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S.Africa’s Shares Creep Higher, MTN up on Nigeria Election

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South African stocks ticked up slightly on Wednesday buoyed by telecoms operator MTN Group, spurred on by peaceful presidential elections in Nigeria where it is a market leader, according to Reuters.

Financial markets in Africa’s most populous country, which is also MTN’s most important market in terms of revenue and subscribers, rallied after an unprecedented win by opposition politician Muhammadu Buhari.

Reuters reported that MTN shares ended nearly 6 percent higher, pushing Johannesburg’s Top-40 index up 0.2 percent to 46,128. The All-share index added 0.2 percent to 52,281.

“MTN was on the back of the Nigerian election. A lot of people thought the elections wouldn’t go through smoothly,” said Chad Bushnell, a trader at Anglorand Asset Managers.
 
Capitec Bank Holdings hit a life high of 537.65 rand per share as investors lapped up the stock anticipating it would be included in the blue chip Top-40 index, on the back of its rising market capitalisation, which has gained 57 percent so far this year.

Gold producers listed in Johannesburg fell as job figures from U.S. private employers showed the smallest growth in more than a year, supporting views that the Federal Reserve will hold off any rate hike until next year.

Gold is particularly sensitive to shifts in U.S. interest rates, which also move the dollar, in which the metal is priced.

The gold index was down 2.3 percent as AngloGold Ashanti shed 2.7 percent and Gold Fields lost 3 percent.

Activity was fairly brisk with more than 198 million shares changing hands, comparison to a daily average of 183 million shares last year


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GOMYCODE Partners Woolf University to Offer Globally Recognised Master’s Degree in Software Engineering in Nigeria

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GOMYCODE, a leading technology education provider, has announced a groundbreaking partnership with Woolf University, a global collegiate higher education institution, to offer Master of Science in Computer Science with Specialization in Software Engineering to aspiring and established tech professionals in Nigeria.

This collaboration aims to provide accessible, high-quality, globally recognized education to individuals seeking to advance their careers and expand their opportunities.

The Master’s program is designed to empower busy professionals and ambitious individuals with advanced skills and qualifications, opening doors to global job opportunities and facilitating potential emigration for those seeking international careers.

“We are thrilled to partner with Woolf University to bring this exceptional opportunity to Nigeria,” said Yahya Bouhlel, Co-founder of GOMYCODE. “In today’s competitive tech landscape, advanced degrees are increasingly essential.

“This partnership allows us to provide a flexible, world-class education that empowers our students to achieve their career aspirations, whether they seek to excel locally or on a global stage.”

The program’s online, flexible structure caters to the demands of working professionals, enabling them to balance their studies with existing commitments. Students will benefit from Woolf University’s rigorous academic standards and GOMYCODE’s practical, industry-relevant approach to learning.

“Woolf University is excited to collaborate with GOMYCODE to expand access to quality higher education in Nigeria,” stated Naveen Jangir, Head of Strategy and Growth, from Woolf University. “Our mission is to democratize education, and this partnership aligns perfectly with our goal of providing accessible, accredited degrees to learners worldwide.

“We believe this program will equip Nigerian tech professionals with the skills and credentials they need to thrive in the global economy.”

Babatunde Olaifa, Country Head of GOMYCODE in Nigeria, emphasized the significance of this partnership for the Nigerian tech ecosystem.

“This collaboration represents a significant leap forward for tech education in Nigeria. By offering a globally recognized Master’s degree, we are empowering our professionals to compete on a global scale.

“This is a chance for people to level up their careers, and to open doors that they previously thought were closed.

“We are very excited to see the impact that this program will have on the lives of our students and the broader Nigerian tech community.”

This Master of Science in Computer Science with Specialization in Software Engineering program is ideal for tech professionals seeking to enhance their qualifications; Individuals aiming for global job opportunities; those considering emigration and requiring advanced degrees; ambitious individuals looking to accelerate their career growth.

GOMYCODE and Woolf University are committed to providing a supportive and enriching learning environment that fosters innovation and excellence.


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Tony Elumelu Foundation Set to Announce 2025 Cohort of TEF Entrepreneurship Programme

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The Tony Elumelu Foundation (TEF), Africa’s leading philanthropy empowering entrepreneurs is set to announce the 11th cohort of the TEF Entrepreneurship Programme on Saturday, March 22, 2025.

The 2025 announcement comes at a critical time, as Africa’s entrepreneurship ecosystem faces funding constraints and global economic headwinds. TEF continues to provide much-needed support, empowering African entrepreneurs to transform their ideas into sustainable businesses and engines of economic growth.

