Tech-giant, Google, has launched the Google Impact Challenge (GIC) Nigeria 2018.
The Google Country Marketing Manager, Affiong Osuchukwu, said the initiative will see Google offer $2 million worth of grant to non-profits in the country that are innovating by using technology to reach their goals.
She further revealed that four non-profits stand to win $250,000 each, while eight runners-up will get $125,000 each.
Speaking at the announcement on Wednesday, Osuchukwu said the goal of the challenge was to solve some of the continent pressing challenges.
In her words:
“This is the first time we are running a GIC in Africa. Many African non-profits are doing great work with real impact, and we are keen to shine a light on them and give a financial boost to innovative projects and ideas.”
Osuchukwu said that winners would be decided by a panel of local judges and a public vote.
The panel of judges include the
- Chief Executive Officer (CEO) of Channels Media Group, Mr. John Momoh
- CEO, Zinox Technologies, Mr. Leo Stan Ekeh
- Ex-international footballer and founder of the Kanu Heart Foundation, Kanu Nwankwo
- Philanthropist and Executive Director of Nigeria Network of NGOs, Oluseyi Oyebisi,
- Philanthropist and Media entrepreneur, Mo Abudu
- Managing General Partner, EchoVC Partners, Eghosa Omoigu
- Google Country Director, Juliet Ehimuan-Chiazor
She said that the winning non-profits would also have free access to guidance, technical assistance, and mentorship from Google.
To be eligible such organizations must
- Be registered as a non-profit in their country of operation.
- Have community impact.
- Be innovative.
- Have the potential to scale directly or to serve as a model for other communities.
- Be feasible; have a well-thought-out plan and well-equipped team to execute
How to apply
The application portal will be open until July 4, 2018, after which local judges selection and public voting will take place over the following four months. The final winner selection/award ceremonies will be held during the week of November 26th in Lagos.
Nigerian Content Intervention Fund increased to US$350 million
The fund expansion was one of the decisions taken at the board’s recent meeting.
The governing council of the Nigerian Content Development and Monitoring Board (NCMB) announced on Sunday that it has approved a $150 million expansion of the Nigerian Content Intervention Fund, raising it from $200 million to $350 million.
Nigerian Content Intervention Fund Increased to US$350M
The Governing Council of the Nigerian Content Development and Monitoring Board (NCDMB) has approved the expansion of the Nigerian Content Intervention Fund from US$200 million to US$350 million.@NigeriaGov pic.twitter.com/Y0TtDzwALq
— NCDMB (@OfficialNCDMB) July 5, 2020
The fund expansion was one of the decisions taken at the board’s recent meeting on June 16, 2020, chaired by Minister of State for Petroleum Resources, H.E. Chief Timipre Sylva, who is also the Chairman of the Council.
The board said that $100 million from the additional fund would be used to boost five existing loan products, which include manufacturing in the oil and gas industry, asset acquisition of rigs, marine vessels, contract financing for Nigerian oil service providers, contract financing for oil and gas community contractors, and loan refinancing with Nigerian banks.
The council also announced that $20 million and $30 million would be used for 2 newly developed loan product types (the Intervention Fund for Women in Oil & Gas and PETAN Products) which include Working Capital loans and Capacity Building loans for PETAN member companies.
Started in 2017, the Nigerian content Intervention fund was developed as a $200 Million fund managed by the Bank of Industry, to facilitate on-lending to qualified stakeholders in the Nigerian oil and gas industry on five loan product types.
The NCI Fund is a portion of the Nigerian Content Development Fund (NCDF), aggregated from the one percent deduction from the value of contracts executed in the upstream sector of the oil and gas industry.
According to the NCMB, “About 94 percent of the NCI Funds has been disbursed to 27 beneficiaries as at May 2020.”
Seplat gives notice of board meeting, to consider Q2 financial result
The notification is in conformity with the rules of the Nigerian bourse on the obligations of the issuer.
