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Ghanaian Entrepreneur Launches €100 m Impact Fund to Invest in Africa’s Creative Industries

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Roberta Annan - Investors King

Ghanaian businesswoman and entrepreneur Roberta Annan earlier this week launched a €100 million fund to channel investment into small and medium African creative and fashion enterprises. The Impact Fund for African Creatives (IFFAC), will award grants of up to €50,000 to selected projects to accelerate development of the continent’s creative sector.

The fund was launched at a ceremony held on Monday 4 October, 2021, during Paris Fashion week, and was attended by fashion industry experts.  Chinelo Anohu, Senior Director of the Africa Investment Forum also attended. The African Investment Forum, a flagship initiative of the African Development Bank, aims to channel investment into Africa.

Annan, who also founded the African Fashion Foundation, said that, in addition to grants, IFFAC will make a further €250,000- €2 million in venture capital available to African entrepreneurs who complete its skills-building program. “I have encountered so much incredible talent all over the continent, such originality and innovation,” said Annan. “But I have also noticed a lack of management skills, infrastructure, and start-up capital necessary to scale these creative businesses. This is the motivation behind IFFAC.”

Anohu said the Africa Investment Forum has been in talks with IFFAC as it curates projects that will feature at its upcoming AIF 2021 Market Days to be held in Abidjan, Cote d’Ivoire, from December 1-3.

“I applaud IFFAC for its plans to bring early-stage capital deployment, along with a structured program of training and mentorship to artists and entrepreneurs like Nigerian designer Kenneth Ize,” said Anohu. “For all those investors in this room, who believe, like I do, in the potential for commercializing the exports of Africa’s creative genius, I invite you to contact the Africa Investment Forum.”

Ize, a beneficiary of the Impact Fund program, also attended the launch, after last week becoming the first African to open Paris Fashion Week.

Africa’s creative industry is an increasingly important part of the investment mix for the future of the African economy;  The Forum’s 2021 Market Days will showcase creative and cultural-sector deals from around the continent, including in film and television, as well as women-led projects, among other sectors.

While in Paris, Anohu also met European investors, including institutional investors, that are actively interested in Africa’s creative industry, as well as other key priority sectors under the Forum’s Unified Covid-19 response pillars. These sectors include technology, renewable energy and agro processing.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Appointments

UBA Appoints New Group Managing Director, Executive Board Members

United Bank for Africa appointed Oliver Alawuba to oversee the bank’s operations across 20 African countries, including the United Kingdom, the United States, France, and the United Arab Emirates.

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Oliver Alawuba - Investors King

United Bank for Africa, a leading financial institution in Nigeria, has appointed Oliver Alawuba as Group Managing Director to oversee the bank’s operations across 20 African countries, including the United Kingdom, the United States, France, and the United Arab Emirates.

The bank that was just licensed to operate in the United Arab Emirates disclosed in a press release signed by Bili A. Odum, Group Company Secretary.

Mr. Alawuba is expected to resume his new position on August 1, 2022, subject to approval by the Central Bank of Nigeria.

Oliver Alawuba joined UBA in 1997 and has held a series of senior positions, including as the CEO of UBA Ghana, the CEO of UBA, Africa and most recently, as Group Deputy Managing Director.

UBA Group Chairman, Tony Elumelu, stated ‘I am very pleased to announce Oliver Alawuba as the new Group Managing Director of the UBA Group. Oliver has extensive experience in Nigeria and our African network and is well equipped to advance our pan-African and global strategy.

I have no doubt that Oliver will build on the legacy of Kennedy Uzoka, who has exemplified transformational leadership by championing a customer-first philosophy; launching our twentieth operation in Africa, UBA Mali; acquiring a wholesale banking licence for UBA UK in the United Kingdom; and opening our fourth global operation, UBA Dubai, in the United Arab Emirates”.

Oliver Alawuba expressed his commitment to his new role as Group Managing Director saying “I am grateful for the opportunity to lead this great institution and would like to thank the UBA Group Chairman and the members of the Board of Directors for the confidence they have put in me to deliver the mandate.”

