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Showing posts with label top 10. Show all posts
Showing posts with label top 10. Show all posts

Friday, December 15, 2023

3 Nigerian startups emerge in top 10 @Qualcomm Make in Africa'23 - ITREALMS

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Three Nigerian startups have emerged in the top 10 participants in the first-ever Qualcomm Make in Africa (QMIA) mentorship programme, reports ITREALMS.
Elizabeth Migwalla - Vice President International Government Affairs. Qualcomm
The trio include the Fixbot – Vehicle diagnostics and inspection via OBD dongle in Nigeria; Maotronics Systems Limited – IOT-enabled precision agriculture in Nigeria; and QuadLoop - Leveraging e-waste for solar e-Lanterns and battery storage in Nigeria.

Monday, March 04, 2019

Top 10 reasons every Nigerian business should own website - ITREALMS

MondayCommentary@ITREALMS:


Why every Nigerian business should have a website. While the overall performance of virtually every structure of the Nigerian society is discouraging and far behind that of other developed nations, the same cannot be said about its telecommunication sector due in part to the input of private investors. Yes, we lack the adequate social amenities required to have a healthy lifestyle as a nation, but we are not far behind in terms of digital presence on the cyberspace.

With an average of 103 million internet users in the last five month (Source: NCC), Nigeria is gradually becoming a nation where not having an online presence for a business will be akin to not having a business at all.

For the vast majority of internet users, the very first place they visit when they need information about any product or service is the internet. As such, the significance of having an Online presence cannot be overemphasized as it is gradually taking precedence over having a physical presence. In fact, the widespread use of the internet in Nigeria has made it possible for any business-minded individual to have a successful business without necessarily having a brick n mortar store/office.

Without further ado, let’s take a look at ten of the most important reasons why you should have a website as a Nigerian Business owner.

Increases turnover: The main aim of every business owner is to increase profit and reduce overhead cost without necessarily compromising on the quality of output. By having a fully optimized business website built by an experienced web development firm, your presence on Google’s SERP will significantly improve and you will, in turn, have higher leads which can be converted into sales.

Provides 24/7 virtual presence: Unlike a brick n mortar store/office where you will have to close at a specific time, having an effective website affords the owner around the clock presence. As a result, web visitors can always visit your website at any moment for information pertaining to the services you offer and maybe initiate transactions.

Cheaper Advert medium: Not only is advert placement via the cyberspace cheaper than that of other media tools like the television, radio and print media, it is also more effective and capable of producing higher leads due to the fact that lots of people are gradually spending more time on their internet-enabled smartphones and computers than on any other mass media tools.

Gives you the opportunity to stay ahead of your competitors: By having a virtual presence, you are not limited by physical space. As such, you can showcase as many items you want on your website without consuming extra space and incurring the additional cost of hiring more staff members.

Opportunity to attract clients beyond geographical boundaries: Unlike a physical store, having a business website affords you the opportunity to have clients that transcend beyond your present geographical boundary.

A streamlined marketing strategy: As a website owner, you get to receive data about web visitor’s interest. This gives you the opportunity to redesign your marketing strategy to target your potential clients alone.

Adds Credibility to your business: Regardless of the type of business you are running, having an operational website for your business boosts its public image as a reputable firm willing to adapt to new realities.

An automated customer support system: With a business website, you can save yourself from the additional stress and manpower required to attend to customers’ enquiries, requests and complaints by having a comprehensive FAQ, a chatbot and other automated media of communication preinstalled on your website.

An easier alternative for clients: Even in states where traffic congestion is almost non-existent, the majority will still prefer to have their commodity of choice delivered to their doorstep instead of having to be in a brick n mortar store/office for purchases. By consulting us at Lead web, we can help you integrate the home delivery and other customer-friendly media available to make transactions seamless for your clients.

Increase your client’s base: Should your existing clients be kind enough to use the review option to share their experience with the public, this will inevitably increase your client base as long as the comments are positive.

