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Tag: Tony Elumelu Foundation

  • Tony Elumelu foundation partners with UAE office of development affairs, Khalifa Bin Zayed Al Nahyan foundation to empower 1000 young African entrepreneurs

    Tony Elumelu foundation partners with UAE office of development affairs, Khalifa Bin Zayed Al Nahyan foundation to empower 1000 young African entrepreneurs

    The Tony Elumelu Foundation (TEF), the leading philanthropy empowering young African entrepreneurs, from all 54 African countries, today, signed a USD$6million strategic partnership agreement with the UAE Office of Development Affairs and Khalifa Bin Zayed Al Nahyan Foundation (an affiliate of Erth Zayed) to provide business training, mentorship, access to networks, and non-refundable $5,000 seed capital, to an additional 1,000 young African entrepreneurs.

    The agreement signed, at the World Governments Summit, by TEF Founder, Tony O. Elumelu, and the Director General of the Khalifa Bin Zayed Al Nahyan Foundation, His Excellency Mohamed Haji Al Khoori, evidences both organisations’ shared commitment to fostering economic empowerment and entrepreneurship across Africa.

    Through this partnership, the Khalifa Bin Zayed Al Nahyan Foundation will leverage the Tony Elumelu Foundation’s expertise and execution ability in catalysing entrepreneurship through the Tony Elumelu Entrepreneurship Programme, which has pioneered business management training, mentorship, and capital funding for African entrepreneurs. The Khalifa Bin Zayed Al Nahyan Foundation, a distinguished philanthropic organisation, affiliated with Erth Zayed, has a long-standing commitment to humanitarian and developmental projects, focusing on education, healthcare, economic empowerment, and enterprise development.

    “Empowering entrepreneurs is not just a moral imperative, but also a strategic investment in Africa’s future. By providing the necessary access to capital, mentorship, and resources, we are unlocking the potential of Africa’s entrepreneurial talent, eradicating poverty, driving self-reliance, and paving the way for inclusive growth and prosperity on the continent.

    This partnership between the Tony Elumelu Foundation and the Khalifa Bin Zayed Al Nahyan Foundation not only reflects our shared vision of empowering Africa’s next generation of business leaders, but will also create a ripple effect of economic transformation across the continent.”, Tony Elumelu stated.

    Since the launch of the TEF Entrepreneurship Programme in 2015, the Tony Elumelu Foundation has provided up to 2.5 million young Africans with access to trainings on its digital hub, TEFConnect, and disbursed over US$ 100 million in direct funding to more than 21,000 African women and men, who have collectively created over 1.5 million direct and indirect jobs. Through its initiatives, the Tony Elumelu Foundation has brought 2 million Africans out of poverty. In addition to its self-funded programmes, TEF works with international partners including the EU, the UNDP, the ICRC and the Ikea Foundation. The partnership with the Khalifa Bin Zayed Al Nahyan Foundation, is the first with a Gulf based philanthropy and represents a further example of the strong investment, diplomatic and cultural ties between the GCC and Africa.

    The Tony Elumelu Foundation is currently accepting applications from young entrepreneurs across Africa with innovative business ideas or existing businesses not older than five years on TEFConnect. African entrepreneurs are encouraged to apply to initiatives to receive training, mentorship, access to networks, and funding. Application deadline is March 1, 2025.

    Visit the TEF Impact Page and African Success Stories to learn more about the Tony Elumelu Foundation’s impact across the continent, as well as the initiatives being driven by past beneficiaries of the TEF Entrepreneurship Programme.

  • Africapitalism: Projecting African solution developed for Africa – Tony Elumelu speaks at FII7

    Africapitalism: Projecting African solution developed for Africa – Tony Elumelu speaks at FII7

    The Future Investment Initiative Institute (FII7) conference  kicked off  in Riyadh, on Tuesday October 24 and it will run till Thursday October 26th.

    The FII7 is a gathering of over 6,000 delegates including political leaders, ministers, CEOs, business leaders, investors, and entrepreneurs to discuss and address global challenges, with leading consulting firms  driving a fair share of the agenda.

     

    The Future Investment Initiative Institute is a global non-profit foundation with the aim to help the world solve challenges in four critical areas: artificial intelligence and robotics, education, healthcare and sustainability.

    The  conference is organised by the Public Investment Fund (founding partner) and the Ministry of Investment of Saudi Arabia (vision partner), and is backed by 23 strategic partners and co-delivered in partnership with knowledge partners and academic partners.

    Themed ‘The New Compass’, this year’s event at the King Abdulaziz International Conference Center  delves deep into socioeconomic, geopolitical, and corporate transformations that are taking place across FII’s four key themes of scope.
    One of Africa’s representative, Nigerian economist and philanthropist, Anthony Onyemaechi Elumelu CFR, chairman, Heirs Holdings, Transcorp, United Bank for Africa and  the founder of The Tony Elumelu Foundation, during a stimulating fireside chat with event host, Richard Attias  gave an insight into processes designed to give Africa a facelift.

    Speaking at the event, Elumelu highlighted the significance of Africapitalism on the continent of Africa.

    According to him, private sectors have a big role to play in developing the continent, saying all hands must be on deck to develop the continent.

    Continuing, he said that Africapitalism is a call on the private sector to play it roles in empowering the youth population, empowering young men and women in developing the continent.

    on the business model used in achieving their goal, Elumelu added that transcorp the largest electricity generating company in the world today, has been involved in critical sectors that help to fix some challenges on the continent.

