The Nation Newspaper

Tag: MoU

  • Etisalat, Cross River sign MoU

    Etisalat and the Cross River State government in partnership with Mediatrix Development Foundation have pledged to forge a close working relationship in the fight against the scourge of malaria in the state.

    The partners spoke during the official flag-off of the Etisalat Fight Malaria Initiative and signing of a Memorandum of Understanding (MoU) that will see them coordinate efforts and resources to eradicate the menacing spread of malaria in the state.

    Speaking about the partnership, the Director, Regulatory & Corporate Social Responsibility, Etisalat Nigeria, IkennaIkeme, said the telco identified a healthy populace as a precursor to achieving economic growth, hence the alignment of its business growth strategy with societal goals such as health.

    “A nation can only be economically buoyant if it has a vibrant and strong work force, and a healthy population; hence our identification of health as one of our key platforms for corporate social responsibility. As we play our part in the creation of a healthier nation, we enjoin all stakeholders to embrace technology and innovation in the fight against malaria,” he said.

  • Wakanow signs MoU with UAE’s largest resort

    Africa’s leading travel portal, Wakanow, has signed an agreement with Dubai Parks and Resorts, becoming its largest African fulfilling partner for ticket sales.

    The Group Deputy Managing Director of Wakanow, Mr. Ralph Tamuno, who also happens to be the first African entrepreneur to set foot on the grounds of the wonder-packed resort, said the partnership would open a new vista of opportunities and unique experiences for the African traveller.

    Explaining how Wakanow was selected from a pool of travel companies in Africa, Mr. Tamuno said: “Beyond our strategic goal of always leading the way and shaping the travel business in Africa, we also collaborate with other market leaders from within and outside the continent to create value for our fast-growing travel market. Dubai Parks and Resorts is a massive investment and its owners clearly needed a partner with pedigree and panache. Wakanow was the natural choice for such a partner.”

    Speaking during the official signing of the Memorandum of Understanding between the groups, Head of Sales at Dubai Parks and Resorts, Mr. Elwin Kemming, described the partnership as a bold step in creating remarkable experiences for travellers from Africa.

    “Our partnership with Wakanow is a union of two widely admired tourism brands, joining forces together to provide memorable experiences for travel lovers globally. With deep-rooted presence throughout Africa, we are confident that Dubai Parks and Resorts can consolidate on Wakanow’s significant reach and foothold across the African market,” he stated.

    Dubai Parks and Resorts is the biggest multi-themed leisure and entertainment destination in the Middle East, comprising Motiongate Dubai, Legoland Dubai, Legoland Water Parks and Bollywood Parks.

    On October 31, the park will throw its gates open to the public and will feature over 100 mind-blowing thrill rides, spread across the spectacular four themed parks, each unique in their offerings and experiences.

    Wakanow is one of Africa’s leading online travel portals, providing seamless services in flights, hotels, travel deals and holiday packages to millions of travellers in Africa and beyond.

  • Skill Acquisition: FIRO signs MoU with Lions Club

    Skill Acquisition: FIRO signs MoU with Lions Club

    The Federal Institute of Industrial Research, Oshodi (FIIRO), has signed a Memorandum of Understanding with the International Association of Lions Club, District 404B1, Nigeria, on the skill acquisition and training of youth and women in the district.

    FIIRO will educate them on how to be entrepreneurs based on sustainable manufacturing, whereas Lions will provide beneficiaries with capital needed for the project. The Bank of Industry (BOI) will also fund participants in their business and technology plans.

    The agreement was reached over last weekend in Abeokuta, during the investiture of Waheed Kadiri as Lions 404B1 District Governor.

    Senator Gbenga Kaka, who chaired the event, commended the institution and the club for the initiative, which he noted will go a long way in diversifying the economy.

     

  • Osun, Orange Apple sign MoU on vehicles’ ownership

    The Osun State government has signed a Memorandum of Understanding (MoU) with a private company, the Orange Apple Technology, on electronic proof and change of ownership for vehicles and motorcycles.

    Speaking at a one-day stakeholders’ meeting in Osogbo, the state capital,  with relevant agencies of government, the Head, Project and Administration, Orange Apple Technology, Mr. Babatunde Sobowale, said the newly introduced electronic document would boost the state income.

