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Business News

King Baudouin Foundation awards Wecyclers N81m to expand in Nigeria

The African Development Prize will allow Wecyclers to upscale its model and increase footprint.

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Wecyclers wins African Development Prize, King Baudouin Foundation, Belgium King, Lagos State Parks and Gardens Agency, Waste Management

Lagos-based waste management startup, Wecyclers, has won the King Baudouin Foundation’s African Development Prize.

Wecyclers was awarded the sum of N81 million (€200,000), which gives them the needed capital support for the expansion of their business.

Why Wecyclers won the Prize: Out of 244 applications received by the foundation, Wecyclers was chosen as the most  for its role in community development.

The award ceremony will be held on June 12, 2019, in the presence of King Philippe and Queen Mathilde of Belgium at the Royal Palace in Brussels, Belgium.

“We are proud to recognise Wecyclers for their very effective model… The independent Selection committee selected the enterprise out of 244 applications for its innovative approach to engaging the community, turning recycling into an economic driver for communities and turning citizens into agents of change.” said, Hervé Lisoir from the King Baudouin Foundation.”

A quick look at opportunities the Award avails Wecyclers

  • The African Development Prize will allow Wecyclers to upscale their model and increase their footprint.
  • The Prize also provides access to a wide network of stakeholders in Europe and the US, who may support them as they grow

Wecyclers’ portfolio

The company currently has more than 17,000 subscribers in seven localities in Lagos. The Start-up registers around 200 new members each month. Wecyclers has also created 200 jobs in 7-years, with a focus on women, who currently account for 60% of their workforce. With current growth projections, Wecyclers aim to collect 5,000 tons of recyclables by 2020 and could be serving 500,000 households by 2023.

The company’s growth began under the leadership of Bilikiss Adebiyi-Abiola, the co-founder of Wecyclers, who has since been appointed as the Managing Director of the Lagos State Parks and Gardens Agency (LASPARK) in 2018.

The company is based in the State which is likely to become the biggest city in the world by 2100, as Africa is projected to account for 5 out of the 10 biggest cities in the world by 2100. Today, Lagos residents generate 15,000 tons of waste per day, of which only 40% is collected by the Government.

And with the gap left in the collation of waste in Lagos State, the country holds enormous revenue for Wecyclers, because the company is designed to help fill this gap and reduce solid waste in the streets of Lagos, improving both the environment and the well-being of populations.

Deal book 300 x 250

How Wecyclers work: The waste company utilises low and high technology solutions that comprise SMS technology and a mobile application, as well as low-cost collection vehicles, which collect recyclable waste directly from households to sell to recycling plants before being made into new products.

“Giving back to the community is in the DNA of Wecyclers. We want to expand our business to other neighbourhoods. In the midterm, we want to be big enough to build our own recycling plant.

“Growing more for Wecyclers, means being able to give back even more to the community,” said Olawale Adebiyi, CEO of Wecyclers.”

Some notable backers of Wecyclers includes Tony Elumelu Foundation and Unilever, with whom Wecyclers recently launched “kiosks” in places where there are no collection routes.

Olalekan is a certified media practitioner from the Nigerian Institute of Journalism (NIJ). In the era of media convergence, Olalekan is a valuable asset, with ability to curate and broadcast news. His zeal to write was developed out of passion to shape people’s thought and opinion; serving as a guideline for their daily lives. Contact for tips: [email protected]

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Stock Market

Bamboo’s current rate for buying U.S Stocks weakens to N492/$1

Bamboo is currently offering its users a premium of more than 20% compared to the official exchange rate.

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The fast-rising Nigerian stock broking application, Bamboo, is currently offering an exchange rate of N492 to the dollar.

About two weeks ago,  the Nigerian stock trading app offered an exchange rate of about N484 to $1.

The green-coloured trading app known for allowing local-based Nigerians invest in stocks listed on the world’s biggest stock market (New York Stock Exchange and NASDAQ) is currently offering its users a premium of more than 20% compared to the official exchange rate set by the Nigerian apex bank.

READ: Nigerian Bitcoin P2P surges by 15% since CBN Crypto ban

That being said, other leading fintech platforms reviewed by Nairametrics also presently offer exuberant rates as high as about N519 to a dollar, thereby adding more transaction costs on a significant number of Nigerians hoping to trade such financial assets.

A growing number of Nigerians are currently increasing their exposure to the U.S stock market taking to the current bearish trend that is being witnessed in the Nigerian Equity market and growing urge in hedging against the weakening local currency.

READ: Many Nigerians are trooping into foreign stock markets

Bamboo: It is an investment platform that gives Africans real-time access to invest in or trade over 3,500 stocks listed on the American and Nigerian exchanges right from their smartphones or personal computer.

In partnership with US-based Drive Wealth LLC, Bamboo provides seamless, secure access to US and Nigerian securities.

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Obituaries

Supreme Court Judge, Sylvester Ngwuta reported dead

Justice Sylvester Ngwuta, has been reported dead.

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A Supreme Court Judge, Justice Sylvester Ngwuta, has been reported dead.

He was said to have died in the early morning of Sunday, March 7, 2021, in his sleep at his official residence in Abuja at almost 70 years.

According to a report from the News Agency of Nigeria (NAN), Justice Ngwuta who is from Amofia-Ukawu, Onicha Local Government Area of Ebonyi State, was said to be getting set for his retirement from the Supreme Court on March 30, 2021, upon attainment of the mandatory retirement age.

READ ALSO: The Supreme Court never ordered AMCON to pay Bi-Courtney N132bn

What you should know

  • It can be recalled that Justice Ngwuta was arraigned before the Federal High Court in Abuja in 2017 over money laundering and passport charges after large sums of money were discovered in his residence following a raid by security officials
  • He started his private legal practice at Abakaliki in July 1978 to October 1995, from where he was appointed a judge of the High Court Abia in October 1995 and then promoted to the Court of Appeal on May 22, 2003, was finally sworn-in as Justice of the Supreme Court of Nigeria in May 2011.
  • He was the chairman of a judicial panel of inquiry into the Obegu Enyibichirikwo Disturbance 1997-1998 and has been a member of several Election Petition Tribunal, Governship and legislative House Election Petition Tribunal; Nasarawa State held at Lafia in February 1999, National Assembly Election Petition Tribunal Plateau State held at Jos in April 1999, among others.

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