The Nation Newspaper

Author: The Nation

  • African stock exchanges eye wider borderless trading by Q3

    African stock exchanges eye wider borderless trading by Q3

    By the next quarter, investors across Africa will have greater access to buy and sell shares and other securities on most African stock markets anywhere they are.

    The African Stock Exchange Association (ASEA) plans to launch as revealed that second phase of the African Exchanges Linkage Project (AELP), following the success of the first phase.

    The expansion will enable investors to take advantage of the wide array of investment prospects across African capital markets.

    President, ASEA and Chief Executive Officer of Botswana Stock Exchange, Mr Thapelo Tsheole, disclosed this to market stakeholders during the AELP webinar themed; Exchange Linkage Project- Facilitating trades across borders . The webinar which was hosted by Nigerian Exchange Limited (NGX) and supported by Chapel Hill Denham Securities Limited, Central Securities and Clearing System (CSCS), Cordros Securities Limited and Stanbic IBTC Limited,  provided insights into the benefits and objectives of the AELP, Pan African Payment and Settlement (PAPSS) and other cross-border transaction requirements.

    Tsheole noted that although African economies have encountered numerous challenges, the continent’s resilience in the face of adversities underscores its potential for sustained economic resilience and initiatives such as the AELP are very vital for Africa to rely on itself as it presents a momentum of opportunities for investors across Africa and the world by fostering deeper integration and connectivity among Africa’s capital markets.

    “Having successfully launched phase one of the project in December 2022, connecting 7 exchanges across Africa, we urge Nigerian brokers in the process now to reach out to their counterparts in other countries and strive for an expanded cross-border trading across the continent. We are looking at the rolling out Phase 2 of the AELP in Q3 2023 as funding has already been approved by the African Development Bank (AfDB)

    ‘’We will expand the number of participating exchanges to about 15 exchanges and we think this will enable investors in the continent to maximize and take advantage of the wide array of investment prospects across Africa”, Tsheole said.

    Project Manager, AELP,Lina Tonui, in her presentation, said through the support of the AfDB, it received $980,000 from KOAFEC for the AELP implementation, phase one of the project while adding that the opportunities in the project is huge.

    Tonui added that the phase 1 and 2 will see linked exchanges with market capitalization of $1.5 billion, increase visibility to domestic and global investors, give access to diverse investment products, support innovation and facilitate Pan-African capital raising through IPOs.

    Head, Technology and Operations at PAPSS, Ositadimma Ugwu said the key benefits for every participating exchange is that local currency payment will reduce the pressure on any country’s reserves and the elimination of third party dependencies will make intra-African trade significantly easier.

    Chief Executive Officer, Nigerian Exchange (NGX), Temi Popoola, stated that despite offering high potential for growth and investment returns, African stock markets still face challenges. He noted that the AELP will encourage increased participation in investments and further enhance financial inclusion in the country and added that the NGX will continue its collaboration with all market stakeholders for the collective growth and the development of the capital market in Africa.

    IDirector-General, Securities and Exchange Commission (SEC), Lamido Yuguda, said, the SEC is committed to providing regulatory support that will further deepen and enhance the transparency of the market and added that the commission is also equally supportive of all initiatives that will impact positively on the development of the capital market.

    Managing Director, Chapel Hill Denham Securities Limited, Mr. Akeem Shadare said the AELP has the potential to bring significant benefits to participating African countries and their capital markets, helping to promote economic growth and development.

  • Goldman Sachs confident of oil prices rally

    Goldman Sachs confident of oil prices rally

    Goldman Sachs remains confident on crude oil and other major commodities, expecting a rally after the biggest-ever destocking in commodities that is underway.

    Should major economies, including the United States, avoid deep recessions, the foundations for a rally across the commodity complex remain intact, Goldman Sachs analysts wrote in a note, although they admitted their price calls have been wrong so far this year.

    “Bulls, like ourselves, find comfort in the fact that end-use demand across the commodity complex has not shown recessionary signs and investment in supply remains elusive,” Goldman’s analysts said in the note, as reported by Bloomberg.

    “But this misses the point that we were wrong on price expectations.”

    Although prices continue to move opposite Goldman’s predictions, we are seeing what “It is likely the largest commodity destocking the complex has ever witnessed”.

    Read Also: JPMorgan, Goldman say stocks recovery won’t be easy in 2023

    Investors are also cashing in on hedging, and all these factors are setting the stage for commodity price increases later this year, the investment bank said.

