Business
Women Take The Lead As Tony Elumelu’s Foundation Unveils 2021 Beneficiaries
Published
3 years agoon
By
John Michael Ojo
Africas largest platform for the development and empowerment of African entrepreneurs, Tony Elumelu Foundation, has unveiled its 2021 beneficiaries of 4949 entrepreneurs, cutting across different sectors among the 54 countries in Africa.
The event which took place on Friday had a total of 68.7% of women entrepreneurs as beneficiaries.
At the inauguration, the Director of Operation, Tony Elumelu Foundation, Titi Akinola stated that African entrepreneurs hold many possibilities to transform the continent and that the day was to celebrate the dynamism, resilience, and the abilities of these entrepreneurs.
She said: “Today we are supporting the eco-system, working to meet the immediate needs of African entrepreneurs whether be it access to space, access to training and resources, access to funding, access to dignity and agency all working together to make sure that the challenges of inaccessibility are solved.”
Describing the impact Covid-19 had on African entrepreneurs, Akinola stated that African entrepreneurs were the most vulnerable as so many small and medium scale enterprises were deeply affected with so many dreams dashed and plans halted.
Akinola who revealed that the foundation did not follow its business plan last years due to the pandemic stressed that the foundation was a source of encouragement and hope to hundreds of thousands of young entrepreneurs in the continent and that it did things a little bit different.
READ ALSO: Tony Elumelu Foundation Funds 5000 From 54 African Countries In 2021
“We leveraged heavily on technology, for the first time we made our training modules and other resources available to hundreds of thousands of entrepreneurs, providing them with ready made solutions at the comfort of their home. Our modules this year were designed to accommodate entrepreneurs with different learning abilities, ensuring that no one is left out of our intervention”, she said.
She thanked the partners of the foundation, noting that it would not have been possible to achieve this great feat if they were not supportive. She also used the occasion to plead that the partners should continue to support African entrepreneurs by liking, purchasing, investing or providing extra funding for the businesses of young African entrepreneurs.
Unveiling the 2021 TEF beneficiaries, the Chairman of Evon Health Care and Chief Executive Officer of Evon Medicals, Dr. Awele Elumelu who doubles as the co-founder, Tony Elumelu Foundation, commended the 2021 TEF applicants who she said showed deligency, hardwork, innovation and resilience.
She stated that “The aim of TEF was to empower ten thousand African entrepreneurs in ten years with an average of a thousand beneficiary each year. I am pleased to announce to you that we have an exact figure, four thousand four hundred and forty-nine African entrepreneurs. I am also happy to note that this year’s class has the highest number of female beneficiaries constituting 68 percent. By now I am sure you know that if you empower a woman, you empower a whole community and create a brighter society for all.
“This class as previous years represents a diverse range of interests from agriculture to health care, education and fashion all working towards a common goal. These men and women are disruptors, innovators and are the future leaders of industries. I am confident that these men and women will be excellent ambassadors of the foundation and for entrepreneurship programme. I am excited to see and read about their future success,” she added.
On her part, a panelist and one of the 2021 beneficiaries, Lungile Divine Marhungane a South African from Limpopo Province disclosed that the has received a lot of support and mentorship from the foundation since she was selected for the programme. Marhungane noted that it was one thing to have a business plan in mind and another thing to implement that and that the foundation has helped her with many other things.
Referring to her childhood experience and her inspiration, she said: “My business is water purification. I grew up in an environment where water is not easily accessible and when it is accessible, it will not be clean and we all know that water needs to be clean in order to prevent otherwise. So, I use Marcadamia shells to purify water instead of chemicals.”
Also, Leroy Mwasaru, an alumni of the foundation and founder of Greenpact who runs a bio-gas energy industry in Kenya said he became a beneficiary of TEF at the age of eighteen. He described the support he has got from the foundation as what is obtainable in a father and son relationship.
READ ALSO: Tony Elumelu Foundation Announces Three Senior Executive Appointments
Mwasaru stated that he was into waste management when he was selected and has now diversified into bio-gas with about thirty employees currently working with him.
He urged intending entrepreneurs to start regardless of the little resource they have even if no one was watching. “If you start something, the universe will conspire to make the mission possible for you. You must be focused, because as a young person, there are so many things in the space and it is just important for you to know the right thing for you and the number of right decisions that you make,” he cautioned.