    He added that the electronic database was to ensure security of the vehicles and  allow the government to monitor the buying and selling of vehicles as well as discourage fake documentation.

    Sobowale explained that the benefits inherent in the innovation include provision of automated register for vehicle owners, elimination of document forgery as well as generation of employment opportunities.

  • Bol, ECOBank sign MoU

    The Bank of Industry (Bol) and ECO Bank have signed a Memorandum of Understanding (MoU) to expand the financial inclusion of Small, Medium Enterprises (SMEs) through their different comparative advantages.

    BOI’s Acting Managing Director Mr. Waheed Olagunji said the synergy was as a result of their strength.

    He spoke at the Bol ofice in Lagos.

    Olagunju said with  ECO Bank’s over 400 local branches and 53 branches outside Nigeria, it was well-positioned for financial inclusion.

    The BOI chief executive said the nation’s development indices and GDP between 2010-20114 rose to 5-7 per cent but did not reflect in the economy, as poverty pervaded the economy as a result of non-inclusive growth in the economy.

    He said there can only be an inclusive growth, if the SMEs are supported.

    “We do long term machinery financing, Nigeria has 774 local governments and as a development bank we cannot possibly reach all. In terms of disbursement, we will do it through them and jointly evaluate the performance of our customers through them. We will collaborate in terms of hand-holding, capacity building to ensure that small business grows. The potential is limitless with ECO Bank unlike some other banks that seem allergic to SME support “.

    ECO Bank’s Group Head Consumer Banking, Patrick Akinwuntan, said the bank has contributed to the financial inclusion agenda. He said their operation have drastically removed impediments experienced by small holders as a result of the bank’s array of products and services targeted at them.

    The Managing Director ECOBank, Mr Charles Kie, said SMEs had wrongly been short-changed in terms of their contribution to the GDP.

    “They have a key role to play and we intend to use it as a basis to further deepen their activities in the growth of the economy.”

  • NASD, LMC sign MoU on listing of football clubs

    NASD, LMC sign MoU on listing of football clubs

    The NASD OTC Securities Exchange and the League Management Company (LMC) have agreed on a relationship that will open up the potential of the capital market to the professional football clubs.

    At the signing of a Memorandum of Understanding (MoU) between the NASD and LMC yesterday in Lagos, the parties committed to a mutual and partnership, kicking off the process that will see emergence of innovative financing solutions for football clubs and the listing of football clubs at the stock market.

    Managing Director, NASD Plc, Mr. Bola Ajomale, said the partnership marks the beginning of merging of financial and sporting interests in an unprecedented step.

    According to him, while it is not often that securities markets and football are discussed in the same conversation, but the merging of sporting and financing interests could lead to several possibilities that will improve the fortunes of the sporting world.

    He noted that that like any other commodity, football clubs have rising and falling fortunes and can live or die depending on the foresight of the managers, which underlines the need to not only look at the passionate side of soccer but also the business side.

    “At a time that state and federal government are seeking to reorder their expenditure patterns, it is appropriate for the LMC to look at allowing private and public investment play a bigger role in the financing of the most popular sport in Nigeria and indeed, the rest of the world. We at NASD share the belief that Nigerian football clubs can harness the power of the capital market and the passion of sport-loving Nigerians to develop reliable funding channels,” Ajomale said.

    League Management Company (LMC) Chairman, Shehu Dikko, said the signing of the MoU was a historic step that signposts its vision of providing strong structures for Nigerian professional football clubs.

    According to him, there is the need to standardise the football clubs in line with the global trend, in a partnership that will pursue joint interest in development and promotion of  professional football league and create financing opportunities for the football clubs.

    He said the deal will lead to a deeper engagement of the private sector, which is the backbone of football sponsorship in advanced leagues of the world while the NASD will also facilitate the creation of special products including fans-based cooperatives and provide the football clubs the platform to trade their shares openly and transparently.

    “This has the potential to position our clubs to offer attractive and competitive remuneration to players and attract competent marketing and administrative executives to improve the commercial operations of the clubs,” Dikko said.