    “The absence of a recession would likely lead to higher oil and commodity prices as well as higher rates, to which equities would likely react poorly,” Goldman said.

    “Despite weak manufacturing-related demand, overall demand and inventory data across the commodity complex support our more bullish view,” the bank’s analysts added.

    Early in April, hours after OPEC+ announced it would reduce its combined oil production by more than one million bpd between May and December, Goldman Sachs raised its price forecast to $95 from $90 a barrel at the end of the year for Brent Crude.

    The bank also raised its Brent forecast for 2024, now seeing it at $100 at the end of the year from an earlier projection of $97.

  • TotalEnergies renews OML 130 Deep Offshore licence

    TotalEnergies renews OML 130 Deep Offshore licence

    TotalEnergies, operators of oil mining licence (OML) 130, has renewed its production licence on the block for 20 years, according to a statement.

      Located 150 kilometres off the Nigerian coast, the OML130 block contains the prolific Akpo and Egina fields, which came into production in 2009 and 2018.

    In 2022, production amounted to 282,000 boe/d- nearly 30 per cent was gas sent to the Nigeria LNG plant, contributing to Europe’s energy security. The production start-up from Akpo West, a short-cycle project, is expected by the end of the year. In addition, OML130 contains the Preowei discovery, to be developed by tie-back to the Egina FPSO.

    Read Also: TotalEnergies hints of routine gas flareout

    “Through the OML130 licence renewal, TotalEnergies is pleased to continue its contribution to the development of Nigeria’s oil and gas sector.

    “This 20-year extension will enable us to move forward with the FEED studies on the Preowei tie-back project which aims to valorise a discovery using existing facilities in line with Company’s strategy focusing on low-cost and low-emission assets,” said Henri-Max Ndong-Nzue, the Senior Vice President Africa, Exploration and Production, TotalEnergies.

    TotalEnergies Upstream Nigeria Limited operates OML 130 with a 24 per cent interest, in partnership with CNOOC (45 per cent), Sapetro (15 per cent), Prime 130 (16 per cent) and the Nigerian National Petroleum Company Limited as the concessionaire of the PSC.

  • New CITN President seeks reforms in tax administration

    New CITN President seeks reforms in tax administration

    Nigeria needs reforms in tax administration to enhance  revenue and promote  growth, the President/Chairman of Council, Chartered Institute of Taxation of Nigeria (CITN), Samuel Olushola Agbeluyi, has said.

    Speaking during his investiture as the 16th President/Chairman of Council in Lagos, he said the reforms  would be pursued during his tenure to enhance the quality of tax administration. 

    Agbeluyi said Nigeria derives a higher proportion of its revenue from corporate income tax (26.3 per cent) compared to South Africa (20.7 per cent), an indication that Nigeria is yet to maximise its population potential to grow its tax revenue.

    “A number of Nigerians are still outside the tax net. Businesses have not been able to grow effectively because of tax-related issues. It is my belief that if we effectively capture more people into the tax net, the number of taxes burdened on businesses will reduce and our economy blossom. In achieving this, we must pay critical attention to research, digital infrastructure, fiscal policy interventions and tax governance, among others,” he said.

    Agbeluyi sought partnerships with the Federal, state and local governments as well as with key stakeholders to share their knowledge, experience and assets on taxation practices and compliance.

    He said he supported the creation of Revenue and Taxation Committees at the National Assembly and state Houses of Assembly.

    He also said the institute would, with the National Judicial Institute and Tax Appeal Tribunal, organise regular interactive sessions with the Presidency,  National Assembly,  Mnister of Justice and Attorneys-General of the Federation and the states, and Heads of Courts.

    Agbeluyi said: “We will also undertake research and provide insight on contemporary issues in Nigeria and, globally, encourage collaboration among tax professionals, academics, and tax administrators and improve the research capabilities of tax practitioners.’’

    ‘’It is with a sense of humility and responsibility that I accept to offer service and leadership as the 16th President/Chairman of Council of our great Institute. 

    “Our revered Past Presidents, led by the Doyen of Taxation, Chief David Ajibola Olorunleke, have remained a strong pillar of support to the institute. Asides their contributions in the course of their tenures which laid the foundation upon which the Institute is firmly anchored, CITN has continued to benefit from their wise counsel and service at all times.

