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Japan grants $9.4 million to Nigeria for the provision of medical equipment

The Federal Government has received a grant of $9.4 million from the Government of Japan.

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Nigeria signs €70 million economy pact with Germany m Nigeria borrows fresh €500m from Credit Suisse, others, to finance industrialization , FG crafts ten-year economic plan to replace ERGP 

The Japanese government has extended grant assistance of 1 billion Yen ($9.4 million) for the provision of medical equipment to the Nigerian government.

This was disclosed in a signing agreement between the Japanese Ambassador to Nigeria, Mr. Kikuta Yutaka, and the Minister of State for Budget and National Planning, Mr. Clem Agba on Wednesday.

READ: Facebook to invest $100 million in media houses as coronavirus crashes their revenue

READ: Netflix moves against Showmaxx, introduces cheaper mobile only subscription in Nigeria, Africa

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The FG says the assistance will contribute to the strengthening of the Nigerian medical sector during the pandemic through the provision of equipment such as ambulances and CT scanners.

READ: NSE’s only listed mining firm to put $100 million to work 

This is the second medial grant to Nigeria since Nairametrics reported in August that the World Bank approved the sum of $114 million to assist Nigeria in its fight against the coronavirus pandemic. The fund comes in the form of a $100 million credit facility from the International Development Association (IDA) and $14 million grant from the Pandemic Emergency Financing Facility.

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Corporate Press Releases

Tingo lauds shareholders, says organisation aiming to capture global market

Tingo offers mobile, health, financial and agricultural solutions through four subsidiaries.

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A leading technology firm, Tingo International has attributed its growth to support it received from shareholders, adding that the group is at the verge of global history.

Tingo, a technology company operating in the US, UK and Nigeria, offers mobile, health, financial and agricultural solutions through four subsidiaries.

Founded 19 years ago, Tingo is primarily aiming at addressing poverty in Africa and providing solutions tailored towards global goals, especially the Sustainable Development Goals (SGDs) one, which considers an end to poverty, goal two on zero hunger, goal three, which focuses on good health and wellbeing as well as goal nine, which is on industry, innovation and infrastructure.

Group Chief Executive of Tingo International Holdings Inc, Dozy Mmobuosi in a letter to the shareholders, which was made available to journalists said the company is currently serving over 9 million farmers across Nigeria, adding that the group aims at democratising access to technology.

“Our history has been chequered like those of many successful organisations and individuals. Without you, we would not have come thus far. Your belief and trust in the leadership of Tingo have been the rudder helping us to navigate the labyrinths of the business world. I thank you from the bottom of my heart,” Mmobousi told shareholders in the letter.

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A digital platform for agribusiness, Nwassa, built by the company targets farmers of any size to access global agricultural markets for their crops.

The group also assists farmers and cooperatives with packaging, warehousing, and cargo logistics as well as agritech, fintech and extension services such as digital wallets, that enable businesses to send and receive domestic payments, monitor cash flow in real-time and securely hold money.

With Tingo Remit and Tingo Insurance, the group provides cover for individuals and businesses, addresses financial inclusion and assists Africans in the diaspora to send money back to their countries.

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The Group Chief Executive noted that the remittance platform seeks to offer low-cost, high-speed, reliable and secure online international money transfer services at a cost-effective and convenient alternative to traditional money transfer companies and high street agents.

Mmobousi disclosed that Tingo Health has already partnered with thousands of private medical centres to offer an affordable private health care cover in many developing countries, in collaboration with health insurance companies.

He told his shareholders that the firm was on the threshold of more success and history, adding that the business recorded much success despite the ravaging effects of Covid-19 pandemic.

“Without your inputs particularly at the onset of COVID 19, when even the most resilient businesses and organisations were greatly shaken, your belief in our leadership became more profound.

“Tingo is coming to the end of a journey and set out to begin yet the ultimate journey that shall place it among big players in the global economy. I just want to thank you all for a job well done as we look forward to a great and rewarding future,” Mmobousi said in the hearth warming letter.