Keep in mind that the above is definitely not an exclusive list of the opportunities associated with having a business website in Nigeria since discoveries are still being unveiled. You should also know that your chances of maximizing the plethora of opportunities floating on the cyberspace depend largely on the web development agency you contacted for this service.

We provide a flexible payment plan and there is a website for every budget(i.e Small business or Hybrid Business). For more information about the steps required to own an effective business website in Nigeria, you can contact us.

*Contributed by Timothy Egwuatu | Business Development(Head), LEAD WEB PRAXIS MEDIA< Email: timothy.ikenna@leadwebpraxis.com

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Friday, September 14, 2018

AIP top 10 emerges, Nigeria missing - ITREALMS

The top 10 nominees for the African Innovation Foundation (AIF)  has emerged with Nigeria missing, despite  the over 3000 applications, reports ITREALMS.

AIF’s prestigious Innovation Prize for Africa (IPA) 2018 awards had this year’s theme as “African innovation: Investing in Inclusive Innovation Ecosystems” ITREALMS gathered, attracted over 3,000 applications from 52 African countries.

ITREALMS gathered that some of the countries that made the top 10 include Madagascar, Tunisia, Morocco, Uganda, Ghana, Egypt, Rwanda, South Africa, Benin, and Tanzania.
AIF Chairman, Walter Fust, said that building on the AIF mandate, submissions this year demonstrate significant breakthroughs in ICT, agri-business, public health and the environment/ energy sectors to improve the lives and economic prospects of Africans.

“Now in its seventh year running, we have witnessed multi-million-dollar businesses emerging from the IPA initiative, with health, environment/energy and agricultural innovations leaving imprints across the African continent and beyond. Our theme this year prompts the need for increased collaboration between government, business, industry, innovation enablers and the community to further realise African prosperity and economic freedom,” he said.

The IPA initiative has grown from strengthen to strength mobilizing, rewarding and honoring top African innovators whilst also building strategic partnerships with innovation enablers to strengthen innovation ecosystems in Africa. To date, AIF has supported 55 IPA winners/nominees with US$ 1 million+ and mobilized 9 400+ innovators from all 55 African countries. AIF endorsement and exposure generated through IPA have seen past winners securing over US$135 million worth of investments to grow and scale their businesses. IPA past winners and nominee company valuations amount to US$200 million+.

Managing Director of AIF, Pauline Mujawamariya Koelbl who has steered the IPA program since its establishment in 2011, said: “We are proud of the impressive innovations that made it to the top 10 this year. They are evident examples of African ingenuity and each innovation is solving a real challenge in a key sector. Africa, and indeed the rest of the world, must keep an eye out - these innovations are ready to propel our continent’s global competitiveness in the market! Furthermore, these top 10 nominees are a great reminder that if given access to capital, Africans are capable of solving African challenges whilst also contributing to the rest of the world.”

Meet the top 10 IPA nominees whose innovations are in the sectors of agri-business, public health and well-being, ICT, energy, environment and water as follows:

Biodegradable seed tray for rice farming
 (Madagascar) - Juslain Nomenjanahary Raharinaivo: Rice is a staple food in many African countries, constituting a major part of the diet. With an ongoing demand for increased rice production, some African countries are not self-sufficient. In Madagascar, seeds are therefore sowed in innovative pots made of paper, called BG or biodegradable germinators. Growers transplant seedlings into easy-to-transplant clumps with very high tilling capacity which also increases rice yields and allow possibilities to expand the area under cultivation.

Buried Diffuser (Tunisia) - Mr. Wassim Chahbani: Irrigated systems play a major role in sustaining livelihoods in Africa and the world over. Water in agricultural use is critical for crop yields, and reducing consumption is necessary to increase the amount of available water for other uses. The Buried Diffuser saves irrigation water, energy, and use of fertilizers, reducing zero water waste through evaporation. Water is injected directly to the roots, radically reducing water consumption levels used for irrigation.

