You are invited to the next SpidNetworking event this saturday, 30 November at Protea Hotel Ikoyi, 11.30am

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Dear Current and prospective SpidNetworkers,

You are cordially invited to SpidNetworking's fourteenth event. Mr. Adebayo, Ogunnusi, will be our guest speaker at this event. He is a chartered accountant with over 14 years of experience in the financial services industry. He is a graduate from Lagos Business School and London Business School; he is currently the Group Head of the Small Medium Enterprises(SME) unit at Heritage Bank Limited (former Société Générale Bank), Lagos, Nigeria.

"Nigeria currently has 17 million micro, small and medium scale enterprises (MSMEs), who contribute 47% to the Gross Domestic Product (GDP), and this number is growing in leaps and bound." Do Nigerian banks really understand how to deal with SMEs? Well, come out on Saturday, November 30, 2013 at 11.30am and listen to Mr. Ogunnusi share his thoughts and reveal what Heritage Bank is doing to help SMEs access loans without collateral. Through its innovative approach to financing SMEs, Heritage bank recently introduced its "Paris club for SMEs,' a system, which partners with some organizations to offer loans to SMEs without collateral, through an investment protection fund.  Heritage Bank also offers business accounts with no Commission on Turnover (COT). RSVP now for this Free event!!! And, Participate in our quintessential SpidNetworking activity. You will be glad you attended!!!!

If you want to invite a friend, please send their name and email address to info@spidnetworking.com or cogunsemi@yahoo.com

like us on www.facebook.com/spidnetworking

 

follow us on www.twitter.com/spidnetworking

 

visit our Blog at www.spidnetworking.blogspot.com

You are invited to SpidNetworking's fourteenth event on Saturday, 30 November, 2013 at Protea Hotea Ikoyi

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Dear Current and prospective SpidNetworkers,

You are cordially invited to SpidNetworking's fourteenth event. Mr. Adebayo, Ogunnusi, will be our guest speaker at this event. He is a chartered accountant with over 14 years of experience in the financial services industry. He is a graduate from Lagos Business School and London Business School; he is currently the Group Head of the Small Medium Enterprises(SME) unit at Heritage Bank Limited (former Société Générale Bank), Lagos, Nigeria.

"Nigeria currently has 17 million micro, small and medium scale enterprises (MSMEs), who contribute 47% to the Gross Domestic Product (GDP), and this number is growing in leaps and bound." Do Nigerian banks really understand how to deal with SMEs? Well, come out on Saturday, November 30, 2013 at 11.30am and listen to Mr. Ogunnusi share his thoughts and reveal what Heritage Bank is doing to help SMEs access loans without collateral. Through its innovative approach to financing SMEs, Heritage bank recently introduced its "Paris club for SMEs,' a system, which partners with some organizations to offer loans to SMEs without collateral, through an investment protection fund.  Heritage Bank also offers business accounts with no Commission on Turnover (COT). RSVP now for this Free event!!! And, Participate in our quintessential SpidNetworking activity. You will be glad you attended!!!!

If you want to invite a friend, please send their name and email address to info@spidnetworking.com or cogunsemi@yahoo.com

like us on www.facebook.com/spidnetworking

 

follow us on www.twitter.com/spidnetworking

 

visit our Blog at www.spidnetworking.blogspot.com

 

 

 

 

SpidNetworking, now its 3rd year, is a forum for business professionals to network, share ideas and rub minds in an informal setting. Spidnetworking participants include  mid/senior-level executives, corporate professionals, and SME owners. For more information about SpidNetworking, please visit www.spidnetworking.com

Bristish Council Nigeria's first ever postgraduate MBA and Oil & Gas Exhibition in Lagos on 23 November, 2013

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British Council Nigeria invites you to its first ever postgraduate MBA and Oil & Gas Exhibition.

It is time to make a really smart move towards achieving your dreams of an MBA or Oil & Gas degree.

This is your perfect opportunity to meet, discuss and get first-hand information from representatives of UK institutions about postgraduate study in the UK.

Come and find out about a variety of Oil & Gas courses and MBA programmes offered, professional development courses, life in the UK and so much more.

Join us at the exhibition to meet with representatives from over 20 UK institutions!

Venue:	Grand Ballroom, Eko Hotel & Suites, Adetokunbo Ademola, Victoria Island, Lagos
Date:	Saturday, 23rd November 2013
Time:	9am to 5pm
Fee:	FREE OF CHARGE

You must register for the exhibition here.

If you are viewing this mail on a mobile phone, please use this link.

