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TEF @ International Youth Day, Emphasizes Youth Engagement in Global Action Agenda
The Tony Elumelu Foundation (TEF) joined the United Nations and other global organisations to mark the International Youth Day on August 12, with a line-up of pan-African speakers discussing the theme, “Investing in Africa’s Future: Youth Empowerment through Entrepreneurship”.
The event emphasised the “Youth Engagement for Global Action” agenda and the role of African entrepreneurs in pushing for sustainable development. It also examined the critical role of the youth in igniting their potential, population, and influence to create mechanisms for sustainable development across the continent.
Moderated by Ifeyinwa Ugochukwu, TEF CEO, the event featured a line-up of pan-African entrepreneurs and speakers from the development sector.
Addressing the audience, Ifeyinwa Ugochukwu drew attention to the plight of startup African entrepreneurs during the pandemic while highlighting the importance of SMEs, especially during this period. “The SMEs are the major contributors to African economies. We must not underestimate the level of disruption and uncertainty that young people all over the world have faced as a result of the COVID-19 pandemic in Africa.”
Ifeyinwa emphasized the need to empower the youth to tackle the menace of poverty on the continent.
Wambui Gichuri, Ag. VP Agriculture, Human, and Social Development, African Development Bank stated: “Entrepreneurship is an essential part of Africa’s employment challenge and it is where we have to put our focus as a multilateral development bank”.
She added: “We need to do whatever it takes to empower our youth because they are the future of the continent”.
Martha T.M. Phiri, PhD, Director, Human, Youth and Social Development, African Development Bank, stated that the $5million partnership between the African Development Bank (AfDB) and the Tony Elumelu Foundation in 2019 to empower additional young African entrepreneurs, was a step in the right direction to create jobs on the continent. “That was a very exciting partnership and we feel this should be the way forward if we are going to create jobs on the continent,” she said.
Shoroke H. Zedan, Chairman, World Youth Skills, Egypt said: “It is important that governments start looking at entrepreneurship as a fundamental core topic that needs to be integrated into the educational system”.
Speaking on incorporating the youth into policymaking decisions, the Global President, AISEC, Alexandra Robinson stated: “I advocate for any policy that involves young people as co-owners of the policymaking process. I really believe that when young people are given co-ownership of the table, not just invited to someone else’s, they are able to have those meaningful conversations”.
Bilikiss Adebiyi-Abiola, Founder, Wecyclers Nigeria and past fellow of the Tony Elumelu Foundation recalled the moment when she got accepted into the Tony Elumelu Foundation Entrepreneurship Programme: “In 2012, when I was invited to the Tony Elumelu Foundation to pitch my idea, I was very fortunate to pitch directly to Mr. Elumelu and I was surprised a couple of days after, we got the grant. That grant was very important for Wecyclers”.
Speaking as an entrepreneur doing business on the continent, Leroy Mwasaru, Founder, Greenpact Kenya and an alumnus of the Tony Elumelu Foundation’s flagship Entrepreneurship Programme highlighted the need for transparency to attract more investors: “It is as a result of sharing what we have been doing that we hope there are less failures and more successes”.
Earlier in the year, due to the pandemic, the Tony Elumelu Foundation announced the postponement of its flagship TEF Entrepreneurship Programme and TEF Forum, the largest gathering of African entrepreneurs on the continent. Celebrating its 10th year anniversary later in 2020, the Foundation counts over 9,000 young African countries across all 54 African countries as beneficiaries and alumni of its Entrepreneurship Programme. It continues to support African entrepreneurs with expert-led masterclasses, business management training and market linkages on its digital networking platform, TEFConnect.
Mobility technology company, Moove has raised $250 million in a Series C funding round at a valuation of $2.1 billion, reaching unicorn status.
The startup will deploy the fresh capital to build out autonomous vehicle infrastructure, expand fleet ownership, construct robotics-focused “Nests” for charging and maintenance, and grow its autonomous workforce from 150 to 500 by year-end.
The company plans to enter additional global markets, reflecting a strategy to build the operational infrastructure required for large-scale autonomous transportation rather than simply supplying vehicles.
Led by Mubadala Investment Company and co-led by Woven Capital, Toyota’s Growth Fund, and Ion Pacific, the round also included new investors BlueCrest Capital Management, Sona Asset Management and The Raptor Group, alongside existing backers BlackRock, MUFG, Franklin Templeton and Uber.
“Autonomous mobility is becoming an infrastructure race requiring fleets, charging systems, maintenance, data infrastructure and continuous city-level operations,” said Ladi Delano, co-founder, co-CEO and advisory board chairman of Moove.
Founded in Lagos in 2020, Moove has grown into a global mobility platform employing about 3,300 people across 29 cities in 13 countries, operating approximately 42,000 vehicles and reaching $420 million in annualised recurring revenue.
It has expanded organically and through acquisitions, including Kovi in Brazil and Tokyo Taxi in Japan. Moove also operates autonomous vehicle fleets in partnership with Waymo in Phoenix and Miami, with London expected to join its footprint.
The $2.1 billion valuation places Moove among Africa’s small group of tech unicorns, alongside Flutterwave, OPay, Moniepoint, Andela, Chipper Cash, Wave, Tyme, MNT-Halan and Interswitch.
The $250 million round is the largest single funding deal announced by an African startup this year, though EV mobility firm Spiro raised $270 million cumulatively across two separate rounds.