     

  • Govt, firm sign N25b MoU on egg production

    Govt, firm sign N25b MoU on egg production

    Tuns Farms Nigeria Limited said it has signed a N25 billion memorandum of understanding with the Federal Government to increase egg production under the National Egg Production Scheme (NEGPRO) initiative.

    The NEGPRO is an initiative of the Federal Ministry of Agriculture aimed at increasing the output of egg production in the country to 50 million table eggs daily by 2018.

    The scheme also aims to create about 1 million jobs at full capacity, empower as many farmers as possible, increase contribution of poultry sector to GDP of Nigeria and increase internally generated revenues to the federal government.

    Chairman of the company, Asiwaju Olatunde Badmus, told journalists at the signing of the MoU in Abuja on Tuesday that the ministry of agriculture would assist the Bank of Industry (BOI) to access N25 billion from the Central Bank of Nigeria (CBN) to finance the project.

  • Lagos, Kebbi Agric partnership key to food security – Ambode

    Lagos, Kebbi Agric partnership key to food security – Ambode

    Lagos State Governor, Mr Akinwunmi Ambode on Saturday said the Memorandum of Understanding (MoU) recently signed with Kebbi State on agricultural commodity value chain was in line with the agenda of the Federal Government to diversify the economy, just as he said the pact would go a long way in ensuring food security and job opportunities for the people.

    Governor Ambode, who spoke at the Government House in Birnin Kebbi, Kebbi State during his official visit to the State as part of further steps to cement the agricultural partnership, said he was totally committed to the success of the relationship as it would not only boost the economy of the two states but would increase Nigeria’s Gross Domestic Product (GDP).

    He said the two states, with the agreement, which is the first state-to-state relations in the country, have shown leadership, and expressed optimism that other states would soon take a cue from the relationship.

    The Governor, who was given a heroic reception from Birnin Kebbi International Airport down to the Government House, said the partnership was in continuation of the relationship which had always existed between the two states in term of politics, population and strength.

    He said: “This relationship is visionary and it is also a pointer to the fact that the two states have decided to openly support the vision of Mr. President, President Muhammadu Buhari.

    “The change mantra which President Buhari has been preaching is what this whole relationship is all about that we must look inward. We must start to reintegrate our economy in such a manner that we must not continue to import what we can produce and we must create a value chain where we have comparative advantage to do so.

    “Kebbi is one of the major producers of most agricultural products in Nigeria, whereas Lagos State is the major consumer of most of these products and we have the market and the population to take on everything that is being produced and that is why the value chain in which we have tried to embellish is very important to the two states. And so we are committed to doing this for Mr. President.

    “This visitation is a continuation of where we started from. We want to take the next steps and we know that the next steps are steps in the right direction,” the Governor said.

    He added that beyond collaboration on rice production, the Lagos State Government has also decided to create value chain on every other agricultural products from Kebbi State first to the people, which would in turn create jobs for the people and make the economy of Nigeria to become more vibrant thereby increasing the GDP.

    On his part, Kebbi State Governor, Alhaji Atiku Bagudu described the MoU as an innovative partnership that would lead the way positively for Nigeria.

    He said years of policy distortion had demoralize local producers of rice and other agricultural products from competing with their foreign counterparts, which had in turn affected the economy of Nigeria negatively, but expressed optimism that the partnership between Lagos and Kebbi States will right the wrongs of the past.

    He said: “I am glad that we are on track to address such issues and empower our producers to compete globally. Apart from the fact that the collaboration will bring about significant economic growth and create opportunities, it will also bring our people much closer.

    “We are particularly happy that the partnership enjoys massive public support. The President, at different occasions, has publicly commended what we are doing and that is enough motivation for us to push forward with the agreement” Governor Bagudu said.

    The MoU principally centres on boosting the production of rice, wheat, ground nut, maize, millet, sorghum, sugar cane, cows, among others.

    There is also arrangement with a Mexican firm, San Carlos Group to expand the Rice Mill at Imota in Lagos from production capacity of 2.5 metric tonnes per hour to 22.5 metric tonnes per hour with the active participation of the private sector.

    Governor Ambode, as part of the official visit, also paid courtesy visits to the Emir of Gwandu, Alhaji Mohammed Iliya Bashar and the Emir of Argungu, Alhaji Samaila Meira.

