Tech
Afex To Open Second Round Of $240m (₦100bn) Funding Series To Strengthen Africa’s Agro-processors
AFEX, Nigeria’s leading commodities market player and the country’s first private sector commodities exchange, has today announced the reopening of its $240m (₦100bn) Asset-Backed Commercial Paper (ABCP) to help stabilize Nigeria’s agriculture sector by offering Agro-processors low-cost financing to bridge the funding gap between lenders and borrowers.
Today’s new funding, AFEX’s second in a three-year Commercial Paper program that started in Q4 2021, where $65m (₦27bn) was raised, seeks to raise an additional $175m (₦73bn) for processors unable to borrow in the commercial paper markets.
AFEX is improving the efficiency of commodity trading and enabling the broader capital market to tap into the African commodities sector. The ABCP is a short-term debt instrument typically providing investors with a competitive 15% return on their investment, and maturity is up to 270 days.
Agriculture remains one of the most important economic sectors for the continent, employing the majority of the population and accounting for 14% of GDP in sub-Saharan Africa (1). Yet, many African economies struggle with food security issues due to the gap between supply and demand.
While banks or other financial institutions typically issue the security itself, the ABCP Notes are sponsored by AFEX Commodities Exchange and the proceeds of the issuance will be used by AFEX Investment Limited to provide pre-qualified Agro-processors with working capital support to enable them to purchase commodities required for their production processes at an agreed price. AFEX’s security is backed by the commodities serving as the credit enhancement in the transaction. AFEX lists the ABCP on ComX, its commodities trading platform, then engages capital market operators for subscriptions for a set time. Funds raised are used to provide pre-qualified Agro-processors with working capital to purchase commodities required for their production processes at an agreed price.
Ayodeji Balogun, CEO at AFEX said, “AFEX has a strong track record in offering distinctively differentiated and innovative financial instruments to the marketplace, and this new Asset-Backed Commercial Paper will help bridge the gap between Agro-processors and investors. Access to low-risk funding and capital is critical to empowering Africa to feed herself. We believe in making capital that is a right fit, in terms of timeliness and structure, available for all players in the value chain. Based on our past performance, we are confident that we will attract even more financing from private investors and, subject to value for money, they will help us secure this $175m (₦73bn) investment in Africa’s food security.”
Since its launch in 2014, AFEX has committed to levelling-up Africa’s agro-tech sector; by helping the continent feed itself by boosting food security and making food production more efficient. Prior to 2021, in a first-of-its-kind for Africa, AFEX raised $48m (₦19bn) from their 20% oversubscribed Warehouse Receipt Backed Commercial Paper.
Samsung Electronics has officially unveiled the latest addition to the popular Galaxy A series smartphones – the Samsung Galaxy A06.
Joining a fan favorite series and combining powerful performance with a sleek design, the Galaxy A06 offers customers and loyal A series fans unique features and premium experience at an affordable price.
The stylish Galaxy A06 is set to redefine what users expect from entry-level smartphones, offering cutting-edge technology without compromise.
Aptly, tagged “Galaxy Wey Sabi”, the Galaxy A06 stands out in the competitive category as it aims to resolve the customers’ needs in a smartphone with focus on durability, functionality, security, camera, and entertainment.
Users can enjoy capturing high-resolution photos with the 50MP rear camera, now equipped with Nightography for capturing the essence of every detail especially in low-light conditions. The 8MP front and 2MP (depth) cameras also provide crystal-clear selfies with advanced beautification features.
Spotting a slimmer design and comfortable grip, as well as a side fingerprint scanner, the new Galaxy A06 features a stunning 6.7” HD+ display, providing vivid colors and crisp clarity for an immersive viewing experience that delivers seamless visuals on the infinity-U display with enhanced brightness, especially for outdoor visibility.
Galaxy A06 – Galaxy Wey Sabi is truly a device, which understands your needs, equipped with a 5000mAh long-lasting battery, you can enjoy more device usage without worrying about battery life. The 25W Super-Fast Charging feature ensures up to 50% battery charge in just 30mins, meaning you are back in action quickly.
“The Samsung assurance is a promise, a trustworthy reliability in our Knox Security on this device, which protects your personal information by isolating your passwords and other private data within a secure environment,” said Stephen Okwara, Head Product Management, Samsung Electronics West Africa. “What also awesome about this is our promise of continuous OS upgrades and up to 4 years security update on this device. Isn’t that impressive from a brand that understands the needs of its customers?”
Also speaking at the Galaxy A06 launch event in Lagos, Oge Maduagwu, Head of Marketing, Samsung Electronics West Africa said: “We are excited to introduce the Galaxy A06, which brings together powerful performance, an advanced camera, and long-lasting battery life, all in a stylish and affordable package,” She added: “Also customers can enjoy premium support for their device with a screen damage insurance cover of just N9000.
Available in four stunning colors – Black, Blue Green, Lime and Silver – The Samsung Galaxy A06 will be available in Nigeria at all authorized Samsung Stores from 11th October 2024, with pricing starting at N146,000.
Tech
Anambra School Emerges Winner In National Girls In ICT Competition With Groundbreaking VR Technology
St. John Vianney Science College, Igbariam, used their virtual reality project to conquer the National Girls in ICT Competition 2024, claiming the national championship title yesterday!
The National Girls in ICT Competition, organized by the Federal Ministry of Communication, Innovation and Digital Economy, is a technology innovation competition for all girls in secondary schools across Nigeria.
Their innovative project, M-Tag VR, allows users to explore iconic landmarks like Zuma Rock and learn about fascinating cultural aspects of Nigerian tribes. The girls, Immaculate Ebube Ikegwuonu, Camilla Anyadike, and Nweke-Nonso Oluchi, mentored by their coach, John Onuigbo, triumphed over teams from all 36 states.
The girls’ talent shone brightly throughout the competition. They started at the state level where they aced the Anambra state competition, then proceeded to conquer the Southeastern regional championship, defeating teams from Ebonyi, Imo, Abia, and Enugu, to make it to the national finals.
Rivers and Lagos states secured the second and third-place positions, respectively.
Tech
Google To Delete Billions Of Browser Records To Settle ‘Incognito’ Lawsuit
CNN reported that Google will delete billions of data records as part of a settlement for a lawsuit that accused the tech giant of improperly tracking the web-browsing habits of users who thought they were browsing the internet privately.
The suit was originally filed in 2020 and accused Google of misrepresenting the kind of data it collects from users who browsed the internet via “Incognito” private browsing mode in Chrome. Google agreed to settle the suit late last year, but the terms of the settlement were first disclosed in a filing on Monday.
As part of the settlement, Google must delete “billions of data records” that reflect the private browsing activities of users in the class action suit, according to court documents filed Monday in San Francisco federal court.
Google will also update its disclosure to inform users about what data it collects each time a user initiates a private browsing session. Google has already started implementing these changes.
For the next five years, Google will also let private browsing users block third-party cookies as part of the settlement. Google also will no longer track people’s choices to browse the internet privately.
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