    He explained that Africa has to create a bigger market where Africans need to consume what they produce and produce what they consume.

    He said Africans should endeavour to be investors on the continent.

    The entrepreneur further explained that Africa’s demography is favourable and it should be used to its advantage.

    He added that despite Africa’s challenges, the continent is ready for investment because it has huge investment opportunities, saying the continent needs a marshal plan and a long term capital.

    Elumelu further noted that the idea is to work together with the western world to open their eyes of the huge investment on the African continent.

    Richard Attias, CEO of the Future Investment Initiative Institute, said that the event’s line-up is stronger than ever before.

    Yasir Al Rumayyan, Chairman of the Future Investment Initiative and Governor of the Public Investment Fund, will deliver a keynote discussing the role of investment in combating climate change, ensuring technology benefits all, and equitable access to resources.

    The event will also feature an Energy Summit, investigating the pace of global decarbonization and how Paris Agreement goals can be realized, and an Innovation Hub that will focus on the future of GPT, Web3 adoption, advancements in autonomous robots, and unlocking quantum computing’s potential.

    Partners play an integral role in delivering speakers and insights. Among the line-up of strategic partners are Aramco, Emaar, Neom, PepsiCo, Sabic, Saudi Electricity Company, and Standard Chartered.

    Insights, thinking, and dedicated panel discussions are supported by knowledge partners, which includes nine consultancies: Accenture, Arthur D. Little, Bain & Company, Boston Consulting Group, Deloitte, EY, Kearny, KPMG, McKinsey, and Strategy&.

    Well-known academic partners include King Abdullah University of Science and Technology and Stanford University.

    “Our partners are what make the FII Institute community so impactful. This year, we are proud to recognise partners from 42 leading global corporations, consulting firms, universities and institutions. Our partners reflect an unparalleled concentration of great minds and leaders, and alongside this community, the Institute is making strides towards our only agenda: Impact on Humanity,” said Al Rumayyan.

  • Tony Elumelu Foundation hosts delegation of EU partners

    Tony Elumelu Foundation hosts delegation of EU partners

    The Tony Elumelu Foundation (TEF), the leading philanthropy empowering a new generation of young African entrepreneurs, hosted a delegation of esteemed partners from the European Union, at the iconic Transcorp Hilton in Abuja, on the occasion of the visit of the EU Commissioner for International Partnerships, Ms. Jutta Urpilainen, and the EU delegation to Nigeria.

    This event marked a significant milestone in the ongoing partnership between the Tony Elumelu Foundation and the European Union.

    In 2021, The Tony Elumelu Foundation partnered with the European Union to identify, train, mentor and fund 2,500 young African women entrepreneurs.  The partnership disbursed €20 million in financial and technical support for women-owned businesses, across all 54 African countries, in addition to providing increased access to market linkages, supply chains and venture capital investments.

    The partnership not only significantly strengthened and deepened the EU-Africa relations, but it also built on the transformative approach of the US$100m Tony Elumelu Foundation Entrepreneurship Programme, and formed part of the EU External Investment Plan to support women economic empowerment within the EU Gender Action Plan (GAP III).

    During the event, Tony O. Elumelu C.F.R., Founder of the Tony Elumelu Foundation, and the EU Commissioner for International Partnerships, Jutta Urpilainen, expressed their delight in reflecting on the resounding success achieved through the TEF-EU partnership, and the accomplishments of the young African women entrepreneurs who have thrived under their mentorship and support.

    Mr. Elumelu and Commissioner Urpilainen expressed their enthusiasm about the future of the Tony Elumelu Foundation’s collaboration with the European Union. Both leaders underscored their commitment to fostering entrepreneurship, innovation, and economic development in Africa, paving the way for a prosperous future for the continent.

    Speaking at the event, Mr. Tony O. Elumelu said, “I speak for every young African entrepreneur when I say thank you [to the European Union] and welcome to Africa. Together, the Tony Elumelu Foundation and the European Union have economically empowerment thousands of women entrepreneurs across the continent, supporting each of them with a non-refundable seed capital of $5,000, because they share our belief that prosperity anywhere is good for all of us, and poverty anywhere is a threat to all of us everywhere.  This partnership has exemplified the transformative impact that can be achieved when like-minded organizations join forces to empower the next generation of African entrepreneurs. Together with the European Union, we have unlocked immense potential, enabling young women entrepreneurs to contribute meaningfully to Africa’s economic growth”.

    Commissioner Jutta Urpilainen remarked, “It is great to have this opportunity to hear the impressive stories of We’ve heard the impressive results and stories of beneficiaries of the Tony Elumelu Foundation’s inclusive support programmes, backed also by the European Union. When I was appointed as the EU Commission of International Partnerships 2019, I had an objective, I really wanted to change the paradigm. The paradigm of our partnership with Africa, I wanted to get rid of the existing donor-recipient relationship, where donors tell and impose their expectations on Africans. We look forward to changing the paradigm and creating mutually beneficial partnerships and equal partnerships. ”

    As the Tony Elumelu Foundation and the European Union continue their collaborative efforts, they remain dedicated to empowering entrepreneurs, driving innovation, and catalyzing positive change across the African continent. The partnership stands as a beacon of hope, inspiring future generations and demonstrating the immense possibilities that arise when organizations unite to uplift communities.

