Business
Tony Elumelu Foundation Set to Announce 2024 Cohort of its Flagship Entrepreneurship Programme
At least 1,200 African entrepreneurs across 54 African countries will benefit from the flagship Entrepreneurship Programme of the Tony Elumelu Foundation (TEF), on March 22, 2024.
According to the foundation, the new beneficiaries will become the 10th cohort of the 10-year-long TEF Entrepreneurship Programme.
Recall that the Tony Elumelu Foundation has consistently demonstrated its belief in the potential of young Africans to transform the African continent.
This conviction has led to its transformative impact – thousands of young men and women entrepreneurs across all 54 African countries have been empowered through its flagship Entrepreneurship Programme. The beneficiaries have received world-class business training, mentorship, coaching, and funding, in addition to lifelong access to the prestigious TEF Alumni Network.
To date, the Foundation has disbursed US$100,000,000 directly into the hands of young African entrepreneurs, who have, in turn, created over 400,000 direct and indirect jobs, contributing significantly to Africa’s economic growth and development. The Foundation has also provided capacity building support, advisory services, and market linkages to over 1.5 million Africans through its digital entrepreneurship-support platform, TEFConnect.
The upcoming announcement reaffirms the Tony Elumelu Foundation’s commitment to supporting entrepreneurship as a catalyst for driving poverty eradication, catalysing job creation across all 54 African countries, and increasing women economic empowerment.
Business
Meta reaches $18 billion of settlements over children’s social media addiction
Meta agreed for the next decade to restrict teenagers’ use of Facebook and Instagram to two hours a day and block all usage from midnight to 6 a.m., absent parental consent.
Meta Platforms on Wednesday agreed to make major changes to Facebook and Instagram and pay up to $18 billion to resolve claims by most U.S. states that it designed those platforms to addict children and misled consumers about their safety.
Reuters reported that the settlements end a federal trial that had been one of the highest-profile tests of allegations that social media companies harm children.
It said that while Meta will not undergo a fundamental overhaul, the accords represent a sweeping effort to define how it serves young users.
The focus of this case was to protect our kids,” Colorado Attorney General Phil Weiser said in a statement.
“The relief we are getting in this settlement is very meaningful and well beyond what any court has ordered or is likely to order.”
Meta agreed for the next decade to restrict teenagers’ use of Facebook and Instagram to two hours a day and block all usage from midnight to 6 a.m., absent parental consent.
These limits could be tightened if other social media companies adopt similar terms.
Meta will also enhance measures to prevent children from accessing age-restricted content.
The settlement does not require Meta, which denied wrongdoing in agreeing to settle, to abandon personalized recommendations or targeted advertising.
The total payout represents about three to four months of profit for the Menlo Park, California-based company.
Business
Naira Exchange Rates Wednesday, August 26
Today, the Naira Black Market exchange rate for 1 US Dollar is 1,400 Naira,. This means 100 US Dollars = 140,000 Naira.
BLACK MARKET RATES
US Dollar (USD) Buy ₦1,400 Sell ₦1,405
Great British Pound(GBP) Buy ₦1,900 Sell: ₦1,920
EURO (EUR) Buy ₦1,590 Sell ₦1,610
Canadian Dollar (CAD) Buy ₦1,020 Sell ₦1,080
South African Rand (ZAR) Buy ₦75 Sell ₦90
Ghana CEDI (GHS) Buy ₦95 Sell ₦110
West African CFA Buy ₦2, 300 Sell ₦2, 400
CENTRAL AFRICAN CFA Buy ₦2,150 Sell 2,250
CBN Exchange Rates
US Dollar (USD) ₦1,346.98
Great British Pound (GBP) ₦1,837 54
EURO (EUR) ₦1,571.52
Swiss Franc (CHF) ₦1,678.89
Chinese Yuan (CNY) ₦200.37
Japanese Yen (Yen) ₦8.46
West African CFA (XOF) ₦2. 40
West African Unit Account (WAUA) ₦1,849. 43
Saudi Riyal (SAR) ₦358.73
South African Rand (ZAR) ₦84.11
BLACK MARKET RATES
US Dollar (USD) Buy ₦1,400 Sell ₦1,405
Great British Pound(GBP) Buy ₦1,900 Sell: ₦1,920
EURO (EUR) Buy ₦1,590 Sell ₦1,610
Canadian Dollar (CAD) Buy ₦1,020 Sell ₦1,080
South African Rand (ZAR) Buy ₦75 Sell ₦90
Ghana CEDI (GHS) Buy ₦95 Sell ₦110
West African CFA Buy ₦2, 300 Sell ₦2, 400
CENTRAL AFRICAN CFA Buy ₦2,150 Sell 2,250
CBN Exchange Rates
US Dollar (USD) ₦1,346.98
Great British Pound (GBP) ₦1,837 54
EURO (EUR) ₦1,571.52
Swiss Franc (CHF) ₦1,678.89
Chinese Yuan (CNY) ₦200.37
Japanese Yen (Yen) ₦8.46
West African CFA (XOF) ₦2. 40
West African Unit Account (WAUA) ₦1,849. 43
Saudi Riyal (SAR) ₦358.73
South African Rand (ZAR) ₦84.11
Meta reaches $18 billion of settlements over children’s social media addiction
Naira Exchange Rates Wednesday, August 26
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