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Nkemdilim to Speak in South Korea on Africa Innovation

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Nkemdilim Begho, Chief Executive Officer of  Future Software Resources Limited, will join Heads of African State, Delegations of 80 member countries, international organizations, government establishments, public corporations, private businesses, financial institutions, press, among others in South Korea to tell the story of how best to promote innovation and entrepreneurship in Africa.

Begho will be speaking at two conferences in South Korea – KOAFEC 2018 and the African Development Bank Meeting 2018, alongside other leading voices in Africa including Ngozi Okonjo-Iweala, Board Chair, Gavi, the Global Alliance for Vaccines and Immunisation, between 21st May, 2018 through 25th at the BEXCO, Busan.

Speaking ahead of the events, Begho, a strong promoter of software in Nigeria told newsmen that Africa has a lot of potential in embracing and leap-frogging smart infrastructure, as well as building strategic economic growth through innovation and entrepreneurship.

The KOAFEC 2018 panel discussion, according to her, would  focus on how smart infrastructure can contribute to Africa’s socio-economic transformation in the areas such as energy, transportation, agriculture, sustainable environment, health, education, e-government, ICT, etc.

Panelists include: Mr. Amadou Hott, Vice President, Power, Energy, Climate and Green Growth, African Development Bank,  Ms. Nkemdilim Begho, CEO,  Future Software Resources Ltd, Mr. John Tanui, Chief Executive Officer, Konza Technopolis Development Authority,  Mr. Sérgio Pimenta, Vice President for Africa & MENA, International Finance Corporation, Mr. Mark Hyung-Joon Kim, Executive Vice President, Korea Telecom and  Mr. Young-hoon Chang,Executive Director, EDCF Group, The Export-Import Bank of Korea.

According to the software guru who is one of the leading women in ICT in Nigeria, her discussion would focus on how software and IT Consultancy service providers like Future Software Resources Limited can be involved in the development of smart infrastructure in Africa.

Key talking points include: IT Consultancy Services, Development of end user applications and interfaces, Driving Digital inclusion,  Inclusive Content creation and development in local languages,  Digital Marketing to engage with the citizens to drive adoption rates,  Capacity Development to increase skilled labour and ensure self-sustainability of the smart infrastructure, among others are among key  touchpoints.

The panellists of the second panel at the African Development Bank Meeting will be dealing with how best to  promote innovation and entrepreneurship in Africa.

The panel, she explained would focus on the current status of startups in Africa and the future plans for expanding innovation and entrepreneurship on the continent.

Begho who has represented Nigeria in other global forums to tell the story of how best Nigeria can retool Nigeria, said that the key objective on the second panel would contribute to innovation that raises productivity and growth, leading to job creation and poverty reduction in developing countries.

The discussion, according to her, would  will focus on  the need for the 4th Industrial Revolution and Entrepreneurship, role of Public – Private sector to activate innovation and entrepreneurship,  Internation al Cooperation to expand join ventures, exchange of Technology and Human Resources of companies in Africa, current status of startups in Africa and action plan, strategies for Startups and Scale-ups,  role of young African Entrepreneurs and  ways  of shared growth and sustainability between Africa and Asia

Panelists will include Connyong Jennifer Moon, Chief Anchor, Arirang TV Network, Patrick Vermeulen, Professor and Academic Director, Radboud University, Ngozi Okonjo-Iweala, Board Chair, Gavi, the Global Alliance for Vaccines and Immunisation, Hanan Morsy and Director, Macroeconomic Forecasting and Research, AfDB.


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EFCC Arraigns Two FSDH Bank Officials Over $307k, €50k Fraud

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Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC), Ikoyi, Lagos, on Tuesday, March 3, 2026, arraigned two bank officials, Bakare Oladimeji Surajudeen and James Olukayode Imokwede, over an alleged $306,667.81 and €50,250 fraud before Justice Ismaila Ijelu of the Lagos State High Court sitting in Ikeja.
EFCC Arraigns Two FSDH Bank Officials Over $307k, €50k Fraud

EFCC

The defendants, who are both top officials of FSDH Merchant Bank Limited, were arraigned on a 10-count charge bordering on alleged stealing and retention of stolen property to the tune of $306,667.81 and €50,250.
The petitioner, FSDH Merchant Bank Limited, alleged that an internal audit uncovered unauthorized debits totaling $306,667.81 and €50,250, equivalent to N527,406,916.66 (Five Hundred and Twenty-Seven Million, Four Hundred and Six Thousand, Nine Hundred and Sixteen Naira, Sixty Six kobo), from its Letters of Credit (LC) payable accounts.
Investigations revealed that the defendants processed fraudulent transfers through the SWIFT platform to third parties.
One of the counts reads:
“That you, BAKARE OLADIMEJI SURAJUDEEN and JAMES OLUKAYODE IMOKWEDE, sometime in 2021 in Lagos within the jurisdiction of this Honourable Court, dishonestly took the sum of N527,406,916.66 (Five Hundred and Twenty-Seven Million, Four Hundred and Six Thousand, Nine Hundred and Sixteen Naira, Sixty Six kobo), property of FSDH Merchant Bank Limited.”
Another count reads:
“That you BAKARE OLADIMEJI SURAJUDEEN AND JAMES Olukayode Imokwede sometime in 2021 in Lagos within the jurisdiction of this Honourable Court dishonestly took sum of $306,667. 81 (Three Hundred and Six Thousand, Six Hundred and Sixty Seven dollars, Eighty one cents) property of FSDH Merchant Bank Limited”.
The defendants pleaded “not guilty” to all the charges preferred against them.
Following their pleas, prosecution counsel, H. U. Kofarnaisa, asked the court for a trial date and also prayed that the defendants be remanded in a Correctional facility pending trial.
Counsel to the first and second defendants, Oluwaseun Akintunde and Olajide S. Onasanya, informed the court that bail applications had been filed on behalf of the defendants and also urged the court to grant them bail on liberal terms.
They also prayed that the defendants be remanded in the EFCC custody pending the perfection of their bail conditions.
The prosecution counsel, however, opposed the prayers of the defence seeking the remand of the defendants in the EFCC custody, saying that “the EFCC detention facilities are overstretched.”
After listening to both parties, Justice Ijelu granted the defendants bail in the sum of N2 million each, with two sureties in like sum.
The court ordered that one of the sureties must be a relative, who is gainfully employed.
The sureties must provide evidence of tax payment in the last three years and must show proof of livelihood, with their residences verified.
The defendants were ordered to deposit their international passports with the court, and must not travel outside the country without the leave of the court.
The judge subsequently remanded the defendants in a Correctional facility pending the perfection of their bail conditions.
Justice Ijelu adjourned the matter till March 25, 2026, for the commencement of trial.

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AfDB Supports Francophone Africa Start-ups with €6.5M

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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.


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Nigeria Inks $1.3bn MoU with AFC for Alumina Refinery, Mining Push

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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.

Nigeria Inks $1.3bn MoU with AFC for Alumina Refinery, Mining Push

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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