    The Tony Elumelu Foundation is the leading philanthropy empowering a new generation of African entrepreneurs, driving poverty eradication, catalysing job creation across all 54 African countries, and increasing women economic empowerment. Since the launch of the TEF Entrepreneurship Programme in 2015, the Foundation has trained over 1.5 million young Africans on its digital hub, TEFConnect, and disbursed nearly USD$100 million in direct funding to 18,000 African women and men, who have collectively created over 400,000 direct and indirect jobs. The Foundation’s mission is rooted in Africapitalism, which positions the private sector, and most importantly entrepreneurs, as the catalyst for the social and economic development of the African continent.

  • Tony Elumelu Foundation, UNICEF’s Generation Unlimited, IKEA Foundation announce partnership

    Tony Elumelu Foundation, UNICEF’s Generation Unlimited, IKEA Foundation announce partnership

    The Tony Elumelu Foundation, UNICEF’s Generation Unlimited (GenU), and IKEA Foundation are thrilled to announce their strategic partnership to launch a pioneering Green Entrepreneurship Programme that is aimed at empowering African youth and tackling the triple planetary crisis of climate change, biodiversity loss, and resource scarcity.

    In a world where environmental challenges are becoming increasingly urgent, The Tony Elumelu Foundation, UNICEF’s Generation Unlimited, and IKEA Foundation have joined forces to create a dynamic initiative that will not only make a significant impact on the environment but also provide sustainable job opportunities for the next generation of African entrepreneurs.

    Building on successful initiatives like Generation Unlimited’s imaGen Ventures and Yoma solutions, and the Tony Elumelu Foundation’s entrepreneurship programme, the Green Entrepreneurship Programme called BeGreen Africa is designed to provide young African entrepreneurs with the training, mentoring, and funding needed to develop innovative solutions for Africa’s sustainable future. Through a series of workshops, mentorship programmes, and funding opportunities, participants of the Programme will be empowered to create green businesses that address pressing environmental issues.

    Key objectives of BeGreen Africa include:

    1. Youth Empowerment: Co-created with young green innovators, the Programme aims to empower young African entrepreneurs, giving them the tools and skills necessary to take an active role in solving environmental challenges.

    2. Green Jobs Creation: By supporting the development of environmentally conscious businesses, this partnership will help create jobs that contribute positively to the planet.

    3. Address the Triple Planetary Crisis: The Programme will directly tackle climate change, biodiversity loss, and resource scarcity by fostering sustainable entrepreneurship.

    4. Foster Innovation: The Tony Elumelu Foundation, UNICEF’s Generation Unlimited, and IKEA Foundation believe in the power of innovation to drive positive change. This Programme will encourage young African entrepreneurs to think outside the box and develop groundbreaking solutions.

    5. Build a Sustainable Future: Ultimately, BeGreen Africa aims to contribute to building a more sustainable and resilient future for communities and the planet as a whole.

    The founding partners of BeGreen Africa will leverage their collective expertise, close relations with government, the private sector and youth networks, and extensive field presence across Africa, particularly in Kenya to: a) develop a green-focused curricula that addresses the gaps and capacity needs of the identified target youth, b) engage expert trainers to deliver the trainings via www.TEFConnect.com, c) facilitate mentor and alumni network connections, and d) provide seed capital funding that will empower the identified entrepreneurs to kickstart, develop, and scale their green businesses.

    “We know the critical role that green entrepreneurship and agripreneurship play in driving innovative solutions to environmental issues and are keen to empower our young ones across Africa, starting with Kenya, to deploy innovative solutions to the climate crisis.”, said Tony O. Elumelu, CFR, Founder of the Tony Elumelu Foundation. “This initiative will empower young Africans with the entrepreneurial skills that are needed to accelerate the shift towards toward green economy. Working with great partners, IKEA Foundation and UNICEF Generation Unlimited, we will create new jobs, generate employment, improve livelihoods, help eradicate poverty and address climate issues in Africa. Our collective goal is to see young entrepreneurs in Africa build sustainable businesses for themselves and generate viable green jobs, so that our young ones are not left behind in the inevitable green economy that the world will transitioning to. Climate change is not just a threat to our future, it is also a threat to our present and there is no time to wait for climate action in Africa.”

    The BeGreen waste management pilot in Kenya, supported by IKEA Foundation, will train 1,000 youth in the country and economically empower 120 of them, all under the age of 35, with new or existing green businesses. The initiative will leverage learnings and evidence to generate a model of youth entrepreneurship in high-impact green sectors, exploring how young entrepreneurs can contribute to circular economies and scale a sustained green revolution in Africa.

    The government of the Netherlands is supporting additional BeGreen pilots in Nigeria, South Africa, Senegal, and Morocco through the GenU Trust Fund, which will focus on green entrepreneurship across multiple sectors, and generate valuable insights in addition to the learnings on waste management from Kenya.

    Across the five countries, BeGreen will train at least 1,600 young people in green entrepreneurship and waste management and will provide more than US$ 1 million in seed funding to 225 young entrepreneurs, which will enable them to generate revenue and create at least 8,000 jobs.
    “We know that on the one hand, there won’t be enough jobs to go around for a fast-growing population. On the other hand, we have finite resources in the world. So, we need to look at how we can turn waste into value and create viable green jobs that help us stay within our planetary boundaries. To transition to a green and circular economy, we urgently need partnerships and coalitions of the willing, who are ready to experiment and scale, and who aren’t afraid to take risks.” – Per Heggenes, CEO, IKEA Foundation

    “Young people in Africa with a spirit of enterprise and innovation are key to powering an agricultural boom. By equipping them with relevant skills and supporting their solutions through mentorship and seed funding, we can empower a generation of agripreneurs who go on to drive sustainable economic growth in the continent and beyond.” – Kevin Frey, CEO, Generation Unlimited.

