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Elumelu Speaks on Africapitalism to youths at Ghana’s leading institution

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Tony Elumelu visited Ghana as the first stop of his UBA tour of Africa, propagating the ideal of Africapitalism. In continuation of his strategic vision of engineering a robust economic and business relationship across the continent through Africapitalism as a necessary tool for the socio economic development of Africa, the Group Chairman UBA Plc, and Founder of the Tony Elumelu Foundation, Mr. Tony O. Elumelu, spoke at the prestigious University of Ghana, Legon, before hundreds of Ghanaian youths, academics and entrepreneurs.

The serial entrepreneur who at the young age of 34, became the Managing Director of one of Nigeria’s top banks(Standard Trust Bank), reiterated the usefulness of preparedness. He expanded on the qualities that make a successful entrepreneur. ‘The first is dedication, then vison, focus, ambition, and our ability to do things when we want to do them. We must always remain laser focused and aim to execute to perfection’ Elumelu said.

These are some of the qualities that enabled Elumelu lead one of the biggest mergers in Nigeria’s history to date. Today, UBA is amongst the top 3 banks in the country and rapidly growing in Africa. According to Elumelu, ‘I saw us grow a bank from 5 branches to 1000 branches with presence in 19 African countries and in Paris, London and New York. The lesson here is start small, have a purpose, be disciplined, think long term’

He went on further to stress that entrepreneurship and not Aid, is key to achieving poverty reduction and empowering Africans to solve our challenges without dependence on aid from western countries.

In his words, “Knowledge has no currency or value. It is priceless, and there is no greater gift than the gift of knowledge” Speaking further, he said “Africans must come up with innovative, home grown solutions for challenges we continue to face.” He added that UBA embraces this innovation: “UBA was the 1st bank to encourage customers to come and bank with zero account balance.”

Earlier during the working visit, on Monday, Tony Elumelu met with the President of Ghana, His Excellency Nana Akufo-Addo where they held fruitful discussions on matters of mutual benefit as well as deliberated on issues geared towards the growth and development of Finance and entrepreneurship in Ghana.

Of the meeting, Elumelu stated “I am delighted to be on this historic visit to Ghana which has been a shining light of UBA’s business across Africa. It was a great opportunity to meet with and congratulate the newly elected president of Ghana, His Excellency Nana Akufo-Addo and to extend our readiness to partner with his administration in the rapid development of Ghana and Africa at large. It was also an honour to meet with young and vibrant Students and share my Vision of Africapitalism”.

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

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

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

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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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