Connect with us

Tech

World Bank suspends Nigerian tech company, Softech IT Solutions, MD, for corrupt practice

Published

on

The World Bank has suspended a Nigerian information technology solution company, SoftTech IT Solutions and Services Ltd., and its Managing Director, Isah Kantigi, for alleged corrupt practices.

While the tech company was sanctioned for 50 months, its MD was sanctioned for 60 months.

In a statement published on the bank’s website on Wednesday announcing the debarring of the tech company and its MD, titled “World Bank Group debars SoftTech IT Solutions and Services Ltd. and its managing director,” the bank disclosed that the firm and its MD were being sanctioned for improper payments made to certain officials of the National Social Safety Nets Project, which the bank saw as bribery.

“The World Bank Group today announced the 50-month debarment of SoftTech IT Solutions and Services Ltd., an information technology solutions company based in Nigeria, and the 60-month debarment of its managing director, in connection with corrupt practices as part of the National Social Safety Nets Project in Nigeria,” the statement reads.

Part of the sanctions also stipulates that for the period the suspension will last, neither the company nor Katingi will be able to engage in any project funded by the World Bank.

“SoftTech and Mr. Isah Salihu Kantigi, are now ineligible to engage in World Bank Group-funded projects and operations,” the statement added.

The IT firm which specializes in Big Data and Cloud Solutions, Geographic Information Systems and Mapping, Information Retrieval and Search Engines, according to the bank, had breached the “Agreement for Mutual Enforcement of Debarment Decisions,” which was signed on April 9, 2010, and as a result, both “are eligible for cross-debarment by other multilateral development banks (MDBs).”

It added that Kantigi also worked out a deal with other individual consultants, allowing them to make similar payments to project officials, an act the Bank frowns at and sees as
a corrupt practice.

“This constitutes a corrupt practice under the World Bank’s Anti-Corruption Guidelines. The settlement agreements provide for reduced periods of debarment in light of Mr. Kantigi’s and SoftTech’s cooperation and acknowledgement of the misconduct.

Tech

IFC to support 100 women-led startups through She Wins Africa

Published

on

The International Financial Corporation (IFC) has selected 100 women-led startup owners to support through the She Wins Africa program, an initiative led by the IFC aimed at accelerating access to capital for female-led startups across Africa.

The selected women, according to the IFC, a member of the World Bank group, will “participate in comprehensive interventions that will strengthen their companies’ investment readiness, including advice and mentorship, and provide access to potential investors, industry leaders, and peers through matchmaking and pitching opportunities across Africa.”

“The initiative is a part of IFC’s broader commitment to promote gender equality and empower women entrepreneurs in emerging markets,” Nathalie Akon Gabala, Director of Gender and Economic Inclusion at IFC, said in a statement.

She added that the 100 participants announced on Wednesday were drawn from almost 3,000 applicants comprised of women entrepreneurs across Africa in sectors ranging from ag-tech, climate-tech, e-commerce, ed-tech, health-tech and fintech etc.

“Sub-Saharan Africa has the highest rate of female entrepreneurs globally, with approximately 26% of female adults involved in entrepreneurial activity. However according to a 2021 World Bank report, women founders in Africa receive only about three percent of start-up finance,” she noted.

“In addition to the investment-readiness program for the 100 selected participants, She Wins Africa will roll out other initiatives, including a bootcamp to help lead 200 pre-seed women-led startups into acceleration phase

“An initiative to open up acceleration support for an additional 200 women-led startups in areas where such support is not easily available; and
a program to create a coalition of funds, venture capital firms and gender-lens investors to improve access to finance for women and their businesses across Africa.

IFC’s She Wins Africa empowers women entrepreneurs through coaching, training, and financing, accelerating their growth and investment readiness throughout sub-Saharan Africa.

“It’s time for investors to step up and fund women. A strong entrepreneurship ecosystem benefits us all,” she said.

