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Olalekan Olude’s Jobberman partners with Nigerian Youth Service Corps to train 120,000 youth yearly

The youths will be trained in soft skills to enhance their employability.

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Jobberman Founder Olalekan Olude.

Jobberman has partnered with the Nigerian Youth Service Corps (NYSC) to annually train at least 120,000 youth corps members with soft skills courses. Sub-Saharan Africa’s single largest job placement website was co-founded by Nigeria’s Olalekan Olude in 2016. Olude currently serves as the company’s chief operating officer.

The partnership seeks to empower Nigerian graduates with soft skills to increase their employment prospects. The free training program is the company’s latest specialty.  

The program will be held at NYSC camps across Nigeria’s 36 states and the Federal Capital Territory. The NYSC provides a platform for Jobberman to tackle the issues of unemployment and underemployment amongst the country’s 100 million youths.

In a statement regarding the partnership, Jobberman Nigeria CEO Rolake Rosiji said: “Aligning with an organization such as NYSC, which has built a reputation of nurturing the development of young Nigerians to enhance the country, is in line with Jobberman’s mission to create a dynamic and skilled workforce to help it reach its full potential.” 

He added that “the NYSC resonates with all Nigerians and is a homegrown partnership that Jobberman is very proud to have established; the significance of which will be transformational for the country’s youth and economy.”

Rosiji was appointed as CEO of the tech startup in February, following Hilda Kabushenga Kragha, the new managing director of ROAM* Africa Jobs.

Recent statistics put the youth unemployment rate in Nigeria at around 14.2 percent, where underemployment between the ages of 15 to 34 rose to 57 percent in Q2 2020. Nigeria has the sixth-largest youth population globally, with more than 300,000 young people entering the jobs market monthly. This makes securing employment increasingly challenging and competitive.

However, employability continues to be a determining factor, as research shows that hard skills only contribute to 15 percent of success in obtaining a job, whereas soft skills make up 85 percent. Soft skills bridge the gap between education and employment. As a result, candidates are more equipped for the workplace.

“Jobberman’s partnership with NYSC will drive youth employment across states through hybrid and digitally-enabled training,” NYSC’s CDS and Special Projects Director Rasak Salawu said. “This will be an opportunity provided to graduates of different schools and backgrounds in Nigeria and abroad.”

Jobberman soft skills program

Jobberman launched its soft skills training program in May 2020 at the height of the pandemic. It has helped to upskill over 100,000 young people since its inception, placing more than 60 percent of those who completed the course According to Jobberman, the training is free for young Nigerians and will run indefinitely.

While the NYSC focuses on bringing thousands of youth from around Nigeria to steer youth capacity development and foster cultural and social cohesion, Jobberman focuses on upskilling 5 million young people and placing 3 million in employment by 2025.  

In February 2021, Olude’s brainchild successfully piloted the program with NYSC. It trained 35 NYSC schedule officers at a Lagos camp before the partnership launched the first of its three-week camps in April.

*ROAM Africa Jobs brands are the dominant recruitment solutions platforms in Africa. ROAM Africa brands include BrighterMonday in East Africa (focusing on Kenya, Tanzania and Uganda) and Jobberman in West Africa (focusing on Nigeria and Ghana).

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Ardova dismisses winding-up order, as Femi Otedola’s Zenon serves majority shareholder petition over $6-million debt

The once promising relationship between Otedola’s Zenon and Abdulwasiu Sowami’s Prudent Energy has taken a new turn.

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Femi Otedola. ©Billionaires.Africa

Arodva Plc, a Nigerian oil and gas marketing company majority owned by Nigerian businessman Abdulwasiu Sowami, has denied reports that it is facing a winding-up petition over a $6-million debt owed to Zenon Petroleum & Gas Limited, an oil company founded by billionaire businessman Femi Otedola.

The news comes as the once promising relationship between Otedola’s Zenon and Sowami’s Prudent Energy, Ardova’s majority shareholder, takes a new turn over the debt.

The oil company stated in a press release on Tuesday that its management’s attention has been drawn to recent media claims regarding the debt, and it is critical to set the record straight that no winding-up petitions are presently facing the company in relation to the 2019 transaction.

The company went on to state that the current issues are related to claims and warranties made under a share-purchase agreement between Prudent Energy and Zenon for the purchase of shares in Forte Oil Plc in a $200-million deal in 2019.

The management went on to state that Ardova is not party to any of the proceedings, that the proceedings have no bearing on the company’s rights or operations, and that it has no claims against its assets.