Each selected Tony Elumelu Entrepreneur will receive $5,000 non-refundable seed capital, a world-class business training on TEFConnect, one-on-one mentorship, and access to global networks and investment opportunities. The selection process is being conducted by Ernst & Young, to ensure independent assessment.

The impact of the Tony Elumelu Foundation extends beyond funding. It is changing lives and shaping Africa’s future, as witnessed by beneficiaries of the catalytic TEF Entrepreneurship Programme.

Ahead of the upcoming announcement, Tony O. Elumelu, C.F.R., Founder of TEF and Group Chairman of Heirs Holdings, reiterates his unwavering belief in the potential of Africa’s entrepreneurs:

“I believe that Africa’s transformation will not be led by aid, but by empowering the next generation of African entrepreneurs—giving them the tools, the funding, the training, and the networks to build sustainable businesses that create jobs and drive economic growth.

Over the past decade, we have nurtured entrepreneurs from inception to success, scaling our impact across all 54 African countries. We have provided capital and also developed a robust monitoring and evaluation framework that allows us to track the progress of our entrepreneurs and measure their contributions to their communities and economies.

No other organisation is implementing entrepreneurship development at this scale across Africa. We have learned, we have refined, and we continue to improve, ensuring that African entrepreneurs—women and men—are at the forefront of solving our continent’s challenges and creating wealth for themselves and their communities. Entrepreneurship is the key to Africa’s prosperity. I wish the 2025 cohort of Tony Elumelu Entrepreneurs success, as they chase their ambitions, and play their part in Africa’s transformation.”

The Tony Elumelu Foundation is the leading philanthropy empowering a new generation of African entrepreneurs, driving poverty eradication, catalysing job creation across all 54 African countries and ensuring inclusive economic empowerment.

Since the launch of the Tony Elumelu Foundation Entrepreneurship Programme in 2015, TEF has lifted over 2 million Africans out of poverty, provided 2.5 million young Africans with access to training on TEFConnect, and disbursed more than $100millon in direct funding to thousands of African entrepreneurs who have gone on to create over 1.5 million direct and indirect jobs and generate over $4.2 billion in revenue.

Tony Elumelu Entrepreneur Testimonials from Previous Years:

“I started my agribusiness with nothing but an idea. TEF changed everything. With the funding, training, and mentorship, I have now expanded across three countries and employ 25 people.”

– Fatima Diallo, Senegal, Agritech Entrepreneur

“As a woman in the fintech industry, it was difficult to secure funding. TEF not only provided me with capital but also the confidence and skills to build a business that is now attracting international investors.”

– Mary Okeke, Nigeria, Fintech Founder

“The TEF Entrepreneurship Programme helped me commercialise my clean energy innovation. Today, we provide solar solutions to over 50,000 homes in rural Tanzania.”

– Juma Nyerere, Tanzania, Renewable Energy Entrepreneur

For more details on the Tony Elumelu Foundation’s impact visit our Impact Page, African Success Stories Page, and Annual Report Page.

For Media Inquiries: [email protected]


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NBTI Advocates for Legislation to Strengthen Local Content

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National Board for Technology Incubation (NBTI) has urged the National Assembly to enact Executive Orders 003 and 005 into law to ensure full compliance by Ministries, Departments, and Agencies (MDAs).

NBTI Advocates for Legislation to Strengthen Local Content

Executive Order 003, signed by former Vice President Yemi Osinbajo, mandates MDAs to prioritise local manufacturers and service providers in procurement.

Similarly, Executive Order 005, issued by former President Muhammadu Buhari, directs MDAs to promote science, technology, and innovation in achieving national development goals.

Speaking on the necessity of these Orders, Dr Kazeem Raji, director-general, NBTI emphasised the need for legal backing to enhance enforcement and compliance.

He noted that while Executive Orders remain in effect until revoked or ruled unlawful, transforming them into legislation would strengthen their implementation and enforcement.

Raji stressed that enacting these Orders as laws would drive the adoption of indigenous technology, increase patronage of local innovations, and enhance economic growth.

“If Executive Orders 003 and 005 become laws, capital flight will reduce, foreign reserves will increase, GDP will grow, and employment opportunities will expand. These Orders will no longer be ignored, as there will be legal consequences for non-compliance,” he stated.

He emphasised that institutionalising these policies through legislation would solidify the government’s commitment to boosting local production and supporting homegrown industries.


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