There will also be professional development sessions for you to benefit from at the exhibition.
For more information follow our conversations on www.facebook.com/studyintheuk or email us at eduk.enquiries@ng.britishcouncil.org

The EducationUK Team

 

 

Finance Manager sought by a company in the lottery and gaming industry

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If you know anyone qualified for the role below, please send CVs to info@deecla.com.ng

 

 

 

JOB DESCRIPTIONS OF FINANCE MANAGER

 

 

JOB DESCRIPTION:             FINANCE MANAGER

DIVISION:                              FINANCE

 

REPORTS TO:                         MD/CEO

 

Job Purpose:                        Responsible for the completeness and accuracy of all financial information generated by the Company’s ERP system.  Creation and design of the Company’s finance control procedures and budgeting process. Treasury and cash management to ensure the day-to-day management of operations.

 

Principal Accountabilities:

 

1.      Preparing, monitoring and interpreting financial statements including balance sheets, profit and loss and cash flow statements in addition to other ad-hoc financial reports.

2.      Preparing annual budgets, financial strategies based on business forecasts that consider the impact of future events and trends on future cash flows. Analysing these changes and trends and advising the Managing Director accordingly.

3.      Researching and reporting on factors influencing business performance.

4.      Analysing competitors and market trends.

5.      Treasury management and developing of financial management mechanisms that minimise financial risk.

6.      Managing the Company's financial accounting, monitoring and reporting systems and designing a control environment to regulate financial risk.

7.      Liaising with auditors (and internal auditors) to ensure effective completion of annual audit report and completeness and accuracy of all material transactions reflect in the Company’s financial statements.

8.      Developing external relationships with appropriate contacts, e.g. auditors, bankers, Lagos State Lottery Board and statutory organisations such as the Inland Revenue.

9.      Producing accurate financial reports and daily bank/cash reconciliations to specific deadlines.

10. Prepare regular reports to Managing Director that enable management to monitor the actual costs versus budgets on a regular basis.

11. Input into the design of the ERP system to ensure the effective operation of the finance function to facilitate the achievement of critical financial objectives.

12. Liaising with the Managing Director with respect to the sourcing and management of funds for financing the Company’s daily operations.

13. Supervising, mentoring and developing finance staff.

Keeping abreast of changes in financial regulations and legislation.

14. Perform additional duties and responsibilities as requested.

 

Industry: Lottery and gaming industry

Annual Salary: up to 6Million

Send CVs to info@deecla.com.ng

 



VOTE LAURA STACHEL 2013 CNN HERO

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Childbirth in Darkness
Co-founder Dr. Laura Stachel went to Northern Nigeria in 2008 to study ways to lower maternal mortality in state hospitals. She witnessed deplorable conditions in state facilities including sporadic electricity that impaired maternity and surgical care. Without a reliable source of electricity, nighttime deliveries were attended in near darkness, cesarean sections were cancelled or conducted by flashlight, and critically ill patients waited hours or days for life-saving procedures.  The outcomes were often tragic.
Laura wrote to her husband, Hal Aronson, a solar energy educator back in Berkeley, California. Together, Laura and Hal co-founded WE CARE Solar to improve maternal health outcomes in regions without reliable electricity.  Hal designed an off-grid solar electric system for the hospital Laura was studying, targeting the maternity ward, labor room, laboratory and operating theatre.


Learn more and vote Laura Stachel for 2013 CNN Hero: VOTE 2013 CNN HERO

SpidNetworking Ltd presents a brand new Android tablet to the winner of the SpidNetworking Survey raffle

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At the 13th Spidnetworking quarterly event in September 2013, Clara Ogunsemi(center), Host of SpidNetworking is flanked by Olubunmi Fawunmi, SpidNetworking member and Head of Entrepreneurship at RegCharles Financial Services (to her right) and Ezekiel Solesi, CEO of Limb Simple and winner of the SpidNetworking Survey raffle draw (to her left)
 

At the most recent SpidNetworking event in September 2013, SpidNetworking held a raffle draw to select the winner of its SpidNetworking Survey contest. The survey was administered to gauge the interest level of current & prospective members in training programs that will be proposed soon. 61 individuals completed the survey (to view the survey, see the following  link http://spidnetworking.blogspot.com/2013/07/complete-spidnetworking-satisfaction.html ). In selecting the winner, all the telephone numbers received as part of the Survey request were collated and one telephone number of a survey participant was randomly selected from the collection. SpidNetworking member, Ms. Olubunmi Fawunmi, conducted the draw. The prize, a brand new D2 pad Android 4.1 jelly bean tablet, was graciously donated by DeeCla Services Ltd, a recruitment, training and business process improvement company, and was presented by Clara Ogunsemi, the host of SpidNetworking, to the winner, Ezekiel Solesi.  Congratulations to Ezekiel!!!!

 

To view results of the survey, please see below. To obtain a full summary of the survey results, please send a email to the host of SpidNetworking.
 

