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We Partnered with Tony Elumelu Foundation to Create Economic Opportunities in Conflict Prone Regions – ICRC President Says

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At the just concluded Forum organised by the International Committee of the Red Cross (ICRC), key speakers Tony O. Elumelu, Founder of the Tony Elumelu Foundation and Peter Maurer, President of the International Committee of the Red Cross (ICRC) proffered entrepreneurship as the most sustainable solution to accelerating Africa’s transformation. During a one-on-one conversation at the event, both speakers called for a new private-sector-led approach to humanitarian development in Africa.

While speaking at the Forum, Peter Maurer commended the Tony Elumelu Foundation’s private-sector-led approach as the gold standard of humanitarian development in Africa focused on impacting lives at scale and transforming the continent.

Mr. Maurer said: “On one side, it is important that we assist and protect people when they are disrupted by violence and war. But what brought me together with Tony is not the white shirt and the blue suit, it is his deep conviction that with longer and protracted conflict we need to bring people much earlier into independence.”

He added: “We need, more than ever, in the most fragile, violent parts of society to show the pathway to independence and to a dignified life and this goes with income-generating activities, productive activities, with small businesses. This is why we partnered with the Tony Elumelu Foundation”.

Also Read:  RED CROSS AND TONY ELUMELU FOUNDATION PARTNER TO EMPOWER 200 NIGERIAN ENTREPRENEURS

On his part during the discussion themed “Private Sector Partnerships with Humanitarian Organisations: Putting People First”, Mr. Elumelu commended Mr. Maurer’s leadership and the decision to partner with the Tony Elumelu Foundation to eradicate extremism and violence.

He said: “Through the partnership between TEF and ICRC, a lot is happening that shows the catalytic impact of your vision. Ours was the first ever partnership that ICRC had explored using a different approach to humanitarian development, from the angle of empowering the private sector. Today, the Tony Elumelu Foundation has partnered with AfDB on empowering 1000 beneficiaries, UNDP which started with 1000 entrepreneurs and has now been scaled up to empower 100,000 African entrepreneurs starting with the Sahel region. The most important thing is that we give economic hope and opportunity to our people and reduce the cases of fragility that we see across the continent.”

Also Read:  UBA Innovates with another first ‘UBA Learn’ targeted at empowering students

In 2018, ICRC and the Tony Elumelu Foundation partnered to sponsor 200 entrepreneurs from the North East and Niger Delta regions of Nigeria to catalyse and accelerate transformation while scaling impact in conflict-prone areas. The intervention is built on the existing Tony Elumelu Foundation’s USD100million commitment to empower 10,000 young African entrepreneurs in 10 years across the continent. Driven by the economic philosophy of Africapitalism,  it represents a bottom-up approach with the goal of creating millions of jobs and increased revenue on the continent.

The ICRC Forum took place in Lagos yesterday and gathered key stakeholders in government and humanitarian development to explore alternative approaches to impacting lives on the continent.  Present at the event were Princess Aderemi Adebowale, representing the Executive Governor of Lagos State, Mr. Babajide Sanwo-Olu; Mr. Babtunde Paul Runwase, President, Lagos Chamber of Commerce and Industry; Juan Luis Coderque Galligo, Head, New Financing Models, ICRC; and Mrs. Ifeyinwa Ugochukwu, CEO, Tony Elumelu Foundation; amongst others.

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Dangote Cement Woos Investors With N100 Billion Issue

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Dangote Fertilizer

 

Dangote Cement Plc, Africa’s leading cement manufacturer, is seeking to raise up to N100 billion in fresh funds from the bond market, under its NGN300 billion Debt Issuance Programme.

According to the Investor presentation document prepared by the company and themed: Building Prosperity in Africa, the funds from the  debut offering in the bond markets are to be utilised   to refinance existing short-term debt previously applied towards cement expansion projects, working capital and general corporate purposes.

The bond (medium term debt paper), Dangote Cement is issuing for the first time signifies confidence in business growth and in the Nigerian economy long term growth.

Dangote Cement Plc is a good offer for discerning institutional investors and high networth individuals as it is Nigeria’s largest company by market capitalisation on the Nigerian Stock Exchange, the largest cement manufacturer in Sub-Saharan Africa with an installed capacity of 45.6Mta across its’ operations in 10 African countries and operates a fully integrated “quarry-to-customer” business in 7 of its operations with activities covering manufacturing, sales and distribution of cement.

