urgent need for collective action in tackling Africa’s climate challenges.

They delved into critical topics like renewable energy, sustainable agriculture, biodiversity conservation, and climate finance, offering practical insights and inspiring initiatives.

Jummai Vandu, representing the National Council on Climate Change, expressed optimism about the initiative’s outcomes. “Today’s discussions,” she said, “underscore the urgency of our collective efforts to combat climate change. The National Council believes working together is key to driving meaningful action and creating a more sustainable future for Africa and beyond.”

With the International Press Conference complete, the stage is set for CAAF24. Stakeholders will converge to translate ideas into action, forge partnerships, and drive progress towards a climate-smart Africa.

Mrs. Taiwo Fashipe, Head of Media for the Presidential CNG Initiative (P-CNGi), echoed similar sentiments, stating: “The theme of this year’s Climate Action Africa Forum aligns with our goals, vision, and mission at the Presidential CNG Initiative.

“We look forward to using this platform to advance interest in and investment in greener and cleaner energy sources like CNG.”

Standing at a crucial juncture in Africa’s quest for sustainable development, CAAF24, convened by Climate Action Africa in partnership with the National Council on Climate Change, Channels Media Group, and Founder Institute, emerges as a beacon.

It brings together the private and public sectors, guiding the continent towards a future marked by resilience, prosperity, and environmental stewardship.

 


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