	1. Do you know what Spidnetworking is about? 96.7% said Yes 3.3 % said No 2. Have you ever attended a SpidNetworking event? 77% said Yes 23% said No 3. How will you rate the impact of SpidNetworking events? 69% said Great 28% said  Average 3% said Fair 4. How will you describe yourself? 56% said they were Business Owners 51% said they were Paid Employees 8% said they were Graduates and Unemployed 3% said they were Students 5. Would you like SpidNetworking to offer additional trainings that can improve you professionally and personally 97% said Yes 3% said No 6. Which of these trainings will interest you? Networking 61% Increasing my client base 64% Learning about real estate  30% Starting a business  46% Going back to school 20% Obtaining funding to start my business 48% 7. How much will you be willing to pay for a training? N10,000-N25,000 79% N25,000-N50,000 16% N50,000 and above 5% Please note that the  proposed SpidNetworking trainings are separate from the 'FREE TO ATTEND' SpidNetworking events. The proposed will be additional paid trainings that hopefully will be coming to you soon.



SpidNetworking's 13th event holds today, Saturday, September 28, 2013 at Protea Hotel Ikoyi, 11am

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SpidNetworking's 13th event holds today, Saturday, 28 September, 2013 at Protea Hotel Ikoyi from 11am. It promises to be a worthwhile event. Also, the winner of the SpidNetworking Survey raffle will be announced at the event and presented the prize- a brand new Android Tablet. For more information call Clara at 08177204250 or 08057204250

South Africa sells $2 billion of bonds

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South Africa sold $2 billion of 12-year bonds in overseas debt markets after boosting the size ofthe offering. The country issued the bonds due in 2025 to yield 6 percent, or 3.15 percentage points above U.S. Treasuries, Monday.  It had originally planned to sell $1.5 billion of the debt to yield as much as 3.3 percentage points above Treasuries, according to a person familiar with the offering who asked not to be identified because he’s not allowed to speak publicly.

South Africa tapped the market after investors pulled $22.1 billion from emerging-market bond funds since the end of April amid speculation the U.S. will curb stimulus. The withdrawals are almost five times the amount taken out of U.S. corporate debt, according to EPFR Global.

“Despite the headline risk, there’s money to put to work in emerging markets,” said Luz Padilla, manager of the $664 million DoubleLine Emerging Markets Fixed Income Fund.

Russia, which shares South Africa’s BBB rating from Standard & Poor’s, sold $6.96 billion of euro and dollar bonds due in five, seven, 10 and 30 years Monday, Bloomberg reports. It issued 10-year securities to yield 220 basis points over Treasuries.  The 6 percent that South Africa agreed to pay on Monday is up from 4.665 percent, or 270 basis points above U.S. Treasuries, when it sold notes due in 2024 in January 2012.

 

South Africa’s central bank forecasts the nation’s economy will grow 2 percent this year after expanding 2.58 percent in 2012 as labour unrest in mines shaves 0.3 percentage point off growth,

President Jacob Zuma said in June. The country, which has the world’s largest-known reserves of platinum and chrome and is the sixth-largest producer of gold, relies on minerals for more than 50 percent of its exports.  Wall Street’s biggest firms are predicting intensifying bond losses in emerging markets, where borrowing costs have already soared to the highest in more than four years versus U.S. corporate debt, as the Federal Reserve considers curtailing record stimulus.

Borrowing costs are soaring from record lows reached in January as speculation deepens that the Fed will curtail its so-called quantitative easing as soon as this month, signaling an end to the flood of cheap money that’s propped up asset prices from India to China and Indonesia.

 

The exodus from developing nations began after Fed Chairman Ben S. Bernanke told Congress on May 22 that the central bank could scale back the pace of its $85 billion of purchases of mortgage bonds and Treasuries if the U.S. economy showed sustained improvement.

 

Source: Business Day Online

Hertz Ghana Begins Operations

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LEASAFRIC, the biggest leasing company with a portfolio of non-bank financial institution has launched Hertz Ghana as the world’s number one logistics and transportation service to corporate Ghana.

 

Hertz Corporation, a subsidiary of Hertz Global holdings Incorporation is an American car rental company with international locations in 145 countries worldwide, whiles operating a fleet of over 550,000 vehicles from 6,300 locations.

 

Speaking at the launch of Hertz Ghana, the President of Ghana Chambers of Commerce (GCC), Mr. Seth Baah, also a Member of Parliament (MP) for Nkawkaw, retreated that corporate Ghana can not survive without the services of transportation and logistics, which all kinds of commerce depend on.

“This is why Hertz was able to see into the future to recognize the importance of global travels and establish a car rental network to service that demand”, he added.  “We are confident with its entry to Ghana, that all sectors of the economic life of Ghana is assured of total logistics package/solutions with value added services streamlined to cater for the Ghanaian’s ever dynamic lifestyle because Hertz services will align with the Government’s objectives to provide seamless transportation for its citizenry and serve as a catalyst for economic growth”, Mr. Baah stressed

 

Source: World leasing News

Tycoon plans Nigeria's largest oil refinery

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A company run by Africa's richest man received a loan toward a $9 billion project that will give Nigeria its largest oil refinery and petrochemical and fertilizer complex, reducing the country's reliance on international markets. Aliko Dangote, president of Dangote Group, signed a loan worth $3.3 billion from 12 Nigerian and international banks toward the project which will be built in Nigeria's southwest.