Zenon, which has a guarantee for the prompt payment of the debt, served Prudent Energy with a petition earlier this week, more than a month after the deferred consideration, which was due on June 18, had yet to be paid despite demand letters sent to Sowami.

Experts believe that the dispute will reignite debate over Ardova’s share ownership structure.

The $6-million debt, which represents the remaining purchase consideration for the Forte Oil stake, adds to Prudent Energy’s pressures, as shares in Ardova, the company that it acquired nearly three years ago, have fallen significantly from an average price of N23.6 ($0.055) per share in 2019 to N13 ($0.0305) per share at the time of writing this report.

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Nigerian billionaire Abdul Samad Rabiu and son receive $151.6 million in dividends from food business

Just three weeks ago, the Nigerian billionaire received a massive $208-million dividend from BUA Cement.

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Abdul Samad Rabiu. ©Billionaires.Africa

Nigerian billionaire industrialist Abdul Samad Rabiu and his son received a N62.9-billion ($151.6 million) dividend from his stake in BUA Foods Plc, his newly consolidated food conglomerate that maintains active operations in the food and agro-allied industries.

This comes nearly three weeks after the billionaire received a massive N86.5-billion ($208 million) dividend from his cement company, BUA Cement Plc, as part of cash rewards paid to shareholders.

The $151.6-million dividend, which was electronically deposited into his bank account on Thurs., Aug. 4, represents the majority of the N152-billion ($63 million) final dividend distribution approved by BUA Cement shareholders at the group’s annual general meeting.

With the recent payout from his consolidated food business, Rabiu, who has a $5.8-billion net worth, has now received a total dividend of $359.6 million from his publicly traded businesses this year, which is significantly more than the $157 million that he received last year.

BUA Foods’ multimillion-dollar dividend is the company’s first dividend payment since its shares were listed earlier this year on Jan. 5. The cash reward that shareholders received can be attributed to the company’s stellar performance during its 2021 fiscal year.

According to the group’s financial statement, which represents its first annual report since its shares were listed on the Nigerian Exchange over three months ago, BUA Foods’ profit rose by 97.05 percent, from N35.41 billion ($85.2 million) in 2020 to N69.76 billion ($167.84 million) in 2021.

Despite a decrease in its fortified sugar sales, BUA Foods reported a 13.72-percent increase in profit in the first half of 2022, owing to an 11.3-percent increase in revenue from N151.73 billion ($364.4 million) to N168.85 billion ($405.5 million).

Revenue growth was driven by higher non-fortified sugar and flour sales, which offset lower fortified sugar sales during the period under review.

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Africa’s richest man Aliko Dangote loses $863 million in single day

Dangote’s net worth has dropped from nearly $20 billion to just $19 billion in the past 24 hours.

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Aliko Dangote, Africa's wealthiest man.

Africa’s wealthiest man Aliko Dangote saw his billion-dollar year-to-date wealth gains turn into a $66-million year-to-date loss, as his net worth dropped by $863 million at the end of business on Tuesday.

This multimillion-dollar drop in his wealth was caused by a decrease in the market value of his stake in his cement company, Dangote Cement Plc.

Dangote Cement is Africa’s largest cement manufacturer thanks to its 51.55-million-tonne cement production capacity spread across 10 African countries.

According to data obtained by Billionaires.Africa, Dangote’s net worth has dropped from nearly $20 billion to just $19 billion in the past 24 hours, placing him as the 80th richest man in the world, down from the 71st spot.

With the recent decline in his net worth, he joins a long list of African billionaires whose net worth has decreased noticeably since the beginning of the year, including Johann Rupert, Patrice Motsepe, Strive Masiyiwa, and Mohammed Al-Amoudi.

Dangote, who has a net worth of $19 billion at the time of writing this report, derives the majority of his net worth from his 86-percent stake in Dangote Cement, which is presently valued at $8.28 billion.

The drop in his net worth can be attributed to a nine-percent decrease in the share price of his cement company from N265 ($0.634) to N241 ($0.576), fueled by recent selling pressures on the Nigerian Exchange.

The drop in the company’s shares was caused by investor reactions to a double-digit decline in the group’s profit in the first half of 2022 due to higher energy costs and unrealized foreign exchange losses.

According to the group’s recently published financial results, its profit decreased by more than 10 percent in the first half of 2022, falling from N191.63 billion ($460.8 million) in the first half of 2021 to N172.1 billion ($413.8 million).

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