Category: Money

  • British International Investment commits $75m to green bond

    British International Investment commits $75m to green bond

    British International Investment (BII), the UK’s development finance institution (DFI) and impact investor, has committed $75 million to the second green basket bond arranged by Symbiotics Investments, a leading emerging markets access platform and financial lender.

    The green lending programme will increase financing to small-scale green projects across Africa, South and South-East Asia through MSME lenders, with a particular focus on India. It will support new MSME lenders not included in the first Green Basket Bond.

    Following the success of the first Green Basket Bond issued in 2022, this programme will continue to leverage Symbiotics’ global network, and BII’s 76-year track record as an impact investor, to support an additional 10 – 15 MSME lenders who require smaller investment capital than BII is typically able to fund directly.

    The MSME lenders will direct their lending to small businesses that usually find it difficult to access funding, and even more so for green projects. As with the first green basket bond, funding will be provided to green projects that span renewable energy, energy efficiency, clean transportation, green buildings, agriculture, forestry and more.

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    Managing Director and Head of Financial Services, British International Investment, Samir Abhyankar, said: “Partnering with Symbiotics on a second green basket bond signifies a continued commitment to empowering smaller financial institutions and supporting sustainable development in climate-vulnerable regions.

    Channelling capital to where it is most needed, not only supports local businesses and projects but also contributes to global efforts in building resilience against climate change. The expansion of this programme is a testament to the positive impact and success of the initial partnership. We look forward to continuing working with Symbiotics to further efforts to mobilise more private capital into this space.”

    CEO of Symbiotics Investments, Yvan Renaud added: “We are very grateful to British International Investment for partnering with Symbiotics on this second green basket bond. We share the view that financing dedicated MSME lenders and reaching smaller local businesses and projects strongly contributes to the effectiveness of climate finance. We hope that this second green basket bond will have a catalytic effect on the mobilisation of capital for similar projects that play a key role in successfully tackling climate change and its consequences.”

    The first Green Basket Bond supported 11 MSME lenders in India, Vietnam, Cambodia, Tunisia, Botswana, Kenya, Bangladesh and Nepal.

    This Green Basket Bond issuance contributes to the United Nations Sustainable Development Goals (SDG 7) on Affordable and Clean Energy and (SDG 13) on Climate Action.

  • Stanbic IBTC Bank hosts home ownership summit

    Stanbic IBTC Bank hosts home ownership summit

    Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings and a foremost financial institution in Nigeria, is championing the actualisation of home ownership dreams and property wealth creation for Nigerians.

    During its just concluded Home Ownership Summit, the Bank reaffirmed its commitment to empowering individuals, families, and business owners with the means to own their dream homes and properties.

    The summit was a pivotal platform for Stanbic IBTC Bank to engage with potential homeowners and key industry decision makers; where the Bank’s tailored home loan solutions that suit diverse needs and financial capacities were brought to the spotlight. Attendees were enlightened on the various benefits and flexible repayment options the Bank offers, that significantly enhance accessibility and affordability in the quest for home ownership.

    The event garnered a diverse audience, including real estate enthusiasts, investors, and industry experts. Notable speakers delved into real estate investment intricacies, financing options, and emerging market trends, offering invaluable insights to attendees.

    Other areas covered by the panelists at the summit included steps to take to ptotect wealth and prevent losses in real estate through insurance.  Creating a legacy and passing on wealth from one generation to another through wills and trusts was also discussed. The offerings are all catered to by the Stanbic IBTC group.

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    The keynote address delivered by Engr. Abdulhafiz Gbolahan Toriola, Permanent Secretary, Lagos State Ministry of Housing , provided a comprehensive overview and critical insights on building wealth through home ownership.

    The keynote speech was complemented by engaging panel discussions covering various topics crucial for real estate stakeholders. Experts delved into mortgage financing complexities, offered guidance on navigating the home buying process, and provided insights on property valuation.

    Stanbic IBTC Bank offers multiple options to support Nigerians with realising their home ownership dreams. These include easy access, flexible repayment terms of up to 20 years, expert guidance from a team of property specialists, and joint mortgage options with one‘s spouse.

    Wole Adeniyi, Chief Executive, Stanbic IBTC Bank, underscored the significance of home ownership as a cornerstone of financial stability and wealth creation. He emphasised the Bank’s commitment to facilitating access to home ownership without undue financial strain.

