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Business News

UNDP to partner with Tony Elumelu Foundation to support youths in Africa

This year, the United Nations Development Programme (UNDP) is partnering with the Foundation to provide entrepreneurship support for youths in the Sahel region of Africa.

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UBA’s Tony Elumelu, Wizkid

Youths are known for strength, creativity, and curiosity, especially in the areas of information and entrepreneurship. This is why any serious country that has a sense of direction must invest massively in its youths. In the case where a country fails to do this, or it is not doing enough, influential personalities usually rise up to the occasion. In Nigeria and Africa at large, Tony Elumelu, the chairman of United Bank for Africa (UBA) and Heirs Holdings has been this doing since 2010, through his foundation, the Tony Elumelu Foundation.

The Foundation has been supporting youths in Africa by providing them with funds to enable them achieve their dreams, as it believes that with the right support, entrepreneurs can be empowered to contribute meaningfully to the prosperity and the social development of the continent.

UNPD Partnership: This year, the United Nations Development Programme (UNDP) is partnering with the Foundation to provide entrepreneurship support for youths in the Sahel region of Africa. Its mission is to support additional 100,000 entrepreneurs from the region, which includes Northern Nigeria, Niger, Chad, Cameroun, Mauritania, Mali, and Burkina Faso.

Tony Elumelu entrepreneurship programme

Tony Elumelu entrepreneurship programme

[READ ALSO: Nigeria’s economy on track, says Tony Elumelu]

Reason for this: Since most people from these parts of the world are perceived as disadvantaged and deprived, the goal is to provide extra support to young people from there.

Benefits of the partnership: According to reports, about 10million jobs will be created from this partnership and about $10billion will be contributed to the African economy.

Background story: Nairametrics earlier reported what inspired the founder, Tony Elumelu to establish the foundation. According to him, being born an African and witnessing the poverty that resonates with many African people pushed him to help individuals attain a poverty-free life.

In an interview, Mr. Elumelu noted that the Foundation since its establishment in 2010, has participated in supporting more than 7000 entrepreneurs in Africa during the last 5 years and aims to support more entrepreneurs in Africa soon. In 2012, Elumelu was recognized as one of “Africa’s 20 Most Powerful People” by Forbes magazine.

[ALSO READ: Heirs Holdings Signs $600 million Facility Deal with Afrexim Bank, to scale its Energy Investments.]

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Corporate Press Releases

Peter Obaseki retires as Chief Operating Officer of FCMB Group Plc

Mr Peter Obaseki, the Chief Operating Officer of FCMB Group has retired from the financial institution.

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The Board of Directors of FCMB Group Plc has announced the retirement of Mr. Peter Obaseki, the Chief Operating Officer of the financial institution, with effect from March 1, 2021. He was also an Executive Director of the Group.

His retirement was approved at a meeting of the Board of the Group on February 26, 2021. This has also been announced in a statement to the Nigerian Stock Exchange (NSE) by the financial institution.

The Chairman of FCMB Group Plc’s Board of Directors, Mr Oladipupo Jadesimi, thanked Mr. Obaseki for his valuable service and excellent support to the Board for many years.

FCMB Group Plc is a holding company divided along three business Groups; Commercial and Retail Banking (First City Monument Bank Limited, Credit Direct Limited, FCMB (UK) Limited and FCMB Microfinance Bank Limited); Investment Banking (FCMB Capital Markets Limited and CSL Stockbrokers Limited); as well as Asset & Wealth Management (FCMB Pensions Limited, FCMB Asset Management Limited and FCMB Trustees Limited).

The Group and its subsidiaries are leaders in their respective segments with strong fundamentals.

For more information about FCMB Group Plc, please visit www.fcmbgroup.com.

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Tech News

Deezer accepts payment in Naira amid stiff competitions with Spotify, Youtube music, Apple music.

Deezer has gained quite a reputation in Nigeria, as it slashes its subscription fee and now accepts payment in Naira.

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Deezer slashes subscription fee and now accepts payment in Naira amid stiff competitions with Spotify, Youtube music, Apple music.

Deezer, the French music streaming platform that has gained quite a reputation in Nigeria has slashed its subscription fee and now accepts payment in Naira.

This is coming a few weeks after Spotify launched in Nigeria and 38 other new markets in Africa.

The competition in the Nigerian music streaming space is getting hotter by the day. More music streaming platforms are entering the Nigerian market with better payment methods and cheaper pricing, thereby forcing existing players to slash their prices so as to hold on to their customer base

Launched in 2007, Deezer currently connects over 16 million monthly active users around the world to 73 million tracks.

Before now, Deezer’s subscription was rated at $4.99 (₦1,800) for premium customers and the family plan for ₦2,700.

This number has been slashed in half. The music platform now charges ₦900 ($2.36) for Deezer Premium, ₦1,400 for Deezer HiFi and ₦1,400 ($3.67) for Deezer Family Plan.

Other streaming players in Nigeria like Apple Music, Spotify, Youtube music, Boom Play, Audiomack and Soundcloud have also slashed their prices.

For YouTube Music, the monthly individual subscription costs ₦900 while a family plan costs ₦1400 ($3.67).

Spotify Premium cost ₦900 per month in Nigeria. The Premium Family plan goes for ₦1,400 for up to 6 family members.

Apple music charges ₦450 per month for students, ₦900 per month for Individual plan while the Family plan goes for ₦1,400 for up to 6 family members.

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