Founder of the Tony Elumelu Foundation, Mr. Tony O. Elumelu said: “To you young African entrepreneurs – work hard, dream dreams, and be very disciplined. You must continue to think of impact. The entrepreneurship journey is not linear – there are ups and downs, but by staying focused and resilient, ultimately success will come your way. The future of our continent is in your hands. What you do as entrepreneurs will go a long way in lifting Africa out of poverty. I am happy that our female entrepreneurs are doing very well, with 68% representation this year.”
He added: “To our African leaders – these young, intelligent, energetic hardworking, resilient Africans are ready to go. We need to keep creating the right enabling environment to enable our young ones to succeed. We must realise that their success is success for all of us on the continent. We must prioritise them because nations and continents that prioritise their people, succeed. To my fellow business leaders, let us realise that in the 21st century and beyond, it is about impact, legacy and about how we work together to power people out of poverty. It is such a great feeling to see 5000 young Africans also commence their own entrepreneurial journeys today.”
In his remarks, President Muhammadu Buhari described Tony Elumelu as a global icon, whose business and philanthropic interests have continued to create opportunities for growth and development not only in Nigeria, but Africa in general.
“I would like to specifically congratulate the Tony Elumelu Foundation on this extraordinary humanitarian act of funding 4,949 entrepreneurs!
“I am particularly pleased that this year alone, the Tony Elumelu Foundation will fund 1,522 Nigerian entrepreneurs from all the 36 States and Federal Capital Territory of the Federation. This unifying act by a private sector leader is commendable and worthy of emulation by others,” the President said.
READ ALSO; Shell sells 30% stake in OML 17 to Elumelu’s TNOG
He noted that entrepreneurship and youth empowerment were important components of the work of his administration, adding that, “we believe that they are the key to the future and recognize that by empowering our youth, we will build businesses that in turn sustain our economy.”
Also speaking at the event, Assistant Administrator, UNDP/Director, UNDP Regional Bureau for Africa, Ms. Ahunna Eziakonwa stated: “Our partnership with the Tony Elumelu Foundation on youth entrepreneurship is informed by our belief that Africa will only succeed when young Africans are given the opportunity to excel. This is what has inspired us to invest more than $20 million in emerging African entrepreneurs since we entered into our partnership with the Tony Elumelu Foundation. Our joint ambition is to empower 100,000 young African entrepreneurs over the next ten years across Africa, recognising that entrepreneurship is the only way dreams can be realised.”
In her closing remark, the Chief Executive Officer of Tony Elumelu Foundation, Ifeyinwa Ugochukwu stated that the foundation has trained more entrepreneurs this year than it has done since its inception. “Today, we have trained ten times more young African entrepreneurs than we have trained from 2015 to 2019 combined. Today in 2021, we will be paying out a record US$24,750,000 directly to the hands of African entrepreneurs from all 54 African countries. This is impact,” she added.
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Business
BREAKING: Subscribers To Pay More For Telecoms Services By 50%
Published
1 day agoon
January 20, 2025Telephone subscribers will pay more for data and airtime by 50% .
This was disclosed in a statement by the Nigerian Communications Commission’s spokesman Reuben Muoka. Mouka said the price adjustment though lower than the “over 100% requested by some network operators, was arrived at taking into account ongoing industry reforms that will positively influence sustainability”.
The regulator said the increase was pursuant to its power under Section 108 of the Nigerian Communications Act, 2003 (NCA) to regulate and approve tariff rates and charges by telecommunications operators.
“These adjustments will remain within the tariff bands stipulated in the 2013 NCC Cost Study, and requests will be reviewed on a case-by-case basis as is the Commission’s standard practice for tariff reviews. It will be implemented in strict adherence to the recently issued NCC Guidance on Tariff Simplification, 2024,” the statement read.
“Tariff rates have remained static since 2013, despite the increasing costs of operation faced by telecom operators.
“The approved adjustment is aimed at addressing the significant gap between operational costs and current tariffs while ensuring that the delivery of services to consumers is not compromised.
“These adjustments will support the ability of operators to continue investing in infrastructure and innovation, ultimately benefiting consumers through improved services and connectivity, including better network quality, enhanced customer service, and greater coverage.”
The NCC said it recognised the financial pressures faced by Nigerian households and businesses and remained empathetic to the impact of tariff adjustments.
“To this end, the Commission has mandated that operators implement these adjustments transparently and in a manner that is fair to consumers. Operators are also required to educate and inform the public about the new rates while demonstrating measurable improvements in service delivery,” the regulator said.
