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Tony Elumelu Foundation Announces Three Senior Executive Appointments

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Tony Elumelu Foundation To Announce 2021 TEF Entrepreneurship Programme Beneficiaries on November 12

The Tony Elumelu Foundation (TEF), the leading philanthropy empowering African entrepreneurs, has announced three senior executive appointments, effective February 1, 2021. This follows the launch of the 2021 TEF Entrepreneurship Programme, on www.TEFConnect.com, which this year prioritises the economic recovery of small and medium scale enterprises and young African entrepreneurs, following the disruptive effects of the Covid-19 pandemic.

 

The Tony Elumelu Foundation, which marked ten years of impact in 2020, has trained, has mentored and funded over 9,000 young African entrepreneurs from 54 African countries, through the US$100m TEF Entrepreneurship Programme, and provides capacity-building support, advisory and market linkages to over 1 million Africans through its digital networking platform, TEFConnect.

 

Ifeyinwa Ugochukwu, CEO of the Tony Elumelu Foundation, stated “We are extremely pleased with these appointments. Somachi Chris-Asoluka becomes Director, Partnerships and Communications, from her prior role as Head of Policy and Partnerships. Titilope Akinola, who is now Director of Operations, served as head of our platform, TEFConnect, Africa’s leading digital hub for entrepreneurs; and Nkem Onwudiwe, who newly joins our Marketing and Corporate Communications team, brings formidable corporate experience, across digital marketing, content creation, PR and strategy.”

READ ALSO; Shell sells 30% stake in OML 17 to Elumelu’s TNOG

“It is particularly encouraging to see women at the forefront, demonstrating expertise in their fields and highlighting impeccable drive to succeed not just for their benefit but for ours, collectively, as Africans. With their proven track record, and enormous passion, I have no doubt that they will greatly impact the work that we do towards the development of Africa”.

 

Since 2010, the Tony Elumelu Foundation has addressed key challenges faced by entrepreneurs in Africa, including lack of access to funding, mentoring, training and creating valuable networking opportunities on a global scale. The foundation is increasingly sharing its unique ability to identify, train, mentor and fund young entrepreneurs across Africa, through partnerships with institutions such as the European Union, the United Nations Development Programme, the International Committee of the Red Cross and other global development agencies. Beneficiaries receive $5,000 non-refundable seed capital and skilled support as they grow, expand their businesses, and contribute to the creation of more jobs in Africa.

 

TEF’s work is inspired by our founder’s economic philosophy of Africapitalism, which positions the private sector, and most importantly entrepreneurs, as the catalyst for the social and economic development of the African continent. To address the unique challenges arising from the Covid-19 pandemic, lift people out of poverty and create sustainable employment across the continent, the foundation will empower over 3,000 young African entrepreneurs in 2021. Prospective applicants should apply on the digital networking hub for African entrepreneurs, www.tefconnect.com.

 

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BREAKING: CBN Increases Weekly Cash Withdrawal Limits

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BREAKING: CBN Increases Weekly Cash Withdrawal Limits

The Central Bank of Nigeria (CBN) on Wednesday reviewed upwards the maximum weekly limit for cash withdrawal across all channels by individuals and corporate organisations to N500,000 and N5 million respectively.

The apex bank stated this in a circular issued Wednesday evening.

In an earlier circular it issued on December 6, the CBN had said that with effect from January 9, 2023, the maximum cash withdrawal over the counter by individuals and corporate organisations per week, will be N100,000 and N500,000 respectively, adding that withdrawals above these limits would attract processing fees of 5 per cent and 10 per cent respectively.

READ ALSO: New CBN Policy Imposes Penalties On Withdrawal Above N100,000, N500,000

It further stated that maximum cash withdrawal per week via Automated Teller Machines (ATMs), from January 9, will be N100,000 subject to a maximum of N20,000 cash withdrawal per day.

The apex bank also directed banks to load only N200 and lower denominations into their ATMs.

In addition, the CBN announced that maximum cash withdrawal via Point of Sales (PoS) terminals), from January 9, will be N20,000 daily.

 

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Buhari To Borrow N1tr From CBN, Seeks N819.5b Supplementary Budget

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Buhari To Borrow N1tr From CBN, Seeks N819.5b Supplementary Budget

President Muhmmadu Buhari has informed the House of Representatives that the government will take another N1 trillion loan from the Central Bank of Nigeria (CBN) through ways and means.

He said the additional N1 trillion would take the total obligation to CBN to N23 trillion which the government seeks to convert to bonds.

The letter was referred to Committees on Finance, Banking and Currency, Loans, Aid and Grant.

Buhari also asked the House of Representatives to approve N819.5 billion supplementary budget for 2022.

In a letter read by Speaker Femi Gbajabiamila on Wednesday, President Buhari said the budget would be financed with new domestic borrowing.

READ ALSO: Debt Profile Under Buhari Worrisome – CBN

He noted that if the supplementary budget was approved, it would take a total deficit in 2022 to N8.17 trillion.

Buhari explained that the country decided to explore a supplementary budget because of the impact of flood and the need to complete major roads that were at 85% completion.

“The president writes that 2022 has witnessed the worst flood incident in recent history which has caused massive destruction of farmlands at a point already close to harvest season, this may compound the situation of food security and nutrition in this country,” the letter reads.

He added that “The flood also devastated the road infrastructure across the 36 states and the FCT. It has affected several sections of major roads and bridges nationwide that are critical to the movement of goods and services. The water sector was equally affected by the flood, and there is a need to complete some ongoing projects that have achieved 85% completion across the country.”

The letter was referred to the House Committee on Appropriation for further legislative action.

 

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Why We May Withdraw Banks’ Foreign Exchange Dealership Licences – CBN

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Emefiele Sick, Can't Meet With Reps - CBN

Miffed by the violation of its diaspora remittance rules, the Central Bank of Nigeria (CBN) has threatened to revoke banks’ foreign exchange dealership licenses.

The CBN’s warning was contained in a circular by the Director, of the Trade and Exchange Department, Ozoemena Nnaji, that waa published on Monday.

In a bid to boost diaspora remittances, especially through the banking system, the CBN, in November 2020 circular to banks, had directed that beneficiaries of such remittances should be paid in dollars through the designated banks of their choice.

However, the apex bank, noted that some International Money Transfer Operators (IMTOs) engage in illegal activities through banks in violation of this directive, by paying diaspora remittances in Naira.

The circular stated: “The attention of the CBN has been drawn to the increasing illegal activities by Money Transfer Operators in Nigeria, through banks, by terminating payments in Naira contrary to extant regulations.

‘This unwholesome practice has some banks partnering with unlicensed international money transfer operators who disguise their transactions and terminate the same via local inter-bank transfers.

“Henceforth, any bank found to be aiding and abetting any IMTO or unlicensed operator in this activity would be appropriately sanctioned.

READ ALSO: New CBN Policy Imposes Penalties On Withdrawal Above N100,000, N500,000

“We also wish to remind all banks that it is their responsibility to not only Know their Customers (KYC requirements) but also Know their customers’ business (KYCB. requirements).

“For the avoidance of doubt, all banks and IMTOs are to pay out proceeds of diaspora remittance only in US Dollars and comply with the guidelines on International Money Transfer Operations published by the Bank.

“Any bank found to be aiding/collaborating with IMTOs in terminating remittances in naira will have their authorised dealership licence withdrawn.”

 

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