    “As access to affordable housing remains a pressing issue, our Home Loan solution offers hope. With competitive interest rates, flexible equity contribution, and personalised guidance, our Bank aims to bridge the gap and make home ownership attainable for our stakeholders”; Adeniyi said.

    Overall, the Stanbic IBTC Home Ownsership Summit was an invaluable resource for real estate enthusiasts, equipping them with the tools and knowledge to navigate the real estate landscape and obtain the needed funding.

  • MPC members seek new options for FDIs flow to economy

    MPC members seek new options for FDIs flow to economy

    Members of the Monetary Policy Committee (MPC) have advised the Central Bank of Nigeria and the fiscal authorities on steps to be taken to boost Foreign Direct Investment (FDIs) flows to the economy.

    In their personal statements  during the last MPC meetings held in Abuja, released at the weekend, the committee members said Nigeria is not the only emerging market economy that experienced outflows of portfolio investments, and prescribed wayout for .improved foreign capital inflows to the economy

    They insisted that the key lesson from other countries, e.g., India, Indonesia, Vietnam, South Africa, etc., is to scale up improvements in overall investment climate to attract foreign direct investments which is much more sustainable.

    A member of the committee, Aloysius Ordu, said Nigeria needs urgent actions on this front, adding that efforts to diversify export base remains of utmost importance.

    “Measures are warranted to significantly boost oil production from 1.28 million barrels per day, which is well below the OPEC quota of 1.58 million barrels per day, especially as oil prices are above US$80 per barrel. Much more could also be done in the mining sector in view of the country’s rich endowment in mineral resources,” he said.

    “Clearly, monetary policy ought not be the only game in town for the express purpose of stabilizing Nigeria’s macroeconomy. An activist fiscal policy stance is urgently needed to bring inflation down quickly and painlessly,” he added.

    Ordu added that reducing Nigeria’s high inflation is both an economic and a political imperative of the first order.

    “The MPC acted promptly and decisively during the February-March meetings, deploying the blunt instrument of excruciatingly tight money. CBN staff presentations during the May meeting showed that Headline inflation (year-on-year) rose to 33.69 per cent in April from 33.20 per cent in March, driven by higher food and energy costs.” “Food inflation jumped to 40.53 per cent from 40.01 per cent and Core inflation rose to 26.84 per cent from 25.9 per cent during the corresponding period, on account of increases in the price of farm produce and processed food items; insecurity and infrastructure deficits; and cost-push factors including increased cost of fertilizers and transport logistics,” he stated.

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    The committee members said  the current state of play is wreaking havoc on consumers, particularly those on the lower end of the income scale who are more acutely feeling the pain from high inflation. This segment of our society is facing a myriad of challenges, including food and fuel, and they are financially strapped.

    Another member of the committee, Bala Bello, said the data also showed that previous monetary policy rate hikes and other complementary policies are yielding some positive results albeit slowly.

    He said the tightening the stance of monetary policy further to slow credit creation, combined with ongoing complementary fiscal policy initiatives is, thus, essential.

    “Exchange rate passthrough to domestic prices remains an important factor in the current inflation pressure. While the pressure on the naira reflects supply and demand imbalances in the foreign exchange (FX) market, I am certain that tightening the policy stance further would dampen demand pressure while also having a positive impact on autonomous FX supply as domestic yields improve. Recent approval of licenses of 14 international Money Transfer Operators is expected to improve remittance flows to dowse demand pressure,” he said.

    With regards to financial system stability, he said data presented at the meeting showed that all major financial soundness indicators (capital adequacy, nonperforming loans, and liquidity ratios) remained within their prudential thresholds.

    “While industry earnings ratios have also remained comparatively strong, there is the need to continue strengthening macro-prudential and capital buffers to further improve industry resilience to future shocks,” he advised.

    Another MPC member, Bandele Amoo, agreed with Bello. Amoo said specifically, the banking industry was adjudged relatively stable during the period under review as solvency and liquidity remained within the set regulatory standards.

  • How festivals drive growth, by FCMB boss

    How festivals drive growth, by FCMB boss

    The Group Chief Executive of FCMB Group Plc, Mr.  Ladi Balogun, has described the annual Ojude Oba Festival in Ijebuland as one of the cultural events that boosts the growth of tourism thereby driving economic growth.