The indigenous oil and gas firm, Seplat Petroleum Development Company Plc has given notice of its board of director meeting which has been scheduled for Tuesday, July 28, 2020 through a teleconference in Lagos between 10 am and 3 pm.
This was disclosed in a notification that was sent to the Nigerian Stock Exchange (NSE) on July 3, 2020 and signed by the oil firm’s Company Secretary, Edith Onwuchekwa.
The notification is in conformity with the rules of the Nigerian bourse on the obligations of the issuer, in this case, Seplat, to notify the Exchange at least 14 days ahead of the due date and time when the board of directors hopes to meet to discuss its financial results.
The notification from Seplat states, ‘’In line with the rules of the NSE on the obligation of the Issuer to notify the Exchange at least 14 days in advance, in respect of the date and time when the board of directors will meet to discuss its Q2 2020 Financial Results, we wish to state the meeting details as follows,’’
‘’Date: Tuesday 28th July 2020, Venue: Via Teleconference, Lagos, Time: 10.00am – 3.00pm’’
Seplat, in its statement, also said they were going to notify the Exchange of the details of the Board’s decision on the 2020 second-quarter financial results immediately after the meeting as required by the rules.
Nairametrics had earlier reported that following the global oil crisis triggered by the coronavirus pandemic, the oil and gas firm, in its released financial statement, announced that revenue declined from $159.5 million in Q1 2019 to $130.5 million in Q1 2020. That represented an 18.2% drop.
The gross profit dropped from $81.4 million in Q1 2019 to $33.1 million in Q1 2020. This shows a drop of 59.3%. The profit before deferred tax showed a loss of $105.8 million in Q1 2020 as against the profit before deferred tax of $35.8 million that was achieved in Q1 2019. This represented a huge drop of 395.5%.
The company’s CEO, Austin Avuru, said that as part of its strategy, Seplat was shifting focus to its gas business which is less exposed to the oil price drop which is currently ravaging the upstream sector.
The current share price of Seplat on the Nigerian Stock Exchange is N386 per share as at July 3, 2020.
Microsoft plans to train 25 million workers for free in 2020
A number of organizations, over the past few months have come up with similar training programs.
Microsoft Corp aims to provide free online classes and resources for job-hunting to 25 million people by the end of 2020 as a way to mitigate the impact of the COVID-19 pandemic. The classes are going to be held on LinkedIn and GitHub online platforms and are expected to teach 10 highly demanded jobs.
The training is available to workers across the globe and it is geared towards teaching digital skills. The pandemic, having created a more technology-dependent face of work, and Microsoft is on a quest to aid the development of digital skills ranging from data analysis, digital marketing, and help-desk services.
Microsoft, leveraging data from its LinkedIn business, chose 10 job roles as a result of the growing demand for them as well as their potential to provide opportunities for a wide range of people – including those without college degrees.
Brad Smith, Microsoft’s president, called it “the largest skills initiative” explaining that Automation and artificial intelligence are changing the skills required for probably every occupation; hence, workers without digital skills will fall further and further behind.
“Everything we envisioned when 2020 began has accelerated more quickly than we imagined. Even when COVID-19 is in the rearview mirror, equipping individuals with work skills will remain an extremely important priority for companies like us and for the economy as a whole.”
Skills training in recent years has moved increasingly online, as providers of online classes like LinkedIn Learning, Coursera and others have emerged, offering ease and affordability compared to traditional education options.
A number of organizations, over the past few months have come up with similar training programs. Just last month, Bank of America noted that job training and career reskilling would be one of its four focus areas for $1 billion in funding for economic-opportunity initiatives over the next four years. In the same month, Walmart Foundation had also donated $6 million to Jobs for the Future, a nonprofit organization focused on identifying and scaling successful workforce-development programs.
Microsoft will give users access to LinkedIn content for “learning paths” relating to the 10 jobs until the end of 2020. Its commitment also includes $20 million in grants to organizations that will support individuals using the free resources, as well as $5 million to companies that cater to the needs of communities of color.