News
Elumelu Dangles $100m on NextGen African Entrepreneurs

The $100 Million Tony Elumelu Foundation Entrepreneurship Programme (TEEP)– an annual programme of training, funding and mentoring, designed to empower the next generation of African entrepreneurs – is now open for entries through its application portal
The flagship entrepreneurship programme from the Tony Elumelu Foundation opens its application portal for entries at 12:01am WAT on January 1 and will continue to accept applications until midnight WAT on March 1.
In order to submit an application, entrepreneurs must complete the online application form with questions on their background, experience and business idea, plans for growth and proposed pan-African impact.
“Since the Tony Elumelu Foundation Entrepreneurship Programme was announced, we have been enthused by the level of interest and excitement from entrepreneurs across Africa. We are looking forward to reviewing the entries and identifying the first cohort of the continent’s next generation of business leaders,” said Parminder Vir OBE, Director of Entrepreneurship, The Tony Elumelu Foundation.
The $100 million programme, announced at the Tony Elumelu Foundation headquarters in Lagos, Nigeria, on December 1st 2014, will identify and support 1,000 entrepreneurs from across the continent each year over the next decade. The 10,000 start-ups and young businesses selected from across Africa will ultimately create one million new jobs and add $10 billion in annual revenues to Africa’s economy.
The Tony Elumelu Foundation Entrepreneurship Programme is open to citizens and legal residents of all 54 African countries.
Applications can be made by any for-profit business based in Africa in existence for less than three years, including new business ideas. The application portal is available in English, French and Portuguese and applications will be accepted in these three languages.
At the launch, Tony O. Elumelu, founder of the Tony Elumelu Foundation, spoke of his personal commitment to empowering African entrepreneurship, saying, “This programme is far more than a funding initiative or networking opportunity. It is an act of faith in our entrepreneurs and our young people to transform our continent; to be the engine for the creation of both economic and social wealth, putting into practice what I have called Africapitalism.”
Applications for the programme close on March 1st 2015 when they will be reviewed by the Selection Committee, whose members include:
– Ory Okolloh, Director of Investments, Omidyar Network’s Government
Transparency Initiative in Africa
– Amadou Hott, CEO, Senegal’s Sovereign Wealth Fund
– Ayodeji Adewunmi, CEO and Co-Founder, Jobberman
– Dr Vera Songwe, Country Director, World Bank Group for Senegal, Cape Verde,
Gambia, Guinea-Bissau and Mauritania
– Opunimi Akinkugbe, CEO, Bestman Games Ltd
– Dr Ndubuisi Ekekwe, Founder, First Atlantic Semi-Conductors & Microelectronics
– Sam Nwanze, Chief Investment Officer, Heirs Holdings
– Monica Musonda, CEO, Java Food in Zambia
– Angelle Kwemo, Managing Director & CEO, Rimsom Strategies
– Mariéme Jamme, CEO, Spotone Global Solutions
– Dr Wiebe Boer, CEO, The Tony Elumelu Foundation
The first cohort of successful applicants from across Africa will be announced on March 22nd, 2015. The 1,000 selected applicants will continue through the programme cycle for the course of the year. This includes an intensive online training curriculum and participation in an entrepreneurship boot camp.
To stay informed about The Tony Elumelu Foundation Entrepreneurship Programme, including the 2015 selection of African Entrepreneurs, follow @TonyElumeluFDN on Twitter and join the conversation #TEEP #AfricanEntrepreneurs
News
NCAA to Introduce RFID Technology to Tackle Missing Luggages

Nigeria Civil Aviation Authority (NCAA) has announced plans to introduce Radio Frequency Identification (RFID) baggage tracking technology across domestic and international airport terminals to tackle the growing problem of delayed, misrouted and missing luggages

Michael Achimugu, director, Public Affairs and Consumer Protection, NCAA, disclosed this at a stakeholder engagement forum in Lagos.
Achimugu said the RFID-enabled system would replace the traditional barcode-based baggage tracking framework and provide airlines and passengers with real-time visibility of checked luggage from check-in to final collection.
According to him, the technology would improve baggage traceability, reduce mishandling and strengthen accountability across the baggage-handling chain.
Unlike conventional barcode systems, RFID technology allows baggage to be automatically scanned at multiple points without requiring direct line of sight, enabling real-time tracking of luggage throughout its journey.
Achimugu said issues involving short-landed, missing, lost or damaged baggage had remained among the major complaints from air travellers, alongside flight delays.
He said the introduction of RFID technology was therefore aimed at improving baggage-handling standards and restoring passenger confidence in the aviation sector.
The NCAA said the initiative also aligns with IATA Resolution 753, which requires airlines to track baggage at key points during the passenger journey.
The authority expects the technology to provide more accurate information on the location of luggage, facilitate quicker resolution of baggage-related complaints and improve the overall passenger experience.
The NCAA said the initiative would also strengthen accountability among airlines and other stakeholders involved in baggage handling at Nigerian airports.
News
Firm Urges MSMEs to Increase Digital Payments Adoption for Growth

