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Sterling Bank Partners Farafina to Premiere Anthology of Nigerian Literature
Sterling Bank Plc has collaborated with Farafina Books, Nigeria’s leading independent literary publishers, to launch a premier anthology of the best of Nigerian writings spanning 200 years, from 1789 to 2018.
L-R: Chief Marketing Officer, Sterling Bank Plc, Dapo Martins; A Nigerian Writer of Short Stories and Author, Africanwriter.com, Eghosa Imasuen; Associate Director of Alumni Relations, Concordia University, Temilade Aina; Moderator, Faniyi Kayode; A Nigerian Writer of Short Stories and Novels, Adrian Igonibo Barrett; and Past, Present & Future by Naja, Gift Osiomwan, during the Presentation of a Possible Future in Lagos on Friday.
The anthology, titled: “A Possible Future,” was curated to preserve the gems of Nigeria’s literary history, promote a reading culture in the country as well as to support featured authors in the distribution of their timeless books. The 411-page book features some of the best works of 46 literary authors in the country.
Featured authors include Olaudah Equiano, D.O. Fagunwa, Gabriel Okara, Cyprian Ekwensi, Obotunde Ijimere, Chinua Achebe, Duro Ladipo, Chukwuemeka Ike, Christopher Okigbo, Elechi Amadi, Wole Soyinka, Ola Rotimi, J.P. Clark-Bekederemo, Ken Saro-Wiwa, Isidore Okpewho, Mobolaji Adenubi, Buchi Emecheta, Femi Osofisan, Niyi Osundare, Tanure Ojaide, Odia Ofeimun and Ben Okri.
Others are Uzor Maxim Uzoatu, Dulue Mbachu, Ikeogu Oke, Biyi Bandele, Sarah Ladipo Manyika, Aisha Osori, Omolola Ijeoma Ogunyemi, Yemisi Aribisala, Lola Shoneyin, Teju Cole, Yejide Kilanko, Eghosa Imasuen, Chimamanda Ngozi Adichie, Niran Okewole, A. Igoni Barret, Abubakar Adam Ibrahim, Taiye Selasi, Jowhor Ile, Tope Folarin, Lesley Nneka Arimah, Helen Oyeyemi, Uche Okonkwo, Gbenga Adesina and Wale Lawal.
Addressing lovers of literature, authors, influencers, and other stakeholders at the event, Mr. Abubakar Suleiman, Chief Executive of Sterling Bank said the institution decided to collaborate with Farafina on the project because ensuring continued literacy, being a key component of education, is in line with the education component of the bank’s HEART strategy. The other sectors are health, agriculture, renewable energy, and transportation.
He said besides this, the Bank has for some time now been supporting the literary arts through the Ake Arts and Books Festival, an initiative of the Book Buzz Foundation, which is driven by Lola Shoneyin, an award-winning writer and poet among others.
Also, in the foreword to the book, Mr. Suleiman noted that, “In the long stretch of time between 1947 when Professor Molly Mahood declared that Nigeria, at the time, had no literature and today, the country’s literary tradition has established itself as a force in the world.
“This is not to agree with Mahood that Nigerian literature is only as old as British involvement in the country’s affairs. In fact, by the time British colonialism invaded the geographical space that would later become Nigeria, there was already a deep-rooted literary tradition in the north of the region going as far back as the 15th century. So, we had literature long before we practiced the art in the colonial tongue.”
He said, “Modern Nigerian literature may have been ‘founded’ by the English based on an assumption – a falsehood, in fact – but the lie does not have to hold any longer. When we decided to believe in ‘A Possible Future,’ we did so with the understanding that Nigerian literature was already of age. While its story is still unfolding and the yardage of its potential still vast, nay infinite, the baby Emecheta, Nwapa and Tutuola once nurtured in verse, prose and on stage, no longer crawls.
A possible Future is a primer for anyone – and I cannot imagine who, in this age – just getting introduced to Nigerian literature.”
According to him, “Kachifo Limited and Farafina Trust have created a definitive, yet not conclusive text that summarises our literary journey and gestures to its destination. The details of which we do not know yet except that, in that future, everything is excellent, anything is possible and we are here for it.”
The Sterling Bank CEO also read excerpts from Arrow of God by Chinua Achebe, which featured on pages 41 to 42 of the anthology. Temilade Aina, a lietrature curator, took the second reading from the works of Biyi Bandele’s Burma Boy.
The event also featured a panel session made up of Professor Niyi Osundare, Eghosa Imasuen, A. Igoni Barrett, Wale Lawal and Temilade Aina. The session was moderated by Faniyi Kayode, a writer, book critic and editor.
The panel commended the anthology and described it as a premier national work and expressed the hope that subsequent ones will accommodate the works of other writers which are not covered now.
Nigerian Education Loan Fund (NELFUND) has said that Nigerian students will need to present their Unified Tertiary Matriculation Examination registration number (UTME); National Identification Number (NIN); and Bank Verification Number (BVN) to access student loans.
Mr Akintunde Sawyerr, managing director of NELFUND, assured that the body would ensure that those he called ‘ghost students’ would not have access to the soon-to-be-launched scheme.
