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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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NBS Puts Rate Of Inflation In One Month At 19.64%

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NBS Puts Rate Of Inflation In One Month At 19.64%

Inflation rate rose to 19.64 per cent in July 2022 from 18.60 per cent in June 2022, according to the National Bureau of Statistics (NBS).

It was 1.82% increase from that of the previous month, said the Bureau in its report titled “CPI July 2022.”

The report noted the highest increases were recorded in prices of gas, liquid fuel, solid fuel, passenger, transport by road, passenger transport by air, garments, cleaning, repair and hire of clothing.

Inflation rate which measures Composite Price Index (CPI) was the highest since September 2005.

The report said: “In July 2022, on a year –on- year basis, the headline inflation rate was 19.64%,” It added that “This was 2.27% points higher compared to the rate recorded in July 2021, which was (17.3%).

It added that on a month-on-month basis, the headline inflation rate in July 2022 was 1.817 %, which was 0.001% higher than the rate recorded in June 2022 (1.816 %).

The NBS said the percentage change in the average CPI for the twelve months period ending July 2022 over the average of the CPI for the previous twelve months period was 16.75%, showing a 0.46% increase compared to 16.30% recorded in July 2021.

According to the report, increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) functions and all-items basis.

 READ ALSO: CBN Raises Interest Rate To 14% To Tame Rising Inflation

It added that on a year-on-year basis, in the month of July 2022, the urban inflation rate was 20.09%, this was 2.08% higher compared to 18.01% recorded in July 2021.

The report noted that on a month-on-month basis, the urban inflation rate was 1.82% in July 2022, this was a 0.0002% decline compared to June 2022 (1.82%).

It said in July 2022, food inflation on a year-on-year basis was highest in Kwara (29.28%), Akwa Ibom (27.22%), and Kogi (26.08%), while Kaduna (17.16%), Jigawa (17.46%) and Anambra (19.25%) recorded the slowest rise on year-on-year food inflation.

The bureau said on a month-on-month basis, July 2022 food inflation was highest in Kwara (3.90%), Delta (3.61%), and Benue (2.94%), while Taraba (0.14%), Gombe (0.94%), and Niger (1.13%) recorded the slowest rise on month-on-month inflation.

 

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Debt Profile Under Buhari Worrisome – CBN

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Yoruba Leader Writes Buhari, Seeks Talks Over Emergence Of Yoruba Nation

Nigeria’s increasing debt profile under President Muhammadu Buhari is a source of worry to the Central Bank of Nigeria ( CBN) .

This was disclosed in a communique by the CBN’s monetary policy committee  released on Wednesday.

“The committee noted the Federal Government’s increasing debt profile and expressed concerns over debt sustainability given that global uncertainties remain elevated”, the apex said.

The financial regulator urged the federal government to take on urgent measures to cope with debt burden.

READ ALSO: ASUU Strike May End Soon As Buhari Gives Education Minister Adamu Deadline

“The MPC thus reiterated its call to the Federal Government to urgently diversify its revenue sources through various initiatives, such as, the development of a viable tax framework for the extractive and mineral export industries, to strengthen its fiscal buffers.”

As at March 2022, Nigeria’s total public debt hit N41.60 trillion, according to the Debt Management Office.

The Buhari regime has often rebuffed concern about its acute borrowings, justifying that the funds are invested in capital projects with lasting impact.

 

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BREAKING: CBN Raises Interest Rate To 14% To Tame Rising Inflation

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BREAKING: CBN Raises Interest Rate To 14% To Tame Rising Inflation

As a measure to tame rising inflation, the policy-setting committee of the Central Bank of Nigeria (CBN) has raised the monetary policy rate (MPR), which measures interest rate, from 13 percent to 14 percent.

The monetary policy rate (MPR) is the baseline interest rate in an economy, every other interest rate used within an economy is built on it.

READ ALSO: CBN Raises Benchmark Interest Rate To 13%

Addressing journalists on Tuesday after the committee’s meeting at the CBN headquarters in Abuja, Godwin Emefiele, governor of the apex bank, said the hike in interest rate would help tame rising inflation.

 

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