eTranzact International Plc has called for increased adoption of digital payment solutions among micro, small and medium enterprises (MSMEs), saying access to technology is critical to improving business efficiency, financial inclusion and growth.

The company also said it was deepening its partnership with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) to expand digital access and financial literacy among small businesses across the country.
In a statement, the Divisional Head, Merchant Services, eTranzact, Mrs. Abimbola Reis, stated this at the SMEDAN/eTranzact Town Hall Engagement in Lagos recently, themed, “Financial Literacy and Inclusion for MSMEs Leveraging on Fintech Innovation.”
Reis described MSMEs as the backbone of Nigeria’s economy, noting that the sector comprises almost 40 million businesses and contributes significantly to economic growth and job creation.
However, she said many businesses continue to face challenges including limited access to finance, inefficient payment systems, weak financial reporting, cash-flow constraints and inadequate access to digital platforms.
She added that trust concerns also affect businesses’ ability to access finance, while heavy reliance on cash increases exposure to theft and makes payment reconciliation more difficult.
Representing the Director-General of SMEDAN, Prof. Yinka Fisher said the town hall was aimed at generating practical ideas and solutions that would support the growth and expansion of MSMEs.
“The essence of this engagement is to share ideas and concepts that will help MSMEs thrive and expand. Our partnership with eTranzact is about expanding the frontiers of MSMEs and ensuring they continue to grow,” he said.
Also speaking, representative of the Director-General of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Dr. Praise Adedigba said businesses could no longer depend solely on hard work to remain competitive.
News
PalmPay Reinforces Commitment to Youth Empowerment on International Youth Day

As the world marks International Youth Day, attention once again turns to the opportunities and challenges facing young people as they prepare for work, financial independence, and adulthood.

In Nigeria, the urgency is clear. According to UNICEF, about 7% of young people aged 15–24 possess basic ICT skills, highlighting a wider gap in the skills required to participate effectively in an increasingly digital economy.
At the same time, the Federal Government, through the Federal Ministry of Youth Development, continues to prioritize skills development, job creation, entrepreneurship and social inclusion.
For PalmPay, youth empowerment goes beyond corporate social responsibility. It is an investment in the people who will shape Nigeria’s workforce, businesses and economy.
This belief is reflected in initiatives focused on financial literacy, employability, digital skills and access to opportunities.
Through its Graduate Trainee Programme, PalmPay provides young graduates with opportunities to gain workplace experience, develop professional skills and build careers in a fast-evolving industry.
The investment also extends to financial education. Through its NYSC Financial Literacy Programme, PalmPay brings practical financial education to young Nigerians at an important transition point, helping Corps members develop better habits around saving, spending, budgeting and protecting their money.
For young women, Purple Woman provides another pathway to economic empowerment, creating opportunities for internships, learning and professional development while supporting greater female participation in the technology sector.
Speaking on the importance of youth empowerment, Chika Nwosu, Managing Director of PalmPay Nigeria, said: “Nigeria’s young population is one of its greatest assets, but unlocking its potential requires access to the right skills, knowledge and opportunities. At PalmPay, we are committed to equipping young Nigerians to learn, earn and thrive in an increasingly digital economy. We believe that investing in young people today is an investment in a stronger, more inclusive Nigeria.”
These initiatives reflect a broader belief that youth empowerment is most meaningful when young people are given the knowledge, exposure and opportunities to apply what they learn.
A graduate given workplace exposure today can become tomorrow’s business leader. A Corps member who develops sound financial habits can carry those lessons into their career and personal life. A young woman given access to professional opportunities can gain the confidence, experience, and networks to create opportunities for others.
Investing in young people is a great strategy for building a stronger, more productive, and more inclusive economy.
This International Youth Day, PalmPay reaffirms its commitment to investing in young Nigerians and contributing to a broader national ambition where the young population is not just counted, but equipped, employed, empowered, and positioned to lead.
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