Heirs Life Assurance, the specialist life insurance company of Heirs Insurance Group, has appointed Pastor Jerry Eze as an Independent Non-Executive Director on its Board, effective August 10, 2026.
L – R: Tony Elumelu, Chairman, Heirs Life Assurance; Pastor Jerry Eze, incoming director, Heirs Life Assurance
The appointment reinforces Heirs Life Assurance’s commitment to expanding financial inclusion and accelerating insurance adoption by strengthening public trust, consumer education, and long-term financial resilience across Nigeria.
Despite being Africa’s largest economy, Nigeria’s insurance penetration remains below one percent – among the lowest globally – highlighting the need to expand financial protection and build greater public trust in insurance.
As Heirs Life continues to pursue its mission of making insurance accessible to every Nigerian, Eze’s appointment brings a unique perspective on community engagement, value-based leadership, and broad societal impact.
Pastor Jerry Eze is the Founder and Lead Pastor of Streams of Joy International Ministry, a growing multinational ministry with 34 branches across West Africa, Southern Africa, Europe and North America.
He is also the convener of the New Season Prophetic Prayers and Declaration (NSPPD), one of the world’s largest digital prayer platforms, reaching millions of people daily. Through his ministry and humanitarian initiatives, he has become one of Africa’s most influential voices, championing hope, compassion, and community transformation.
Beyond ministry, Eze is the Founder of the Jerry Eze Foundation, a faith-led philanthropy where he provides housing support and grants to vulnerable and underserved communities.
In 2026, he announced N1billion in grants to support young entrepreneurs across agriculture, technology, and manufacturing, further advancing enterprise development and economic opportunity.
Before entering full-time ministry, Pastor Jerry Eze built a career in development communications, serving as a Communications Specialist on a World Bank HIV/AIDS programme and with the United Nations Population Fund (UNFPA).
He holds a Bachelor’s degree in History and International Relations from Abia State University and a postgraduate degree in Business Administration from Enugu State University of Science and Technology.
Speaking about the appointment, Tony O. Elumelu, CFR, Chairman, Heirs Life Assurance, said: “Pastor Jerry brings an exceptional combination of integrity, influence, and a deep understanding of people and communities.
“As we continue our mission to democratise access to insurance, his insight will help strengthen consumer trust, deepen financial inclusion, and reinforce our commitment to protecting the financial future of millions of Nigerians.
“We are delighted to welcome him to the Board of Heirs Life Assurance and the broader family of Heirs Insurance Group.”
Commenting on his appointment, Pastor Jerry Eze said: “I am honoured to join the Board of Heirs Life Assurance at a defining moment for the insurance industry. Financial security empowers individuals, families, and businesses to pursue their aspirations with greater confidence and resilience.
“I look forward to working with the Board and Management to advance the company’s mission of making insurance more accessible, relevant, and impactful for every Nigerian.”
Heirs Life Assurance has become one of Nigeria’s leading specialist life insurance companies, ranking 7th on the Financial Times list of Africa’s fastest-growing companies.
It is one of the three insurance businesses of Heirs Holdings, the leading pan-African investment company, with investments across 24 countries and four continents.
Combining an omni-channel digital presence with physical branches spread across the country, Heirs Life continues to redefine life insurance through innovation, customer-centric solutions, and a commitment to making financial protection accessible to every Nigerian.
Heirs Insurance Group, comprising Heirs Life Assurance, Heirs General Insurance, and Heirs Insurance Brokers, collectively serves over 3 million people directly and indirectly.
The Group is championing financial inclusion and leading the digital insurance play in Nigeria, demonstrating its mission to democratise access to insurance.
The World Bank Group has announced the 31-month debarments of United Aviation Services Limited (UNASEL), a transportation services company based in Nigeria, and Air Vice Marshal Alkali Mamu, its owner and president, “in connection with fraudulent practices under the Enhancing Niger Northeastern Connectivity Project,” according to a press release issued by the multilateral development bank.
The statement said that the project aims to enhance connectivity and road safety along the Zinder-Agadez Road section and improve access to basic socioeconomic infrastructure for selected communities in that road section.
However, according to the statement: “UNASEL and Mr. Mamu presented false experience documents in a prequalification application to qualify for a contract under the project. This was a fraudulent practice under the World Bank’s sanctions framework.”
“The debarments make UNASEL and Mr. Mamu ineligible to participate in projects and operations financed by Bank Group institutions. The debarments are part of two settlement agreements under which UNASEL and Mr. Mamu admit culpability for the underlying sanctionable practices,” it added.
The statement further said: “Per the Bank Group Sanctioning Guidelines, the settlement agreements provide for a reduced period of debarment in light of UNASEL and Mr. Mamu’s cooperation.
As a condition for release from sanction under the terms of the settlement agreements, UNASEL and Mr. Mamu commit to developing and implementing integrity compliance measures that reflect the relevant principles set out in the Bank Group Integrity Compliance Guidelines, and Mr. Mamu further agrees to complete corporate ethics training.
UNASEL and Mr. Mamu also commit to continue to fully cooperate with the Bank Group’s Integrity Vice Presidency.
“The debarments of UNA SEL and Mr. Mamu qualify for cross-debarment by other multilateral development banks under the Agreement for Mutual Enforcement of Debarment Decisions that was signed on April 9, 2010.”
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