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ENDSARS

#EndSARS: Lagos awards scholarships to children of killed policemen

Governor Sanwo-Olu has promised to compensate the families of policemen killed during the recent unrest and rebuild the destroyed police stations.

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The Lagos State Governor, Babajide Sanwo-Olu, said he will compensate the families of policemen killed during the hijacked #EndSARS protests that erupted in Lagos and pledge to rebuild destroyed police stations.

This was announced in a statement by the Lagos State Government on Wednesday.

What you should know

Recall Nairametrics reported last week that a police station in the Orile-Iganmu area was set on fire by suspected thugs in Lagos, amid other vandalized police stations across the state.

In his latest statement, the Governor directed the Lagos State Scholarship Board to award scholarship to the children of the slain officers, up to the university level.

“The State Police Command bore huge loss in personnel, armory, and properties in the violence.”

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“Twenty-nine Divisional Police Stations and 17 Police Posts were razed by hoodlums disguising as protesters. Also, six police officers were lynched, 36 critically injured, while 71 police operational vehicles were torched.

The Governor said the state will address the issues to improve the morale of the officers after their stations were burnt down. He announced the launch of a Trust, replacing equipment and scholarships for killed Policemen.

“Commissioner of Police has come forward with a number of requests, which we will need to address to boost the morale of officers, after the last week’s event. As your Governor, I have come here to take full responsibility for the loss you have suffered in terms of logistics. From tomorrow (Thursday), we will start implementing these requests.

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Through the Lagos State Security Trust Fund (LSSTF), we will be replacing the police operational vehicles burnt in the violence. We have a bigger plan for all the police stations burnt down. We will look for the funds and build befitting stations that will set the standard of what police stations should be.

“The most important request is to offer scholarships to the children of officers that died. I have directed the Lagos State Scholarship Board under the Special Adviser on Education to immediately award scholarships to the children of the slain officers.”

The Governor added that the State will upgrade the Police Cottage Hospital in Ikeja, directing the Commissioner for Health to inspect the facility for the required upgrade and also donate two 150KVA generating set to the police, and the facility will be connected to the State’s Independent Power Project (IPP) for constant power supply.

Bottomline

With reports on social media that there has been reduced Police presence in the state, the attacks on their facilities by hoodlums may have contributed in hurting the “morale” of the Policemen.

The donation of a Trust Fund could also be a boost in Police Reforms, as Protesters demanded better welfare packages for Policemen.

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Companies

Dangote delays London Stock Exchange listing

Dangote Cement Plc isn’t expected to attempt a U.K. initial public offering until at least 2023.

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Aliko Dangote rallies private sector operators against COVID-19, 10 fantastic things Aliko Dangote has done in the last 10 years

Africa’s richest man, Aliko Dangote, is once again delaying plans to list Nigeria’s second most capitalized company on the London Stock Exchange, rather choosing other options like boosting exports and the Nigerian company’s foreign-exchange reserves in a report credited to Bloomberg.

Dangote Cement Plc, Africa’s biggest producer of building material isn’t expected to attempt a U.K. initial public offering until at least 2023, Temilade Aduroja, Head of Investor Relations, at the Lagos-based company, said by email.

READ: Dangote Cement’s faltering pan-African operations is taking its toll 

READ: Access Bank N15bn green bond set to be the first cross listing ensuing from NSE-LuxSE partnership

“The London listing is not something which will happen in the short to medium term. We are focused on our export strategy and increasing our foreign-currency revenue,” he said.

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Dangote, a major shareholder of Dangote Cement, with a net worth of more than $14 billion has longed for the company to have a secondary London Stock Exchange listing to diversify its holding and gain more leverage to cheaper funds on international markets.

READ: Rocket Internet sells stake in Jumia, as eCommerce firm struggles with post-IPO scandal

READ: Afreximbank forced to postpone IPO plan in London; here’s why 

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Aliko Dangote said in 2018 that the listing would happen the following year (2019), only for Brian Egan, former Chief Financial Officer, to state that 2020 was more likely.

More detail later as the story is developing…

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