"At the completion of these projects we expect Nigeria to become not only self-sufficient in fertilizer and refined petroleum products but indeed to become recognized as a leading exporter of these products," Dangote said at Wednesday's signing.

Nigeria is Africa's biggest oil producer, and is a top supplier of crude to the U.S., but the West African country has to import most of its fuel because of decrepit refineries unable to meet the nation's demand for gasoline due to years of mismanagement and sabotage.

The 400,000 barrels-per-day oil refinery and complex will become operational by 2016, the company said. The plant will also produce 2.8 million tons of urea for fertilizing crops and to produce polypropylene, used to make plastics, a statement said.

Dangote said the company is still seeking an additional $2.5 billion in development funds to augment the $3.5 billion of its own equity put into the project. The $3.3 billion loan deal was led by Standard Chartered and Nigeria's Guaranty Trust Bank.

Dangote's estimated worth is $16.1 billion according to Forbes, which has also ranked him among Africa's richest men for the past few years. The Nigerian has made his wealth in cement, flour and sugar

Source:  Chron.com

Apply for the 2014 Chevening Scholarship for study in the UK

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Foreign and Commonwealth Office (FCO) and partner organisations offer Chevening scholarships for masters students. The programme provides full or part funding for full-time courses at postgraduate level, normally a one-year Master’s degree in any subject and at any UK university. Chevening scholarships cover tuition fees, a living allowance at a set rate (for one individual), an economy class return airfare to the UK and additional grants to cover essential expenditure. Some Scholarships cover part of the cost of studying in the UK; for example, tuition fees only or allowances only. The application deadline varies from country to country.

 

Study Subject(s): Scholarships are provided to study any subject at any UK university.
Course Level: The programme provides full or part funding for full-time courses at postgraduate level, normally a one-year Master’s degree at any UK university.
Scholarship Provider: Foreign and Commonwealth Office (FCO) and partner organisations
Scholarship can be taken at: UK

Eligibility: Applicants must:

-Meet the academic requirements for their chosen course(s) of study;
-Have a good standard of written and spoken English, and meet the Chevening Scholarships language requirements as well as the language requirements of their chosen course(s) of study;
-Be a citizen of a Chevening country
-Have a minimum of two years’ work experience;
-Not be employees, relatives of employees, or former employees (who left within the past two years) of Her Majesty’s Government (including British Embassies and High Commissions), a partner (sponsor), a sponsoring UK university, or a staff member of the Association of Commonwealth Universities;
-Not have previously studied in the UK under a UK Government-funded scholarship;
-Not have dual British nationality (unless you are a Citizen of a British Overseas Territory).

 

Scholarship Open for International Students: The students of Chevening country (Afghanistan, Albania, Algeria, Angola, Anguilla, Antigua & Barbuda, Argentina, Armenia, Australia, Azerbaijan, Bahamas, Bangladesh, Barbados, Belarus, Belize,  Bermuda, Bhutan, Bolivia, Bosnia Herzegovina, Botswana, Brazil, British Overseas Territories, Brunei, Burma, Cambodia, Cameroon, Canada, Cape Verde, Cayman Islands, Central African Republic, Chad, Chile, China, Colombia, Costa Rica, Croatia, Cuba, Djibouti, Dominica, Dominican Republic, Democratic People’s Republic of Korea, DR Congo, East Timor, Ecuador, Egypt, El Salvador, Equatorial Guinea, Ethiopia, Falkland Islands, Fiji,Gabon, Gambia, Georgia, Ghana, Grenada, Guatemala, Guinea Bissau, Guyana, Haiti, Honduras, Hong Kong, Iceland, India, Indonesia, Iran, Iraq, Israel, Jamaica, Japan, Jordan,Kazakhstan, Kenya, Kiribati, Kosovo, Kyrgyzstan, Laos,Lebanon, Lesotho, Libya,Macedonia, Madagascar, Malawi, Maldives, Malaysia, Marshall Islands, Mauritius, Mexico, Micronesia, Moldova, Mongolia, Montserrat, Montenegro, Morocco, Mozambique,Namibia, Nauru, Nepal, New Zealand, Nicaragua, Nigeria, Palestinian Territories, Pakistan, Panama, Papua New Guinea, Paraguay, Peru, Philippines, Pitcairn Island,Republic of Congo, Russia, Rwanda, Samoa, Sao Tome and Principe, Senegal, Serbia,Seychelles, Sierra Leone, Singapore, Solomon Islands, Somalia, South Africa, South Korea, Southern Sudan, Sri Lanka, St Helena, St Kitts & Nevis, St Lucia, St Vincent & Grenadines, Sudan, Swaziland, Syria, Taiwan, Tajikistan, Tanzania, Thailand, Trinidad & Tobago, Tonga, Tunisia, Turkey, Turkmenistan, Turks and Caicos, Tuvalu, Uganda, Ukraine, Uruguay, Uzbekistan, Vanuatu, Venezuela, Vietnam, Yemen, Zambia and Zimbabwe) can apply for these scholarships.