Efficient detection of TB and Hepatitis C (Morocco) - Professor Abdeladim Moumen and Dr. Hassan Ait Benhassou: Hepatitis C and Tuberculosis (TB) are critical health burdens in Africa. Besides lack of available treatment, access to accurate and cost-effective diagnostic tests remain a challenge across the continent. This innovation comprises two molecular tests for the rapid, accurate and effective detection and load quantification of both diseases. The technology allows specific detection of the hepatitis C or TB genome in blood or sputum samples; tests are clinically validated, simple, accurate and low cost.

eNose sensor for tea processing (Uganda) – Abraham Natukunda: This innovation applies an "eNose" and analytics platform to supplement current tea processing procedures using low power sensor devices to determine optimum levels of tea fermentation. An analytics platform receives and analyses the sensor data, providing real-time monitoring of key reactive elements and compounds during the tea-processing period, ensuring efficient traceability, prediction, and motion. This innovation will lead to improved control results in better tea quality, boosting marketability and increased revenue for tea processors from each bushel of tea harvested.

Incas Vaginal Discharge Kit (Ghana) – Dr. Laud Anthony Basing: Incas Vagkit is a 3-in-1 urine-based test kit that examines vaginal infections. Linked to a mobile application, it offers a convenient and fast solution for women experiencing vaginal infections. The Vagkit simply requires a urine sample and can be used at home; results are available within 10 minutes. This innovation drastically reduces testing time for vaginal infections in Africa, leading to the efficient and quick detection and management of vaginitis.

“iThrone” portable toilet (Egypt) – Dr. Diana Yousef: “We shrink it” is a revolutionary approach to removing un-piped sewage. This technology innovation is a disruptive yet low-cost composite polymer membrane that essentially “shrink-wraps crap” aggressively evaporating or “flushing” away the full water content of daily sewage output without need for added heat, energy or flush water. This innovation responds to the problem of poor sanitation and health conditions, as well as pollution caused by sewerage. iThrone cuts off a significant amount of methane emissions that are generated by unmanaged/uncollected sewage.

Mobile Shiriki Network (Rwanda) – Henri Nyakarundi: The Shiriki Hub is a Smart Solar Kiosk, powered by strong solar panels and equipped with large capacity batteries, Internet of things (IoT) sensors, and a custom designed router, offering device charging, virtual top-ups, and low-cost connectivity. Designed as a business-in-a-box and distributed on a micro-franchise basis, this is an ideal solution for digital connectivity to rural populations and temporal settlements such as refugee camps.

Natural solutions for skeletal regeneration and repair (South Africa
) - Prof. Keolebogile Shirley Motaung: A multi-method approach using natural products for skeletal regeneration and repair. La-Africa Soother (LAS) is a topical paste ointment for sportspeople as a natural anti-inflammatory cream to treat pain and inflammation. The second product which is Plant-Based Morphogenetic Factor Implant (PBMF) induces bone and cartilage formation. Treatment of fractures has been a continuous challenge for orthopaedic surgeons. The latter product differs from knee replacement, autografts and allografts, offering quick results with no waiting period and no harvesting of tissue, with relief and safety for patients.

Reducing pollution in an eco-friendly way using GKSORB! (Benin) - Dr Fohla Mouftaou: Water hyacinth is an environmental threat in many African countries, invading lakes, rivers, and agricultural fields. The threat affects agriculture, the fishing industry, health and livelihoods. GKSORB is 100% organic and biodegradable fiber with the potential to absorb up to 17 times its weight. Made from water hyacinth, it can be used as a separator for hydrocarbons or as a cleaning agent for surfaces contaminated by various pollutants such as hydrocarbons, acids and paints.

Waxy II Technology (Tanzania) - Christian Mwijage: His company recycles and transforms post-consumer waste plastic into durable and environmentally friendly plastic lumber using a chemical-free and energy conserving technology called “Waxy Ó€Ó€ technology” for building, construction and furniture production. Every year, more than nine million tonnes of plastic garbage ends up in the ocean causing a major threat to marine life and people. Plastic timber is an affordable alternative to wood timber and reduces the need for building material manufactured from wood, preserving forests, cutting down on deforestation and mitigating the effects of climate change.

