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Tony Elumelu Foundation Seeks Applications From African Entrepreneurs For Grants 

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Tony Elumelu Foundation Funds 5000 From 54 Countries In 2021

The Tony Elumelu Foundation (TEF), the leading philanthropy empowering young African entrepreneurs across all 54 African countries, has opened applications for the 2022 TEF Entrepreneurship Programme on www.TEFConnect.com. African entrepreneurs with business ideas or existing businesses under 5 years, are encouraged to apply now for $5000 seed capital, mentorship, business management training and more on the 2022 Tony Elumelu Foundation Entrepreneurship Programme

Since 2015, the TEF Entrepreneurship Programme – the only African-funded entrepreneurship catalyst of its kind – has empowered 15,847 African entrepreneurs with non-returnable seed capital of $5,000 each; twelve weeks of business management training; access to experienced mentors; and membership to Africa’s largest entrepreneurial ecosystem.

In 2021, the Tony Elumelu Foundation disbursed USD$24.75 million to 5000 African entrepreneurs across Africa for its 2021 Entrepreneurship Programme. The Foundation’s Entrepreneurship Programme remains one of the largest private sector responses to driving the economic recovery of African youth, women and SMEs given the effects of the covid19 pandemic across Africa.  Across Africa, the Tony Elumelu Foundation Entrepreneurship Programme beneficiaries are starting and growing trailblazing businesses that have collectively created over 400,000 direct and indirect jobs.

According to 2015 Tony Elumelu Entrepreneur, Hauwa Liman, female business owner and Founder of Afrik Abaya: “I am always proud to say that I am from the inaugural cohort of the Tony Elumelu Foundation Entrepreneurship Programme. My business is located in Kaduna, in northern Nigeria. I benefitted from this Programme in 2015, and it opened up lots of doors and opportunities. It is not just about the seed capital, but what really fascinates me about the Programme is the knowledge. I call it a mini-MBA programme, because from the ideation stage it teaches you how to really articulate your business, and it gave me my first business plan. The network, visibility and opportunities are endless. My entrepreneurship experience cannot be complete without the Tony Elumelu Foundation. I will start exporting to other countries soon courtesy of the Foundation. We now employ ten permanent staff and an additional eight staff on a commission basis.” 

Commenting on the launch of the 2022 Tony Elumelu Foundation Entrepreneurship Programme, CEO of the Tony Elumelu Foundation, Ifeyinwa Ugochukwu shared, “We are constantly blown away by the quality of businesses that come from Africa every year. This motivates us to scale our efforts to empower even more entrepreneurs on continent. The innovation, knowledge and resilience of African entrepreneurs is central to charting Africa’s socio-economic transformation and meet the continent’s development objectives. We are also proud of the increase in female participation on our Programme, especially with the 2021 cohort where we witnessed a record 68% selection of women entrepreneurs.”

Founding Trustee of the Tony Elumelu Foundation, Dr. A V. Elumelu stated: “Through the Tony Elumelu Foundation Entrepreneurship Programme, we seek to democratise luck. Hard work plays an important and undeniable part in success, but one must not discount the role of luck – someone being willing to take a chance on you or business idea by empowering you through training, mentorship or funding. Our hope is that, through the Tony Elumelu Foundation Entrepreneurship Programme, we would help the next business leader or captain of industry be whom they are meant to be. This is our own way to give back and also to empower the generation coming behind us so that they can go even further than we have. As a parent, one’s desire is for your children to do better than you and so you will provide the resources and materials that they need to ensure that they go far in life. Similarly, at the Foundation we are equipping the next generation with the tools they need to succeed.”

READ ALSO: Women Take The Lead As Tony Elumelu’s Foundation Unveils 2021 Beneficiaries

As the foremost champion of entrepreneurship in Africa, the Tony Elumelu Foundation is empowering women and men across the African continent through entrepreneurship to catalyse economic growth, drive poverty eradication and ensure job creation. The Foundation’s mission is rooted in the philosophy of Africapitalism, which positions the private sector as the key enabler of economic and social wealth creation in Africa. Through TEFConnect, the Foundation’s proprietary digital platform, it has provided capacity-building support, advisory and market linkages, to over 1.5 million Africans.

The Tony Elumelu Foundation Entrepreneurship Programme is open to entrepreneurs across Africa: new start-ups and existing young businesses, operating in any sector. Prospective applicants should apply now on the digital networking hub for African entrepreneurs, www.tefconnect.com. For a list of the selected 2021 Tony Elumelu Entrepreneurs and more information on our programme, please visit the website of the Tony Elumelu Foundation here.

 

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BREAKING:CBN Orders Banks To Pay New Naira Notes Over The Counter

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BREAKING: Old Naira Notes Deadline Stays - Emefiele
CBN Governor Emefiele

Contrary to its earlier directive, the Central Bank of Nigeria (CBN) on Thursday ordered commercial banks to begin the payment of the new naira notes to customers over the counter.

This is according to a Thursday statement signed by the Bank’s Director, Corporate Communications Osita Nwanisobi. According to him, it is part of moves to ameliorate the plight of Nigerians who are finding it hard to get the new notes.

