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Elumelu in Saudi Arabia, Woos Investors to Africa

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Tony Elumelu, founder/chairman, Heirs Holdings Group, has advanced reasons private investors should invest and develop the continent.

Elumelu in Saudi Arabia, Woos Investors to Africa

Tony Elumelu, founder/chairman, Heirs Holdings Group,

Elumelu, also  founder/chairman, Tony Elumelu Foundation (TEF) stated this in Riyadh, Saudi Arabia on Tuesday, during a fireside chat with Richard Attias, chairman of the FII Institute, on the topic ‘How Africapitalism drives Inclusive Growth’.

Elumelu was invited by Yasir bin Othman Al-Rumayyan, Governor of the Public Investment Fund (PIF) and Attias to this year’s Future Investment Initiative 7th Edition: The New Compass.

The topic he spoke on drove home the importance of strategic long-term investments, cross-sector collaborations, values, and global partnerships, and showcasing the Tony Elumelu Foundation’s groundbreaking impact report.

While answering Attias’ question on “What is good in Africa today?”, Elumelu noted that “Africa is a continent of 54 countries not one country,” adding that “the most potent resource on the continent is our demography – populous, young, energetic, intelligent, and ambitious, it’s a huge workforce for the world.”

He explained that these qualities listed are opportunities for investors to come to the continent.

Elumelu further challenged Africans to develop their continent, stating that “no one can develop Africa except Africans,” therefore all hands must be on deck.

The serial entrepreneur, while stressing the need to prioritise the young ones who hold the future of Africa said, “It is not about the money in the bank account but how to deploy resources available to create opportunities for youths.”

On how to combine profitability with the inclusive model of gender equality, and climate change, amongst others, the chairman of Transcorp, said the group identified the importance of power to the development of the continent and invested in the sector while simultaneously making a profit from it.

Elumelu further encouraged Africans to break down the barriers in the continent, adding, “We need to wire our infrastructure in a way that encourages intra-Africa trade, we need to produce what our people need, we need to a bigger market… most importantly, we must empower our young Africans.”

While discouraging the migration of African youths from the continent, he noted that “Africa is open for investment…we do have challenges, but in spite of the challenges, opportunities are huge, and people should take advantage of the opportunity.”

FII7 is an interactive platform, designed to help investors recalibrate the pathways for their companies and for the global economy, while developing new strategies for understanding the greatest challenges and opportunities of this new era.

 

 

 


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Legit.ng, Shade of Life Foundation Partner to Advance Autism Awareness in Nigeria

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Legit.ng recently joined forces with the Shade of Life Foundation to become a voice of autism, and drive advocacy for improved media support during Autism Awareness Month.

Legit.ng, Shade of Life Foundation Partner to Advance Autism Awareness in Nigeria

Participants at the event

Conversations around media support exploration was led by Joseph Omotayo, head of Department for Human Interest Stories at Legit.ng, and Dr. Eziafakaku Nwokolo, founder and CEO of the Shade of Life Foundation,

This partnership is a response to the concerns raised by organizations like the Shade of Life Foundation about the level of support received from the media in discussing autism as a disability.

While other disabilities may receive attention, autism, with its critical developmental implications often lacks adequate representation in mainstream media.

Recognizing the importance of addressing these concerns, Legit.ng took proactive steps by integrating itself into the essence of autism awareness.

It facilitated a one-hour workshop with Dr. Nwokolo, the founder of the foundation, to deepen our understanding of autism, its various spectrums, and the language boundaries associated with it.

Other steps we took in advocating autism awareness in the media, can be seen in our attached press release.

Legit.ng believes that by amplifying the voices of autism and advocating for better media representation, we can contribute to creating a more inclusive and accepting society for all.

 

 

 

 

 

 

 

 

 


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As Nigeria Struggle, Tanzania Turns off Power Plants Due to Excess Supply

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While 85 per cent of Nigeria is in darkness, Tanzania, an African country has shut down five hydroelectric stations in a bid to reduce excess electricity in the national grid.

As Nigeria Struggle, Tanzania Turns off Power Plants Due to Excess Supply

Kassim Majaliwa, prime minister, Tanzania, has said the main plant, Mwalimu Nyerere Hydroelectric Station, alone generated enough electricity to power major cities, including Dar es Salaam, the country’s commercial hub.

It is the first time Tanzania, which suffers chronic power shortages, has closed hydroelectric stations due to excess production.

“We have turned off all these stations because the demand is low and the electricity production is too much, we have no allocation now,” an official from state-run power company, Tanesco, said.

The 2,115MW Julius Nyerere Hydropower Dam is said to be almost filled with water following heavy rains that started early this year.

Meanwhile, while the country has an installed capacity of 1,938MW and the grid installed capacity of 1,899MW, Nigeria which has an installed capacity of 13,000MW is struggling to electrify 85 per cent of its electricity consumers.


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President Tinubu Appoints Jim Ovia as Student Loan Fund Chairman

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President Bola Tinubu has approved the appointment of Jim Ovia, renowned banker and businessman, as the Chairman, Board of the Nigerian Education Loan Fund.

Jim Ovia

Jim Ovia

Ovia’s appointment is contained in a State House statement titled, ‘President Tinubu appoints Jim Ovia as Chairman of the Nigerian Education Loan Fund,’ and issued on Friday by Ajuri Ngelale, special adviser to the President, Media & Publicity.

The statement noted that “Ovia is the founder of one of Nigeria’s leading banks and a respected business leader, with a surfeit of efforts and benefaction towards nurturing and empowering young Nigerians.

“He is an alumnus of Harvard Business School and holds a Master’s in Business Administration from the University of Louisiana.”

The National Student Loan Programme is a pivotal intervention that seeks to guarantee sustainable higher education and functional skill development for all Nigerian students and youths.

The Nigerian Education Loan Fund, the implementing institution of this innovation, demands excellence and Nigerians of the finest professional ilk to guide and manage.

“The President believes Mr. Ovia will bring his immense wealth of experience and professional stature to this role to advance the all-important vision of ensuring that no Nigerian student suffers a capricious end to their pursuit of higher education over a lack of funds,” the statement partly read.

Ovia’s appointment will also ensure “that Nigerian youths, irrespective of who they are, have access to higher education and skills that will make them productive members of society and core contributors to the knowledge-based global economy of this century.”


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