Ayo Midele/GEE

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Wednesday, August 08, 2018

Financial inclusion: Nigeria’s RecyclePoints in top 10 @MIT Legatum Center African Startups prize - ITREALMS

RecyclePoints a Nigerian startup has emerged in the top 10 at the MIT Legatum Center and Mastercard Foundation finalists of the 2018 Zambezi Prize for Innovation in Financial Inclusion, reports ITRealms.

The Legatum Center for Development and Entrepreneurship at the Massachusetts Institute of Technology (MIT), in collaboration with the Mastercard Foundation, announced the finalists of the 2018 edition of the Zambezi Prize.

ITRealms gathered that the Grand Prize Winner and  Runners-Up will be announced during the Open Mic Africa Summit in Nairobi on August 29th, 2018.

RecyclePoints  pride itself as a waste recycling and social benefit venture which commenced its beta edition in Lagos, operating an incentive-based scheme which collects recyclable materials from post consumers and in turn rewards them with “Points” which they could accumulate and use to redeem/shop for household items offered through our iRecycle store.

The prestigious competition, awarding a total of $200,000 in prizes, was established in 2015 to discover Africa’s most promising and innovative early-stage start-ups that promote and advance financial inclusion on the continent.

The selected companies are Apollo Agriculture (Kenya), Bidhaa Sasa (Kenya), FarmDrive (Kenya), Farmerline (Ghana), LanteOTC (South Africa)(https://LanteOTC.com/), MaTontine (Senegal) (ControlRisks.com), OZE (Ghana)(www.OZE.guru/), RecyclePoints (Nigeria), Tulaa (Kenya)( www.Tulaa.io), and Wala (South Africa) (https://getWala.com/).
“We are pleased to welcome the 2018 finalists into the MIT Zambezi family”, said Georgina Campbell Flatter, the Executive Director of the MIT Legatum Center. “They represent some of the world’s most innovative change agents.”

“The finalists demonstrated strong leadership and innovation in the way they are solving financial inclusion challenges”, said Ali Diallo, the Global Programs Manager of the MIT Legatum Center. “We also want to thank the hundreds of great startups that applied to this competition and shared with us their inspiring ventures, visions, and insights for advancing financial inclusion. We hope to keep them all engaged through our upcoming initiatives”.

The finalists will join leaders from the MIT and African tech ecosystems on August 28th and 29th at the 2018 MIT Open Mic Africa Summit in Nairobi, Kenya. The two-day event will include a VIP reception followed by the award ceremony at Strathmore University where the Grand Prize Winner will be awarded $100,000. Two runners-up will each receive $30,000 while the seven remaining finalists will each receive $5,000 in cash prizes. Additionally, the Legatum Center will award $5,000 to an African entrepreneur who demonstrated great leadership qualities to unify Africa’s tech ecosystem. All finalists will participate in cohort-building and mentoring activities with MIT leaders and Zambezi alumni companies during the event.

The winners will be invited to attend the Zambezi boot camp during the MIT Inclusive Innovation Challenge (IIC) (www.MITInclusiveInnovation.com) gala on the MIT campus in Boston on November 5th-9th, 2018. They also will be fast-tracked to the IIC global grand prize with up to $1 million available in funding for the winner. The IIC event is part of the MIT Initiative on the Digital Economy(http://ide.mit.edu/) and, along with the MIT Legatum Center’s initiatives, exemplifies MIT’s global commitment to the future of work(https://goo.gl/t6QRFb).

Chuks Egbune/ED, ops

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Monday, June 19, 2017

Top 10 AIF innovators heads to Accra, sets city agog

The African Innovation Foundation (AIF) has unveiled top 10 nominees for the 2017 Innovation Prize for Africa (IPA), slated to set the city of Accra-Ghana agog on the month of July this year, reports ITRealms.
The Innovators from nine African countries including Democratic Republic of Congo, Egypt, Kenya, Liberia, Morocco, Nigeria, South Africa, Uganda and Zimbabwe have been shortlisted for the prestigious Prize.
These selected nominees,
ITRealms reports would pitch their innovative projects to the esteemed IPA panel of jurors during the closed pitch sessions on July 15th and 16th in Accra.
Following their pitch, three winners will be selected and announced during the Awards ceremony slated for 18 July 2017 at the Mövenpick Ambassador Hotel, Accra.