As of December 2023, Nigeria has over 224 million subscribers, according to official data by the regulator. MTN boasts of over 87 million subscribers, representing 38.79% of the total market share, the highest in the country by any licensed Mobile Network Operator (MNO). Globacom and Airtel have 61 million subscribers each while 9mobile has 13.9 million users.
Business
Olaopa Lists Ways To Make HR Practice Viable As Gobir Emerges CIPM President
Published
6 months agoon
July 31, 2024The Chairman, the Federal Civil Service Commission ( FCSC), Prof. Tunji Olaopa, has listed ways HR practice can be viable in the Fourth and Fifth Industrial Revolutions.
The former permanent secretary spoke on Wednesday as the chairman of the investiture of Mal. Ahmed Ladan Gobir, FCIPM, as the President and Chairman of Governing Council of CIPM, in Lagos.
The seasoned bureaucrat who spoke on the topic “IPM and the Unfinished Business of Reform in the Public Service” disclosed that his significant relationship with CIPM spanned many years.
Prof. Tunji Olaopa and the new President of CIPM,Mal. Ahmed Ladan Gobir.
According to him, CIPM is one organization he counts as a partner in the struggle for transforming the public service system in Nigeria.
“This is why I am more than delighted to be witnessing, and chairing, this investiture of the new President and Chairman of the CIPM Governing Council. CIPM is strategic as the key umbrella body—the community of practice—for administering HR practice in Nigeria. Since its founding in 1968, it has consistently continued to push the frontiers and boundaries of the HR profession as well as being in the vanguard of HR management praxis in ways that have consolidated the status of its members, and its own status as a global organizational brand”, he said.
He was hopeful that as a distinguished Nigerian, a formidable HR thought leader, astute corporate lawyer and a management professional par excellence, Gobir’s work was already clear to him ” within the challenges that CIPM might be currently facing, and how the organization could be positioned as a significant stakeholder in the overall task of institutional reform in Nigeria.”
Lauding preceding presidents, and especially the administrative and visionary efforts of Mr. Olusegun Mojeed, the immediate past president of CIPM, for a most remarkable tenure filled with spirited strides, innovations and commendable achievements and legacies, Olaopa said that no avid watcher of Nigeria’s public administration, and CIPM’s role, could be in any doubt as to the depth of clarity amongst CIPM’s thought-leaders regarding what was the next level for CIPM, especially at this momentous time in the profession’s annals, ” a time when the world of work is witnessing profound rethinking and reformulation to institutionalise the post-Covid new normal, and, at that, as we navigate the unfolding Fourth and Fifth Industrial Revolutions.”
According to Olaopa, one issue that is integral to HR rethinking and the vision of the future across all sectors of the Nigerian economy is the fact that at no time has the people factor in organisations and human capital been so core critical to development prospecting and national productivity.
Drawing lessons from comparable experiences around the globe on how nations have transformed from abject poverty to increased national income growth, and technological cum institutional advancement, Olaopa observed that all high-performing economies without exception, gave greater prominence to knowledge, human capital and governance.
“In raising the quality of governance, we came to the conclusion that the rate of progress that Nigeria will achieve will depend in part upon the degree to which political power is matched with policy and managerial intelligence.
“This is consistent with HE President BA Tinubu’s aspiration to emplace a government of national competence. In all of this, it was clear to us that public administration, leadership sophistication, competent national change management strategy and reprofiled national value system, will be critical success factors at play to unlock the binding constraints that have constrained successful translation of the many transitions of the past and the present to sustainable national structural transformation and development”, he said.
Olaopa highlighted “some issues of concern that require our joint spirited intellectual and practical interrogation first by the public administration community of practice with CIPM filling in for the core professions elements”.
He listed these as the recognition that while HR function should be professionalised, HRM is no longer the exclusive responsibility of HR departments, as line managers also need significant people management skills for overall systems’ effectiveness.
He said: “HR function must necessarily transition from a preoccupation with passive role of administering on the bases of rules, regulations, and procedures, to developing and pursuing policies in manner that extract performance results and productivity bargain from people and processes. HR innovations are required to restore government as preferred employer of labour, which will demand significant systems changes so the public sector can attract and retain top talents in an increasingly competitive labour market.