 

Scholarship Description: Chevening Scholarships are the UK government’s global scholarship programme, funded by the FCO and partner organisations. National merit-based competitions in 118 countries are run each year and Scholarships are awarded to outstanding established or emerging leaders to pursue one-year Master’s degrees in any subject and at any UK university. Initial application is facilitated via the eChevening online system. Typically, up to 25,000 applications are received. These applications are first reviewed against certain eligibility criteria and those that make the cut are then sent to Reading Committees for assessment. The Chevening Scholarships Secretariat is seeking both Eligibility Reviewers and Reading Committee members.

 

Number of award(s): Not Known

 

Duration of award(s): Scholarships are awarded for one year.

 

What does it cover? Chevening Scholarships cover tuition fees, a living allowance at a set rate (for one individual), an economy class return airfare to the UK and additional grants to cover essential expenditure. Some Scholarships cover part of the cost of studying in the UK; for example, tuition fees only or allowances only.

 

Selection Criteria: Applicants should be high caliber graduates with the personal, intellectual and interpersonal qualities necessary for leadership. Evidence of leadership experience and potential is critical. Each country has a list of priority areas in which it is looking for Chevening Scholars. The typical successful applicant:
-Is a professional graduate, in early or mid-career, who displays both intellectual ability and clear leadership potential;
-Has already worked for two/three years in his/her chosen profession;
-Is committed to return to his/her home country and contribute to its socio-economic development, by implementing the new skills and knowledge acquired in the UK;
-Has a proven track record of professional excellence and achievement, with the prospect of becoming a leader in his/her chosen field;
-Is able to show at interview that he/she possesses the personal qualities to benefit from the Scholarship and use it to succeed in his/her chosen career;
-Is keen to engage with the wider Chevening community while in the UK and on return to his/her home country;
-Has a clear idea of how the Scholarship will benefit his/her country on his/her return.

 

Notification: Not Known

 

How to Apply: To apply for one of the four positions available (Eligibility Reviewer, Academic Specialist, Regional Specialist, Lay Committee Member), please send a CV with covering letter outlining each of the following:
-Applicant’s full name
-their postal and email addresses
-their phone number(s)
-position(s) being applied for
-suitability for the role(s)
-confirmation of available period of time (November for Reviewers or one of the three time periods for the Committees, as above)
-acknowledgement of willingness to sign a confidentiality agreement
-Applications should be emailed to sifting-at-chevening.org, to

 

The Attention of Michael Scott-Kline, Head of the Chevening Scholarships Secretariat.
Enquiries about the positions should be addressed to Michael Scott-Kline, Head of the Chevening Scholarships Secretariat: sifting-at-chevening.org

 