    The multilingual Application Portal is open to young African entrepreneurs on www.TEFConnect.com until September 30, 2023.

    About the Tony Elumelu Foundation:

    The Tony Elumelu Foundation is the leading philanthropy empowering a new generation of African entrepreneurs, driving poverty eradication, catalysing job creation across all 54 African countries, and increasing women economic empowerment.

    Since the launch of the TEF Entrepreneurship Programme in 2015, the Foundation has provided over 1.5 million young Africans with access to training on its digital hub, TEFConnect, and disbursed nearly USD$100 million in direct funding to 18,000 African women and men, who have collectively created over 400,000 direct and indirect jobs.

    The Foundation’s mission is rooted in Africapitalism, which positions the private sector, and most importantly entrepreneurs, as the catalyst for the social and economic development of the African continent.

    About Generation Unlimited:

    Launched by the UN Secretary-General at the 2018 UN General Assembly, and anchored in UNICEF, Generation Unlimited is a leading global Public-Private-Youth Partnership, bringing together global organizations and leaders including Heads of State, CEOs, Heads of UN agencies, and civil society champions with young people to co-create and deliver innovative solutions on a global scale.

    Generation Unlimited is on a mission to skill the world’s 1.8 billion young people and connect them to opportunities for employment, entrepreneurship, and social impact.

    About IKEA Foundation:

    The IKEA Foundation is a strategic philanthropy that focuses its grant making efforts on tackling the two biggest threats to children’s futures: poverty and climate change. It currently grants more than €200 million per year to help improve family incomes and quality of life while protecting the planet from climate change. Since 2009, the IKEA Foundation has granted more than €1.8 billion to create a better future for children and their families.

    In 2021 the Board of the IKEA Foundation decided to make an additional €1 billion available over the next five years to accelerate the reduction of Greenhouse Gas emissions. In 2023, IKEA Foundation has already provided more than € 31 Million in emergency funding.

    For more information, please contact:
    •Joyce Wanja, UNICEF Kenya, +254 721 466267, jwanja@unicef.org
    •Augustine Karani, UN Resident Coordinator’s Office, +254 724 169 487, augustine.karani@un.org
    •Moyo Awotile, The Tony Elumelu Foundation, +234 809 975 1482, Moyo.awotile@tonyelumelufoundation.org
    • Anupama Saikia, Chief Marketing Officer, Generation Unlimited ansaikia@unicef.org
    Lotika Mehta, IKEA Foundation, +31 68 24 82 314, lotika.mehta@ikeafoundation.org

    Green Entrepreneurship Programme at UNGA 78

    The Tony Elumelu Foundation is thrilled to announce the official launch two significant initiatives at the 2023 Tony Elumelu Foundation breakfast roundtable session co-hosted with UNICEF GenU, UNDP, IKEA Foundation, and UBA America, on the sidelines of the 78th UNGA meetings in New York, to scale and highlight the impact of the Tony Elumelu Foundation Entrepreneurship Programme in all 54 African countries.

    1. The Tony Elumelu Foundation Impact Report
    The Tony Elumelu Foundation, in partnership with independent expert third-party researchers, has launched an Impact Report titled “The Tony Elumelu Foundation Entrepreneurship Programme: A Decade of Impact”, which highlights the significant contribution of the Tony Elumelu Foundation’s flagship $100million Entrepreneurship Programme in advancing Africa’s socio-economic development. Through quantitative data analysis and qualitative testimonials, this Impact Report highlights the critical role of the Tony Elumelu Foundation Entrepreneurship Programme in stimulating local economies across the African continent by driving poverty eradication, catalysing jobs creation in all 54 African countries, and ensuring inclusive economic empowerment. Furthermore, the Impact Report highlights the improved leadership skills and enhanced business sustainability observed amongst beneficiaries of the Tony Elumelu Foundation in relation to non-beneficiaries of the wider African entrepreneurship ecosystem, underscoring our Programme’s holistic influence. This comprehensive Impact Report quantifies the real-world impact, learnings, and tangible outcomes of the Tony Elumelu Foundation Entrepreneurship Programme over the past decade. It also vividly portrays the transformative journey of young African entrepreneurs, and members of their communities, who have been touched by our flagship Entrepreneurship Programme, thus reaffirming the Tony Elumelu Foundation’s indispensable role in fostering innovation and inclusive economic growth across Africa.

    Read our Impact Report here.

    2.BeGreenAfrica The Tony Elumelu Foundation, UNICEF Generation Unlimited, and IKEA Foundation are thrilled to announce their strategic partnership to launch a pioneering Green Entrepreneurship Programme that is aimed at empowering African youth and tackling the triple planetary crisis of climate change, biodiversity loss, and resource scarcity. In a world where environmental challenges are becoming increasingly urgent, The Tony Elumelu Foundation, UNICEF Generation Unlimited, and IKEA Foundation have joined forces to create a dynamic initiative that will not only make a significant impact on the environment but also provide sustainable job opportunities for the next generation of African entrepreneurs. The Green Entrepreneurship Programme called #BeGreenAfrica is designed to provide young African entrepreneurs with the training, mentoring, and funding needed to develop innovative solutions for Africa’s sustainable future. The multilingual Application Portal is open to young African entrepreneurs on www.TEFConnect.com until September 30, 2023.