    Speaking while delivering a goodwill message at the event, Balogun noted that the festival attracts visitors from across Nigeria and the diaspora, contributing to the growth of trade and tourism in Ijebuland, Ogun State and Nigeria.

    The FCMB Group Chief Executive urged Ijebu people to embrace the festival’s spirit of togetherness and use it as a springboard for further development and inspiration for younger generations.

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    FCMB Group Plc, a major sponsor of the Ojude Oba festival, recognises the festival’s significant contribution to social cohesion and development.

    By celebrating shared cultural heritage, promoting unity among diverse groups, and strengthening community bonds, the Ojude Oba festival fosters a favourable environment for socioeconomic development.

    Balogun said the festival has provided a window for the empowerment of local businesses, service providers, artists, and artisans from Ogun, Lagos and practically all the other states in South West Nigeria.

    Describing the  FCMB Group Plc, a long-term supporter of the Ojude Oba Festival for over 20 years, Balogun said the group  is committed to fostering inclusive and sustainable growth within its communities by building a supportive ecosystem connecting people, capital, and markets across Africa.

  • NIBSS appoints leaders for AfriGOPay to drive card scheme

    NIBSS appoints leaders for AfriGOPay to drive card scheme

    Nigeria Inter-Bank Settlement System (NIBSS) has appointed Ebehijie Juliet Momoh as Managing Director/CEO and Ugo Obasi as Chief Operating Officer of AfriGOPay Financial Services Limited (AFSL), a subsidiary of NIBSS.

    The appointments according to a statement from NIBSS, mark a significant step forward in the mission to transform the payment landscape and improve the financial experience for businesses and consumers throughout Nigeria, Africa and beyond.

    Mrs. Momoh according to NIBSS, brings over 30 years of extensive experience in the financial services industry to her pivotal role as MD/CEO. She began her career at Guaranty Trust Bank (GTB) and has held strategic leadership positions at Diamond Bank Plc (now Access Bank Plc), First City Monument Bank, Standard Chartered Bank, and most recently, as Senior Vice President and Country Head, West Africa at Mastercard.

    In her new role, Mrs. Momoh will lead the development, operations, and acceptance of the AfriGO Card. This card scheme is designed to deliver a seamless, secure, and efficient payment system that meets the diverse needs of the populace. By facilitating faster transactions, reducing costs, and enhancing the overall user experience, the AfriGO Card Scheme aims to position Nigeria at the forefront of the digital payment revolution.

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    Mr. Obasi joins AfriGOPay Financial Services Limited as COO, bringing over 20 years of exceptional leadership experience in banking, information technology, and payments across West Africa. Before joining AFSL, he served as the Director responsible for Business Development and Bank Partnerships at Ceviant Payments and held pivotal roles at Unity Bank Plc, Ingenico, and other card schemes. His career is distinguished by implementing transformative payment solutions throughout the region.

    As COO, Obasi will drive operational excellence and innovation, overseeing the development and implementation of strategic initiatives to enhance the efficiency, security, and user experience of the AfriGO Card.

    Commenting on the appointments, Mr. Premier Oiwoh, Managing Director & Chief Executive Officer of NIBSS, said: “We are thrilled to welcome Ebehijie as MD/CEO and Ugo as COO of AfriGOPay to lead our national domestic card scheme. Their proven leadership, innovative mindset, and extensive experience in the financial and payment industry are exactly what we need for this transformative initiative, which is proudly Nigerian. We are confident that under their leadership, we will reach new heights in delivering cutting-edge card and payment solutions to our citizens.”

    Expressing excitement about the new role, Mrs. Momoh said: “I am honored to join AfriGOPay at such a pivotal time. The launch of the national domestic card scheme underscores our commitment to innovation and excellence in the financial sector. I look forward to collaborating and working with our talented team to advance our vision and make a significant impact on the way payments are made across Nigeria, Africa, and beyond.”

  • Alert MfB, AXA Mansard plan joint CSR initiatives

    Alert MfB, AXA Mansard plan joint CSR initiatives

    Alert Microfinance Bank (MfB), a subsidiary of Alert Group and AXA Mansard will carry out  joint community service as part of their Corporate Social Responsibility (CSR) initiatives.

