General News
Elumelu@ GEN-U Sahel, Says TEF Funded 10, 898 Entrepreneurs across Africa
Tony Elumelu, founder and chairman of Tony Elumelu Foundation (TEF), has said that the foundation has funded 10, 898 entrepreneurs across Africa, who have gone on to create further 400, 000 direct and indirect jobs across the continent.
Tony Elumelu, founder and chairman of Tony Elumelu Foundation
Elumelu, also chairman of the United Bank for Africa (UBA) Group and HEIRS Holding, who made the disclosure when he joined other world leaders to launch an initiative tagged, ‘Generation Unlimited (GEN-U) Sahel: A Leap For Sahel Youth,’ aimed at connecting Sahel’s young people to opportunities, noted that giving economic power to young Africans remained the only solution to the continent’s developmental challenges.
Elumelu explained that 65 per cent of people living in the Sahel region are less than 25 years of age and remain adversely affected by the pandemic, among other challenges, which has forced more than two million people to flee their homes with millions losing their major sources of livelihoods as resources are scarce and opportunities are limited leading to more tensions and conflicts in the region.
He said, “Empowering and investing in our people, especially our young ones in the Sahel to give them economic hope and opportunities is the only solution. This is what we believe in at the Tony Elumelu Foundation (TEF) and we are happy that global partners also buy into this vision. As I have always said, poverty anywhere is a threat to all of us.”
Elumelu said TEF has provided over $5000 non-refundable seed capital per beneficiary, business training and mentoring for young entrepreneurs to scale their enterprises.
“We have funded 10, 898 entrepreneurs across Africa, these young Africans entrepreneurs have gone on to create further 400, 000 direct and indirect jobs across the continent,” he said.
“In 2019, we partnered with the United Nation Development Programme (UNDP) to identify , train, mentor and fund 2100 young entrepreneurs in the Sahel region and these includes Northern Nigeria, Burkina Faso, Mali, Niger, Chad, Cameroun and Mauritania.
“Again in 2020 in the heat of the pandemic we partnered with UNDP to train 1860 young Malians which face a triple threats of conflicts , insecurity and poverty as well as loss of means of livelihood from climate change, through our interventions we are well able to create small businesses and generate economic pool in the youth; channeling their creativity and skills to transform the Sahel region.”
In his own remarks at the launch which held virtually, Alexander De Croo, Prime Minister of Belgium, said the young people from the Sahel would bring improvement and change needed in the region if given the opportunity.
He explained that among the many challenges facing young people two were more important and pledged to work with Nigeria in the field of digital space.
“First strengthening education systems from basic education to vocational training to supporting young people finding employment and addressing the lack of governance and political representation from young people,” he said.
Referred to as “Gen-U,” the Generation Unlimited initiative is aimed at maximising opportunities in the Sahel, towards equipping 100 million young people with the skills needed to thrive by 2030.
The Sahel region includes Burkina Faso, Cameroon, Chad, The Gambia, Guinea Mauritania, Mali, Niger, Nigeria and Senegal.
The initiative, which involves a huge partnership between the government, multilateral organisations, civil societies and private sectors from all over the world, was launched on Monday.
Mrs Amina Mohammed, UN official, who officially launched the initiative, said “the GenU Sahel is an especially important and urgent initiative as millions of people living in the Sahel face insecurity and serious challenges to sustainable development complicated by the devastating pandemic”.
She noted that “the Sahel is young with over 64 per cent of people under 25 and more than half are women and girls”.
“The United Nations stands with young people, the ongoing conversation between the United Nations and Young people of the Sahel launched under our integrated strategy for the Sahel are helping us to understand your priorities and hopes, so that we can integrate them into our support for the region.
“Young people’s few points and approaches are essential to making the Sahel peaceful, resilient and prosperous today and tomorrow. The security council resolution creating the UN integrated strategy for the development of the Sahel is focused on Women and Young people but it remains challenging to make tangible progress towards the Sustainable Development Goals (SDGs),” she said.
Also speaking, Mr Moussa Faki said the African Union and UNICEF had made a commitment to intensify the initiative beyond this year, adding that the partnership is important in order to “federate synergy around the issues surrounding the young people”.
Jayathma Wickramanayake, UN secretary general’s Envoy on Youth emphasised on the need for inclusion for the success of the program, not only in the Sahel but around the world.
The launch also featured a panel session with young leaders and other speakers, which include Emanuela Claudia Del Re, EU Special Representative for the Sahel; Sanda Ojiambo, CEO & Executive Director, United Nations Global Compact; Cynthia Samuel-Olanjuwon, Assistant Director General & Regional Director Africa; and Argentina Matavel Piccin, Regional Director UNFPA West & Central.
Gen U was first launched at the 73rd United Nations General Assembly, in September 2018, as a global multi-sector partnership to meet the urgent need for expanded education, training and employment opportunities for young people, aged 10 to 24, on an unprecedented scale.
Generation Unlimited has generated interest from government and leaders from industry and other key sectors committed to cohere efforts around young people for large-scale impact.
The GenU Sahel will focus on the provision of relevant skills, opportunities for employment, entrepreneurship, and social impact for people in the Sahel region.
Central Bank of Nigeria (CBN) has yet to publish its annual financial statements beyond the 2022 financial year, despite legal provisions requiring the apex bank to release its audited accounts annually.
An annual report is a comprehensive report on a company’s activities throughout the preceding year.
Annual reports are intended to give shareholders and other interested people information about the company’s activities and financial performance.
The most recent annual report and financial statements of the CBN available to the public remain those for the 2022 financial year.
