Connect with us

Business

Tony Elumelu Foundation Seeks Applications From African Entrepreneurs For Grants 

Published

on

Tony Elumelu Foundation Funds 5000 From 54 Countries In 2021

The Tony Elumelu Foundation (TEF), the leading philanthropy empowering young African entrepreneurs across all 54 African countries, has opened applications for the 2022 TEF Entrepreneurship Programme on www.TEFConnect.com. African entrepreneurs with business ideas or existing businesses under 5 years, are encouraged to apply now for $5000 seed capital, mentorship, business management training and more on the 2022 Tony Elumelu Foundation Entrepreneurship Programme

Since 2015, the TEF Entrepreneurship Programme – the only African-funded entrepreneurship catalyst of its kind – has empowered 15,847 African entrepreneurs with non-returnable seed capital of $5,000 each; twelve weeks of business management training; access to experienced mentors; and membership to Africa’s largest entrepreneurial ecosystem.

In 2021, the Tony Elumelu Foundation disbursed USD$24.75 million to 5000 African entrepreneurs across Africa for its 2021 Entrepreneurship Programme. The Foundation’s Entrepreneurship Programme remains one of the largest private sector responses to driving the economic recovery of African youth, women and SMEs given the effects of the covid19 pandemic across Africa.  Across Africa, the Tony Elumelu Foundation Entrepreneurship Programme beneficiaries are starting and growing trailblazing businesses that have collectively created over 400,000 direct and indirect jobs.

According to 2015 Tony Elumelu Entrepreneur, Hauwa Liman, female business owner and Founder of Afrik Abaya: “I am always proud to say that I am from the inaugural cohort of the Tony Elumelu Foundation Entrepreneurship Programme. My business is located in Kaduna, in northern Nigeria. I benefitted from this Programme in 2015, and it opened up lots of doors and opportunities. It is not just about the seed capital, but what really fascinates me about the Programme is the knowledge. I call it a mini-MBA programme, because from the ideation stage it teaches you how to really articulate your business, and it gave me my first business plan. The network, visibility and opportunities are endless. My entrepreneurship experience cannot be complete without the Tony Elumelu Foundation. I will start exporting to other countries soon courtesy of the Foundation. We now employ ten permanent staff and an additional eight staff on a commission basis.” 

Commenting on the launch of the 2022 Tony Elumelu Foundation Entrepreneurship Programme, CEO of the Tony Elumelu Foundation, Ifeyinwa Ugochukwu shared, “We are constantly blown away by the quality of businesses that come from Africa every year. This motivates us to scale our efforts to empower even more entrepreneurs on continent. The innovation, knowledge and resilience of African entrepreneurs is central to charting Africa’s socio-economic transformation and meet the continent’s development objectives. We are also proud of the increase in female participation on our Programme, especially with the 2021 cohort where we witnessed a record 68% selection of women entrepreneurs.”

Founding Trustee of the Tony Elumelu Foundation, Dr. A V. Elumelu stated: “Through the Tony Elumelu Foundation Entrepreneurship Programme, we seek to democratise luck. Hard work plays an important and undeniable part in success, but one must not discount the role of luck – someone being willing to take a chance on you or business idea by empowering you through training, mentorship or funding. Our hope is that, through the Tony Elumelu Foundation Entrepreneurship Programme, we would help the next business leader or captain of industry be whom they are meant to be. This is our own way to give back and also to empower the generation coming behind us so that they can go even further than we have. As a parent, one’s desire is for your children to do better than you and so you will provide the resources and materials that they need to ensure that they go far in life. Similarly, at the Foundation we are equipping the next generation with the tools they need to succeed.”

READ ALSO: Women Take The Lead As Tony Elumelu’s Foundation Unveils 2021 Beneficiaries

As the foremost champion of entrepreneurship in Africa, the Tony Elumelu Foundation is empowering women and men across the African continent through entrepreneurship to catalyse economic growth, drive poverty eradication and ensure job creation. The Foundation’s mission is rooted in the philosophy of Africapitalism, which positions the private sector as the key enabler of economic and social wealth creation in Africa. Through TEFConnect, the Foundation’s proprietary digital platform, it has provided capacity-building support, advisory and market linkages, to over 1.5 million Africans.

The Tony Elumelu Foundation Entrepreneurship Programme is open to entrepreneurs across Africa: new start-ups and existing young businesses, operating in any sector. Prospective applicants should apply now on the digital networking hub for African entrepreneurs, www.tefconnect.com. For a list of the selected 2021 Tony Elumelu Entrepreneurs and more information on our programme, please visit the website of the Tony Elumelu Foundation here.

 

Read more authentic news on our social media platforms

Continue Reading
Click to comment

Business

BREAKING: Subscribers To Pay More For Telecoms Services By 50%

Published

on

Telephone 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.

Continue Reading

Business

Olaopa Lists Ways To Make HR Practice Viable As Gobir Emerges CIPM President

Published

on

Prof. Tunji Olaopa delivering his speech at the event in Lagos on Wednesday.

The 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.”

Continue Reading

Business Intelligence

CBN Gives Fresh Detail About Opay, Palmpay, Moniepoint, Others

Published

on

Cardoso through the CNB in April placed an embargo on Opay, Palmpay, Kuda Bank, Moniepoint and other fintech companies from onboarding new customers,

By 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.

Continue Reading

Top Stories