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AfDB, Tony Elumelu Foundation Partner to Support Youth Entrepreneurs in Africa
The African Development Bank and the Tony Elumelu Foundation have signed a Letter of Intent to accelerate youth entrepreneurship across Africa.
The partnership will bring about future collaboration focused on strengthening small to medium sized enterprises, talent and skills development and optimisation initiatives for Africa’s youth.
A total of 3,050, young entrepreneurs across 54 African countries over the next year will receive support under this partnership. The Bank’s participation will enable an additional 1,000 entrepreneurs to benefit from the Tony Elumelu Entrepreneurship Program (TEEP), which provides much needed opportunities to help stem the rising tide of unemployment and inequality facing the continent’s youngest citizens.
The agreement was signed in Abuja, Nigeria on 22 March 2019. Parminder Vir, the outgoing CEO of the Tony Elumelu Foundation signed on behalf of the foundation, while Mrs. Oley Dibba-Wadda, the Bank’s Director of Human Capital, Youth and Skills Development represented the development finance institution.
“Youth are not Africa’s future, but our present. When youth have the chance to succeed, economies across Africa will grow, job opportunities will increase and the quality of life for the people of Africa will improve,” said Dibba-Wadda.
Each year, more than 12 million youth enter the labor market, yet only 3 million jobs are created, leaving vast number of youth unemployed. Consequently, the poverty rate among youth in sub-Saharan Africa is 70%, and expected to rise if urgent action is not taken. The bank is committed to reversing this trend, working with public and private sector partners to help young people secure meaningful employment.
This year, the Tony Elumelu Foundation received a total of 215,000 entries from African entrepreneurs, up from 151,000 applications last year, with female representation from 62,000 in 2008 to 90,000 in 2019.
“These rising figures demonstrate the burning desire of the African entrepreneur to develop our continent; and we must urgently convert this passion into viable businesses to develop our continent” said Ifeyinwa Ugochukwu, the Foundation’s incoming CEO.
This is a good signal for African youth, and a testimonial to the fact that strategic alliances between African institutions can achieve great impact for the benefit of Africa’s young men and women.
The partnership is aligned to the Bank’s mission to leverage the expertise of African institutions, optimizing proven solutions that empower African youth at scale, while ensuring their active contribution to the socio-economic growth of the continent.
In 2018, the Bank secured $40 million for the Youth Entrepreneurship and Innovation Multi-Donor Trust Fund, in partnership with the Governments of Norway, Denmark, Sweden, Italy and the Netherlands. The fund is a grant vehicle managed by the Bank to support the African entrepreneurship ecosystem. Its interventions will equip Africa’s youth with the requisite tools to establish start-ups and micro, small and medium enterprises (MSMEs).
Launched in 2016, the Jobs for Youth in Africa initiative aims to create 25 million jobs and equip 50 million youth with the right skills to succeed in the digital economy. Through this initiative, the Bank has invested over $19 billion in 374 projects focused on job creation, youth entrepreneurship and equipping young people with the skills needed for a rapidly changing workplace.
DataPro Rating Agency has upgraded the long-term credit rating of Dangote Cement Plc to AA+ from AA, citing the company’s strong financial performance, market leadership and ability to meet its financial obligations despite Nigeria’s challenging economic environment.
In its latest rating report, the technology-driven credit rating agency also affirmed Dangote Cement’s short-term rating at A1, with a Stable Outlook. The ratings are valid until June 16, 2027.
DataPro said the upgrade reflects the cement maker’s sustained financial strength, resilient operating performance and dominant position in Nigeria and across Africa.
According to the agency, the assessment followed a comprehensive review of the company’s capital base, earnings, liquidity, corporate governance, regulatory compliance and the sustainability of its financial performance over the medium to long term.
It noted that Dangote Cement’s strong brand, leading market share, solid earnings, robust asset base and experienced management continue to strengthen its ability to meet financial commitments on time.
The agency also highlighted the company’s outstanding financial performance in 2025.
According to the report, Dangote Cement posted N4.31 trillion in revenue during the year, representing a 20 per cent increase from the previous year. Profit before tax more than doubled, rising 109 per cent to N1.53 trillion, driven by higher sales, improved operating efficiency, lower finance costs and a stronger capital structure.
DataPro said the AA+ long-term rating indicates low credit risk and reflects excellent financial strength, business profile and operating performance relative to its rating benchmarks.
It added that the A1 short-term rating signifies good credit quality and shows that the company has a strong capacity to meet its short-term financial obligations as they fall due.
