Tony Elumelu Foundation (TEF) has opened the application portal for Africa’s largest entrepreneurship programme on January 1, 2021 to aid Africa’s economic recovery through new job creation following COVID-19.
The Chief Executive Officer, TEF, Ifeyinwa Ugochukwu, said the foundation has trained, mentored and funded over 9,000 African entrepreneurs in the last seven years.
She explained that Africa’s economic recovery from the global pandemic is imperative.
She said “We are also excited to say that PwC in conjunction with our Foundation has just completed an impact assessment report which would be released in the first quarter, to mark our 10-year anniversary. So, there is a lot happening in our Foundation.”
Ugochukwu noted that shortly after the 2020 application closed, COVID-19 lockdown hits the continent and the rest of the world.
“We knew that we could not continue with the programme at that time because most people were under strict lockdown and there were no movements in their country.
“Most of our entrepreneurs often times needed to go to schools, business centres or offices to have access to the internet to take the programme. So, we decided to postpone the programme to 2021.
“Now, we all know that Africa had to bear the brunt of the health impact of the COVID-19 pandemic. But for the economic impact, some people have said that Africa is the epicenter of the economic impact of the COVID-19 pandemic and the SMEs, which are the heartbeat and lifeblood of economies in Africa, is on the frontline.
“Most SMEs do not have the shock absorber that the bigger organisations have. And that is why it has never been more urgent than now, to deepen and expand the work that the TEF does in empowering African entrepreneurs. That is why for us, opening the application portal January 1, 2021, marked a new beginning.
“It marked the renaissance and the beginning of recovery; and the beginning of Africa really taking its place in the global stage,” she added.
Therefore, among those that applied in 2020, the Foundation would also select qualified 1,000 entrepreneurs to be funded.
“Now, for the 2021 applicants, the world understands that Africa is critical to the world’s economic recovery from the pandemic. And that is why we have partnered with the European Union to fund and train an additional 2,400 women on the TEF Entreprenuership Programme for 2021.
“This is in addition to many other partnerships that we have been running through the years with the likes of the United Nations Development Programme as well as the ICRC. For us, we have put up a call to action for all development organisations, for African government and foreign governments that, now is the time to scale and expand the work that we have been doing in empowering African entrepreneurs with capacity building and the much-needed seed capital funding.
“We do not want to lose the gains that we have made over the last 10 years whereby we have put entrepreneurship on the global agenda. Most governments know that it the SMEs that would create the jobs needed to catalyse growth across the continent and now is the time to SMEs that have been hit-hard by the pandemic,” she added.
Aliko Dangote Remains Africa’s Richest Man With $12.1 Billion Net Worth -Forbes
Nigerian industrialist, Aliko Dangote, is Africa’s richest person for the tenth year in a row.
In the Forbes Africa latest billionaires list, Dangote’s total net worth stood at $12.1 billion, a $2 billion increment when compared to last year. Thanks to the 30 percent increase in the price of Dangote Cement share.
Nassef Sawiris of Egypt followed Dangote with $8.5 billion net worth with the majority of his investments coming from construction and other investments.
In third place was Nicky Oppenheimer of South Africa with an $8 billion total net worth.
Portland Paints, Chemical and Allied Products Plc Agreed to Merge
Portland Paints and Products Nigeria Plc and Chemical and Allied Products Plc have agreed to merge, according to the latest statement from both companies.
In a statement released through the Nigerian Stock Exchange, the Board of Directors of CAP said we are “pleased to inform you that following discussions and negotiations, the Boards of CAP and Portland Paints have reached an agreement to undertake a merger between both entities (the “Merger” or the “Proposed Merger”).
Accordingly, we “hereby present to you the terms and benefits of the Proposed Merger for your consideration and seek your support and approval to effect the Proposed Merger.
“The Proposed Merger presents a compelling opportunity to create significant value for shareholders of CAP and achieve the company’s strategic growth objectives as a larger company with a broader product portfolio, more corporate owned brands and diversified revenues.
“The resultant entity is also expected to benefit from enhanced distribution capabilities in addition to economies of scale and operational efficiencies.”
Tony Elumelu Acquires Shell, Total, ENI Stakes in OML 17
Tony Elumelu owned Heir Holdings Limited and its related company Transnational Corporation of Nigeria Plc on Friday announced it has completed the purchase of 45 percent stake in Oil Mining Lease (OML 17) through TNOG Oil and Gas Limited.
The acquisition includes all assets of Shell Petroleum Development Company of Nigeria Limited (30 Percent), Total E&P Nigeria Ltd (10 percent) and ENI (five percent) — in the lease.
It was further stated that TNOG Oil and Gas Limited will also have the sole right to operate OML 17.
The field presently has a production capacity of 27,000 barrels per day. Also, there are estimated 2P reserves (proven and probable) of 1.2 billion barrels and an additional one billion barrels in possible reserves — all of oil equivalent.
A consortium of global and regional banks and investors provided a financing component of $1.1 billion for the largest oil and gas financing in Africa in over a decade.
In a statement released on Friday, Shell said the completion was after all the necessary approvals have were received from authorities.
“A total of $453m was paid at completion with the balance to be paid over an agreed period. SPDC will retain its interest in the Port Harcourt Industrial and Residential Areas, which fall within the lease area,” the SPDC said.
Speaking after the completion of the deal, Elumelu said “We have a very clear vision: creating Africa’s first integrated energy multinational, a global quality business, uniquely focused on Africa and Africa’s energy needs. The acquisition of such a high-quality asset, with significant potential for further growth, is a strong statement of our confidence in Nigeria, the Nigerian oil and gas sector and a tribute to the extremely high-quality management team that we have assembled.
“As a Nigerian, and more particularly an indigene of the Niger Delta region, I understand well our responsibilities that come with stewardship of the asset, our engagement with communities and the strategic importance of the oil and gas sector in Nigeria. We see significant benefits from integrating our production, with our ability to power Nigeria, through Transcorp, and deliver value across the energy value chain.
“I would like to thank Shell, Total and ENI, for the professionalism of the process, the Federal Government of Nigeria, the Ministry of Petroleum Resources, and the NNPC for the confidence they have placed in us.”
Tony Elumelu is the Chairman of Heirs Holdings Limited, Transcorp and United Bank for Africa Plc.
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