Also Read:  Tony Elumelu Foundation Announces Final 2,100 African Entrepreneurs for the Inaugural TEF-UNDP Entrepreneurship Programme

The company which is Premium board listed on the Nigerian Stock Exchange(NSE), has a strong corporate governance framework supported by five Independent Directors while its shareholding base is diversified.

Dangote Cement posted an excellent financial performance in 2019 with
EBITDA margins of 44.3 per cent. It was rated ‘Strong financial profile including low leverage and significant operational scale.’ (GCR AA+(Ng) (Jan 20) Moody’s Aa2.ng (Mar 20)

The company has a strong track record in the debt capital markets, having registered a NGN150 billion Commercial Paper programme in 2018, and issued an aggregate amount of NGN300 billion in Commercial Paper since programme establishment.

Also Read:  RED CROSS AND TONY ELUMELU FOUNDATION PARTNER TO EMPOWER 200 NIGERIAN ENTREPRENEURS

It also has a track record in Nigeria’s Debt Capital Markets as it raised an aggregate Issuance of N100bn under the Commercial Paper Programme in 2018, in 2019, raised an aggregate Issuance of N200bn under the Commercial Paper Programme.  These Commercial Papers were systematically oversubscribed.

Certain factors across Africa signal positive long term trends for Dangote Cement. There is an increasing demand for cement as urbanization continues across the continent, demanding more infrastructure, housing and commercial building. As democracy becomes entrenched in African states, it brings increasing political stability enabling rapid economic growth, growth in infrastructure such as roads, housing, schools etc built from cement.

With steady population growth, younger and more mobile population drive the need for building while the emerging middle-class, fuels increasing consumerization
and access to credit.

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Coronavirus: Sterling Bank Launches N1bn Health Workers’ Fund

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Sterling Bank

Sterling Bank Plc, Nigeria’s leading commercial bank has launched a N1 billion Health Workers’ Fund to support frontline healthcare professionals who are taking care of persons infected with the Coronavirus disease (Covid-19) in the country.

To kick-start the fund, the bank donated N25 million while some public-spirited individuals have also donated N2 million, bringing the amount raised so far to N27 million.

Chief Executive Officer of Sterling Bank, Mr. Abubakar Suleiman, who disclosed this over the weekend while addressing a virtual press conference hosted by the bank, enjoined well-meaning and public spirited Nigerians to contribute to the fund through the website of Giving.ng, a crowdfunding platform. Citing the unusually high rate of cases of healthcare workers infected by the virus in the course of treating patients in countries like Spain and Italy, Suleiman said it is imperative that tangible efforts are made to protect the healthcare personnel at the frontline of fighting the infection, especially given their low number in the country. “There was a particular point in Spain when 14 percent of those infected were healthcare workers, and we felt that if we were to have that level of infection among the limited number of healthcare workers in the country, the effect would be far-reaching and disastrous. So, we decided to intervene.”

According to Suleiman, the bank understands that getting the money with which to pay healthcare workers on the frontline and acquire protection equipment for them is critical.

Also Read:  Government Must Create Favourable Tax Policies, Says Elumelu

Consequently, the bank would be working with people who are experts in public health or connected with the healthcare system to identify the healthcare workers who are deserving of this intervention, he said.

“Combating COVID-19 is beyond the capacity of any single institution or sector. It is a crisis that is stretching the capacity of healthcare infrastructure and personnel world over. And stopping this pandemic requires the elimination of boundaries to resources. One way to do that is by setting funds aside to support brave medical responders at this time,” he added.

Expressing the hope that the fund will trigger a better way to treat health workers in the country, he disclosed that the bank has set up an independent Governance Board made up of seasoned health professionals to administer the fund while the bank concentrates on raising funds from various donors.

“Although we started the process but we have pulled back. We have set up a board that I am incredibly proud of. They will join us in solving this problem which is the most important part and they are highly respected which makes the process credible,” Suleiman said.