    “At the institute, where I have had the privilege of serving in various capacities prior to and since joining Council in 2012, I cannot but acknowledge some great personalities that have given me the opportunity to offer service and be assigned important responsibilities of trust.”

    He described the 15th President, Adesina Adedayo, as his good friend and great professional colleague.  “While he joined council before me, we have worked together on so many fronts at the institute. He is a professional par excellence who made indelible contributions to the development of the institute not just during his tenure as President but over the years. I thank him for his service to the institute and pray that Almighty God will reward his efforts,” he said.

    Advancing the cause of the institute shall be the ultimate focus of this presidential tenure. On this project, we have a clear agenda, advancing the goals outlined in the 2021 – 2027 Strategic Plan as approved by Council in 2021.

    The 15th President, working with Council, has made considerable progress in implementing the plan of action which seeks to place the Institute as the fulcrum upon which the tax profession is developed in Nigeria. We will set the sails even higher during my tenure. We realise that there are lots of obstacles. The key to success is to focus on goals, not obstacles. We will not just set goals but will hunt them and ensure successful accomplishment.

    In achieving the goals set out, we recognise that there would be challenges, but with support from stakeholders, we are confident that they would be surmounted and our goals achieved. We solicit therefore, for support from Government at all levels and revenue authorities in Nigeria. It is worthy of note that CITN has been contributing positively to national development endeavours whether as an Institute or through the services provided by its members. As a matter of fact, 

    Chairman, Investiture Committee, Daniel-Adebayo Olugbenga, said the new President brings with him a wealth of knowledge, experience, and vision. He has demonstrated outstanding leadership qualities and a deep understanding of the challenges and opportunities that lie ahead in the field of taxation. We are confident that under his able guidance, our Institute will continue to thrive, adapt, and contribute to the growth of our nation’s economy.

    “I would like to extend our heartfelt gratitude to all the past Presidents of the Institute who have tirelessly worked to establish a solid foundation and shape the path we tread today. Your wisdom, dedication, and commitment to the principles of taxation have been instrumental in shaping the tax landscape of Nigeria. Your presence here today is a testament to your unwavering support and belief in the importance of our Institute’s mission,” he said.

    “As we celebrate this investiture ceremony, let us not forget the broader significance of taxation in our society. Taxes are the lifeblood of any nation, fueling its development, supporting social welfare programs, and fostering an environment conducive to investment and business growth. It is through taxation that we can build a more equitable and prosperous society for all.”

  • Shell unveils $56.13m for host communities

    Shell unveils $56.13m for host communities

    The Shell Petroleum Development Company, operator of the SPDC joint venture, has unveiled eight Host Community Development Trusts in Bayelsa State. This, it said, is a critical step for unlocking the $56million earmarked for development in line with the provisions of the Petroleum Industry Act (PIA) 2021.

    The cash represents funds to be paid this year by SPDC JV and Shell’s deep-water subsidiary, Shell Nigeria Exploration and Production Company Limited (SNEPCo), as contribution to HCDTs.

    The eight Trusts are among the 22 that have been incorporated in SPDC JV’s areas of operation in Imo, Delta, Rivers and Bayelsa states, representing more than half of the total 41 which the Nigeria Upstream Petroleum Regulatory Commission (NUPRC), has so far approved for host communities.

    With its knowledge of the Niger Delta from over 60 years of operations, SPDC is managing a transition from the Global Memorandum of Understanding (GMoU) initiative which it introduced in 2006 to HCDTs, a key provision of the PIA enacted in August 2021.

    Read Also: Nigeria has capacity to grow daily oil production to 4m – Shell

    SPDC engaged more than 300 communities on the provisions of the Act, their roles and responsibilities, the obligations of oil and gas companies and facilitated grouping of communities and nominations for trustees. It also assisted in the development of a needs assessment and development plan for communities.

    Stakeholders at the unveiling, held at the state capital, Yenagoa, charged the incorporated Community Trusts to work towards development in the Niger Delta through peaceful co-existence and collaboration with oil companies.

    SPDC Managing Director and Chairman, Shell companies in Nigeria, Osagie Okunbor, in an address read by the General Manager Corporate Relations, Igo Weli, said the PIA would not deliver the intended development if “communities allow internal strife and chieftaincy struggles to negatively impact the setting up of or operations of the Trusts.” He stressed; “Regardless of the noble intentions of the PIA as well as the moral and financial support of government, SPDC and other operators, the development of communities ultimately rests on the shoulders of community people themselves.”