Some of the finalists include:
Innovations in communications and smart solutions
1.    Peris Bosire, Kenya: FarmDrive
FarmDrive is a financial technology company that has developed a mobile phone based application that collects data and provides an alternative risk assessment model for small holder farmers. While the continent remains largely dependent on agriculture, one of the biggest challenges facing smallholder farmers is access to credit or finance. Most financial institutions are reluctant to grant credit to farmers because their risk assessment models flag small farmers as being very risky. FarmDrive has developed a new methodology for assessing credit worthiness of farmers that has led to higher acceptance rate of loan applications by farmers while maintaining a very low default rate. This could have the effect of significantly boosting agricultural production on the continent while helping financial institutions cost effectively increase their agricultural loan portfolios.
2.    Nokwethu Khojane, South Africa: Lakheni, Turning Social Capital into Buying Power
Lakheni is a social and business model innovation which seeks to aggregate low-income households into buying-groups in order to negotiate favourable discounts for goods and services supplied to these households. Most poor people end up paying for goods and services at a unit price that is usually much higher than the unit price paid by other people with more disposable income. This is because as goods and services are packaged into smaller and smaller units to make them affordable, they become less economically efficient and end up costing higher than if one was to buy in bulk or in larger units. In essence, the poor end up paying a poverty premium. Lakheni solves this problem by aggregating poor households into a buyer’s market by leveraging mobile technology.
3.    Omolabake Adenle, Nigeria: Voice Recognition and Speech Synthesis Software for African Languages
This is a software solution that can understand and digitize spoken African languages, and synthesize speech from African languages presented as digitized text. Digitizing African languages in this way allows Africans to interact with hardware devices such as mobile phones, and digital services such as call-center applications by speaking their local language. The software can be integrated into a wide range of devices and third-party software applications. While voice recognition and speech synthesis software have been developed for various Western and Asian languages, there has been very limited commercial application or academic research for African languages. The difficulty lies in modelling tonality present in most African languages and limited data resources for language modelling. This innovation opens up opportunities for Africans with low literacy levels to also enjoy the benefits of the digital revolution.
4.    Nzola Swasisa, Democratic Republic of Congo: Lokole
Lokole, is a device that enables access to efficient email communication anywhere with cellular coverage at a price that is one hundred to one thousand times cheaper than accessing email via regular cellular bandwidth costs. Lokole achieves this firstly by creating a shareable local area network where up to a hundred users within a 25 meters’ radius can access the network and share the costs. Secondly, it contains advanced algorithms that compress email and also schedules uploads and downloads of data to when data bundles costs are at their cheapest. Costs per user could be as little as $0.01/person/day. More than 71% of the African population doesn’t have access to efficient communications. Lokole solves this communication problem and enables many communities to access efficient communication for the first time. Applications of Lokole include: health (remote-doctor), education (remote-teacher), commerce (purchase orders via email), business (attachment documents) and many more.

Leveraging artificial intelligence and mechanical solutions
5.    Badr Idriss, Morocco: Atlan Space
Atlan Space develops software technology that is then deployed to manage the operations of unmanned aerial vehicles (UAVs) or drones. The software is currently tested for use in managing operations in detecting illegal or harmful maritime activity such as illegal fishing or oil spills over wide expanse areas. UAVs operated by this software can be launched and deployed into monitoring operations without having an aircraft operator. Also, by using Artificial Intelligence they are able to collect data, analyze and produce actionable reports.  African governments face numerous challenges in monitoring activities and operation over wide areas. This includes border patrols, deforestation, animal poaching and maritime activity. The software allows for the deployment of UAVs at a very cost effective price without need for highly skilled human intervention and over a wide number of uses.
6.    Aly El-Shafei, Egypt: Smart Electro-Mechanical Actuator Journal Integrated Bearing “SEMAJIB”
The patented innovation (SEMAJIB) presented by Dr. El-Shafei, is a smart bearing which is versatile and can change its characteristics as it operates.  It consists of a magnetic bearing imbedded in an oil-filled journal bearing, thus forming the smart controllable bearing. The flooding of the bearing with oil is a game changer as the purpose of bearings has traditionally been to expel oil.  There is a significant improvement in turbine performance using the SEMAJIB particularly in single line combined cycle plants, as well as conventional generator technology.  The device is designed to be used to support energy generating turbines and can be used to improve efficiency and reduce costs of generating energy in Africa.

