- TEF to Empower 1,000 African Entrepreneurs in Lagos
The Tony Elumelu Foundation has said over 1,000 African entrepreneurs will converge on Lagos this month for this year’s edition of its entrepreneurship programme aimed at empowering the next generation of African business leaders.
The TEF, in a statement on Wednesday, described the third annual TEF Entrepreneurship Forum as the most diverse annual gathering of African entrepreneurs and Small and Medium-scale Enterprises.
It said the forum, scheduled to take place on October 13 and 14, would be attended by 1,300 African entrepreneurs, business leaders, and policymakers from 54 countries.
According to the statement, this is the first year that invitation to the forum is extended beyond the 1,000 Tony Elumelu Entrepreneurs from the 2017 cohort to include selected SMEs, media, hubs, incubators, academia and investors from diverse nations across Africa.
It said the assembled SMEs would build networks, share knowledge, connect with investors and link with corporate supply chains.
The TEF Founder, Tony Elumelu, said, “Since launching the TEF Entrepreneurship Programme – and committing $100m to empowering 10,000 African entrepreneurs in a decade – we have unleashed our continent’s most potent development force, its entrepreneurs.
“In just three years, our first 3,000 entrepreneurs have created tens of thousands of jobs and generated considerable wealth. On October 13 and 14, the global entrepreneurship community will gather in Lagos to build a New Africa, a thriving, self-reliant continent capable of replicating the results of our ground-breaking programme.”
The statement said the forum would feature plenary panels, masterclasses, sector-specific networking opportunities and policy-led forums focused on enabling African business growth.
TEF Chief Executive Officer, Parminder Vir, said, “This is the first year we have opened the forum up to include the full pan-African entrepreneurship ecosystem. In doing so, we are enabling African SME communities to come together and expand the possibilities for intra-African partnerships.”
According to the statement, speakers will include Wale Ayeni of the International Finance Corporation; Stephen Kauma, Afrexim Bank; Andre Hue, African Development Bank; Stephen Haykin, USAID Nigeria; Heikke Reugger, European Investment Bank; Abdoulaye Dieye, United Nations Development Programme.
Flour Mills of Nigeria Repays N51.64 Billion Series 2 Commercial Paper
Flour Mills of Nigeria Plc (FMN) has successfully repaid its N51.64 billion Series 2 Commercial Paper as revealed in a statement issued by the company.
This follows the earlier repayment of its N13.33 billion Series 1 Commercial Paper in August 2023.
Both the Series 1 and Series 2 Commercial Papers, totaling N64.97 billion, were initially issued on February 22, 2023, under FMN’s N200 billion Commercial Paper Programme.
The Series 1, with a yield of 13.0%, raised N13.3 billion, while the Series 2, with a yield of 14.0%, raised N51.64 billion.
FMN had launched its N200 billion Commercial Paper Programme on February 10, 2023, reflecting the company’s strategic financial planning.
The Group Chief Finance Officer, Mr. Anders Kristiansson, expressed satisfaction with the timely and successful repayment of the Series 2 Commercial Paper.
He emphasized FMN’s commitment to financial prudence and acknowledged the confidence placed in the organization by the investing public.
Kristiansson expressed gratitude to stakeholders for their continuous support, reiterating FMN’s dedication to delivering sustainable value and upholding the highest standards of corporate governance.
In addition to the successful repayment, FMN tapped into the market for its Series 3 Commercial Paper in June 2023, with subscriptions from banks and Pension Fund Administrators, contributing 39.7% and 40.8%, respectively.
The transaction was managed by FBNQuest Merchant Bank Limited as the Lead Arranger, with ChapelHill Denham Advisory Limited, FCMB Capital Limited, and United Capital PLC serving as Joint Arrangers.
African Airlines Projected to Cut Losses to $400m in 2024, Says IATA
The International Air Transport Association (IATA) has forecasted a reduction in losses for Nigerian and other African airlines from $500 million in 2023 to $400 million in 2024.
The Switzerland-based IATA made this projection while presenting the global airline industry outlook in Geneva, Switzerland, on Wednesday.
IATA’s Director-General, Willie Walsh, shared the outlook, stating that global airlines are expected to generate approximately $964 billion in revenue in the coming year.
The report indicated that airline industry net profits are anticipated to reach $25.7 billion in 2024, reflecting a slight improvement over the projected $23.3 billion net profit for 2023.
Despite the challenges faced by the aviation industry in recent years, IATA sees the $25.7 billion net profit in 2024 as a testament to aviation’s resilience.
Walsh acknowledged the impressive speed of recovery but emphasized that the net profit margin of 2.7% remains below industry expectations.
IATA estimates that around 4.7 billion people will travel in 2024, surpassing the pre-pandemic level of 4.5 billion recorded in 2019.
However, Walsh highlighted ongoing challenges, including regulatory burdens, fragmentation, high infrastructure costs, and a supply chain populated with uncertainties.
He emphasized the need for the industry to build a resilient future, given its significant contribution to global GDP and livelihoods.
Fuel prices are expected to average $113.8 per barrel in 2024, accounting for 31% of all operating costs, totaling $281 billion.
Walsh concluded by expressing optimism about more normal growth patterns for both passenger and cargo in the post-pandemic era.
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