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Elumelu: “We give to empower and break the cycle of dependency. Entrepreneurship is the only path to independence and sustainability.”

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8 years ago

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President Koroma of Sierra Leone, President Obasanjo of Nigeria, Governor Ikpeazu, Minister Lai Mohammed, Mrs Folorunsho Alakija, Join 1,000 African Entrepreneurs At 2016 Tony Elumelu Foundation Entrepreneurship Forum.

•         Foundation Announces Partnerships with African Development Bank, ECOWAS, Coca-Cola, Nigerian Ministry of Information.

 

 

At the largest annual gathering of African entrepreneurs, held in Lagos, Nigeria, the Tony Elumelu Foundation (TEF) hosted almost 1,000 women and men from 54 African countries, for the 2nd TEF Entrepreneurship Forum.

 

 

 

The Forum celebrates the 2016 cohort of Elumelu Entrepreneurs, selected from over 45,000 applicants. It is the annual highlight of the Tony Elumelu Entrepreneurship Programme and saw the presence of leading policy makers and business leaders from across Africa, giving their support to the Foundation and its promise to identify, train, mentor and seed 1,000 entrepreneurs in a decade-long $100 million commitment. Following the Forum, each entrepreneur is eligible to receive up to $10,000 to implement their business plan.

EEF 2016

(L-R): Former Prime Minister of Benin Republic Lionel Zinsou; President Olusegun Obasanjo, Former President of Nigeria; His Excellency Ernest Bai Koroma, President of Sierra Leone; Mr. Tony Elumelu CON, Founder of Tony Elumelu Foundation; Mrs. Awele Elumelu, CEO Avon Medical; Mrs. Folorunsho Alakija, Vice Chair of Famfa Oil; and Alhaji Lai Mohammed, Honourable Minister of Information, Tourism and Culture.

 

 

Applauding Tony Elumelu’s promise to not only empower entrepreneurs, but also to tackle the fundamental economic challenges confronting the African continent, His Excellency Ernest Bai Koroma, President of Sierra Leone called on others to emulate Elumelu. “Even when we had Ebola in Sierra Leone, Tony was there. His is an example which other successful Africans must follow.”

 

 

 

Focusing on the uniqueness of TEF’s approach to entrepreneurship development, President Koroma hailed the programme as “a genuinely innovative approach to philanthropy in Africa – an African offering African solutions.”

 

 

 

“What is unique about this programme is that it not only provides a platform for entrepreneurs to build connections, but they are also being taught how to build their businesses in a sustainable way. Other philanthropists will be inspired to support and promote this philosophy” the President concluded.

 

 

 

In his keynote speech, Mr. Elumelu stated “I salute those here, our ambition is that you become ambassadors for entrepreneurship in Africa – you are a generation of wealth creators, who share our commitment to the economic and social transformation of Africa. Let me tell you about Momarr Mass Taal, the CEO of Tropingo Foods, who has turned his first $5,000 seed capital received from the Foundation last year, into a $1.2 million revenue business. We all want many more of these! However, as excited as I am about the 2,000 entrepreneurs that we have selected, this gathering is in some ways bittersweet, as I reflect on the 63,000 ideas received in the Programme’s short two years of existence we were unable to select – our commitment is to all entrepreneurs in Africa.”

 

 

 

Mr Elumelu challenged all stakeholders from the public and private sectors, civil society, multilateral organizations and all individuals invested in Africa’s economic development to join hands with the Foundation to support the wider African entrepreneurial community.  “We need to support our entrepreneurs because extreme poverty and economic opportunity rarely coexist in the same place.”

 

 

 

He also announced partnerships with regional institutions the African Development Bank, ECOWAS, and others including Coca Cola, the International Trade Centre, Nigerian Ministry of Information, Culture and Tourism and Côte d’Ivoire Ministry of Entrepreneurship.

 

 

 

The two-day forum buzzed with energy as entrepreneurs shared and gained knowledge, built cross-border partnerships, and connected with investors and policymakers, fulfilling the goal of fostering innovation and collaboration between entrepreneurs from across Africa.

 

 

 

On Day One, attendees benefited from masterclasses on traditional and alternative means of financing, sales and marketing, as well as sector specific workshops and an in-depth session on Africapitalism –  Elumelu’s economic philosophy that identifies the leading role of Africa’s private sector, including its entrepreneurs, in Africa’s transformation.