Discoveries in healthcare solutions
7.    Dougbeh-Chris Nyan, Liberia: New Technology for Rapid Detection of Many Infections Using Only One Test
This is a rapid diagnostic test that can detect and simultaneously differentiate at least three to seven infections at the same time within 10 to 40 minutes. In most African countries, there is a lack of sophisticated diagnostic devices and limited expertise in high-tech diagnostics. This hinders the clinical decision-making ability of healthcare providers. This test provides a solution to this clinical problem. The innovation is easy to use in any setting and particularly in rural areas. Additionally, the device is able to detect and distinguish multiple infections which bear the same symptoms for instance, when a patient has yellow fever, malaria, and Ebola. Whereas most testing methods take 3 – 7 days, this device gives test results in 10 – 40 minutes. This would provide a significant step in the detection and management of infectious diseases on the continent.
8.    Olanisun Olufemi Adewole, Nigeria: Sweat TB Test, A non-invasive rapid skin test to detect Tuberculosis
Sweat TB Test, is a non-invasive rapid diagnostic test to detect tuberculosis (TB). TB is second only to HIV/AIDS as a leading cause of death in Africa. Available methods are high tech; cannot be deployed in rural centres, dependent only sputum which sometimes may not be collectible and considered messy by patients. It is also time consuming with patients making repeated clinic visits before a diagnosis is made. Delay in diagnosis and missed diagnosis of 3million TB cases occur leading to continuous spread of the disease.  Sweat TB Test leverages on TB specific marker in sweat of patients, to produce a point- of- care test to detect TB, within ten minutes, without any needle prick. In simple steps, reports are read and patients commenced on medication as needed at the same clinic visit. It has the potential to contribute towards effectively controlling TB, reduce TB related deaths and holds promise to prevent drug resistance TB in Africa.
9.    Gift Gana, Zimbabwe: Dr. CADx
Dr CADx is a software solution that helps doctors and health care workers diagnose medical images more accurately. Due to the scarcity of radiologists on the continent, most medical images are read by general doctors or other health care workers who lack expertise and end up misdiagnosing more than 30% of the cases that they review. As a result, millions of patients fail to get the right treatment or the treatment is delayed leading to more complications and even death. Dr CADx uses deep learning to interpret medical images and achieve an accuracy of 82% an improvement over the 70% average for radiologists. Dr CADx is designed to work in low resource settings with poor internet connectivity opening it up for use in many rural settings in Africa.
10. Philippa Ngaju Makobore, Uganda: Electronically Controlled Gravity Feed Infusion Set (ECGF)
The Electronically Controlled Gravity Feed Infusion Set (ECGF) is medical device designed to accurately administer intravenous (IV) fluids and drugs by controlling the rate of fluid flow based on feedback from a drop sensor. Over 10% of children admitted to East African hospitals need immediate infusion therapy. Findings from the FEAST trial indicates that over-infusion in children increased the absolute risk of death by 3.3 % at 48 hours. Erroneous delivery rates can result into serious adverse effects. The ECGF solves this problem as it is very easy to operate and has key safety features which include alarms for rate of infusion (rapid or slow), total volume (over or under) and faulty sensors. A battery utilizing a hybrid (AC mains and solar) charging bed powers the device. The ECGF has the potential to save lives by providing accuracy and safety at 8% the cost of a brand-new infusion pump.