“In line with this resolve, the Governor, Mr. Godwin Emefiele, has directed deposit money banks (DMBs) to commence the payment of the redesigned naira notes over the counter, subject to a maximum daily payout limit of N20,000,” the statement added.

While admitting the difficulties Nigerians have faced in trying to get money through Automated Teller Machines (ATMs), the apex bank reassured citizens of its commitment to making the process seamless.

It also vowed to prosecute racketeers of the new naira notes, saying it was working with relevant agencies to make that happen.

“We have equally noticed the queues at Automated Teller Machines (ATMs) across the country and an upward trend in the cases of people stocking and aggregating the newly introduced banknotes they serially obtain from ATMs for reasons best known to them. Also worrisome are the reported cases of unregistered persons and non-bank officials swapping banknotes for members of the public, purportedly on behalf of the CBN,” it warned.

“We wish to state unequivocally that, contrary to the practice of these unpatriotic persons, it is unlawful to sell the naira, hurl (spray), or stamp on the currency under any circumstance whatsoever.

“For the avoidance of doubt, Section 21(3) of the Central Bank of Nigeria Act 2007 (As amended) stipulates that ‘spraying of, dancing or matching on the naira or any note issued by the bank during social occasions or otherwise howsoever shall constitute an abuse and defacing of the naira or such note and shall be punishable under the law by fines or imprisonment or both.’

“Similarly, Section 21(4) states that ‘It shall also be an offence punishable under Sub-section (1) of this section for any person to hawk, sell or otherwise trade in the naira notes, coins or any other note issued by the bank.’”

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BREAKING:Emefiele Assures Nigerians Of Banks Accepting Old Notes After Deadline

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BREAKING: Old Naira Notes Deadline Stays - Emefiele

Central Bank of Nigeria (CBN) Governor Godwin Emefiele on Tuesday assured Nigerians that commercial banks  will still accept old naira notes from customers after the February 10 deadline.

The assurance came as he met with the ad hoc committee set up by the House House of Representatives on the CBN naira redesign policy.

The lawmakers had accused Emefiele of breaching section 20 of the CBN act.

READ ALSO: Gbajabiamila Threatens To Arrest Emefiele Over Old Naira Notes’ Deadline

The Speaker of the House, Femi Gbajabiamila, had accused the CBN governor of breaching Section 20 of the CBN Act which, according to him, mandates commercial banks to accept old notes even after the deadline.

“After the expiration date, such naira notes changed will no longer be legal tender but it also says that even five months, three months, or two months after, even in June, all the old notes presented to the bank shall be redeemed by the bank,” Gbajabiamila had stated in a Thursday speech.

Emefiele, while addressing the ad hoc committee, said he agreed with the lawmakers on Section 20 of the CBN Act.

“Section 20 says even after the old currency has lost its legal tender status that we are mandated to collect that money. And I stand with the House of Reps on this,” he stated, adding that, “if you have your money that you have not been able to send to the bank, we will certainly give you the opportunity to bring it back into the CBN to redeem it. Either you pay it to your bank account or you want to do an exchange — we give you. You will not lose your money. This is the assurance I give to Nigerians.”

 

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BREAKING: Gbajabiamila Threatens To Arrest Emefiele Over Old Naira Notes’ Deadline

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BREAKING: Gbajabiamila Threatens To Arrest Emefiele Over Old Naira Notes' Deadline

Five days to the deadline for the old naira notes to cease being valid, Central Bank of Nigeria Governor Godwin Emefiele is still in trouble over the policy.

House of Representatives Speaker Femi Gbajabiamila on Thursday threatened to order the arrest of Emefiele to appear before the committee investigating the old naira notes withdrawal.

Gbajabiamila said this on Thursday after the Majority Leader of the House, Ado Doguwa informed him that Emefiele and others shunned the invitation to a meeting on Wednesday.

Responding to the statement, Gbajabiamila said he would not hesitate to order the Inspector General of Police, Akali Baba to issue an arrest warrant to compel Emefiele to appear before the committee.

READ  ALSO: Old Naira Notes Deadline Stays – Emefiele

Gbajabiamila added that the House ought to adjourn today to prepare for the elections, however, they will stay back to resolve the currency swap crisis.

“I will, pursuant to the authority conferred by Section 89 (1)(d) of the Constitution of the Federal Republic of Nigeria and Order 19 (2)(1) of the Standing Orders of the House of Representatives, not hesitate to issue a warrant to the Inspector General of the Nigeria Police Force to compel the attendance of the CBN or Managing Directors who fail, refuse or neglect to respond to the summons by the House of Representatives,” he said.

He also stated that Emefiele’s deadline is not consistent with section 20 of the CBN Act, noting that the banks are compelled to accept the old notes even after the expiration of the deadline.

The Presidential candidate of the APC, Bola Tinubu, who is believed to be The Godfather of Gbajabiamila, also spoke against the policy on Thursday during a rally.

Tinubu alleged that the policy is targeted at his presidential ambition.

 

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