 

In her opening remarks, Mrs. Awele Elumelu, CEO Avon Medical, Trustee of the Foundation and wife of Founder, Mr. Elumelu, welcomed the entrepreneurs to Lagos and commended their drive and effort in finding solutions to some of the continent’s most pervasive challenges. The CEO of the Foundation, Ms. Parminder Vir, invited entrepreneurs in the audience to continue to build the future and to challenge the flawed perceptions of Africa.

 

 

 

Day Two featured a high-level panel dedicated to identifying policies to strengthen the enabling environment for entrepreneurs, moderated by BBC anchor, Lerato Mbele, with panellists including His Excellency Ernest Bai Koroma, President of Sierra Leone, President Olusegun Obasanjo, Former President of Nigeria, Former Prime Minister of Benin RepublicLionel Zinsou, Alhaji Lai Mohammed, Honourable Minister of Information, Tourism and Culture and Mrs. Folorunsho Alakija, Vice Chair of Famfa Oil.

 

 

 

Opening the High-Level Panel, Mrs. Alakija congratulated the entrepreneurs, praised TEF’s focus on entrepreneurship and shared her own personal story of perseverance to demonstrate the entrepreneurs need for resilience and doggedness. Former President Olusegun Obasanjo hailed Elumelu’s perseverance and focus on giving back. “By every means, God has made His face shine upon you. You are not the only one, but unlike you, some others do not have the idea of empowering the next generation of Africans in the manner and scale that you are doing.” He further emphasized patience to the young entrepreneurs. In his words, “For strength in life you need a bit of adversity.” He also called on the Nigerian government to implement policies that encourage investors and entrepreneurs to do business in Nigeria. Former Prime Minister of Benin, Lionel Zinsou, commended the Tony Elumelu Foundation, stating “What Tony Elumelu is doing is the exception, not the norm.”

 

 

Other speakers at the event included Clare Akamanzi, Representative of President Kagame of Rwanda,  Kennedy Uzoka, Group CEO of the United Bank for Africa Plc (UBA), Minster of Solid Minerals, Hon. Kayode Fayemi, Segun Awolowo, CEO of the Nigerian Export Promotion Council, Clem Ugorji, Public Affairs & Communications Director, Coca-Cola West Africa, Emeke Iweriebor, Regional CEO of UBA Africa (Francophone), Matthew Pearson, Head of Africa Equity Sales at ICBC Standard Bank, Sam Nwanze, Chief Investment Officer at Heirs Holdings.

Details of the 2016 Elumelu Entrepreneurs can be found at http://tonyelumelufoundation.org/teep/ and TEF’s documentary “Tony Elumelu Entrepreneurs: Transforming Africa” at http://bit.ly/TEEPdocumentary.

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Society

JUST IN: Amaju Pinnick loses FIFA council seat by single vote

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2 days ago

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March 12, 2025

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A former Nigeria Football Federation president, Amaju Pinnick, has failed in his bid for re-election into the FIFA Council, missing out by just one vote.

At the Confederation of African Football General Assembly in Cairo on Wednesday, Djibouti’s Souleiman Waberi secured the last available seat with 29 votes, edging out Pinnick, who managed 28.

Morocco’s Fouzi Lekjaa topped the election with 49 votes, while Egypt’s Hani Rida and Niger’s Djibrilla Hamidou each polled 35 votes. Mauritania’s Ahmed Yahya and Waberi also secured their places with 29 votes apiece.

The outcome marks a setback for Pinnick, who had served on FIFA’s highest decision-making body since 2021 and was hoping to extend his tenure.

In the women’s category, Kanizat Ibrahim from Comoros clinched the seat with 30 votes, outpacing Lydia Nsekera (13 votes) and Isha Johansen (7 votes).

 

 

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Society

IPU: We must hear from Akpabio before acting on Natasha’s claim (Video)

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3 days ago

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March 12, 2025

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The Inter-Parliamentary Union (IPU) has pledged to investigate the complaint raised by Nigerian Senator Natasha Akpoti-Uduaghan regarding her six-month suspension and allegations of sexual harassment by the Nigerian senate.

Akpoti-Uduaghan took the matter to the IPU during the Women in Parliament session at the United Nations in New York, seeking justice for what she described as unlawful suspension and victimization by Nigeria’s Senate President, Godswill Akpabio.

In an emotional address, Akpoti-Uduaghan appealed to global democratic institutions for intervention, calling her suspension an unjust act.