The rating agency, however, noted that the credit rating has a maximum shelf life of 12 calendar months in line with international best practice and should be used only as a reference, not as an offer to trade in securities or as a substitute for investors’ independent judgement.
Xora Finance has announced it will no longer consider job applicants from Nigeria.
Xora Finance is a digital bank founded by Joren Lundgren, in February 2026 and allows users to deposit and earn interest on their XRP cryptocurrency.
Lundgren, founder, in an announcement on X (formerly Twitter), cited an ongoing pattern of misconduct, such as dishonesty and theft, from previous Nigerian hires as the reason for the decision.
This sudden blanket ban came just days after the company’s official career page was aggressively recruiting remote workers for marketing and content roles.
The announcement generated heavy backlash online, with many people upset that a blanket rule punishes honest job seekers.
Some lawyers have said that victims of Ponzi schemes have legal remedies, although recovering lost funds and prosecuting perpetrators remain major challenges.
A Ponzi scheme is an investment fraud that pays existing investors with funds collected from new participants rather than from actual profits.
Operators lure victims by promising high returns with little to no risk.
The scheme inevitably collapses when the flow of new investors slows down.
Some lawyers who spoke to News Agency of Nigeria (NAN) separate interviews with on Sunday, said that victims could pursue civil actions to recover their money.
Mr Chibuikem Opara, a lawyer at Justification Chambers, Ikeja,said many Nigerians continued to fall victim to Ponzi schemes in spite of repeated warnings.
Opara said it was wrong to attribute participation in Ponzi schemes to a lack of investment opportunities, noting that promoters often exploit investors’ greed through promises of unrealistic returns.
“What you cannot take away is the fact that many Nigerians have fallen and continue to fall victim to these schemes every time,” he said.
According to him, victims may individually or collectively institute civil actions against the beneficiary company for breach of contract or refund arising from failure of consideration.
Opara said victims could also unite to seek an order from the Federal High Court to wind up the beneficiary company.
He, however, noted that such efforts might yield little benefit if perpetrators had already siphoned the funds and left behind an empty shell.
The lawyer said available remedies largely depended on the actions of relevant authorities, adding that recipient accounts could be frozen to facilitate fund recovery and support winding-up proceedings.
Opara said regulators and law enforcement agencies often became aware of Ponzi schemes only after substantial losses had occurred.
According to him, victims frequently failed to report suspicious schemes early enough to enable timely intervention.
He added that funds are sometimes moved outside the country before authorities become aware of the fraud.
Opara also cited inadequate information and the deceptive nature of the schemes as major obstacles to investigation and prosecution.
“Most times, everything about the schemes is made to appear elusive, just like the profits promised to victims,” he said.
Also speaking, Mr Vincent Aminu of A.F. Aminu and Co. advised that victims of investment scams should report such cases to appropriate law enforcement agencies on time.
Aminu said victims could petition the Economic and Financial Crimes Commission (EFCC) or file reports with the police.
He said that after investigation, prosecutors could bring charges against suspects under relevant fraud-related laws, including provisions of the Criminal Code and the Advance Fee Fraud and Other Fraud Related Offences Act.
Beyond criminal prosecution, Aminu said .victims could pursue civil actions to recover their money
According to him, such actions may be based on breach of contract, unjust enrichment, or fraudulent misrepresentation, depending on the circumstances.
He added that victims could petition the Securities and Exchange Commission (SEC), which could investigate illegal operators, shut down unauthorised platforms, and freeze assets.
He identified the anonymity of online fraudsters as one of the biggest challenges confronting investigators.
According to him, many operators concealed their identities through fake digital profiles and technologies that made tracking them difficult.
Aminu also noted that victims who delayed taking legal action risked losing opportunities for redress.
He added that prolonged court proceedings often delayed justice for victims.
“Many fraud-related cases take years before the court reaches a verdict, thereby delaying justice for victims,” he said.
Also, Mr Chris Ayiyi of Ayiyi Chambers, Apapa, described Ponzi schemes as a gamble that benefited early participants at the expense of later investors.
Ayiyi said some early entrants received returns on their investments, thereby encouraging others to join the schemes.
He said the schemes eventually collapsed, leaving late investors to bear the losses
The lawyer called for a complete ban on Ponzi schemes or sustained public enlightenment campaigns against them.
He urged the National Assembly to enact laws that would strengthen regulation and provide greater protection for investors.
According to him, stronger legal safeguards are necessary in a country operating a capital-based economy.
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