  • Nigeria prepares for effective adoption of sustainability standards 

    Nigeria prepares for effective adoption of sustainability standards 

    Nigerian financial services regulators and other stakeholders have started awareness campaign to prepare Nigerian companies for the imminent release of the International Sustainability Standards Board (ISSB)’s first two IFRS Sustainability Disclosure Standards, better known as IFRS S1- General Requirements for Disclosure of Sustainability-related Financial Information); and IFRS S2-Climate-related Disclosures.

    In preparation for the standard effectiveness, the ISSB, Financial Reporting Council of Nigeria (FRCN), and NGX Regulation Limited (NGX RegCo), have organised five webinars to sensitise the stakeholders.

    The webinars with the  theme, ISSB Industry-based Disclosure: Using the SASB Standards – A Tool for Disclosure of Sustainability-Related Information, was attended by over 1,500 individuals from Nigeria, Africa and beyond, and held from June 6 to June 8, 2023.  The webinars featured presentations on IFRS S1 and IFRS S2 as well as the industry-specific metrics drawn from the Sustainable Accounting Standards Board (SASB) Standards. These covered four industries: the oil and gas, telecommunications, financial services, and food and beverages and consumer goods sectors.

    Commending the FRCN, ISSB and NGX RegCo for their efforts in helping to create awareness around the launch and adoption of IFRS 1 and IFRS 2, Executive Secretary of the FRCN, Ambassador Shuaibu Adamu, said, that it is encouraging that African countries are coming together to collaborate in this capacity building programme.This is because it is clear that Africa does not intend to be left behind and is partnering with the IFRS Foundation to ensure significant further investment in capacity building for African countries is delivered, also to ensure the ISSB standards are truly global in their implementation.

    Speaking during the webinar series, the Director, Directorate of Accounting Standards, (Public Sector) of the FRCN, Dr. Iheanyi Anyahara, commended the joint efforts of the organizers to ensure that Nigerian companies are prepared to early adopt the ISSB Standards when they become effective.

    He also noted that the capacity building engagements will continue even after the webinar series.  Additionally, Dr. Anyahara stated that the FRCN has inaugurated the Adoption Readiness Working Group (ARWG), which will make recommendations to the FRCN on the adoption of the IFRS Sustainability Standards in Nigeria.

    The Chief Executive Officer of NGX RegCo, Ms. Tinuade Awe stated that as a member of the NGX Group, NGX RegCo has been involved in furthering the development of sustainability reporting in Nigeria over a period of time.

    Expressing her appreciation to the FRC and the ISSB for collaborating with NGX RegCo in this successful effort, Awe noted that the webinars were necessary in order to get Nigerian and African companies ready to comply with IFRS S1 and IFRS S2 when they become effective so that they will not be left behind in the global race to unlock capital for growth and development.

    On her part, Board Member of the ISSB, Dr. Ndidi Nnoli-Edozien, said that “the IFRS Accounting standards are used across 140 countries and the objective of the IFRS Sustainability Standards is to enable companies provide a global baseline of sustainability-related and climate related disclosures that are decision useful, cost-effective and market informed providing comparability across companies, industries and markets and applicable without undue cost and effort.

    According to her, the sustainability-related disclosures are important to global capital markets, and will develop a common language of sustainability related disclosures that provide decision useful information to investors, with the potential to unlock capital flows.

    Members of the working groups at the webinars which include; General Manager, Sustainability & Shared Value, MTN Nigeria Plc, (a member of the ARWG), Mrs Adekemi Adisa, Chief Financial Officer, Interswitch Limited, (a member of the ARWG), Senior Lecturer in the Department of Accountancy, Nnamdi Azikiwe University, Awka, Dr Onyinye Eneh, all hinged on sustainability reporting as a critical tool for unlocking the capital that companies need and added that the release of IFRS S1 and S2 by the ISSB is a huge relief and would go a long way in addressing this issue for these companies.

  • AFCON 2023: Nigerian Breweries powerful brands boost Super Eagles

    AFCON 2023: Nigerian Breweries powerful brands boost Super Eagles

    After propelling the Super Eagles to an away win in their last outing against Guinea-Bissau,

    Three powerful brands from the stable of Nigerian Breweries Goldberg, Life Continental and ZAGG Energy Drink are back again to drive the national team to another glorious outing in the AFCON qualification series.