“The public service must raise its game as it anticipates and manages the fresh new orientation of that the Millennial and Gen Z generations of managers for example to the workplace, especially their preference for workplace flexibility and flexi-working so they can pursue other rewarding interests.
” The public sector also needs to raise its game so it can optimise PPPs contracts at its higher maturity curve and levels, which demands that it builds advanced acumen in public officials in commercial skills, knowledge of international business practices and labour laws, multicultural sensitivities and multiple language, to name just a few.
“It should also recognise that the transition from being primarily administrative expert to being change agents and strategic partners has automatically relocated the HR function from the back office that it still occupies to the front office.
“While the extent to which artificial intelligence, robotics, etc. are transforming the way we do things is growingly becoming clear to thought leaders, what is uncertain is how well we can cope with the speed of change and how to convert the uncertainties it creates into real opportunities.”
He continued: “The public sector in building on past reform gains and current commendable initiatives, must recognise that the Weberian ‘I am directed’ managerial model and tradition that was developed for the use of paper-based, top-down pyramidal structured control and procedure-oriented organisations with segmented way of delivering services requires a whole paradigm rethinking so the much bandied performance-based systems can take shape.
“The new performance-managed HR model will however necessarily be customer-centric with HR partnering with line managers to refocus HRM from just efficiency concerns and due process compliance to effectiveness within framework of a new productivity culture.
“Besides, HR managers as change leaders in the public sector requires deepening of HR skills with respect to their role in risk management. In so doing, they will not just support MDAs reforms, they will become the sponsors of change while at once driving the change.
“This suggests the need to deepen action research as a component of management cum operation research and organisation development (OD), to enable HR institute a learning culture through challenging of the status quo as champions of cultural transformations directed at translating desirable culture and public service values into public managers behaviour.
“The known public service employment policy emphasis on job security and guaranteed lifetime career then calls for rethinking, to create a distinction between career-based and position-based employment system. Central personnel governance will also need reprofiling to align the three defining trends namely, deepening of current practice of delegating HR powers to line managers, simplifying of rules, procedures and guidelines that underpin the shared powers and responsibilities.
“Ditto with centralised industrial relations governance and collective bargaining in the context of fiscal federalism, which tends to create unsustainable and intractable downstream problems that increasingly disempower the discretion that employers reserve to negotiate at operational levels, a dimension that requires deep-seated reform.The current practice of staff performance appraisal in the public service which creates the as yet resolved confusion about what is being assessed and rewarded, between results, competences, behaviour, knowledge or staff potential with associated problem of subjectivity, in a measure that focuses appraisal as means rather than the ends of performance assessment, is also core critical.”
Business Intelligence
CBN Gives Fresh Detail About Opay, Palmpay, Moniepoint, Others
Published
8 months agoon
May 21, 2024By John Michael Ojo
The Governor of Central Bank of Nigeria, Olayemi Cardoso, during the MPC meeting on Tuesday revealed that mobile money operators who are currently being restricted from enrolling new customers would soon be allowed to carry our their operations without any form of restrictions in the next few months.
Cardoso who stated this in Abuja, denied revolking the licences of these fintech companies.
The CBN Governor, claimed that the Central Bank was working round the clock by engaging with stakeholders in order to strengthen the activities of Fintech companies in the country.
He added that the CBN is also working to mitigate against every loophole used by criminal elements to facilitate money laundering within the financial system while maintaining the integrity of the industry.
“I am confident that as time goes on, and hopefully in another couple of months, all these will be something of the past and then you will see that sector going back into what they’ve been known to do before, but certainly with a very stronger regulatory framework,” he said.
Cardoso through the CNB in April placed an embargo on Opay, Palmpay, Kuda Bank, Moniepoint and other fintech companies from onboarding new customers, a move which was heavily criticized and seen as a gag on the financial sub-sector.
However, the CBN Governor who has now provided the public with more details about the action of the apex bank on the fintech companies said: “The fintechs have not been singled out for any exceptional kind of treatment. The CBN remains proud of the exploits of fintech firms in the last number of years and the apex bank will continue to support and strengthen them.
“However, regulation is very critical in a sector that seems to have grown so incredibly rapidly.
“More recently, we had the cause to take a deep dive look at the whole issue of illicit flows and money laundering particularly within the non-heavily regulated banking system and we all know some of the issues that came out with cryptos and some of the messages we put out after that, which of course gave us some cause to know that there is the need for heightened surveillance,” Cardoso stated.