    He also inspected the Labana Rice Mill in Kebbi which has the production capacity of 16 metric tonnes per hour and the FADAMA Project Site I Argungu.

  • BEDC, USAID to sign MoU to boost electricity

    Benin Electricity Distribution Plc. (BEDC) is  to sign a Memorandum of Understanding (MoU) with United States Agency for International Development (USAID) aimed at boosting power supply.

    The MoU would enable USAID, through the Power Africa Project to off  and Reforms Program. PATRP is a five-year USAID technical assistance project implemented by Tetra Tech designed to bring more electricity to sub-Saharan Africa by utilizing a transaction-centered approach.

    Tetra Tech, as directed by USAID, is offering to provide commercialisation assistance to BEDC for over a period of about two years, focusing on management support to address losses, strengthen management controls and help with the required performance turnaround in its operations. It has engaged a team of professionals already on ground to man some strategic business units in BEDC in readiness for the implementation of the technical assistance.

    Tetra Tech’s assistance to BEDC, will help demonstrate and implement loss reduction strategies, as well as other improvements to allow for ingenous ways of managing the business to be rolled out through BEDC network and to provide a demonstrative effect for other utilities in the country.

    The MOU signing ceremony which climaxes series of preliminary engagements on the part of the two parties is billed for Hilton Hotel Abuja at 11.00am under the watchful eyes of the Minister of Power, Mr Babatunde Fashola and other bigwigs in the power sector. The MOU will set forth the scope and nature of Tetra Tech’s assistance to BEDC, together with its corresponding responsibilities and obligations. Dignitaries from BEDC will include the Alternate Director representing the Bureau of Public Enterprises (BPE) on BEDC board , Mrs. Adelanke Omojola the Managing Director/CEO, Mrs. Funke Osibodu, Mr Abu Ismail Ejoor, Executive Director, other board members, and senior management team.

    It will be recalled that BEDC in demonstration of its commitment to the provision of improved service delivery to its customers whilst ensuring that power supply connections to its network is not dangerous to the health and safety of the public had embarked on improvement exercises.

    In terms of enumeration for instance, a door to door enumeration of existing customers and potential customers including state of the network has begun. In addition, improved and varied payment channels had been provided with options and convenience for customers in paying their bills.

  • Trade Expansion: EXIM Bank signs MoU with UBA

    Trade Expansion: EXIM Bank signs MoU with UBA

    Fred Hochberg, Chairman and President of the Export-Import Bank of the United States (EXIM Bank), and Phillips Oduoza, CEO and Group Managing Director of United Bank for Africa (UBA) Thursday signed a memorandum of understanding (MOU) with the goal of expanding trade between the U.S. and sub-Saharan Africa at the World Economic Forum Africa (WEF) in Kigali.

    The MOU is a statement of general intent between EXIM Bank and UBA to promote the availability of EXIM financing of up to $100 million in the region.

    “This memorandum signals to American exporters and African businesses alike that there are many more promising opportunities to work together, and EXIM stands ready to provide the financing needed to turn more of those opportunities into realities.

    “EXIM Bank is proud to build on its decade’s long commitment to financing American exports to sub-Saharan Africa,” said Chairman Hochberg.

    He said EXIM Bank and UBA will work together to share information and develop export-financing opportunities in key sectors including commodities, agriculture and food products, spare parts, and large and small equipment purchases.

    The two were joined by Uzoka Kennedy, Deputy Managing Director and Group Managing Director Designate, UBA and Sola Yomi-Ajayi, Group Head, Financial Institutions and International Organizations, UBA, who all participated in the signing ceremony.

    Under the MOU, EXIM Bank and UBA will explore options for offering a range of financing solutions for American exporters and African buyers, including short and medium-term financing programs that allow for flexible repayment terms and competitive insurance policies guaranteed by EXIM.

    Since 2009, EXIM has provided more than $6 billion in financing for transactions across sub-Saharan Africa. For the fiscal year ending in 2014, the Bank supported $2.05 billion in transactions in more than 20 sub-Saharan African countries.

    In 2014, the Bank signed a $100 million MOU with the Eastern and Southern African Trade and Development Bank (PTA Bank) to finance U.S. exports to the region that target both Diaspora businesses in the U.S. and PTA Bank’s member states.