Nonye Dom/GEE 
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Monday, June 12, 2017

Top 10 beneficiaries from FG refund on Paris Club loan



The oil-rich state of Rivers is leading in the top 10 beneficiaries from the recently released Federal Government (FG) refunds on Paris Club loan over-deductions between 1995 and year 2002, ITRealms exclusively reports.

ITRealms recalls that FG at the weekend released a State-by-State breakdown as the first tranche of Paris Club refunds paid to date.

This is coming as the top five states are from the Niger Delta region of the country, followed by Kano and Lagos in the sixth and seventh positions respectively, just as the remaining in the top 10 beneficiaries are from the north.

These include Katsina, Kaduna, Borno and Niger States in that order, whereas no state in the eastern region made it to the top 10, however, Imo State made it in top 12 with the sum of N14,001,610,365.94 billion.

Within the period under review, ITRealms gathered that between 1995 and 2002 that Rivers accrued refund amounted to 34, 925,785,322.06; Delta -27,606,963,362.46; Akwa-Ibom - 25,981,255,165.12; Bayelsa - 24,895,696,347.55; Kano - 21,740,390,362.48; Lagos - 16,743,876,266.21; Katsina - 16,404,261,819.71; Kaduna - 15,443,458,455.10; Borno         - 14,681,869,730.63; and Niger - 14,421,586,309.89.

ITRealms also reports exclusively that the top 10 collectively got refund worth N212,845,143,141.21 out of the N516.38bn (N516,384,636,883.81) shared among the 36 states of the federation and Federal Capital Territory, Abuja, upon the approval of Present Muhammadu Buhari on November 21st 2016 in partial settlement of long standing claims by State Governments relating to over-deductions from their Federation Account Allocation Committee (FAAC) allocation for external debt service arising between 1995 and 2002.

These debt service deductions were made in respect of the Paris Club, London Club and Multilateral debts of the FG and States. While Nigeria reached a final agreement for debt relief with the Paris Club in October 2005, some States had already been overcharged. 

Director, Information at the Federal Ministry of Finance, Salisu Na’Inna Dambatta, told ITRealms, the funds were released to State Governments as part of the wider efforts to stimulate the economy and were specifically designed to support states in meeting salary and other obligations, thereby alleviating the challenges faced by workers. 

The releases were conditional upon a minimum of 50 per cent being applied to the payment of workers’ salaries and pensions. The Federal Ministry of Finance is reviewing the impact of these releases on the level of arrears owed by State Governments.

Further, ITRealms reports that a detailed report is underway for presentation to the Acting President, Professor Yemi Osinbajo, as part of the process for approval for the release of any subsequent tranches. 

Remmy Nweke/ED, Ops
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Tuesday, May 30, 2017

Osinbajo’s top 10 tweechats on Democracy Day

The acting president, Prof Yemi Osinbajo in the spirit of Democracy Day 2017, shared some 10 interesting tweets. Excerpt is brought to you by ITRealms.

1.    “We have in the last two years added $500 million to our Sovereign Wealth Fund and $87 million to the Excess Crude Account.

2.    “We have taken seriously our promise to save and invested for the future even against the backdrop of our revenue challenges.

3.    “The Efficiency Unit of the Ministry of Finance has succeeded in plugging leakages amounting to billions of Naira over the last two years.

4.    “We are also institutionalizing safeguards and deterrents. We have expanded the coverage of the TSA & introduced efficient budgeting systems

5.    “In the fight against corruption, we have focused on bringing persons accused of corruption to justice. We will not relent in our efforts.
6.   
“We are working with State Govts to design effective strategies to deal with recent threats to security such as herdsmen clashes with farmers’

7.    “Included in that new vision is the long overdue environmental clean-up of the NigerDelta beginning with Ogoniland which we launched last yr’

8.    “President Buhari’s vision for the NigerDelta is a comprehensive plan that will ensure the people benefit fully from the wealth of the region

9.    “In the last two years, close to 1 million displaced persons have returned home and 106 of our daughters from Chibok have regained freedom.

10. “In the North East of our country, Boko Haram that openly challenged our sovereignty has been put on the back foot by our gallant military.



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