  • INTERVIEW: We’ve significantly increased power generation to make life better for Nigerians – Tony Elumelu

    INTERVIEW: We’ve significantly increased power generation to make life better for Nigerians – Tony Elumelu

    …says Transcorp not in a hurry to join Stock Exchange

    … Otedela and I are brothers

    Business mogul, Tony Elumelu in a chat with Arise bared it all about the landmarks of Transcorp in recent years in different sectors of the Nigerian economy and the mileages recorded in power generation to better the lives of Nigerians. He also espoused much about his friend Multi Billionnaire Femi Otedela describing as his brother and the only guy he follows on Instagram and the other person is his wife.

    Hear him:

    What were the highlights of the AGM for Transcorp today and what key decisions and resolutions were made by the shareholders and the directors of the company?

    A: Today was our 17th AGM and I will say the meeting was in two parts. First the shareholders commended the board and the management for a great job that they have done.

    One of the shareholders Dr Farouk spoke about the company paying 500% increase in dividends payment and he was also impressed that we are building to last, we are building Transcorp and not siphoning profits away, but making sure that we reinvest and retain earnings.

    He reminded us that Warren Buffet said that companies that retain earnings and profits are companies he invests in; so he commended management and he requested the investing public to take advantage of the opportunities in Transcorp to invest more.

    On the other part we had some resolutions which were passed, the reappointment of all the board members, all board members due for retirement were all duly elected, reelected. Also the auditors were elected and most importantly some business resolutions that will enable the company do more were also passed by shareholders and it was a very good AGM.

     

    What are some of these key resolutions as far as the business operation is concerned as a group?

    We like to capacitised and enable management to do what they do because we have in place a company that is the management led by Dr….. and the resolution was give us the enablement in case we see opportunities in the market place to take advantage of this and we have empowered them, the shareholders have duly empowered the board and management to do so.

     

    2022 a very tough financial year and trying to find out how the various business groups like power, oil and gas, hospitality and leisure were able to navigate the macroeconomic area.

    The operating environment is tough but we thank God for the quality of leadership of Transcorp. The Group CEO and his team, they’ve done very well in making sure that all the sectors we operate in, the power sector, the hospitality sector, leisure and even the oil and gas, the upcoming sector we stay ahead.

    The hospitality business, Transcorp Hilton Hotel is the biggest hotel brand in Africa and they continue to maintain that lead. Owen and Olusola Dupe, the CEO of Transcorp Hotel, she is doing great job and the CEOs of the power business, they are doing very well; so the companies are doing very well.

    In terms of our power business, we have increased generation significantly helping to improve access to electricity in Nigeria. The Transcorp Power Ughelli generates about 600megawatts of electricity every day.

    Our in store capacity is about 1000megawatts and our generating capacity is over 700, the only reason we cannot even do 750 a day is because of gas limitation but we are integrating our energy play, hopefully from our oil and gas plant, we will be able to pipe gas to Transcorp Power and increase because Nigerians need electricity and that is where we commit to Nigerians.

    Transcorp is about improving lives and transforming society we want to transform Nigerian society and we know that power is critical to the transformation of Nigeria and that is what we are doing.

    In the hotel area, we are doing very well, recognized world over and I doff my hat for the team who are leading Transcorp, interestingly the CEO of Transcorp Hotel is a woman, the group CEO of Transcorp is a woman and then of course Chris who is driving our Ughelli power plant, he is doing a great job.

     

    Are you looking at taking Transcorp Power for listing on the Nigerian Stock Exchange Limited any time soon?

    No, I hear that rumour from time to time especially after some other competing institutions were listed on the Exchange. No, we are long term players, we want to grow more and significantly, we believe that there are a few more things we want to do in the power sector so that that sector can actually blossom.

    The transmission line has to be fixed and the gas supply has to be fixed and then we believe that when we improve transmission lines and also address the gas supply issue, that will be the right time to do so.

    So we are looking at about 5years from now to list Transcorp Power because we believe that in about 5years time, the transmission lines would have been fixed and the gas supply to the power sector would have improve significantly.

     

    There are always opportunities if you see, as we look at what the government is doing, so if there were opportunities to take on more, will you be willing to take on more opportunity and investments in the power sector or oil and gas for example?

    Definitely. You know we have a track record, my track record as Tony Elumelu in Nigeria is my business turnaround track record and also creating opportunities for shareholders.

    So when we took over Transcorp for instance, it was only Transcorp Hilton Hotel Abuja that existed, today we are talking about power plant with capacity of about 2000megawatts that we have invested in.

    So we know how to grow businesses, we know how to turnaround businesses and we know how to smell opportunities when they arise.

    So, it is just starting and that is why I am happy that today, a lot more interest is being shown in Transcorp shares.

     

    So talking about the share increase and all that, is it all about buying in of majority shares, big shares in Transcorp, we have seen for example the market reopen for the week with more than a billion shares being traded in the market, the stock was up roughly 10%, this buying interest is about what is in the news about Femi Otedola coming in as a big player buyer of Transcorp shares?

    No, first Femi Otedola is a very good friend, there are only two people l follow on Instagram, my wife and Femi Otedola that tells you the level of friendship that we have. Is a man I admire and I respect and he is a friend, in fact we actually call ourselves brothers.

    So I welcome Femi Otedola’s investment in Transcorp, that is what we want, I mean come on, people get sentimental and emotional at times for no reason.

    But two of you are in the same business, he is into power business, you are into power business.

    And what is wrong, there can be a cross roads. You know abroad or even in Nigeria, we go on financial road show, and what do we do? We go talk to investors to say please come and invest in our company.