The MD noted that NELFUND has put processes in place to ensure that all applicants and beneficiaries are traceable to prevent the loan from turning into a sort of national cake.
“We are using technology to run the system. The process of application is online and we are limiting human contact as much as possible. Once you have a Bank Verification Number, BVN and National Identification Number, NIN, which are parts of the requirements, we will have access to your data and all your accounts. This will also help us to know if you are qualified or not,” he explained.
He explained further that those who are already in school can apply for the loan at any level of their study, but must be at the beginning of each session. They would also have to provide their admission and matriculation details in addition to BVN and NIN.
According to the NELFUND boss, about 1.2 million Nigerian students in tertiary institutions and government-recognized skill acquisition centres would be among the first batch of beneficiaries. The number may increase as time goes on.
The programme, he noted, will be funded with one per cent of the total annual collectable revenue by the Federal Inland Revenue Service (FIRS), which will amount to N194 billion if the agency meets its projection.
He explained that the loan would be paid in two segments. The first, he said, is the chargeable school fees which would be paid directly to the institutions while stipend would be paid into individual student’s account for day-to-day upkeep.
Mr. Sawyerr stated that the amount individual applicants will access will vary because of the course of study, school fees payable and geographical location of the institutions among others.
On the method of payback, he said, “You don’t start paying back the loan until two years after your National Youth Service Corps, NYSC Scheme and that is, if you have secured a job or business. A beneficiary can defer repayment if he has not secured a job, but if after due diligence, he defaulted, then he becomes a criminal and we will work with every agency that can help us get the money back, for example, EFCC, ICPC etc.”
Sun International Limited, run by Anthony Leeming, South African entrepreneur, has agreed to sell its Nigerian interests to Rutam Finance Company Limited (RFC) for roughly $14.4 million.
The move is part of Sun International’s strategy to consolidate operations and focus on key markets. Sun International joined the Nigerian market in 2009, but has struggled in recent years due to a challenging operating climate.
This divestiture is consistent with the company’s strategic objectives and represents a shift in portfolio management.
Sun International, will sell a 43.3 percent ownership investment in Tourist Company of Nigeria PLC (TCN), which manages Lagos’ Federal Palace Hotel, to RFC for $1.875 million.
In addition, the group would pay off its whole $12.675 million credit to RFC, effectively exiting the Nigerian market. The corporation also intends to sell its remaining 6% ownership in TCN in due course.
The transaction, subject to customary closing conditions including as regulatory approvals, is estimated to create a cash inflow of about $14.41 million for Sun International.
These funds will be utilized to reduce debt.
Following the completion of the acquisition, TCN will no longer be included in Sun International’s financial statements.
This will reduce group debt by about $41.82 million, excluding IFRS 16 lease liabilities.
The closing is scheduled for no later than May 28, 2024, provided that all usual closing conditions are met. The Nigerian Competition Authority, the Securities and Exchange Commission, and the Nigerian Stock Exchange have all provided key clearances.
Sun International, founded in 1968 by the late Sol Kerzner, has grown into a renowned gaming and resort company under Leeming’s leadership.
In fiscal 2023, the company’s revenue increased by 7% to $646.14 million, while headline earnings increased by 86 percent to $55.35 million.
This demonstrates Sun International’s resiliency and strategic direction. Sun International’s pullout from Nigeria demonstrates the company’s dedication to streamlining its portfolio and pursuing growth possibilities in key areas.
With a rich history and a focus on the future, this transaction demonstrates the company’s commitment to create wealth for shareholders and stakeholders while also strengthening its position in the gaming and hospitality industries.
Sam Darwish, a US-Nigerian telecom entrepreneur, has experienced a huge financial setback in his holding in IHS Holdings following a recent drop in the shares of the top telecom infrastructure company on the New York Stock Exchange (NYSE).
Sam Darwish
According to data, Sam Darwish’s investment in IHS Holdings has lost $6 million in market value during the last 13 days. This drop reflects increasing selling pressure among NYSE investors.
From March 12 to 30, Darwish’s investment in IHS Holdings increased from $35.17 million to $49.27 million, resulting in a $14 million gain.
Darwish founded IHS Holdings in 2001, and it has since grown to become the largest telecom infrastructure business in Africa, Europe, Latin America, and the Middle East.
It is renowned for its huge tower count and is the world’s third-largest independent international tower firm.
In the last 13 days, IHS Holdings shares on the NYSE have dropped by 11.72 percent, from $3.67 on April 3 to $3.24 at the time of writing.
As a result, the company’s market capitalization has dropped below $1.1 billion, causing significant losses for stockholders.
As chairman and CEO of IHS Holdings, Sam Darwish holds a critical position in African telecom.
With a strong 4.17 percent ownership holding, equivalent to 13,958,158 ordinary shares, he is a key participant in the global telecom infrastructure business.
The recent double-digit loss in IHS Holdings shares has resulted in a $6 million decrease in the market value of Darwish’s shareholding in the top telecom infrastructure company. His shareholding has decreased from $51.23 million on April 3 to $45.22 million.
Despite this defeat, Darwish remains an important figure in the worldwide telecom business.
IHS Holdings’ extensive tower network and smart acquisitions have secured its position as a major participant in the global telecom infrastructure sector.
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