Continue Reading

Tech

IFC partners Ethiopia’s Zemen Bank to strengthen trade financing

Published

on

The International Finance Corporation (IFC) has partnered with the Zemen Bank of Ethiopia to strengthen trade financing in the country.

The deal, according to Ato Dereje, CEO of Zemen Bank, sees IFC welcoming Zemen Bank as the newest member of its Global Trade Finance Program (GTFP) and provides the bank with a trade finance facility to support Ethiopian exports and imports.

Zemen Bank has been taking different impactful initiatives since its establishment, such as this one, aimed at facilitating the financing of vital trade in goods and fostering the establishment of new trading alliances for Ethiopia,” Dereje said.

“Concurrently, the program will significantly boost trade finance for numerous import-export enterprises, particularly during periods of global economic volatility.”

The bank CEO further noted that IFC’s $30 million trade finance facility guarantee will help strengthen Zemen Bank’s trade finance operations and assist in developing new trade partnerships for businesses in Ethiopia.

Madalo Minofu, IFC Country Manager for Ethiopia who also spoke at the signing ceremony, said IFC’s trade financing is also part of its $1 billion Africa Trade and Supply Chain Finance Program (ATRI), which is supporting Africa’s regional trade development and helping to reduce the continent’s reliance on imports.

“Increasing access to trade finance is critical to boosting trade in Africa. Our partnership with Zemen Bank through IFC’s Global Trade Finance program will contribute to strengthening Ethiopia’s ability to finance essential trade of goods and open the door to new trading partnerships for the country,” he said.

“IFC is committed to supporting Ethiopia’s private sector growth, which is focused on strengthening agribusiness value chains, supporting the growth of manufacturing, and increasing access to digital connectivity,” he added.

Continue Reading

EDITOR’S PICK

Sports6 hours ago

Exclusive: How Super Eagles captain Musa parted ways with Turkish club Sivasspor

Contrary to various reports in some Nigerian media that Turkish Super Lig club, Sivasspor, sacked Super Eagles captain, Ahmed Musa,...

Tech9 hours ago

IFC to support 100 women-led startups through She Wins Africa

The International Financial Corporation (IFC) has selected 100 women-led startup owners to support through the She Wins Africa program, an...

VenturesNow10 hours ago

Highest in East Africa, Uganda’s trade surplus with Congo DR hits $53 million

According to the Ministry of Finance’s Performance of the Economy report, Uganda had the largest trade surplus with the Democratic...

Culture10 hours ago

SA police arrest seven suspects in connection with rapper AKA’s murder

The South African Police says it has arrested seven suspects in connection with the murder of rapper, Kiernan Forbes, popularly...

Metro10 hours ago

Zambian Police to charge ex-President Lungu over ‘people will rise’ comment

The Zambian Police says they are going to charge former President Edgar Lungu to court over a recent comment credited...

Musings From Abroad16 hours ago

US appoints Tom Perriello new special envoy to Sudan

In an attempt to exert direct influence over Sudan’s peace process, the United States has appointed congressman and former diplomat,...

VenturesNow16 hours ago

Nigeria’s Central Bank clears another $400 million FX backlog

The Central Bank of Nigeria (CNB) paid out an additional $400 million in legitimate foreign exchange backlog to individuals who...

Metro17 hours ago

Nigerian govt debunks coup reports

The Nigerian government has dismissed a report that has been making the rounds in the past couple of days of...

VenturesNow17 hours ago

Nigeria’s central bank raises interest rate to 22.75 %

The Central Bank of Nigeria (CBN), during its Monetary Policy Committee (MPC) meeting on Tuesday, raised its benchmark interest rate,...

VenturesNow17 hours ago

Nigeria’s central bank issues guidelines to oversee digital platforms in financial institutions

Nigeria’s central bank, the CBN, has released new regulations dubbed ‘Exposure Draft of the Risk-based Cyber Cyber-security Framework and Guidelines...

Trending