    Both institutions will be providing 400 free eye tests and frames to the community. The partnership, led by Alert MfB Chairman Ben Zwinkels and supported by foreign investors, would  assist those in need and enhance community well.

    The free eye test event is scheduled for 28th June 2024 at 10am at the Alert MfB Headquarters, Yaba, Lagos.

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    This medical outreach will provide comprehensive eye tests conducted by experienced opticians from AXA Mansard. Additionally, 400 eye frames will be distributed to participants, along with complimentary glass cases and other eye care items.

    Zwinkels stated, “This medical outreach reflects our commitment not only to financial inclusion but also to improving the quality of life for the residents of Lagos. We are proud to partner with AXA Mansard to make a positive impact on our community”.

  • BPP: New D-G’s appointment followed due process

    BPP: New D-G’s appointment followed due process

    The Bureau of Public Procurement (BPP) has said the appointment of its new Director-General, Olusegun Omotola, followed due process.

    In a statement, BPP Deputy Director, Information and Public Relations/Head, Media, Janet McDickson, said the new D-G was found to be the most Senior Director after following laid down rules by the agency.

    McDickson debunked report misrepresenting facts about the former D-G’s exit and the appointment of his predecessor.

    President Bola Ahmed Tinubu had on June 15, 2024, directed the resignation of the former D-G /Chief Executive Officer of the Bureau.  It was further directed that Director-General was to hand over to the most Senior Officer in the Bureau, pending the appointment of a new DG.

    The statement appealed to all stakeholders to allow Omotola to handle the affairs of the Office, pending the time a substantive D-G.

    “The Public Service Rules of the Federation, 2021 edition, No.020105 stated that; “Seniority in any Department shall be determined by the entry date/ the date of assumption of duty certified by an authorized Officer and the date of present appointment as reflected in the appropriate register and career progression of the Officer.

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    “Accordingly, the SGF circular of the 28th August 2019, compliance with the circular REF.NO.SGF.50/S.II/C.2/268 of 4th December, 2017 on the end of tenure processes for extra-ministerial departments, directors-general, chief executive officers of parastatals, agencies, commissions and government-owned companies and succession guidelines.”

    “Paragraph 2 No. B, stated that, “Pending the appointment of a substantive Head of Extra-Ministerial Departments, Directors-General, Chief Executive Officers of Parastatals, Agencies, Commissions and Government-owned companies, outgoing Chief Executive Officer, without any form of discretion, must hand over to the next most Senior Officer of the establishment as long as the Officer does not have any pending disciplinary matter”.

    “No. 3 of the Circular stated that, “it is important to emphasize that, the implementation of the clear provision of the Circular under reference shall therefore not be subject to any form of interpretation using any other indices or parameters, other than as clearly stipulated above. It was however, based on these, that, Olusegun Omotola, was found to be the most Senior Director. The handing over was done on Friday, 21 June 2024, as directed by President Tinubu”.    

  • Stanbic IBTC Insurance launches Education Endowment plan

    Stanbic IBTC Insurance launches Education Endowment plan

    Stanbic IBTC Insurance, a subsidiary of Stanbic IBTC Holdings, has launched its highly anticipated Education Endowment Plan, an offering that empowers parents and guardians to secure the academic future of their children or wards.

    Targeting young adults, the Education Endowment Plan encourages parents and guardians to adopt a long-term strategy for investing in the educational future of their children  Through the launch, the company aims to raise awareness about the importance of investing in education.

    By opting for the Stanbic IBTC Education Endowment Plan, parents can benefit from a comprehensive investment solution that safeguards their children’s academic journey.

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    During a media interactive session in Lagos, Chief Executive of Stanbic IBTC Insurance,  Akinjide Orimolade, explained that the Education Endowment Plan offers families a strong financial safety net. This product ensures the protection of their children’s education, regardless of life’s uncertainties; providing reassurance and confidence. By making strategic investments today, parents can secure access to education for their children, enabling them to realise their full potential and pursue their aspirations.

    “We are proud to launch the Education Endowment Plan campaign, an insurance product that aligns with our commitment to empowering parents in Nigeria to attain financial security for the education of their children. As a leading insurance provider, we recognise the profound impact education has on a nation and its populace, and we are dedicated to supporting parents in their quest to provide quality education for their children by insuring the future,” Akinjide stated.