    With Goldberg, Life Continental and ZAGG Energy Drink solidly behind them, the Super Eagles are seeking a grand return to the Africa Cup of Nations and they will be gunning for an early qualification when they take on the Leone Stars of Sierra Leone in one of the Matchday 5 fixtures on Sunday.

    The Super Eagles currently top in Group A with nine points from four games and only need to avoid defeat at the Samuel Kanyon Doe Sports Complex in Monrovia on Sunday to confirm their place at the next AFCON tournament to be hosted by Cote D’Ivoire.

    Though the Jose Peseiro tutored side still have one more game at home against Sao Tome and Principe later in the year, many believe the Super Eagles should seal their place at next year’s tournament once and for all even with one game to spare.

    Read Also: Ex-Super Eagles Onyemachara for burial July 7

    The Portfolio Manager – Mainstream Brands, NB Plc., Ita Bassey while commending the Super Eagles for a job well done so far tasked them to finish off the assignment in Monrovia even before their last game in September.

    He said: “We are confident that the Super Eagles will do the nation proud in Monrovia. We have been impressed with the team’s performance so far in the qualifiers and we believe that they have what it takes to qualify for the AFCON even before many other countries also aspire to be in Cote D’Ivoire.”

    The Super Eagles are aware the Leone Stars are a stubborn team as they needed to come from behind before securing a 2-1 win when both teams faced off in Abuja last year.

    Now going against an even more desperate Sierra Leonean side, coach Peseiro has rightly named a strong side that includes the highest goal scorer in the Serie A this just-concluded season, Victor Osimhen and the African MVP in the LaLiga, Samuel Chukwueze.

    Indeed, many are confident the Super Eagles will deliver on the result needed especially with the support coming from the powerful Nigerian Breweries brands, Goldberg, Life Continental and ZAGG Energy Drink.

  • Wema Bank partners healthtech, edtech startups

    Wema Bank partners healthtech, edtech startups

    Wema Bank has partnered Emergency Response Africa, a HealthTech startup offering a digital platform for first aid responder services, and Dozzia, an innovative EdTech startup that provides safety management system designed to collect and store accurate data for schools, parents and their wards.

    The initiative, according to the financial institution, underscored the bank’s commitment to nurturing entrepreneurial ventures of Startups within the Health and Education Tech sectors, cementing its position as a catalyst for transformative change.

    “Wema Bank’s dedication to propelling growth and fostering innovation in the HealthTech and EdTech sectors is manifest through its steadfast support of startups across diverse verticals.

    “Recognising the immense potential of technology-driven solutions in healthcare and education, the bank has taken decisive strides to provide comprehensive assistance, encompassing financial backing, mentorship, strategic guidance, and marketing expertise,” the bank said.

    Executive Director of Retail and Digital Business at Wema Bank, Tunde Mabawonku speaking during the meet and greet with ERA and Dozzia, expressed his enthusiasm for the burgeoning partnership, stating, “We are privileged to witness the extraordinary potential and groundbreaking solutions presented by these remarkable HealthTech and EdTech startups.

    Read Also: Wema Bank earns N131b year end, as new MD forecasts steady growth

    “Wema Bank remains resolute in empowering these visionary entrepreneurs by providing robust financial support, strategic guidance, and access to our extensive network. We firmly believe that their innovative solutions have the capacity to revolutionize the healthcare and education sectors, fostering positive societal impact and driving economic growth.”

    He added that Wema Bank’s steadfast commitment to nurturing startups in the HealthTech and EdTech domains positions the institution as a formidable force driving progress in these industries.

    “By extending vital financial resources, industry expertise, and collaborative opportunities, the bank actively cultivates an ecosystem conducive to innovation, growth, and long-term sustainability.

    “As Wema Bank spearheads the charge for innovation and advancement, Nigeria’s HealthTech and EdTech sectors can anticipate unprecedented breakthroughs and transformative solutions that will shape the future of healthcare and education.

    “Through strategic partnerships, visionary leadership, and unwavering support, Wema Bank remains at the forefront of driving positive change and empowering the next generation of trailblazing startups.”

  • Custodian Life Assurance enlisted for Naija Super 8

    Custodian Life Assurance enlisted for Naija Super 8

    Flykite Productions, organisers of Naija Super 8, have announced leading insurance firm, Custodian Life Assurance Limited, as one of the sponsors of the football tournament.

    The announcement, made in a statement issued by the organisers yesterday, followed the signing of a sponsorship agreement with Custodian Life Assurance Ltd.

