Managing Director of Remita Payment Services Limited (RPSL), Mr. ‘Deremi Atanda emphasizes that Africa’s future prosperity is closely linked to the development and quality of its digital infrastructure.

Speaking at the Hyperscalers Convergence Africa Conference during a panel session themed ‘Innovating Towards Africa’s Digital Future,’ Mr Atanda emphasised that Africa’s development depends on innovative strategies that cater to the continent’s unique challenges and opportunities.

The panel session brought together key industry leaders, including Wabo Majavu, Executive, Strategy & Business Operations at Africa Data Centres; Ifeanyi Akosionu, Managing Director, INQ Digital; and Frank Eleanya, Senior Writer, Infrastructure, Business and BigTech at TechCabal. The discussions centred on how digital infrastructure could unlock new possibilities for Africa’s economic growth and sustainability.

“Africa’s prosperity is fundamentally tied to the quality of its digital infrastructure,” Mr Atanda remarked. “Solving Africa’s problems within its context will yield multidimensional benefits. Improved digital infrastructure will enhance the quality of life across the continent, connecting Africa in unprecedented ways. Moreover, expanding digital infrastructure will significantly enhance skills development in Africa, connecting more people and creating vast opportunities. This capacity building is crucial for our continent’s growth.”

“Africa’s digital transformation requires a unified vision and a comprehensive infrastructure agenda, driven by dedicated promoters and community involvement. By integrating diverse skills and fostering collaboration, we can accelerate trade, expand local economies, and enhance the quality of life across the continent. Continuous monitoring and evaluation will ensure sustainable progress, making Africa a significant player in the global digital landscape,” he added.

Echoing this sentiment, Wabo Majavu, Executive, Strategy & Business Operations at Africa Data Centres, stated, “We are building for a future we have not yet seen, and this requires constant collaboration and communication. Adopting a DevOps culture is essential for our success. We must focus on interconnected solutions and collaborate with government programmes to execute our plans effectively.” Her call for collaboration underscores the need for a unity of vision in Africa’s digital transformation, highlighting that innovation cannot exist in isolation.

In Nigeria, digital adoption has grown significantly, with internet penetration reaching 52% of the population in 2023, according to the Nigerian Communications Commission (NCC). The country also witnessed a rise in mobile broadband subscriptions, which surpassed 92.3 million users in 2022, reflecting the increasing demand for digital services across the nation. Despite these advancements, significant gaps remain, particularly in rural areas where infrastructure development and digital inclusion are still lagging. Expanding digital infrastructure to unserved and underserved regions will be key to addressing these challenges and driving sustainable growth.

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Olusola Teniola, Director of Strategic Business Initiatives at IPNX, reinforced this perspective by stating that, “With Africa’s population projected to reach 2.4 billion by 2050, the urgency of investing in digital infrastructure has never been more evident. This investment is not just about laying fibre-optic cables or expanding data centres; it is about building a foundation for collaboration, future growth, innovation, and economic prosperity.” This sense of urgency adds a compelling dimension to the need for swift and strategic investment across the continent.

Mr Atanda further emphasised the critical role that innovation plays in addressing Africa’s challenges. He noted that while there have been significant advancements in the digital payment space, there is still much work to be done, particularly in creating intra-African payment systems that facilitate trade and economic collaboration without relying on external channels. He affirms that Remita is at the forefront of this innovation, redefining the ease of connected payments digitally.

“Pan-African payments have been a long time coming. It’s time to take ownership of our digital future and ensure that our solutions are designed by Africans, for Africans. We need to build capacity at scale and create opportunities for the continent to thrive,” he quipped.

One of the key messages Remita’s Managing Director delivered during the session was the importance of community involvement in shaping Africa’s digital future. He called for a collective effort from various stakeholders, including governments, businesses, and educational institutions, to promote and implement a unified digital infrastructure agenda.

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“To succeed, we need to engage communities at all levels—whether it’s local communities, governments, or the investment community. This will ensure that Africa’s digital infrastructure meets the unique needs of each region while driving sustainable development,” he explained.

Mr Atanda concluded by advocating for the creation of an African digital infrastructure investment bond, which would encourage both local and international stakeholders to invest in the continent’s digital future.

“Africans must take responsibility for shaping our digital destiny. If we don’t, others will do it for us. We need to start framing the conversation around digital infrastructure in a way that highlights the immense opportunities available and encourages investment in this critical sector,” he said.

Dangote Refinery has commenced the rollout of its first Premium Motor Spirit (Petrol) from its 650,000 barrels per day Lagos-based refinery.