    He further emphasised, “The loss of a parent or guardian is profoundly devastating and can greatly affect a child’s educational journey. With this in mind, we have created a product to reassure parents and guardians. It ensures that their children and wards’ education will remain secure and uninterrupted regardless of life’s uncertainties.”

    The Stanbic IBTC Education Endowment Plan offers numerous benefits. It provides financial support for dependants in case of death; guarantees the child’s or ward’s education; and gives parents and guardians peace of mind. The plan can also be used as collateral to secure a loan, where urgent needs arise. At the plan’s maturity, the targeted amount is payable, plus a bonus enhancing the benefits, making it an effective vehicle for saving.

    The plan features include minimum and maximum entry ages of 18 and 65, respectively, with a maximum exit age of 70. The plan terms range from five to 20 years, and premium payments can be made monthly, quarterly, semi-annually, annually, or through lump sum payments. Coverage is provided against death from any source, with a minimum benefit of N1,000,000.00. The guaranteed sum assured is specified in advance by the policyholder, and an annual reversionary bonus currently guaranteed at two percent of the sum assured begins to accrue at the end of each year.

    Stanbic IBTC Insurance is backed by a strong and reputable history. With over two decades of service, the Stanbic IBTC Group has a proven track record of excellent service delivery.

    Akinjide urged parents and guardians to take charge of their children’s future today by securing the Stanbic IBTC Education Endowment Plan. “We can empower the next generation to achieve greatness and build a brighter future for Nigeria just by the investments we make today. Your decision today can significantly impact your child’s or ward’s future; making you feel empowered and responsible for their success.”

    The Education Endowment Plan is a call to action for parents and guardians to make intelligent choices for their children and wards. Obtaining this insurance plan marks a significant step forward in securing a transformative investment in their academic security, providing them with an advantage in the future.

  • Afreximbank, CDB okay $400m facility for Africa SMEs

    Afreximbank, CDB okay $400m facility for Africa SMEs

    The China Development Bank (CDB) in Cairo signed a development-focused agreement to provide the African Export-Import Bank (Afreximbank) with a $400mn term loan to support the financing of small and medium-sized enterprises (SMEs) across Africa.

    The agreement, signed by Tan Jiong, President of CDB, and Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, at the Afreximbank Headquarters in Cairo, provides for Afreximbank to deploy the facility to support African SMEs involved in extra- and intra-African trade and those engaged in the productive sectors in Afreximbank Member States.

    The facility, which has a seven-year tenor, will be deployed either directly to eligible African SMEs that meet Afreximbank’s requirements or indirectly through local financial intermediaries.

    Oramah pointed out that African SMEs continue to struggle to access adequate and affordable financing for growing their businesses and said that the CDB facility would help increase the level of financing available to them.

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    He added that since Afreximbank was receiving the facility as medium to long-term funding at relatively affordable pricing, the Bank would transfer the financial advantage in pricing and tenor to the end beneficiaries.

     “This facility further strengthens the strategic partnership we have developed with the China Development Bank over the last six years, which has seen CDB make three previous interventions in support of our work at Afreximbank,” continued President Oramah. “It will also enable our two institutions achieve our respective mandates and developmental outcomes, which include job creation, increased economic activity and increased extra-African trade with China.”

  • SystemSpecs celebrates national tech champions

    SystemSpecs celebrates national tech champions

    The outstanding young talents who excelled in the 2024 SystemSpecs Children’s Day Essay Competition (CDEC) were celebrated at a prestigious National Winners’ Award Ceremony held on June 14th 2024, in Lagos, Nigeria. For the past five years, the CDEC has catalysed promoting technological awareness nationwide.

    The epic ceremony not only honoured the exceptional students but also celebrated the achievements of their schools and states, highlighting the importance of nurturing intellectual prowess and academic excellence among the next generation of leaders between the ages of 9 and 16.

    Bakare Oluwasubomi of ljaiye Ojokoro Senior High School, Lagos State and Aletan Oluwajuwonlo of Apostolic Faith Secondary School, Ibadan, Oyo State emerged winners of the 2024 SystemSpecs CDEC in the senior category and junior category respectively.

