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Venture Garden Launches Venture Garden Foundation

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Venture Garden Group - Investors King

Venture Garden Group (VGG), Africa’s first tech holding company building and scaling innovative, data-driven companies, launched its non-profit organisation Venture Garden Foundation (VGF) in a bid to support the underprivileged children in society.

As part of the launch, a chess tournament was held in conjunction with Chess in Slums, an impact initiative run by Chess in Slums Africa as the firm intends to power ambitious social impact initiatives.

Speaking at the launch recently, Cofounder VGG and Board of Trustee member VGF, Kunmi Demuren, said: “After 10 pioneering years of venture building and innovation across Africa through VGG, we have learned that one of the most effective ways to build the Africa we want is to focus on empowerment, whether it be social empowerment, community empowerment, youth empowerment, or women empowerment. VGF is our response to the urgent need to act now and bridge the social gap created by the gender discrimination and lack of opportunities that African youths face.

“Today, VGF has several initiatives it supports such as the Garden Women Network, TechStar Amazon, University hackathons and an Out of School Outreach Programme. Through the newly launched Talent Initiative, VGF will be powering the Chess in Slums with an administrative workspace and a location for hosting Chess in Slums tournaments at the Vibranium Valley. Garden Social Ventures (GSV) will also be working with CISA to design its strategy, team and implementation frameworks; and will leverage its experience to support CISA with fundraising alongside other advisory services”,  he added.

On his part, Convener of Chess in Slums Africa, Mr.Tunde Onakoya, added: “Today marked an incredible launch for VGF and their partnership with our organization. Chess in Slums is committed to 1million children over the next 5years, and with VGF’s support, we are reassured that we can advance on this mission. We look forward to working with VGF to create opportunities for disadvantaged youths across Africa.”

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Guinness Nigeria Postpones Spirits Importation Exit, Extends Deal with Diageo

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Guinness Nigeria Plc has announced a delay in its plan to halt the importation of spirits as it extended its agreement with multinational alcoholic beverage company Diageo until 2025.

The decision, communicated through a corporate notice filed with the Nigerian Exchange Limited on Tuesday, cited a longer-than-expected transition period for separating its business from Diageo’s.

Initially slated for discontinuation in April 2024, the importation of premium spirits like Johnnie Walker, Singleton, Baileys, and others under the 2016 sale and distribution agreement with Diageo will now continue for an additional year.

The extension comes as the process of business separation between Guinness Nigeria, a subsidiary of Diageo, and Diageo itself faces unexpected delays.

In October, Guinness Nigeria had announced plans to cease importing spirits from Diageo, a move aimed at reducing its foreign exchange requirements.

However, the separation process has encountered unforeseen hurdles, necessitating the extension of the importation agreement.

The notice, signed by the company’s Legal Director/Company Secretary, Abidemi Ademola, highlighted the ongoing efforts by Guinness Nigeria and Diageo to implement the separation, originally scheduled for completion by April 2024.

The extension underscores the complexity of disentangling the businesses and ensuring a smooth transition.

Guinness Nigeria reaffirmed its commitment to the long-term growth strategy, aligning with Diageo’s decision to establish a new, wholly-owned spirits-focused business.

Despite the delay, both companies remain dedicated to managing the importation and distribution of international premium spirits in West and Central Africa, with Nigeria as a key hub.

The postponement comes amid challenges faced by Guinness Nigeria, including significant exchange rate losses, which amounted to N49 billion in the 2023 half-year operations.

Despite these setbacks, the company remains optimistic about its future prospects in the Nigerian market.

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Apple’s Market Value Plummets Amid Regulatory Scrutiny on Both Sides of Atlantic

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Apple Inc. finds itself at the center of regulatory storms on both sides of the Atlantic, leading to a significant dip in its market value.

The tech giant is facing intense scrutiny from regulators with allegations of antitrust violations looming large.

In the United States, the Department of Justice, along with 16 state attorneys general, has filed a lawsuit against Apple, accusing the company of breaching antitrust laws.

This legal action has sent shockwaves through the investment community, resulting in a 4.1% drop in Apple’s shares on Thursday alone.

This decline wiped out approximately $113 billion in market value, increasing its year-to-date losses to 11%.

Once hailed as the world’s most valuable firm, Apple’s shares have underperformed major indices like the Nasdaq 100 and the S&P 500 in 2024.

Across the pond, European regulators are also eyeing Apple’s practices closely. The company faces potential probes into its compliance with the region’s Digital Markets Act.

This legislation empowers authorities to levy hefty fines, up to 10% of a company’s total annual worldwide revenue, for violations.

With investigations looming, Apple’s future in the European market appears uncertain.

Despite Apple’s staunch defense against the allegations, investors remain jittery about the implications of regulatory actions.

The company’s legal battles have underscored broader concerns about its dominance in the digital marketplace and the impact on competition.

As the regulatory saga unfolds, Apple must navigate turbulent waters, balancing legal challenges with its commitment to innovation and market leadership.

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NNPC Gears Up for Public Listing, Embraces Full Commercialization

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The Nigerian National Petroleum Company Limited (NNPC) is poised for a transformation as it sets its sights on a public listing.

The announcement came from Mele Kyari, the Group Chief Executive Officer of NNPC, during his address at the ongoing 2024 CERAWEEK in Houston, United States.

Kyari affirmed NNPC’s commitment to aligning with the provisions of the Petroleum Industry Act (PIA), which mandates the company to become a quoted entity.

This move, he emphasized, is a pivotal step towards realizing the objectives outlined in the PIA, ensuring transparency, efficiency, and profitability in the Nigerian oil and gas sector.

In his remarks, Kyari highlighted the transformative journey NNPC has undergone, transitioning from a government-owned corporation to a commercially-oriented and profit-driven entity.

He emphasized that the company has evolved into a full limited liability company, capable of generating dividends for its shareholders while adhering to tax and royalty obligations.

Furthermore, Kyari underscored the strategic importance of NNPC to Nigeria’s resource management and economic development, emphasizing its pivotal role in the country’s energy sector.

The planned public listing of NNPC shares is anticipated to democratize ownership and enhance transparency within the company’s operations.

Kyari noted that the process is in line with the legal framework established by the PIA and is expected to commence within the stipulated timeline.

NNPC’s bold move towards commercialization signifies a paradigm shift in Nigeria’s oil and gas industry, promising increased accountability, efficiency, and value creation for stakeholders.

As the company embraces this new era, it aims to consolidate its position as a key player in the global energy landscape while driving sustainable growth and development domestically.

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