Commending Sterling Bank for setting up the Health Workers’ Intervention Fund, Dr. Olaokun Soyinka, Chairman of the governing board, promised that the board will evolve rapidly to stay ahead of COVID-19 developments and discharge its duty transparently. He assured Sterling Bank, the media and the general public that the board will do its best to ensure that the fund gets to workers at the frontline of the fight against COVID-19. He thanked the management of the bank for its decision to focus on the often neglected area of incentivizing health workers. The Health Workers’

Also Read:  Tony Elumelu Foundation Welcomes 1000 Pan-African Entrepreneurs to $100M Tony Elumelu Entrepreneurship Programme Boot Camp

Intervention Fund “is such a good idea and critical intervention, so critical that we must hang on to this by ensuring we expand both the scope and need. You have turned over the stone that will meet many areas of need in the health sector,” he said. Other members of the governance board are Dr. Halimah Sanda, State Technical Lead Programmes at Clinton Health Access Initiative (CHAI) Kano; Dr. Victoria Omoera-Egunjobi, Deputy Director, Lagos State Ministry of Health; Mr. Obinnia Abajue, CEO of Hygeia HMO; Ms. Oluwatoyin Adegbite-Moore, board member of the African Venture Philanthropy Alliance (AVPA), and Mr. Daniel Ikuenobe, chairman of Edo State Economic Management Team and a Special Adviser to the Edo State Governor on economic matters

 

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Prudential Zenith Life Insurance Unveils Additional Benefits For Customers Affected By COVID-19 Pandemic

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Prudential Zenith

 

Following the launch of its Coronavirus (COVID-19) initiative, Prudential Zenith Life Insurance has announced some additional benefits designed to address the negative impact of the Coronavirus (COVID-19) pandemic, which has claimed thousands of lives globally.

According to a statement released by the company, the benefits which apply for a period of 45 days – from April 3rd to May 18th 2020 – will ensure that customers who have purchased or who intend to purchase any of the following Prudential Zenith Life products: My Family Protection Plan, My Family Protection Plan Premier, My School Fees Protection plan, PZL Term Assurance, PZL Hospital Plan and My Savings Plan-Premier will enjoy a ‘Diagnosis Benefit’, which entitles the insured who has been diagnosed with the COVID-19 virus by the State to a cash amount of thirty-eight thousand and a ‘Treatment Benefit’ of nine thousand daily for a maximum period of 25 days to cater for losses or incidental expenses.

The statement further noted that the company has reduced the normal waiting period from 6 months to 14 days for these benefits to apply to any new customer, while for existing customers, these additional benefits apply immediately.

Also, for any customer who has bought a policy from the company and who is diagnosed with COVID-19 or who is formally retrenched as a result of a business having to close due to the COVID-19 pandemic, it will provide a three-month premium holiday. This means that the policy will not lapse and the customer will still enjoy the protection benefits of their policy even if they are unable to pay their regular premiums during this period. This is in addition to any ‘Death Benefits’ that are payable when due, as the company does not exclude death caused by COVID-19 under any of its policies.

Also Read:  U.S. commerce Secretary, Elumelu canvass for increased US-Nigeria investments

To avoid any ambiguity, the company stated that it is important to note there are policy exclusions to this offering as listed below:
We are not liable to pay claims if:
1. Treatment is for any reason other than the contraction of the COVID-19 virus.
2. On or after the start of the policy, the Covered Person travelled to any country or area included in the list of “countries/ areas with active community transmission of COVID-19” as announced by the Nigerian Ministry of Health or World Health Organisation at the time of his/her travel.
3. The covered person is in self-isolation or hospitalised but has not been officially diagnosed and hospitalised by the State.

The following shall apply to new clients only:
a. The Covered Person(s) has already officially been diagnosed with or already has signs or symptoms of COVID-19 at the time of signing on to the Plan
b. The Covered Person(s) was under mandatory self-isolation in the past 14 days from the time of registration due to close contact with an infected person or having demonstrated COVID-19 symptoms.
Other Important Points to Note
a. The benefits will be provided for all clients that qualify with active policies.
b. Benefit are also available to ALL of our customers who’s employer has taken out a Critical Illness policy with Prudential Zenith Life” to “Group Life policy with Critical Illness rider
c. A claim can only be made once in respect of each Insured Life.
d. Covered Lives refers to all lives covered under the policyholder’s active existing insurance policy (ies) and includes all named individuals covered under a Group Critical Illness policy taken out by an employer of those individuals.
e. An Active Policy is a Prudential Zenith Policy which has not lapsed, been cancelled or terminated and on which premiums are received as stipulated in the contract of that policy.
f. All claim substantiating documents, should be duly stamped and signed by the issuing authority.

Also Read:  UBA Innovates with another first ‘UBA Learn’ targeted at empowering students

Live life fully covered with Prudential Zenith.

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