Scholarship Application Deadline: The application deadlines are as follows: Afghanistan-15 November 2013, Albania-1 November 2013, Algeria-15 November 2013, Angola 8-November 2013, Anguilla-1 November 2013, Antigua & Barbuda-8 November 2013, Argentina-15 November 2013, Armenia-1 November 2013, Australia-, Azerbaijan-8 November 2013, Bahamas-8 November 2013, Bangladesh-1 November 2013, Barbados-8 November 2013, Belarus-1 November 2013, Belize-8 November 2013, Bermuda-1 November 2013, Bhutan-, Bolivia-15 November 2013, Bosnia Herzegovina-1 November 2013, Botswana- 15 November 2013, Brazil-15 November 2013, British Overseas Territories-1 November 2013, Brunei- 15 November 2013, Burma-15 November 2013, Cambodia-15 November 2013, Cameroon-8 November 2013, Canada-8 November 2013, Cape Verde-8 November 2013, Cayman Islands-1 November 2013, Central African Republic-8 November 2013, Chad-8 November 2013, Chile-15 November 2013, China-15 December 2013, Colombia-15 November 2013, Costa Rica-8 November 2013, Croatia-1 November 2013, Cuba-8 November 2013, Djibouti-1 November 2013, Dominica-8 November 2013, Dominican Republic-8 November 2013, Democratic People’s Republic of Korea-, DR Congo, East Timor, Ecuador-15 November 2013, Egypt-8 November 2013, El Salvador-8 November 2013, Equatorial Guinea-8 November 2013, Ethiopia-1 November 2013, Falkland Islands-1 November 2013, Fiji-15 November 2013,Gabon-8 November 2013, Gambia-8 November 2013, Georgia-1 November 2013, Ghana-8 November 2013, Grenada-8 November 2013, Guatemala-8 November 2013, Guinea Bissau-8 November 2013, Guyana-15 November 2013, Haiti-8 November 2013, Honduras-8 November 2013, Hong Kong-15 November 2013, Iceland-, India-, Indonesia-8 November 2013, Iran-15 November 2013, Iraq-15 November 2013, Israel-8 November 2013, Jamaica-8 November 2013, Japan-15 November 2013, Jordan-8 November 2013,Kazakhstan-8 November 2013, Kenya-1 November 2013, Kiribati-1 November 2013, Kosovo-1 November 2013, Kyrgyzstan-8 November 2013, Laos-15 November 2013, Lebanon-8 November 2013, Lesotho-15 November 2013, Libya-15 November 2013, Macedonia-1 November 2013, Madagascar-15 November 2013, Malawi-15 November 2013, Maldives-1 November 2013, Malaysia-, Marshall Islands-1 November 2013, Mauritius-15 November 2013, Mexico-8 November 2013, Micronesia-1 November 2013, Moldova-1 November 2013, Mongolia-15 November 2013, Montserrat-1 November 2013, Montenegro-1 November 2013, Morocco-15 November 2013, Mozambique-15 November 2013, Namibia-15 November 2013, Nauru-1 November 2013, Nepal-1 November 2013, New Zealand-1 November 2013, Nicaragua-8 November 2013, Nigeria-8 November 2013, Palestinian Territories-8 November 2013, Pakistan-15 November 2013, Panama-8 November 2013, Papua New Guinea-1 November 2013, Paraguay-15 November 2013, Peru-15 November 2013, Philippines-15 November 2013, Pitcairn Island-1 November 2013, Republic of Congo-1 November 2013, Russia-1 November 2013, Rwanda-1 November 2013, Samoa-, Sao Tome and Principe-8 November 2013, Senegal-8 November 2013, Serbia-1 November 2013, Seychelles-15 November 2013, Sierra Leone-8 November 2013, Singapore-15 November 2013, Solomon Islands-1 November 2013, Somalia-1 November 2013, South Africa-15 November 2013, South Korea-15 November 2013, Southern Sudan-1 November 2013, Sri Lanka-1 November 2013, St Helena-1 November 2013, St Kitts & Nevis-8 November 2013, St Lucia-8 November 2013, St Vincent & Grenadines-8 November 2013, Sudan-15 November 2013, Swaziland-15 November 2013, Syria-8 November 2013, Taiwan-1 November 20135, Tajikistan-8 November 2013, Tanzania-1 November 2013, Thailand-15 November 2013, Trinidad & Tobago-8 November 2013, Tonga-1 November 2013, Tunisia-15 November 2013, Turkey-1 November 2013, Turkmenistan-8 November 2013, Turks and Caicos-1 November 2013, Tuvalu-1 November 2013, Uganda-1 November 2013, Ukraine-1 November 2013, Uruguay-15 November 2013, Uzbekistan-8 November 2013, Vanuatu-1 November 2013, Venezuela-15 November 2013, Vietnam-15 November 2013, Yemen-15 November 2013, Zambia-15 November 2013, Zimbabwe-15 November 2013.

Apply at : Chevening Scholarship website

Ghana officially lists ten-year Eurobond on its local exchange

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Ghana’s 10-year Eurobond was on Wednesday listed on the Ghana Stock Exchange to afford both local, foreign and prospective investors the opportunity to buy and trade on the secondary market. This is the very first time an African country is co- listing a Eurobond on the local exchange. The bond is already listed on the Irish Stock Exchange in Dublin.

 

Ghanaian institutional investors and local investors hold $16.5 million of the 2023 Eurobond. Finance Minister Seth Terkper said the recent bond issue offered local investors the opportunity for the purchase of the facility. Mr Terkper expressed the need for development of the bond market to bridge the prevailing long term financing gaps. “The wide infrastructural gap, which constraints our developments efforts as a country can only be closed when we tap into long-term financing options such as the capital markets, both domestic and foreign,” the Minister said. He said as the country consolidates its middle income status it would be prudent to finance the capital component of the budget with long-term bonds.

 

In Ghana the required infrastructural financing gap is about 1.2 billion dollars a year. A well- developed bond market, he said, would therefore be necessary for government to mobilise the funds to support capital expenditures. In this direction, Mr Terkper said government had taken substantial measures to deepen the development of the corporate bond market. The measures include the regular publication of an issuance calendar and extension of the yield curve. “We use this opportunity to encourage the private sector firms to follow the government’s lead to diversify their sources of capital by tapping the local market,” he said. Mr Kofi Yamoah, Managing Director Ghana Stock Exchange said the listing of the bond is landmark and expressed the hope that it would mark the beginning of deepening of the bond market. It should also open the opportunity for the issue of longer dated and low rate bond to serve as a benchmark for the market. Mr Michael Cobblah, Country Representative Ecobank Development Corporation, said the historic listing should open the avenue for the development and issue of corporate bonds on the market. He urged government to encourage municipal assemblies to issue bonds for development.

