Building Generational Wealth in Africa: The Legacy Haus Story

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Headlines

Building Generational Wealth in Africa: The Legacy Haus Story - Olufunke Olumide is the Managing Partner of The Legacy Haus, a first-of-its-kind multifamily office focused on Africa. The Legacy Haus helps African families build wealth that lasts for generations and preserve their legacies. They go beyond just managing money by offering a wide range of services, including legal and financial advice, as well as help with personal affairs. Their goal is to change the way Africans think about wealth by helping them not only build it but also pass it down to future generations while keeping the family's values strong. Read more

Electricity Subsidy Skyrockets Despite Tariff Increase - In the first quarter of 2024, the Nigerian government spent a staggering N633.30 billion on electricity subsidies, a 150.5% increase from the previous quarter's N252.76 billion. This amount surpassed the total subsidy of N628.61 billion paid throughout 2023. The surge in subsidy payments is attributed to the government's policy to harmonize exchange rates and maintain end-user tariffs at the December 2022 levels, despite the absence of cost-reflective tariffs across all electricity distribution companies (DisCos). Despite a 240% increase in tariff for Band A customers, who receive 20 hours of daily supply, the DisCos recorded a revenue shortfall as the total revenue collected was only N291.62 billion out of the N368.65 billion billed. The overall billing efficiency stood at 80.45%, with Ikeja DisCo collecting the highest revenue and Yola DisCo the least. The government's continued subsidization of electricity highlights the challenges in achieving a sustainable and cost-reflective electricity sector in Nigeria.

ESRI User Conference 2024 Comes to Abuja - Get ready for a boost in West Africa’s use of Geographic Information Systems (GIS)! The ESRI User Conference, hosted by Sambus Geospatial, is coming to Abuja, Nigeria on September 10^th -11^th , 2024. This event unites professionals, academics, and industry leaders for learning and networking. (Register here:https://africabusinessconvention.com/event/esri-user-conference-west-africa-2024/)

The conference focuses on how GIS can help solve problems from building infrastructure to protecting the environment. ESRI, a leader in GIS software, will showcase their ArcGIS platform. Attendees will see advanced mapping tools, real-world GIS applications, and hear from experts. 

Collaboration is a big focus! Special networking sessions aim to build partnerships and share knowledge, strengthening West Africa’s GIS community.

The timing is perfect. New technologies like high-resolution satellite images, GPS smartphones, and open-source software are making GIS more accessible and powerful.

By bringing people together, showing new developments, and encouraging teamwork, this conference positions West Africa to use GIS for a brighter future. Don’t miss this chance to be part of it! Read more

Minimum Wage Soars to N70,000 as Tinubu Signs Bill into Law - In a significant move, President Bola Tinubu has signed a new minimum wage bill into law, raising the country's minimum wage from N30,000 to N70,000. The signing ceremony took place during a Federal Executive Council (FEC) meeting, with the leadership of the National Assembly in attendance. The bill was swiftly passed by both the Senate and House of Representatives, with all readings completed within an hour. The new legislation also includes a provision for a review of the minimum wage every three years. This development comes after a series of meetings between the federal government and organized labor. The increase in the minimum wage aims to provide better living standards for Nigerian workers and aligns with the president's commitment to addressing economic challenges. This landmark decision is expected to have a substantial impact on the country's labor market and economic landscape.

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