The President of Dangote Group, Aliko Dangote, disclosed this during a press conference with journalists on Tuesday.

He stated that the company’s petrol will substitute import dependence, bring down inflation, and stabilize the Naira against the dollar.

According to him, the petrol will hit the Nigerian market as soon as discussions are finalized with the Nigerian National Petroleum Company Limited.

“The quality will match that of anywhere in the world.

“It is a day of celebration. It is a day to give thanks to God, to give thanks to Mr. President, and also to friends who have been supportive in ensuring that this refinery produces gasoline. We are now here.

“As soon as we finalize with the Nigerian National Petroleum Company, our product will start entering the market.”

Upon commissioning in January 2024, the $20 billion refinery commenced production of Naphtha and Aviation Fuel months ago.

The development comes as Nigerians groan over prolonged fuel queues across the country.

This comes as petrol sells for above N1,000 per liter in some parts of the country.

Nigerian Breweries has received approval from its shareholders to raise about ₦599.1 billion for payment of its foreign and local currency denominated obligations, thereby eliminating foreign exchange risk and revaluation losses and enhancing long-term profitability and sustainable value creation for its share holders After receiving approval from its shareholders in April 2024, Nigerian Breweries Plc (“Nigerian Breweries” or the “Company”) has now received clearance of the relevant documents from the Securities and Exchange Commission and NGX Regulation Limited.

The Company plans to raise ₦599,098,517,648.00 (Five Hundred and Ninety-Nine Billion, Ninety-Eight Million, Five Hundred and Seventeen Thousand, Six Hundred and Forty-Eight Naira) by way of a Rights Issue (the “Issue”).

L-R: Finance Director, Nigerian Breweries Plc, Ben Wessels Boer; Group Managing Director/Chief Executive Officer, Vetiva (Lead Issuing House), Chuka Eseka; Managing Director, NB Plc, Hans Essaadi; Company Secretary/Legal Director, NB Plc, Uaboi Agbebaku; Independent Non-Executive Director, NB Plc, Adeyinka Aroyewun and Chief Executive, Stanbic IBTC Capital Limited, Oladele Sotubo during the signing ceremony of Nigerian Breweries Plc’s ₦599.1 billion Rights Issue held at the company’s headquarters in Lagos .

A total of 22,607,491,232 (Twenty-Two Billion, Six Hundred and Seven Million, Four Hundred and Ninety-One Thousand, Two Hundred and Thirty-Two) Ordinary Shares of 50 kobo each in the share capital of Nigerian Breweries are being offered to shareholders whose names appear in the register of members as of the Qualification Date being 12 July 2024.

The Issue shall be on the basis of eleven (11) new Ordinary Shares for every five (5) Ordinary Shares held as of the Qualification Date and at an Issue price of ₦26.50 per Ordinary Share.

The Issue is part of Nigerian Breweries’ Business Recovery Plan to strengthen the Company’s capital base by deleveraging its balance sheet, eliminating certain FX-related exposures and reducing bank borrowings, thereby giving the Company greater financial flexibility to promote business growth and continuity.

Vetiva Advisory Services Limited and Stanbic IBTC Capital Limited are acting as the Lead Issuing House and the Joint Issuing House to the Issue respectively, to assist the Company in managing the Issue process. The acceptance list for the Issue is expected to open on 02 September 2024 and close on 11 October 2024.

At the signing ceremony held on 28 August 2024, the Managing Director, Nigerian Breweries, Mr. Hans Essadi, explained that the Issue represents an opportunity for shareholders to support the company’s strategic vision and participate in the next phase of its growth.

Essaadi further disclosed that the proceeds of the Issue will be channeled towards payment of its foreign and local currency denominated obligations, thereby eliminating foreign exchange risk and revaluation losses and enhancing long term profitability and sustainable value creation for its shareholders.

In his remarks, the Managing Director, Vetiva Advisory Services Limited, Mr. Olutade Olaegbe, commended the management of Nigerian Breweries for their visionary leadership and their commitment towards executing the Issue.

He also thanked the Company for trusting Vetiva Advisory services Limited and Stanbic IBTC Capital Limited to advise on this landmark transaction and expressed confidence that the Issue would encourage other global multinational companies to approach the equity capital markets to meet their strategic objectives.

Full terms of the Issue will be set out in a Rights Circular to be mailed directly to qualifying shareholders of the Company, which will contain a Provisional Allotment Letter and the Acceptance Form.

All shareholders should read the Rights Circular and, where in doubt, consult their Stockbroker, Fund/Portfolio Manager, Accountant, Banker, Solicitor or any other professional adviser for guidance before subscribing.