Other executive appointments are:

  • Ms. Sola Yomi-Ajayi, Executive Director, Treasury and International Banking. Sola has been with the Group since 2004 and has considerable international experience, culminating in her appointment as CEO of UBA America.
  • Mr. Ugochukwu Nwagodoh, Executive Director, Finance and Risk Management. Ugo joined the Group from PwC in October 2004. He has since held a series of significant roles in the areas of performance management, compliance, financial control and reporting.
  • Mr. Alex Alozie, Executive Director and Group Chief Operating Officer, who joined the Group in 2019 and has driven the Group’s digital transformation and operational efficiencies.
  • Ms. Emem Usoro, Executive Director, North Bank. Emem joined the Group in 2011 and has served in a series of senior regional appointments across Nigeria, covering the retail, corporate and public sectors.

The appointments as after the following executive directors retired: Mr. Kennedy Uzoka, Mr. Uche Ike, Mr. Chukwuma Nweke, Mr. Ibrahim Puri and Mr. Chiugo Ndubisi.

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Nigerian Breweries Announces 142.8% Jump in Profit in H1 2022

Nigerian Breweries Plc on Friday reported a whopping 142.8% jump in profit after tax realised in the first half (H1) of 2022.

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Nigerian Breweries - Investors King

Nigerian Breweries Plc on Friday reported a whopping 142.8% jump in profit after tax realised in the first half (H1) of 2022.

In the company’s unaudited financial statement obtained by Investors King, revenue grew by 31% from N209.031 billion recorded in the first half of 2021 to N274.085 billion in the period under review.

Cost of sales stood at N155.349 billion, an increase of 18.3% from N131.340 billion filed in the corresponding period of 2021.

Gross profit rose by 52.4% from N77.917 billion in H1 2021 to N118.736 billion in H1 2022 while marketing, distribution and administration expenses surged by 44.8 percent to N84.896 billion from N58.628 billion.

Results from operating activities expanded by 79.9% to N35.840 billion, up from N19.917 billion achieved in H1 2021.

Nigerian Breweries grew profit before tax to N25.697 billion in the period under review from N11.940 billion filed in H1 2021.

The company paid N6.954 billion in income tax to post N18.743 billion profit after tax. This represents an increase of N142.8% growth from N7.858 billion recorded in H1 2021.

In a press release signed by Uaboi G. Agbebaku, Esq., Company Secretary, Nigerian Breweries said profitability was driven by the company’s pricing strategy and better mix.

However, the increase in the cost of sales was attributed to the recent surge in commodity prices due to internal and external factors.

“The increase in operating profit and profit after tax was driven mainly by top line growth resulting from our pricing strategy and better mix. Increase in cost of sales was due to rise in commodity prices. Marketing, distribution and administration expenses were driven by the increase in commercial activities, rising diesel prices and higher wages arising from collective labour agreements,” the company stated.

“Although interest expenses were lower, the net finance cost was higher due to foreign exchange losses arising from a higher cost of meeting foreign obligations to overseas partners.

“Our business continues to build momentum and deliver consistent profitable growth even in the context of a very challenging operating environment. Our best-in-class portfolio of brands provides a unique platform that positions us well to lead and grow the beer and malt category and drive superior long-term value creation.”

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Appointments

Ellah Lakes Appoints Paul Farrer as Deputy Managing Director

Ellah Lakes Plc has appointed Mr. Paul Farrer as its new Deputy Managing Director to oversee the company’s operational growth and development.

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Ellah Lakes

Ellah Lakes Plc has appointed Mr. Paul Farrer as its new Deputy Managing Director to oversee the company’s operational growth and development.

Ellah Lakes announced in a statement signed by Olumoroti Alli, a staff of OAKE Legal, ( the Company Secretary).

Prior to his appointment, Paul Farrer was the Country Manager for Innscor International, then the Group Executive Director & Chief Operating Officer of Food Concepts Plc.

His last Seven (7) Years in Nigerian Private Sector have been spent as the CEO of Nascon Allied Industries PLC, leading a team of over 600 staff. NASCON Allied Industries Plc. is also listed on Nigerian Exchange Limited.

Mr. Farrer will be responsible for the operational growth and development of the Company, and the expansion of the Ellah Lakes Staple Crop Processing Zones (SCPZ’s) strategy across Nigeria.

Commenting on the appointment, the Chief Executive Officer, Chuka Mordi said “We are very happy and excited about the extremely valuable addition of Paul to the team. He has a proven track record both internationally and in Nigeria”.

“We have set ambitious growth targets for Ellah Lakes Plc, and Paul Farrer possesses the wealth of experience required to develop companies in the challenging Nigerian environment. We are very glad to welcome him on board to strengthen the Ellah Lakes Executive team”.

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