 

Dr Sam Mensah, Chairman of the Ghana Stock Exchange Council, pointed to the remarkable performance of the bourse and called for public support to list more bonds on the market. Ghana had raised one billion dollars from the international capital markets. It attracted $750 million for cash with maturity period of 10 years with a coupon rate of 7.875 per cent, which would be paid semi-annually. Proceeds from the bond are to be used to finance counterpart funds for capital projects as well as to finance capital expenditures approved in the 2013 Budget. Priority would be given to self-financing projects such as the ports and power projects and the refinancing of public debt to reduce the cost of borrowing.

 

Source: Ghana Business News

Federal Government of Nigeria to Float $100m Diaspora Bond in 2013

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The Federal Government of Nigeria has unveiled plans for a $100 million Diaspora bond as part of a fresh $500m bond that would be issued sometime next year. The government had early last year issued $500 million Eurobond to investors, which was over-subscribed.  Also, the government assured stakeholders that it was still working on the modalities for the forbearance for stockbrokers, in respect of margin loans, as part of efforts to enable the stock market fully recover, following its near collapse in 2008.

 

Last November, the government announced the approval of debt forbearance for stockbrokers, who got their fingers burnt owing to the crisis that rocked the stock market. The margin loans to the stockbrokers stood at over N400 billion, which is part of the N800 billion total exposure of the nation’s commercial banks to the stock market.  The Coordinating Minister of the Economy and Finance Minister, Dr. Ngozi Okonjo-Iweala, spoke recently in Arusha, Tanzania, at a debate tagged: ‘Africa Transforming Africa’ organised by Africa Finance Corporation (AFC) at the annual meetings of the African Development Bank (AfDB), that the government was working closely with the World Bank on the Diaspora bond.  “We are working on a Diaspora bond with a large and generous definition of Diaspora, to make sure we succeed. We will work on it, it will take some time, because it takes a little more work, by next year, we will be able to do something. We are working closely with the World Bank. “I will be very modest; we will do a bond, a section of which will be a Diaspora bond. May be we will still $100 million mark, because this is the first but it will part of a bigger bond. Let’s say we go for $500 million like our last Euro bond, we might decide to dedicate $100 million of that to Diaspora Bond and the remaining to the normal bond issuance,” she said. Okonjo-Iweala stated that remittances by Nigerians in Diaspora were so enormous that such needed to be harnessed for the development of the country, recalling that a World Bank study had put the remittances figure at $10 billion.

 

“Nigeria has a huge Diaspora. According the World Bank studies, Nigeria has about $10 billion in remittances recorded and unrecorded. Even if its $6 billion, it’s still a large number. The question is, it’s coming in, and it’s helping a lot in the rural areas.

“If you go to some areas, every other person’s somebody is in the Diaspora. How do you incentivise it? That’s something we could think about. We can also think of doing instruments to securitise it, to manage this fund better”, she added.  On the specific projects on which proceeds of the bond will be applied, Okonjo-Iweala said discussions with the Nigerians in the Diaspora would determine the projects that would be the beneficiaries.  “Let us discuss with the Diaspora to see what they will want their funds to be invested in. I don’t want to get ahead of myself. But you know, it must be in concrete projects that they can see, that is my belief. Then they will be more excited if they see that a particular project will be delivered.  “We are going to have conversation with them; we are already launching it, to see what they have in mind. You know the level of trust is also not that high. You must in something that people can believe in,” she said.

However, the finance minister assured that government would implement the forbearance but was only being careful not to create a situation whereby those unaffected would complain that the government was unduly favouring those affected.  According to her, “We are working on the forbearance, we’ve agreed on it. We are going to implement it. We’ve been have been discussions on how to deal with it. We must remember that we don’t want any moral hazard. We don’t want all those stockbrokers who did the right doing that they are not appreciated and have been neglected.

“So we must honour them too by looking at the type of forbearance that will be accorded to the stockbrokers that are having difficulties. There will be forbearance but there will some conditions attached to that,” the minister added.

 

 

Source: This day

Nigeria picks Goldman, Credit Suisse, UBS for wealth fund

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Nigeria's sovereign wealth fund on Wednesday appointed Goldman Sachs , UBS and Credit Suisse as asset managers for the 20 percent portion of its $1 billion fund that is meant to cushion against oil price shocks, it said.

The sovereign wealth fund (SWF) seeks to help Nigeria better manage its oft squandered oil windfall, with a threefold aim of putting money aside for infrastructure investment, providing a savings pot for future generations and lastly protecting against commodity price shocks - the so-called stabilization fund.

Africa's top oil producer pumps around 2 million barrels of oil a day, but much of that money is wasted on corruption and a bloated, inefficient bureaucracy, economists say.

In May the Sovereign Investment Authority (NSIA) said it would allocate 32.5 percent of the fund to infrastructure, the same amount to the savings pot and 20 percent to the stabilization fund, with the remaining 15 percent unallocated.

