News
Umeh, Terragon Boss to Speak at GSMA Mobile 360 Africa 2014
Elo Umeh, managing director and chief executive officer, Terragon Group, will be a speaker at the GSMA Mobile 360 Africa event which will hold on November 5-7 at The Clock Tower Conference Centre in Cape Town, South Africa.
The Conference which brings together stand-out Industry Leaders from all over Africa and beyond is themed ‘Advancing Economic Inclusion, Empowerment & Growth Through Digital Channels’, and will explore the possibilities of mobile in financial inclusion, digital media growth and its intending benefits on the social and economic development of many African countries, and collaborations that are necessary to overcome critical roadblocks in technology, governance, business models and investment.
The sessions at the Conference will surround Enabling a digital economy, Increasing Digital and Financial Inclusion, Empowering and Protecting the Digital Citizen and State, as well as the need to Accelerate Inclusive Economic Growth in Africa.
Umeh who will be speaking at the session ‘Delivering Affordable Access to the People of Africa’, will do so alongside other contributors including Nicola D’Elia, Head of Growth – Africa, Facebook; Gerard Brandjes, Vice President, South and East Africa, Microsoft Mobile Devices; George Ferreira, Vice President and Chief Operating Officer, Samsung Electronics Africa; Peter Panait Løjmand, Senior Vice President, Commercial Operations, Opera Software; among others.
Currently seating as one of Africa’s leading digital media businesses, Terragon Group has grown to become a thought leader in driving the growth of digital in Africa, as well as proclaiming its vision of making Mobile more meaningful to Africans.
EFCC
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.
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.
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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