Under Section 50 of the Central Bank of Nigeria (CBN) Act, the bank is required to prepare, submit and publish its audited annual financial statements.
Section 50(1) stipulates that the CBN must transmit its annual accounts, certified by an external auditor, to the President and the National Assembly within two months after the end of each financial year.
Section 50(2) further provides that the annual report submitted to the President and the National Assembly should be published in a manner determined by the CBN Governor, while Section 50(3) mandates the CBN Board to ensure the accounts are published in the Federal Government Gazette as soon as possible.
Despite these statutory requirements, the apex bank has not made public any annual financial statements after the 2022 reporting year.
The development comes after the CBN, on August 11, 2023, released its consolidated financial statements covering seven years the first such publication since 2015.
President Bola Tinubu appointed Olayemi Cardoso as Governor of the CBN on September 15, 2023, following the removal of former Governor Godwin Emefiele in June of the same year.
Emefiele is currently facing trial over alleged corruption-related offences.
Last week, the Supreme Court ordered the final forfeiture of several of Emefiele’s properties, along with $2.045 million in cash.
Dangote Petroleum Refinery and Petrochemicals has successfully completed a landmark US$2.5 billion private equity placement, in what is believed to be Africa’s largest publicly disclosed primary equity private placement by value.
This marks a major milestone in the company’s long-term expansion strategy.
In a statement issued on Thursday, the company said the offering was 3.7 times oversubscribed relative to its initial offer size, reflecting strong investor confidence in the refinery’s growth prospects and resulting in the issuance and allotment of approximately US$2.5 billion in new equity.
The fundraising follows the recent equity capital raise in which existing investors expanded their holdings alongside new institutional investors, strengthening the refinery’s capital base to support its next phase of growth.
According to the company, proceeds from the private placement will finance the continued expansion of its refining and petrochemical operations, reinforce its capital structure and enhance financial flexibility for future investments.
The transaction attracted broad participation from international and African institutional investors, sovereign-related investment vehicles, development finance institutions and long-term strategic partners.
Among the key investors were the Africa Finance Corporation (AFC) and India Infra Buildco, an investment vehicle facilitated by the African Export-Import Bank (Afreximbank). The offering also drew participation from a diverse mix of institutional and individual investors, underscoring strong market confidence in the refinery’s long-term strategy.
Chairman of Dangote Petroleum Refinery and Petrochemicals, Aliko Dangote, described the successful capital raise as a strategic move to deepen and institutionalise the company’s shareholder base while complementing internal cash flows and external financing.
“This further demonstrates our profound commitment to developing domestic refining and petrochemical capacity, reducing Africa’s reliance on imported refined products and strengthening the continent’s energy security,” Dangote said.
Managing Director and Chief Executive Officer of the refinery, David Bird, attributed the strong investor response to the company’s operational performance and leadership.
“The exceptional demand we saw is a testament to our operational excellence, execution capacity, and investor confidence in DPRP’s leadership,” he said.
Following the completion of the transaction, the company said it is well positioned to continue executing its long-term growth strategy by expanding world-class refining and petrochemical capacity while strengthening Africa’s energy security.
Once again, The Gathering on 100 Pitchathon has rewarded some of Nigeria’s most promising young entrepreneurs, with three startups sharing ₦5 million in funding.
Pitchathon
The pitchathon took place at the Abuja edition of the Gathering on 100 held between July 18 and 19, at This Day Dome, Central Business District, Abuja.
The competition brought together founders from different sectors to pitch their businesses before a panel of judges.
The Pitchathon remains one of the most sought after experiences at The Gathering on 100, an MTN Nigeria initiative that connects young Nigerians with opportunities for entrepreneurship, innovation and personal development.
Omolola Rebecca, founder of Agrovest, emerged overall winner, receiving ₦2.5 million for her agritech solution, which provides funding for farmers to improve access to capital and boost agricultural productivity.
Reacting to her victory, Rebecca said the recognition would give her business greater visibility and open doors to more investors. “Winning this competition means more people will notice what we’re building.
“It puts Agrovest in front of potential investors and partners, and gives us the opportunity to grow our impact by supporting even more farmers,” she said.
The second prize of ₦1.5 million went to Agbo Obinnaya, founder of Case Radar, a legal technology platform that uses generative artificial intelligence to simplify access to legal services in Nigeria.
The platform enables users to obtain legal guidance, understand legal documents and connect with legal professionals through a single digital platform.
Abdulmuiz Adam secured third place and ₦1 million with WaveBudget, a fintech platform that combines savings and responsible financing.
The platform allows users to save towards financial goals, access buy now, pay later services through partner merchants with a 50 per cent down payment, and manage their savings in one place.
Presenting the prizes to the winners, Lanre Coker, Manager, Customer Acquisition and Compliance, North-West, MTN Nigeria, said the initiative reflects MTN’s commitment to supporting young Nigerians with the resources they need to grow their ideas into sustainable businesses.
“The Gathering on 100 is about helping young Nigerians achieve the height of their endeavours, whatever they may be.
“We know there are brilliant ideas across the country, and through initiatives like the Gathering on 100, we are creating opportunities for innovators to access funding and the confidence to keep building,” he said.
The Abuja edition builds on the success of previous Pitchathons held during The Gathering on 100 across the country.
In Lagos, eight startups received a combined ₦45 million in funding, while three startups shared ₦5 million at the Aba, Enugu, and Kano editions. With the Abuja winners now joining the growing list of recipients, the Pitchathon continues to position itself as a platform for discovering and supporting the next generation of Nigerian entrepreneurs.
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