"The fund's assets will be invested conservatively, with capital preservation in nominal terms being of primary importance," NSIA special advisor Obinna Ihedioha said.

He added in a statement that UBS would manage the U.S. Treasury bond portfolio and Goldman and Credit Suisse would manage U.S. corporate grade bonds.

The fund started with only $1 billion owing to opposition from Nigeria's powerful state governors, who want oil savings to be distributed for spending, arguing that it is unconstitutional for the federal government to hoard money that belongs to all three tiers of government - federal, state and local.

The Excess Crude Account, which the SWF was originally supposed to replace, is easily raided for spending. It had $9 billion in it in December last year, but distribution to governors and spending had shrunk it to closer to $5 billion by last month, according to state data.

 

Source: Chicago Tribune

Plans for 50MW solar project in Kenya

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Chinese state corporation, Dongfang Electric International Corporation, is to establish a solar company in Kenya’s Rift Valley region. It plans to establish the company that will generate 50 MW of solar power within Nakuru County, located to the northwest of Nairobi. This power will be fed into Kenya’s national electricity grid.

 

The project is expected to take three years, with the first stage being the environmental impact studies before the implementation of the solar power plant is approved. The parties hope to have completed this by early 2014. A prerequisite for the establishment of the solar firm is the acquisition of 100 acres in an environment free from animal and human interference.

 

Currently, Kenya’s power generation capacity stands at about 1,600 MW. However, the government has ventured into tapping thermal and geothermal energy to raise its grid capacity to 3,000 MW by 2015. According to the Energy Regulatory Commission (ERC), demand for electricity is expected to increase by at least 11.2% due to rapid economic and population growth.

 

Source: esi-africa.com

Gionee Launches Flagship Smartphone Elife E6 in Nigeria

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China-based handset maker, Gionee Communications has announced the launch of its new smartphone, the Gionee Elife E6 in Nigeria. First launched in India last month, Gionee decided to launch its Gionee Elife E6 in Nigeria in order to give the Nigerian mobile phone users, a new and unique experience in smartphone usage. Speaking at the launch in Lagos, Africa Regional Manager for Gionee Communications, Jack Yung said the phone, which is a full High Definition (HD) Smartphone, comes in sleek, elegant and classic design, with long battery life that will suit the African market.

 

The smartphone has a unibody design, which is different from today's smartphone designs with several compartments, making the Gionee smartphone stronger than any other smartphone.

It has a resolution of 1080x1920 pixels and pixel density of 441ppi. The phone is extremely thin at just 6.18mm, and weighs 128 grams. Speaking on the features of the smartphone, Yung said: "The Gionee Elife E6 is powered by a 1.5GHz Mediatek quad-core processor, along with 2Gigabyte of Random Access Memory (RAM). The internal storage offered by the phone is 32GB."

 

Giving a detailed presentation of the working features of the smartphone, Marketing Manager for the Nigerian Business Unit of Gionee Communications, Gabriel Nwabueze, said: "The Gionee Elife E6 comes with a 13-megapixel auto focus rear camera, which also includes a second generation sensor, along with an LED flash and a 5-megapixel front-facing camera with a 28mm lens, and both cameras support 1080p video recording." According to Nwabueze, the phone runs on Android 4.2 Operating System, with its own custom Amigo UI layer. The phone is powered by a 2020mAh battery. Speaking at its initial launch in China last month, Vice President, Gionee Communications, William Lu said: "With its intuitive and user interface, we have developed the Elife E6 with the customers' interest at heart. Supplying what is truly important to them in terms of quality, performance and affordability - all in a stylish and sophisticated design."

 

The company claims that the Gionee Elife E6 features Heartbeat Synchronising Technology that enables the system to synchronously wake up applications every ten minutes, reducing the number of applications wake ups improving power consumption. The phone's operating system also automatically sets a white list ensuring essential applications to be wakened up at any time.

It also features motion sensing features allowing users to answer phones by directly raising it up to their ears, answer calls by sweeping a hand over the screen, flip between pictures by a sweeping motion, and automatically play/pause videos when the user looks away from the screen, among other gestures.

 

The Gionee ELIFE E6 is available in Black and White colour variants with matching colour cases. The phone which is already on sale in China since mid-July, will be available in Nigeria next week, and in India after August 2013, according to Nwabueze.

Other features include a 32Gigabyte internal storage, with Wireless Fidelity (Wi-Fi) technology, Bluetooth 4.0, FM radio, and a non-removable 2020mAh battery.

With its unique features, which makes it different from others smartphones, Nwabueze said Gionee intends to achieve faster penetration in the country, develop the Nigerian market and partner with government and stakeholders to further grow the Nigerian telecoms market. Addressing the after sales market, Nwabueze said Gionee would open five service Centres in Lagos and that the smartphone comes with 15 months warranty from the date of purchase.

 

Source: All Africa