    I am happy to see an indigenous active investor community and I am happy that Femi is investing in locally and he should be commended for that and I also welcome his investment in Transcorp because the more people show interest in the activities, in the performance of the company, the more people invest in the company, the better for our shareholders.

    You know, you want to make your stock investors toast and I am happy that Transcorp is becoming investors toast.

    If you remembered, about 10years ago before we took over Transcorp, people were not interested in Transcorp, even people who own shares, when I wanted to buy over Transcorp, people who owned shares of Transcorp didn’t even find their certificate because they’ve lost confidence in the company.

    Today under our leadership, Transcorp has consistently 5years over now paid dividend every year, it never happened in the history of the company before. There is capital appreciation for the company.

    So when friends and investing public come to invest in company like this, it’s a validation, it tells you that they believe in your story, they believe in your vision, they believe in your management, they believe in your leadership, they believe in your competence, that is what has been demonstrated.

    And I like my friend to come on board and I like the fact that he is on board and I look forward to working with him for us to take Transcorp to greater heights.

  • Tony Elumelu Foundation announces Somachi-Chris Asoluka as CEO

    Tony Elumelu Foundation announces Somachi-Chris Asoluka as CEO

    The Board of Trustees of the Tony Elumelu Foundation, the leading philanthropy empowering young African entrepreneurs from all 54 African countries, has announced the appointment of Somachi Chris-Asoluka as Chief Executive Officer, following the retirement of current CEO, Ifeyinwa Ugochukwu.

    The appointment takes effect from March 01, 2023.

    Since the launch of the TEF Entrepreneurship Programme in 2015, the Foundation has trained over 1.5 million young Africans on its digital hub, TEFConnect, and disbursed nearly USD$100 million in direct funding to 18,000 African women and men, who have collectively created over 400,000 direct and indirect jobs.

    The Foundation’s mission is rooted in Africapitalism, which positions the private sector, and most importantly entrepreneurs, as the catalyst for the social and economic development of the African continent.

    The Foundation’s ability to fund, train, mentor, and network young African entrepreneurs, has created a unique platform for catalysing growth across the African continent.

    The robust ability of the Foundation to reach entrepreneurs across geographies and sectors, has enabled it to conduct innovative partnerships with the European Union, United Nations Development Programme, the International Committee of the Red Cross, the United States Government via the United States African Development Foundation (USADF),

    The Organisation of African, Caribbean and Pacific States (OACPS), The French Development Agency (AFD), The German Development Finance Institution (DEG), The German Agency for International Cooperation (GIZ), The African Development Bank (AfDB), and Google, with bespoke programmes including targeting female empowerment and growth in fragile states.

     

    Somachi, who joined the Foundation in 2014, has served as the Foundation’s Head of Research, Head of Policy and External Relations, and most recently as the Director of Partnerships and Communications.

    In her new role as CEO, Somachi will leverage her expertise, experience and network to provide strategic leadership in consolidating and deepening the Foundation’s work of transforming Africa through entrepreneurship.

    Speaking on the appointment, Tony O. Elumelu, CFR stated: “This is an important time for the Foundation and Africa.

    Our work is ever more important, and our platform is demonstrating our ability to truly catalyse change.

    We are increasingly working with partners, to magnify our impact.

    Somachi’s experience in partnership development will be particularly relevant. Somachi, as Director of Partnerships & Communications, has demonstrated strong leadership, commitment, and strategic thinking, in delivering the Foundation’s mission to transform Africa.

    She is the perfect candidate to build on Ifeyinwa Ugochukwu’s impactful contribution.

    “On behalf of the Board, I also thank Ifeyinwa, for her considerable achievements, significant sacrifice and commitment to building and empowering the next generation of African business leaders.

    The Foundation, since inception, has been led by a succession of dynamic and diverse CEOs, who have each brought passion, commitment, and innovation. As the tenure of Ifeyinwa draws to a close, I look back on the last five years and pay tribute to the impact she has made, first as Director of Partnerships, and later as the Chief Executive Officer.”

    In response, Ifeyinwa said: “Over the last five years, the Tony Elumelu Foundation has significantly expanded its mission to empower African Entrepreneurs across all 54 African Countries.

    In particular, the Foundation has grown its partnership capability, opening its platform and process to third parties, who share in our commitment to growing the African entrepreneurial ecosystem, and transforming Africa by empowering entrepreneurs.

    As CEO, it has been my profound joy to lead the dynamic team to empower the next generation of young people whose ideas are transforming Africa.”

    Accepting her appointment, Somachi said: “I am honoured to be appointed to lead the Foundation, particularly at a time when we will be launching a new Coalition for African Entrepreneurship.

    This Coalition will bring together global and African partners to significantly increase the impact created by TEF’s unique platform for identifying, mentoring, training and funding young African entrepreneurs. I look forward to working with the team, our partners, and all stakeholders to achieve our common goal of a strong, confident, self-reliant Africa.

    I am honoured to build on Ifeyinwa’s legacy and launch the Tony Elumelu Foundation into its next phase of impact.”

    Somachi graduated Summa Cum Laude from Saint Mary’s College of California with a BSc. in Economics and minor in Mathematics, and received the “Adam Smith” award given to the highest performing graduating student in Economics.

    She also has a Master’s Degree in International and Development Economics from Yale University.

    She is a Deputy Champion of the World Economic Forum (WEF) EDISON Alliance.

    Applications for the 2023 Tony Foundation Entrepreneurship Programme are now open. Apply now on tefconnect.net.

