The Africa FinTech Foundry (AFF), an initiative of Access Bank Plc has commenced its accelerator programs.

The initiative is set to empower emerging startups, with mentorship programs, advisory and has committed N10 million in cash to the top three finalists.

The accelerator program which opened its entries last month, received 306 registrations and after rigorous assessments was later shortlisted to 30 participants.

Theses finalists were further screened by the Head of the Africa Fintech Foundry, Mr. Daniel Awe; Group Head, Emerging Businesses, Access Bank, Mrs. Ayodele Olojede; and Vice President, Investments MBO Capital and Fintech Consultant, Mr. Oshone Ikazobor, in a bid to narrow it down to 10 -15 finalist.

Speaking on the sidelines of the event, Awe said the AFF was committed to empowering startups with resources and to ensure start-ups are equipped to scale their businesses.

He said: “If a start-up has an idea and you throw it into a market of 42 million customers, the acceleration is going to be faster. So, it is using the entire ecosystem of our group to build the future of the country.”

“In the next 10 years, these guys coming here we see them becoming a unicorn worth over $100 million and a season is coming where would see these startups becoming the next drivers of our economy.”

On funding available for the start-ups, he added: “Funding is based on ideas and what would be required to move the idea forward. We have a commitment of about N10 million. After they come into the accelerator program, there are a top three but the other ones are going to be exposed to investors.

“This initiative would have a direct impact into the economy because it is targeted at the medium scale businesses and these are the businesses that can change economies in terms of reducing employment rate and socioeconomic levels.”

Also speaking at the event, the Head, Retail Product Insight and Capabilities, Access Bank Plc, Mr. Rob Giles said: “We are looking for companies with ideas that can solve real world problems and were we are different from venture capital firms is we offer an environment where startups can be supported, nurtured, advised and get access to people who are further ahead on their journey like mentors.

“We have seen three companies that can go all the way and our job is to make sure they stay the course and structure their foundations from the very beginning that would allow them to scale.”

Furthermore, speaking to one of the participating startups, the Founder, Farm Delight Ms. Love Uduma, a start-up focused on agriculture value chain from production to distribution and consumption said this platform is an impactful stream for startups to get support from.

On her expectation, she said: “I am expecting tech support and a good relationship with the tech community. We have the agricultural aspect covered but we need the technology assistance and also funding.”

Nigerian Breweries Plc has declared a revenue of N337.01 billion for the financial year ended Dec. 31, 2020.

The revenue represented an increase of 4.3 per cent compared with N323 billion recorded in the corresponding period of 2019.

The company disclosed this in its audited financial statement to newsmen signed by its Legal Director/Secretary, Mr Uaboi Agbebaku, on Monday, in Lagos.

He said that the company posted a profit after tax of N7.52 billion during the review period against N16.1 billion achieved in the comparative period of 2019.

Agbebaku said that the board of directors would be recommending to the shareholders at the forthcoming Annual General Meeting (AGM) a total dividend of N7.52 billion.

“Recall that the company had earlier in 2020, paid an interim dividend of N1.99 billion which translated to 25k per share.

“The final proposed dividend of N5.52 billion at 69k per share will be payable to shareholders upon approval on April 23,” he said.

Agbebaku said that only qualifying shareholders whose names appear on the company’s Register of Members at the close of business on March 10 would be paid the final dividend.

“Directors would also be recommending to shareholders for their approval at the forthcoming AGM, a right of election for qualifying shareholders to receive new ordinary shares in the company as against the final dividend in cash,” he added.

According to Agbebaku, the board of directors expressed confidence in the company’s position to continue to deliver return on investment to shareholders.

He added that the company remained committed to not only keeping its balance sheet strong but ensuring that the health, safety and welfare of its employees, customers and partners were protected.

Agbebaku noted that the company made various donations in cash and kind valued at about N531 million out of a phased commitment of N600 million to the federal and seven state governments COVID-19 Task Forces Relief Funds.