Google News Initiative, GNI has called for applications for its 2022 Innovation Challenge edition for the Middle East, Turkey and Africa.
GNI made the call on its official website whereby applicants would register through.
Investors King reports that the GNI Innovation Challenge is a global programme that empowers news organizations from around the world to demonstrate new thinking in digital journalism.
Innovative projects are to be submitted by applicants and incorporated news organisations based in eligible countries of the Middle East, Turkey and Africa.
Meanwhile, interested unincorporated organisations must be registered in the aforementioned regions or, if unregistered, have their principal place of business there.
Investors King gathered that the application window which opened on 22 February 22, 2022 will close on Tuesday, April 5, 2022 at 23:59 GMT.
Google News Initiative noted that only online applications in English or French languages will be considered.
Further application requirements for the GNI innovation challenge include: provision of descriptions, budget information by applicants and a slidedeck via GNI online application form.
“All ideas are welcome but we require all projects to have clear indicators showing the potential impact of the project from a user perspective and/or from a business perspective. Selected projects will also need to be delivered within one year.
“We encourage innovative projects focused on, but not limited to these areas: Ways to increase reader engagement and/or reader revenue; Developing and diversifying business models; New methods of distribution; Combating misinformation; Increasing trust in journalism; Reaching new audiences; Improving the efficiency of workflows and Exploring new technologies.
“We encourage applicants to clearly underline the potential opportunities of the project by providing clear indicators (eg: audience metrics, subscriptions growth or financial expected impact etc),” the application guidelines read.
However, innovation, impact on the news ecosystem, feasibility, diversity and inspiration were listed as the five main criterias to be used for the evaluation of the submitted projects.
Details on the project funding states that, “Google will fund up to $150,000 for the selected projects. Out of the total project budget, Google will finance up to 70% while the remaining at least 30% must be provided by the applicant. The self-funded portion may include operational costs.
“Eligible expenses include personnel costs, engineering costs and the purchase or licensing of any equipment, tools, hardware, software and other assets or materials needed for the project. Marketing expenses should not exceed 20% of the total amount of Google funding requested. Editorial expenses are not part of the eligible costs and will not be covered. Funding may not be spent on general and overhead costs.”
Otedola Moves to Sell Part of Geregu Power Plc to FEDA
Afreximbank to acquire part of Geregu Power plant
Billionaire Femi Otedola-owned energy company, Geregu Power Plc is in talks with the Fund for Export Development in Africa (FEDA) for the acquisition of part of the energy company.
The company stated in a statement signed by Akinleye Olagbende, Company Secretary and made available on the Nigerian Exchange Limited (NGX).
Geregu Power hereby notifies “Nigerian Exchange Limited (the Exchange) and the investing public of its discussions with the Fund for Export Development in Africa (FEDA) for the acquisition of a portion of Geregu Power Plc shares. FEDA is the impact development arm of the Africa Export and Import Bank (Afreximbank),” the company stated.
According to the energy firm, talks are presently ongoing and “where these talks progress to a more advanced stage, the company will notify the Exchange and the investing public in line with the rules of the Exchange.”
In October, Geregu Power listed 2.5 billion shares at N100 a unit on the Main Board of the NGX. This puts the company’s market value at N250 billion and also in a better position it to raise capital to bid for Geregu II as it is presently doing.
Speaking on the listing, the Chairman, Board of Directors, Mr. Femi Otedola, CON, said “the listing of the company was the actualization of a vision to bring world-class standards in governance sustainability, and business processes to the Company and the Nigerian electricity sector.”
He added that “listing on the Main Board of the Exchange will ensure that the long-term growth of the company is assured and its benefits will be passed on to our esteemed shareholders”.
Otedola is the largest shareholder in FirstBank and also holds a 99% stake in Amperion Power, the owner of the Geregu Power Plant.
Access Bank Acquires Indirect Stake in Sigma Pensions
Access Holdings on Friday announced it has completed the acquisition of an indirect equity stake in Sigma and the merger of its subsidiary, First Guarantee Pension Limited (FGPL) with Sigma.
According to the bank, following the sanction of the Scheme of Merger between Sigma and FGPL by the Federal High Court on December 1, 2022, FGPL has been dissolved without winding up leaving Sigma as the surviving entity, according to Access Holdings.
Commenting on the transaction, Dr Herbert Wigwe, Group Chief Executive of the Corporation, said “Following the successful completion of the merger, our plan is to leverage the synergies of these entities, as well as the Corporation’s expansive distribution network, strong risk management culture and best-in-class governance standards to create a formidable pension funds administration business.”
Dangote Group Dismisses Rumours of Plan to Rise Cement Price
Dangote Cement says no price increase
Africa’s leading cement producer, Dangote Cement Plc has dismissed the rumor that it plans to increase the price of its products.
The clarification became necessary following a recent publication that Dangote Cement plans a fresh increase.
Recently, there has been some publication (Not Investors King) about a potential increase in the price of cement. The publications noted that the increase will be a result of the high cost of fuel among other prevailing issues.
According to the Senior Manager, branding and communication, Dangote Industries Limited, Mr Sunday Esan, “Dangote Cement is not embarking on a price increase”, stating that the increase is mere speculation.
Meanwhile, Dangote Cement in the third quarter of 2022, recorded an increase in the overall volume of cement sales by 6.2 percent to 20.8 metric tons in the third quarter of 2022.
According to the company’s Chief Executive Officer, Michel Puchercos, this was achieved, despite the elevated inflation caused by a very volatile global environment.
Similarly, while speaking on the increase in the price of fuel, Puchercos said “to mitigate the impact of the significant increase in energy and AGO costs, we are strengthening our efforts to ramp up the usage of alternative fuels”.
“We are on track to commission our Alternative Fuel feed system at Obajana lines I and V, and Ibese line II in November. In addition, we are ramping up our investment in Compressed Natural Gas (CNG), to reduce our AGO usage,” he added.
Investors King understands that Dangote Cement is Africa’s leading cement producer with nearly 51.6Mta capacity across Africa. Although it has a few competitors which include BUA Cement, the company supplies most parts of Nigeria.
In addition, Dangote Cement has operations in 10 African countries.
Its production plant in Obajana, Kogi state, is the largest in Africa with 16.25Mta of capacity across five lines while the Ibese plant in Ogun state has four cement lines with a combined installed capacity of 12Mta.
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