    According to the terms of the agreement, the insurance firm will provide robust insurance cover for 598 participants across the two phases of the tournament. Beneficiaries include players and officials of the participating football clubs, match officials, football authority figures and the organisers.

    The agreement will see the insurance firm provide public liability to the tune of N10 million, life insurance cover of N5 million per participant, medical expenses of N1 million per participant, personal accident insurance of N5 million per participant and funeral expenses of N5 million per participant.

    Speaking on the sponsorship, Mr. Larry Ademeso, MD, Custodian Life Assurance Ltd, said the firm is delighted to be involved in Naija Super 8 tournament, which is conceived to assist the revival of domestic club football. He added that the insurance sponsorship of the tournament, which Custodian Life Assurance, a subsidiary of Custodian Investment Plc is providing, will assist in increasing education and awareness of life insurance.

    Read Also: Leadway Assurance hits N100b premium

    “It is important to know that there is a risk component in every activity and football, which entails travel and physical exertion, carries such risk. We elected to be the insurance sponsors of Naija Super 8 because of our conviction that we can drive better public understanding of the benefits of life insurance through the tournament, which is a much-needed intervention in Nigerian football,” he said.

    Jenkins Alumona, CEO, Flykite Productions, expressed delight at the sponsorship offer by Custodian Life Assurance Limited, describing it as a big boost to Naija Super 8 and Nigerian football.

    “We consider the insurance sponsorship agreement with Custodian Life Assurance as a massive boost to Naija Super 8. Custodian Life Assurance has a sterling profile and record of involvement in sports. So, they are on familiar ground, and we are delighted with the details of the offer, which we believe gives assurance to every participant at Naija Super 8,” he said.

    Naija Super 8 is a two-stage football tournament, with the play-offs held from 22-25 June at Eket Township Stadium, Akwa Ibom State. The finals will be held at the Mobolaji Johnson Arena, Lagos, from 7-16 July. The 12-team play-offs will determine the six teams that will be joined by two wildcard teams to be decided by the organisers. Participating teams will earn cash rewards of over N120 million. Naija Super 8, organised in partnership with MultiChoice Nigeria, is sponsored by DStv, MTN, Hero Lager, Pepsi, GOtv, SuperSport, Custodian Life Assurance, and Moniepoint. All the games of the play-offs and the tournament proper will be broadcast live on SuperSport.

  • Power Forward basketball program begins in Abuja

    Power Forward basketball program begins in Abuja

    The ExxonMobil, NBA Africa and PanAfricare yesterday kicked-off the 10th season of the Power Forward youth development program, which uses basketball to teach health literacy and life skills to secondary school students in Abuja.

    The season of Power Forward program, which kicked-off with a basketball clinic for 200 youth ages 13 to 16 at the Africa International College Kaura, has reached more than 200,000 youths and their communities in Abuja since 2013 till date. Last month, the Power Forward program commemorated 2023 World Malaria Day by engaging the program’s beneficiaries, alumni and other stakeholders in the Power Forward Malaria Youth Summit and Malaria Basketball Exhibition Game at Divine Mercy Secondary School.

    According to the Chairman and Managing Director of ExxonMobil affiliate companies in Nigeria, Richard Laing: “For the past 20 years, ExxonMobil’s Malaria Initiative has provided more than $37.4 million (over N15 billion) in cash grants to partners working to develop community-based solutions in Nigeria.

    Read Also: Nestlé Milo Basketball Championship 2023: Lagos dominates Western Conference

    “ExxonMobil’s Malaria Initiative works with non-profit partners and leading global health organizations to advance progress against the disease in malaria-endemic countries by supporting malaria education and awareness, improving access to tools for prevention, diagnosis and treatment, strengthening health infrastructure, and advancing research and innovation.”

    In her remarks, the NBA Africa Vice President and Country Head for Nigeria, Gbemisola Abudu explained that the program is a core component of its broader efforts to make basketball more accessible in Nigeria, and looks forward to continuing to work with partners to expand its impact in communities across the country.

    She said, “The program, with a focus on youth empowerment and development, continues to equip youths with skills necessary to succeed on the court and in life.

    “Power Forward, which launched in 10 Schools in 2013, and is now across 40 secondary schools in Abuja, uses basketball to teach health literacy, including malaria prevention and personal hygiene, and life skills such as leadership, respect and responsibility.”