In response, Tulia Ackson, the President of the IPU, acknowledged the senator’s concerns but emphasized that the IPU must also hear the other side of the story before taking any further action.

Ackson outlined that the IPU’s standard procedure is to listen to both parties involved in any complaint before proceeding.

Ackson said: “There was a matter that arose during the first session which we had this morning. The matter that was raised by our colleague from Nigeria, Senator Natasha, and because all of us heard what she said and it only serves us better if I put a word in what she has said.

“So I would like to say we have heard our her concerns, and having heard her, it would have been an opportunity for all of us to understand more about what she has said, but because we listened only on her side, as an institution as IPU, we will be taking the concerns that have been raised, not only taking her side, but also giving a chance to listen to the other side, as it is a custom for IPU. And after having listened to the other side, we will take steps as necessary.

“I thought it was necessary for us to say a word about it and then be able to take it further. So we have taken care, or we have taken the concerns that she raised, and we will be working on them, of course, having listened to the other side, and we will be able to take steps after that.

“I also recognize the fact that our Nigerian delegate, who is here had requested the floor honorable cavid, but because of time, she wasn’t given a chance to speak.

“But like I said, we have heard the concerns that have been raised by Senator Natasha, but at the same time, we have taken cognizance of the fact that you would have wished to address us, but time wasn’t enough to give us to give you a chance to do that.

“And that said, IPU will be taking this matter as we usually do when such such concerns are raised in meetings like this.”

Ackson also mentioned that time constraints prevented another Nigerian delegate from speaking at the session, but affirmed that the concerns raised by Akpoti-Uduaghan would still be thoroughly considered.

This development marks an ongoing process by the IPU to address the senator’s claims and uphold democratic processes.

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Society

Police arraign CMB Building boss, Kelechukwu Mbagwu, over N1bn fraud April 30

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3 days ago

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March 12, 2025

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Kelechukwu Mbagwu, the chief executive officer of CMB Building Maintenance & Investment Company Limited, is in fresh trouble over alleged N1 billion fraud.

Society Reporters reports that a Federal High Court in Lagos has set April 30 for the arraignment of the real estate tycoon on charges of conspiracy, obtaining by false pretence, and committing a N1,026,968,433 fraud.

Kelechukwu Mbagwu is facing these charges alongside his company, CMB Building Maintenance & Investment Company Limited Ltd., following an investigation by the Police Special Fraud Unit (PSFU) in Ikoyi, Lagos.

Both Mbagwu and his company were initially scheduled for arraignment on February 12, but the court postponed the proceedings to April due to the defendants’ absence.

The charges, which date back to 2019, accuse Mbagwu and his company of falsely presenting a sold property in Oniru, Victoria Island, Lagos, to Access Bank in order to secure a loan of over N1 billion.

Mbagwu and CMB Building are also alleged to have unlawfully converted the loan funds to his personal use.

The police’s charges are based on violations of Section 8(i)(a) and Section 1(i)(a) of the Advance Fee Fraud and Other Fraud Related Offences Act, No. 14 of 2006, which are punishable under Section 1(3) of the same Act. The charges also relate to Section 18(2)(b)(d) of the Money Laundering (Prevention and Prohibition) Act, 2022, punishable under Section 18(3) of the Act.

The charges against Mbagwu and his company read in part:

“That you Kelechukwu Mbagwu (Managing Director), CMB Building Maintenance & Investment Co. Ltd, and other directors (now at large), sometime in 2019, in Lagos, with intent to defraud, conspired to commit felony by obtaining money by false pretence, an offence contrary to Section 8(i)(a) and punishable under Section 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act, No. 14 of 2006.

“That you, Kelechukwu Mbagwu, did falsely present to Access Bank, claiming that the property located in Oniru, Victoria Island, was owned by you and that you had title to it at the time of the transaction, while knowing that the property had already been sold to a third party without disclosing this to the bank. This misrepresentation is an offence under Section 1(i)(a) of the Advance Fee Fraud and Other Fraud Related Offences Act, No. 14 of 2006.

“That you, Kelechukwu Mbagwu, directly or indirectly converted, transferred, retained, or took possession of N1,026,968,433 belonging to Access Bank Plc, knowing that the funds were proceeds of an unlawful act, in violation of Section 18(2)(b)(d) and punishable under Section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022.”

The court will now proceed with the arraignment of Mbagwu and his company on April 30.

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