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Over 2000 People from 50 Countries Set to Attend Africa Social Impact Summit, Abuja 

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Sterling One Foundation announced that over 2000 people have registered to participate in the premier edition of the Africa Social Impact Summit, slated to be held on July 13 and 14, 2022 at the Transcorp Hilton Hotel, Abuja. 

The hybrid event which was officially announced by the Foundation and its partners at a press conference is expected to have participants from over 50 countries.

  

The Africa Social Impact Summit is a 2-day event that collaboratively brings together players in the African civil society space, the private sector and the public sector to share ideas, learnings, plans and practical solutions to ensure the holistic achievement of the Sustainable Development Goals in Africa. With a focus on climate action, education, health, agriculture, circular economy and women empowerment, the summit aims to provide opportunities for impact investors to collaboratively scale market-led solutions which have the potential for long-term impact.

  

Chief Executive Officer, Sterling Bank Abubakar Suleiman, stressed the need for a new approach to reducing poverty which he says is the real goal of the Summit. He opined that while commitments were good, action was crucial, “and this Summit presents a good opportunity for Sterling Bank and other partners to start intensifying efforts.”  

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Also speaking to the need for the Summit, Olapeju Ibekwe, CEO of the Sterling One Foundation, explained that the negative impact of the COVID-19 pandemic has necessitated an urgent framework for Africa to recover some of the progress it made on the Sustainable Development Goals and further accelerate growth.  

“Over the last two years, we have lost a lot of ground on the progress being made regarding the SDGs especially in Africa, with reports showing that 37 million more people will go below the poverty line just because of the recent pandemic. Therefore, we decided that it was necessary to bring key stakeholders to discuss how we can collaborate better, as government, corporate and civil society to drive impact investments into critical areas of the economy in a bid to recover and meet the SDG targets over the next 8 years”, she said. 

The Summit is expected to feature panel sessions with the likes of Bankole Oloruntoba, CEO, Nigeria Climate Innovation Centre, Daniel Ikuenobe, Country Director, Tony Blair Institute, Malawi and Olayinka Makinwa from Delegation of German Industry and Commerce, Nigeria, keynote addresses from Matthias Schmale, the UN Resident and Humanitarian Coordinator in Nigeria and Patricia Obozuwa, Vice President, Public Affairs, Communications, Sustainability – Africa, The Coca-Cola Company, and a deal room session hosted in partnership with the Impact Investors Foundation, where investors will listen to vetted sustainable solutions from social entrepreneurs working in different African communities, with a view of helping them scale to more communities on the continent through impact investments. 

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While explaining why they joined as partners for the Summit, Soromidayo George, Board Chair of the United Nations Global Compact Network Nigeria, expressed delight at the opportunity this convening provides to further help make sustainable impact commonplace in how companies operate across Africa, moving beyond one-off projects to a framework that empowers the continent. 

Echoing her remarks, Nwamaka Onyemelukwe, Director, Public Affairs, Communications & Sustainability, Coca-Cola Nigeria stressed that the goal from the Summit is to collaborate in a way that helps empower more people.  

In her words; “Coca-Cola has been able to empower over two million women across Africa in the last few years, and this Summit presents an opportunity to do much more than that, because we are now coming together with other like-minded organisations to achieve one goal.” 

Some of the countries to be represented at the Summit include South Africa, Egypt, Tunisia, Ghana, Sierra Leone, Malawi, Rwanda, Morocco, Cameroon, Namibia, Central African Republic, Malaysia, Madagascar, and the United Kingdom. 

Economy

TCN Confirms Shut Down of National Grid

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The Transmission Company of Nigeria (TCN) on Wednesday, said that the national grid has been shutdown following the industrial dispute by the two in-house unions in the company.

This is contained in a statement by the TCN’s General Manager, Public Affairs, Mrs Ndidi Mbah in Abuja.

Mbah said that the grid was shut down by the unions even as effort was being made to resolve the issues upon which the action was called.

Mbah said that the incident occurred at 3:01p.m. on Wednesday,  after several 330kV transmission lines and 33 Kilo Volt (kV) feeder-lines across the power system network had been switched off by the members of the unions.

”This resulted in generation-load imbalance and multiple voltage escalations at critical stations and substations.

She said that this was  coming weeks after the company  had come out of  hectic grid management regime, occasioned by paucity of generation that lingered  for a couple of months.

”Coupled with the stream of interventions by the Ministry of Power and other stakeholders in the Value Chain,grid generation (at Peak) had reached 4,830.69 Megawatts (MW) as at  Tuesday, “she said.

Mbah said that in spite of the setback, TCN was set to restore the grid as quickly as possible.

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The spokesperson said that the Ministries of Power and Labour & Employment,  were currently meeting with the union officials in order to resolve the issues.

She said that the Nigerian Electricity Supply Industry appreciates the understanding of our customers within and outside the country.

Mbah said that enduring mechanisms are being instituted to avert a situation of this kind going forward.(NAN)

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Economy

Naira Gains after 2-day Loss to Dollar

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The Naira on Wednesday appreciated against the dollar at the Investors and Exporters window, exchanging at N429.38.

The figure represented a gain of 0.16 per cent compared with the N430.67 it exchanged for the dollar on Tuesday.

The open indicative rate closed at N427.58 to the dollar on Wednesday.

An exchange rate of N444 to the dollar was the highest rate recorded within the day’s trading before it settled at N429.

38.

The Naira sold for as low as N417 to the dollar within the day’s trading.

A total of N120.46 million was traded in foreign exchange at the official investors and exporters window on Wednesday. (NAN)

See also  APC Calls for Relocation of Bauchi Governorship Tribunal to Abuja
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Economy

AEDC Attributes Power Interruption to Strike by Electricity Union

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The Abuja Electricity Distribution (AEDC)  has attributed power interruption experienced across its franchise areas to the ongoing Industrial issues in the sector.

The management of AEDC in a statement in Abuja on Wednesday, said that the industrial issues were between the National Union of Electricity Employees (NUEE) and the Transmission Company of Nigeria ( TCN).

“ We will like to assure our valued customers that all stakeholders are working hard to ensure mutual and amicable settlement and power is restored forthwith.

The AEDC, however, thanked its customers for their patient and understanding.

The  Chairman of FCT of NUEE, Mr Godfery Abah, told the newsmen in Abuja, that a notice signed by its General Secretary, Mr Joe Ajaero, had directed its members to stop work effective Aug. 17.

Abah said that the action followed the directive by the TCN Board that all Principal Managers in acting capacity going to Assistant General Managers must appear for a promotion interview.

He said that ”this directive is in contravention of our Conditions of Service and Career Progression Paths, and unilaterally done without the relevant Stakeholders.

“Another grievance is the stigmatisation of staff from the office of the Head of Service, (HoS) of the Federation from working in other areas in the Power Sector.

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“And, the refusal of the Market Operator to fund the payment of entitlement of the defunct Power Holding Company of Nigeria, Ex-PHCN, Staff as agreed in December 2019 agreement after an industrial action by the union, ” he  said.(NAN)

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