  • Tony Elumelu Foundation approves $16.8m non-returnable seed capital for 3,369 female entrepreneurs

    Tony Elumelu Foundation approves $16.8m non-returnable seed capital for 3,369 female entrepreneurs

    The Tony Elumelu Foundation has approved the release of $5,000 non-returnable seed capital for 3,369 young African women as part of its 2021 Entrepreneurship Programme.

    According to the foundation, the grant totalling $16.8m will be given to over 68 per cent of the total candidates selected for the year.

    Recall that the foundation had earlier selected 4,949 entrepreneurs across Africa for its 2021 entrepreneurship programme.

    Announcing the development, founder of the Tony Elumelu Foundation, Mr Tony Elumelu, encouraged young African entrepreneurs to be hard working and disciplined, stating that, “the entrepreneurship journey is not linear – there are ups and downs, but by staying focused and resilient, ultimately success will come your way.

    “The future of our continent is in your hands. What you do as entrepreneurs will go a long way in lifting Africa out of poverty. I am happy that our female entrepreneurs are doing very well, with 68 per cent representation this year.”

    For its 2021 programme, the foundation said its disbursement was set at $24.75m to 5,000 African Small Medium Scale Enterprises.

  • Tony Elumelu Foundation unveils 7th TEF Entrepreneurship programme for Africans

    Tony Elumelu Foundation unveils 7th TEF Entrepreneurship programme for Africans

    The Tony Elumelu Foundation (TEF), on Friday in Lagos unveiled the TEF Entrepreneurship programme for 2021, to empower women and men across the African continent.

    The Chief Executive Officer of TEF, Mrs Ifeyinwa Ugochukwu, disclosed this during an Online news briefing attended by TheNewsGuru.com‘s correspondent and other Journalists across Africa.

    She said: ” I want to welcome all of you as we unveiled the TEF Entrepreneurship Programme for 2021, the opening of the application portal which happened 12 midnight, January 1.

    “As you all know, the TEF was founded in 2010, and in 2015, our founder, Mr Tony Elumelu, launched a 100 million dollars commitment to identify, train, mentor and fund 10,000 African entrepreneurs across all 54 African countries, over 10 years.

    “So, 2021 marks the seventh edition of the TEF entrepreneurship programme,” she said.

    She added that opening the portal on Jan. 1, marked a new beginning, a renaissance, a beginning of recovery and a beginning of Africa taking its space in the global space as a strong thriving economy, led by SMEs who are the largest generators of job creators on the African continent.

    She said that the 2021 application would be different from what was done in the previous years.

    “Previously when you apply for the TEF entrepreneurship programme, once you apply, you put in your business plan within the application and those selected will be trained and funded.

    “But, this year, just as we did last year, we want to train a lot more than we would fund, primarily because the feedback we have got from our entrepreneurs is that trainings been critical to the success of their businesses,”she added.

    Ugochukwu disclosed that the foundation had trained, mentored and funded over 9,000 African entrpreneur till date.

    She expressed excitement that the Price Waterhouse and Coopers, in conjunction with TEF had completed an impact assessment report which according to her, would be released in the Q1, to mark its 10th year anniversary.

    She also disclosed that the foundation had partnered with the European Union to fund and train additional 2,400 women on a TEF Entrepreneurship program for 2021.

    According to her, this is in addition to many other partnerships that the foundation have been running through the years.

  • Tony Elumelu Foundation, European Union Partner to Transform Economic Empowerment of African Women

    Tony Elumelu Foundation, European Union Partner to Transform Economic Empowerment of African Women

    • European Union joins growing list of international TEF partners driving entrepreneurship development
    • Joint partnership to empower 2,500 women from 54 African countries

    The Tony Elumelu Foundation (TEF), Africa’s leading philanthropy committed to empowering young African entrepreneurs, has announced a partnership with the European Union to identify, train, mentor and fund 2,500 young African women entrepreneurs in 2021. The partnership will disburse €20 million in financial and technical support for women-owned businesses, across all 54 African countries, in addition to providing increased access to market linkages, supply chains and venture capital investments.

    The joint initiative will significantly strengthen and deepen the EU-Africa partnership, builds on the platform and experience of the US$100m TEF Entrepreneurship Programme, and forms part of the EU External Investment Plan to support women economic empowerment within the EU Gender Action Plan (GAP III).

    Commenting on the landmark partnership, Tony Elumelu, Founder of the Tony Elumelu Foundation said “We are delighted to partner with the European Union, sharing our unique ability to identify, train, mentor and fund young entrepreneurs across Africa. This joint effort will prioritise and provide economic opportunities for African women, whom for too long have endured systemic obstacles to starting, growing and sustaining their businesses. Our partnership will alleviate the funding, knowledge and market constraints threatening the livelihoods of women entrepreneurs on the continent, to create more income, jobs, growth and scale for women-owned businesses.”

    The EU Commissioner for International Partnerships, Jutta Urpilainen, said “This partnership with the Tony Elumelu Foundation will help women participants in economic development, realise their full potential and accelerate economic inclusion. Empowering women entrepreneurs is a key driver for sustainable jobs and growth, especially in the context of the COVID-19 pandemic and in line with the objectives of our African Strategy. Women and girls represent half of the world’s population and they deserve equal opportunities.”

    The Tony Elumelu Foundation, which marks ten years of impact this year, is empowering a new generation of African entrepreneurs, catalysing economic growth, driving poverty eradication and ensuring job creation across all 54 African countries. The Foundation has trained, mentored and funded nearly 10,000 young African entrepreneurs from 54 African countries, and continues to provide capacity-building support, advisory and market linkages to over 1 million Africans through its digital networking platform, TEFConnect.