    The annual Children’s Day Essay Competition is a flagship Corporate Social Responsibility (CSR) initiative of SystemSpecs, demonstrating the organisation’s steadfast commitment to fostering technological advancement in Nigeria. By nurturing and developing the minds of young Nigerians, the programme aims to cultivate the next generation of innovative thinkers and technology leaders, thereby accelerating the growth of the country’s technology capacity.

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    According to Group Chairman, SystemSpecs Holdings Limited, Ernest Ndukwe, “We have taken the responsibility upon ourselves to provide every Nigerian child irrespective of creed, culture, or constituency an opportunity to be exposed to the amazing world of technology and its transformative power, thus setting them up on a path for success in an ever-increasing competitive world where technology continues to be a defining factor.”

    With about 3,500 essay submissions recorded from various secondary schools all over Nigeria, 50 finalists were shortlisted, from which three outstanding contestants emerged in both the Senior and Junior Categories.

    The senior category saw Anoje Xavier of Loyola Jesuit College, Abuja, FCT, emerge as the first runner-up, while Elugbaju Iseoluwa of Word Faith Group of Schools, Abuja, FCT, secured the second runner-up position. In the junior category, Olowookere Anuoluwa of Redeemer’s Academy College, Ibadan, Oyo State, took the first runner-up spot, and Gershom Somtochuhwu of Trinitate Staff School, Ikwerre, Rivers State, claimed the second runner-up position.

    The overall winners for both the senior and junior categories received 1 million Naira each, the second prize winners, 750,000 Naira; and the third prize winners, 500,000 Naira, as well as brand new laptops, plaques, and a variety of other rewarding prizes.

    The Managing Director of Remita Payment Services Limited (RPSL), ‘Deremi Atanda, affirmed the Children’s Day Essay Competition (CDEC) as a vital initiative dedicated to enhancing the country’s technological capabilities. He expressed his delight at the remarkable growth of the programme, which has garnered increasing interest and participation from across the nation, demonstrating its significant impact on the development of technological resources in Nigeria.

     “We are committed to the long term, having been at the forefront of business for the past 32 years. We firmly believe that investing in local capacity building is crucial for the country’s global competitiveness. Our goal is to nurture a new generation of highly skilled, tech-savvy Nigerians, equipped to drive innovation and excellence, and make a meaningful impact on the global stage,” he said.

    Lagos State emerged victorious as the winning state in this year’s Children’s Day Essay Competition (CDEC), boasting an impressive 19 winners in the top 50. Meanwhile, Apostolic Faith Junior Secondary School in Ibadan, Oyo State, and Loyola Jesuit College, Abuja, took home the coveted winning school awards in the junior and senior categories, respectively. As a reward for their excellence, each winning school received 10 laptops, while the winning state also received 10 laptops, further empowering the next generation of leaders with cutting-edge technology.

    The evaluation process for CDEC essay entries involved a three-stage process. This rigorous evaluation process ensures fairness, credibility, and excellence in identifying Nigeria’s young Tech Champions.

    According to one of the judges, Prof. Lawal Babatunde, “We assessed how effectively the students elaborated on the points presented in their essays, demonstrating a clear understanding of how the provided content applies to real-life scenarios pertinent to this year’s competition theme. Additionally, we sought to evaluate their ability to synthesise their arguments and arrive at a coherent conclusion, building logically on the points previously presented in their essays.”

    The SystemSpec’s Group Head of Corporate Services, Bukola Adeboye, commended the finalists on their outstanding achievements, reaffirming SystemSpecs’ dedication to cultivating future leaders for Africa through the competition and other strategic initiatives.

    “The 2024 edition marks another outstanding achievement for the CDEC, as we persist in cultivating ICT capabilities in Nigeria. Our singular objective for the CDEC is to facilitate Nigeria’s advancement through the augmentation of ICT capacity nationwide. We are convinced that technological innovation can be harnessed to drive progress across all sectors of the economy. At the SystemSpecs group, we remain dedicated to promoting technological awareness among the next generation of change-makers through the CDEC initiative,” She said.

    By fostering a culture of innovation and excellence, SystemSpecs aims to empower the next generation of trailblazers and change-makers, shaping the continent’s future for the better.