Budding entrepreneurs across Africa can now apply to join the second annual Tony Elumelu Entrepreneurship Programme (TEEP) for start-up businesses based in Africa.
The Tony Elumelu Entrepreneurship Programme application portal opens for entries on January 1, 2016 and will accept applications until midnight of March 1, 2016.
To apply, entrepreneurs must complete the online application form on the web portal. A statement from the organisers said successful applicants who complete the programme would receive the local currency equivalent of N850,000 as non-returnable seed capital, and are eligible for a further N850,000 in the form of either debt or equity, depending on business need and other criteria.
According to the statement, selected entrepreneurs will join the existing cohort of 1,000 Tony Elumelu Entrepreneurs, from 51 countries, who formed the inaugural 2015 cycle of the programme and have thus far, received considerable benefits from their participation. This include 12 weeks of training on how to set up and manage businesses with mentoring and financial support offered by the Tony Elumelu Foundation (TEF); accelerated growth as over 90 per cent of Tony Elumelu entrepreneurs, with existing businesses, have reported increased growth in the past year; and access to further funding as a significant portion of the TEF entrepreneurs had accessed additional external funding through the platform.
In addition, it listed the benefits to include networking opportunities.
Commenting on the programme, the Founder, TEF and philanthropist, Mr. Tony O. Elumelu said: “I believe in empowerment that can change the face of Africa as we know it. African entrepreneurs are our future leaders and I am passionate about giving them the opportunity to succeed.
“The Tony Elumelu Entrepreneurship Programme is a major, deliberate effort on my part, to institutionalise luck and provide seed capital funding, mentoring, business training, pan-African networking and springboard that our aspiring Entrepreneurs need to leap from.”
On his part, the Chief Executive Officer, TEF, Parminder Vir, called for a broader participation in TEEP this year, saying: “We encourage women and men with business ideas from all sectors, from every region, city, town and village across Africa, to apply. This is your programme and if you can demonstrate your passion and commitment, then this wonderful opportunity to become a Tony Elumelu Entrepreneur could be yours for the taking.”
The TEEP is open to citizens and legal residents of all 54 African countries. TEEP is a commitment by the TEF to identify and fund 10,000 African entrepreneurs over a 10-year period. It seeks to catalyse change on a massive scale across Africa, seeking to add $10 billion of additional revenues to Africa’s economy; provide over one million new jobs; and create a new generation of empowered entrepreneurs.
Ardova Partners Shell to Distribute Shell Branded Lubricant Products
Ardova Plc, one of the leading indigenous oil marketing firms, just signed a Memorandum of Understanding with Shell Trading International Limited to act as the main distributor for Shell Lubricants branded products for the automotive and industrial sectors in Nigeria.
In a statement released via its official Twitter handle @ardovalplc, Olumide Adeosun, the Chief Executive Officer, Ardova Plc, was quoted as saying “We are delighted that our company will act as the main distributor for Shell Lubricants branded products for the automotive and industrial sectors in Nigeria.”
Formerly known as Forte Oil Plc, Ardova new owner, AbdulWasiu Sowami, noted that the company’s goal was to provide customers with best in class products and services, build partnerships that optimize synergies and create value for all parties involved. “This deal ticks all those boxes and we are excited to add the Shell range of lubricants to the portfolio of products available to our customers.”
Chairman of Shell companies in Nigeria, Osagie Okunbor, who also commented on the deal, said: “This is a reinforcement of our commitment to continue to optimize our footprints in Nigeria while working with local companies for mutual benefits and to create opportunities for the people. Shell lubricants products will offer improved performance for automobiles across the country through Ardova’s chain of retail stations and resellers”.
Ardova Plc turned profitable immediately the company was acquired from billionaire Femi Otedola, who owned and managed it when it was Forte Oil Plc. The company declared N875.380 million profit after tax in the third quarter of 2020, almost 550 percent increase from the -N190.843 million posted in the same quarter of 2019.
Gross profit rose to N3.599 billion in the same quarter, up from N2.552 billion in the corresponding quarter of 2019.
Buhari’s Npower Programme has Little Impact on Nigerian Youth -Ndume
Ali Ndume, the Senator representing Borno South senatorial district, said President Muhammadu Buhari’s Social Intervention Programmes (SIP’s) has made little impact on Nigerian youth despite the billions invested in it since the programme was introduced over four years ago.
Speaking on Channels Television programme, Politics Sunday.
Ndume said poor implementation by the administration led to poor output and slow progress of the programmes.
The programmes under the SIP are Npower, GEEP, Conditional Cash Transfer (CCT) and The National Home Grown School Feeding Programme (NHGSFP).
According to Ndume “I can tell you that from the beginning, we came in with three main agenda. One is to secure the country, two is to fight corruption, and three is to provide infrastructure. You cannot say that the president has not performed in these three areas. But the impact and then the implementation is the problem.
“Under normal circumstances, you don’t expect the president to do that personally himself. He is supposed to get the able hands. That is where the problem started. That is where we have the problem.
“I will give you an example, in the case of the youth. When we were campaigning, we saw many youths and the president asked, what are we going to do with this? That was when the idea of N-Power came,” Mr Ndume said.
BOC Holdings UK Sells Stake in BOC Gases Nigeria to TY Holdings
BOC Holdings (“BOC UK”) has announced plans to sell its entire controlling equity of 249,746,823 (two hundred and forty-nine million, seven hundred and forty-six thousand, eight hundred and twenty-three) ordinary shares in BOC Gases Nigeria Plc to TY Holdings Limited.
The proposed sale represents 60 percent of the issued share capital by BOC Gases Nigeria.
In a notification to the Nigerian Stock Exchange, the management of BOC Gases Nigeria said the proposed deal is presently at an initial stage and its final closure is subject to the regulatory approvals being obtained from the NSE, the Nigerian Securities and Exchange Commission and the Federal Competition and Consumer Protection Commission.
The statement reads, “BOC Gases Nigeria PLC (“BOC Nigeria” or the “Company”) hereby notifies the Nigerian Stock Exchange (“The NSE”) that the Company has been informed by BOC Holdings (“BOC UK”), the holder of 249,746,823 (two hundred and forty-nine million, seven hundred and forty-six thousand, eight hundred and twenty-three) ordinary shares of the Company which represents approximately 60% of the issued share capital in the Company, that BOC UK has entered into a binding share purchase agreement dated 16 November 2020 with TY Holdings Limited (the “Share Purchase Agreement”) for the purchase by TY Holdings Limited of (i) the entire shareholding BOC UK holds in BOC Nigeria and (ii) certain claims owing by BOC Nigeria to BOC UK and certain other members of the Linde plc group (the “Proposed Transaction”).”
“We understand that the Proposed Transaction is currently at a preliminary stage and its consummation is subject to the requisite regulatory approvals being obtained from The NSE, the Nigerian Securities and Exchange Commission and the Federal Competition and Consumer Protection Commission in accordance with the Share Purchase Agreement.
“Further details will be communicated to the market upon relevant approvals being obtained from the regulators.
“Shareholders of BOC Nigeria are advised to exercise caution when dealing in the shares of BOC Nigeria until a further announcement is made.”
Shares of BOC Gases Nigeria Plc led gainers with 9.82 percent or 48 kobo to close at N5.32 per share on Monday following the announcement of the proposed deal.
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