    TEF’s female success stories include Joyce Awojoodu, from Nigeria, who launched a luxury botanically based product line and spa clinic in Lagos, in 2015. The brand ORÍKÌ, caters to both men and women, and strictly uses raw materials and natural ingredients from Africa. Awojoodu’s favourite element of the TEF Entrepreneurship Programme was the mentorship, which she described as “phenomenal”’ and “invaluable” for ORÍKÌ. In her own words, “each Tef Entrepreneur was assigned a mentor and I could not have asked for a better one. TEF connected us. Now the mentorship continues, and I know I will always have an ear to share my thoughts about the business with a person who can also offer advice”.

    Mavis Mduchwa, an agribusiness entrepreneur from Botswana, founded Chabana Farms, a poultry farm providing training and work for unemployed young people. Even though agriculture accounts for 32% of Africa’s gross domestic product, landownership and access to land remains a significant challenge for many farmers, especially women. According to Mduchwa, “in Botswana, about 80% of people survive on agriculture, and many of them are women. But, if as a women you want to turn it into a business, you have a challenge of finding land.” Mduchwa has used the seed capital and training from TEF to significantly expand her operations.

    The Tony Elumelu Foundation and the European Commission are proud to partner to unlock the dynamic potential of African women entrepreneurs, directly catalysing African’s economic growth and contributing to Africa’s prosperity and social development. The programme co-funded by the European Union, the Organisation of African, Caribbean, and Pacific State (OACPS), and the German Federal Ministry for Economic Cooperation and Development (BMZ), will further scale the Foundation’s efforts in directly addressing some of the most endemic challenges to African start-ups – skills and capacity gaps, financial constraints and lack of access to mentoring, networks and market linkages.

    Following completion of the programme, the entrepreneurs will stay connected to partners and to each other through their lifetime membership on TEFConnect. TEF has set up Country Chapters in 54 African countries to support the entrepreneurs as they grow and expand their businesses.

  • Tony Elumelu Foundation Announces 3,050 Entrepreneurs Selected For Fifth Cycle Of Entrepreneurship Programme

    Tony Elumelu Foundation Announces 3,050 Entrepreneurs Selected For Fifth Cycle Of Entrepreneurship Programme

    • Tony Elumelu Foundation directly funds 1,000 entrepreneurs and an additional 2,050 beneficiaries supported by Foundation’s partners
    • TEF Entrepreneurship Forum – Africa’s largest entrepreneurship convening – to be held on July 26-27

    The Tony Elumelu Foundation (TEF), the leading African philanthropy committed to empowering African entrepreneurs, Friday announced 3,050 African entrepreneurs, drawn from all 54 African countries, selected to join the 5th cycle of its $100million TEF Entrepreneurship Programme.

    The announcement was made at the Transcorp Hilton Abuja, following a presentation of the selection process by Accenture Development Partners.

    This year, over 216,000 applications were received, an increase from last year’s 151,000. Nearly 90,000 were submitted by female entrepreneurs, an increase of 45%, illustrating the Foundation’s strategy to achieve greater gender balance. The selected Entrepreneurs will each receive non- refundable $5,000 of seed capital, access to mentors, and a 12-week business training programme, directly focused on the needs of African entrepreneurs. On July 26 – 27 2019, they will gather at the TEF Entrepreneurship Forum, the largest annual gathering of African entrepreneurs and the entrepreneurship ecosystem on the continent.

    TEF Founder, Tony O. Elumelu, CON, who celebrated his birthday today, said: “Every year, we face an almost impossible task – to select 1,000 entrepreneurs, from the hundreds of thousands that apply. Our entrepreneurs are hungry to effect change. We know we are only scratching the surface, we see the depth of entrepreneurial talent, that all of us – government, business indeed African society, must harness to transform our economies and livelihoods. We must rally together to empower them and accelerate the change we want on the continent”.

    In her speech, Her Excellency, Mrs. Aisha Buhari, the wife of the President, Federal Republic of Nigeria, commended the Programme’s impact on the continent, charging the selected entrepreneurs to contribute to the advancement of the African continent.

    “Indeed, I am confident that these Tony Elumelu entrepreneurs will inspire deep confidence and be of immense value not just to Nigeria but to the entire continent,” she said.

    Speaking on the announcement, the incoming CEO, Ifeyinwa Ugochukwu, said, “The Tony Elumelu Foundation Entrepreneurship Programme has successfully empowered 7,520 entrepreneurs in its first five years of the 10- year programme.

    Marking the fifth anniversary of the 10-year programme, this year’s selection includes 2,050 entrepreneurs, supported by the Foundation’s partners in addition to the Foundation’s annual commitment of 1,000, bringing the total number of entrepreneurs empowered by the Foundation to date to 7,520.

    Last year, we launched TEFConnect – the digital networking platform for African entrepreneurs and open to all – to further democratise the access to opportunities for the thousands of entrepreneurs that cannot directly benefit from our Entrepreneurship Programme. This further demonstrates our commitment to empowering our entrepreneurs and our belief that entrepreneurship holds the key to unleashing the true potential of the African continent”, she said.

    The Foundation’s growing list of partners includes the International Committee of the Red Cross (ICRC), the United Nations Development Programme (UNDP), the Federal Republic of Benin (Seme City), the Anambra State Government, Indorama, the Government of Botswana and the African Development Bank (AfDB).

    For a list of the selected 2018 Tony Elumelu Entrepreneurs and information on our applicants, please visit tefconnect.com.