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Tony Elumelu Foundation Set to Announce 2025 Cohort of TEF Entrepreneurship Programme

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The Tony Elumelu Foundation (TEF), Africa’s leading philanthropy empowering entrepreneurs is set to announce the 11th cohort of the TEF Entrepreneurship Programme on Saturday, March 22, 2025.

The 2025 announcement comes at a critical time, as Africa’s entrepreneurship ecosystem faces funding constraints and global economic headwinds. TEF continues to provide much-needed support, empowering African entrepreneurs to transform their ideas into sustainable businesses and engines of economic growth.

Each selected Tony Elumelu Entrepreneur will receive $5,000 non-refundable seed capital, a world-class business training on TEFConnect, one-on-one mentorship, and access to global networks and investment opportunities. The selection process is being conducted by Ernst & Young, to ensure independent assessment.

The impact of the Tony Elumelu Foundation extends beyond funding. It is changing lives and shaping Africa’s future, as witnessed by beneficiaries of the catalytic TEF Entrepreneurship Programme.

Ahead of the upcoming announcement, Tony O. Elumelu, C.F.R., Founder of TEF and Group Chairman of Heirs Holdings, reiterates his unwavering belief in the potential of Africa’s entrepreneurs:

“I believe that Africa’s transformation will not be led by aid, but by empowering the next generation of African entrepreneurs—giving them the tools, the funding, the training, and the networks to build sustainable businesses that create jobs and drive economic growth.

Over the past decade, we have nurtured entrepreneurs from inception to success, scaling our impact across all 54 African countries. We have provided capital and also developed a robust monitoring and evaluation framework that allows us to track the progress of our entrepreneurs and measure their contributions to their communities and economies.

No other organisation is implementing entrepreneurship development at this scale across Africa. We have learned, we have refined, and we continue to improve, ensuring that African entrepreneurs—women and men—are at the forefront of solving our continent’s challenges and creating wealth for themselves and their communities. Entrepreneurship is the key to Africa’s prosperity. I wish the 2025 cohort of Tony Elumelu Entrepreneurs success, as they chase their ambitions, and play their part in Africa’s transformation.”

The Tony Elumelu Foundation is the leading philanthropy empowering a new generation of African entrepreneurs, driving poverty eradication, catalysing job creation across all 54 African countries and ensuring inclusive economic empowerment.

Since the launch of the Tony Elumelu Foundation Entrepreneurship Programme in 2015, TEF has lifted over 2 million Africans out of poverty, provided 2.5 million young Africans with access to training on TEFConnect, and disbursed more than $100millon in direct funding to thousands of African entrepreneurs who have gone on to create over 1.5 million direct and indirect jobs and generate over $4.2 billion in revenue.

Tony Elumelu Entrepreneur Testimonials from Previous Years:

“I started my agribusiness with nothing but an idea. TEF changed everything. With the funding, training, and mentorship, I have now expanded across three countries and employ 25 people.”

– Fatima Diallo, Senegal, Agritech Entrepreneur

“As a woman in the fintech industry, it was difficult to secure funding. TEF not only provided me with capital but also the confidence and skills to build a business that is now attracting international investors.”

– Mary Okeke, Nigeria, Fintech Founder

“The TEF Entrepreneurship Programme helped me commercialise my clean energy innovation. Today, we provide solar solutions to over 50,000 homes in rural Tanzania.”

– Juma Nyerere, Tanzania, Renewable Energy Entrepreneur

For more details on the Tony Elumelu Foundation’s impact visit our Impact Page, African Success Stories Page, and Annual Report Page.

For Media Inquiries: [email protected]

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‘Grok Can Hallucinate,’ INEC Dismisses Pro-APC X Post Allegedly Linked To Amupitan

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The Independent National Electoral Commission(INEC) has said that despite claims alleging that the Chairman, Joash Amupitan, made a partisan post on X, no verified forensic evidence links him to the said post.

The Director of Information and Communication Technology , Lawrence Bayode, stated this during an interview on Channels Television’s, The Morning Brief on Monday.

“Even though we are seeing that some guys have carried out a forensic investigation on that account, as we speak, there is no verified forensic evidence linking the chairman to the post,” he said.

His comment follows the alleged post of the INEC chairman, allegedly expressing support for the All Progressive Congress (APC) during the 2023 general elections.

The director, however, stated that the matter would not be swept under the rug; rather, it had been referred to security agencies for further investigations.

“We are taking this further even though we have referred this to security agencies, and as I said, we rely on evidence. We are also going to be engaging a third-party forensic expert to help look at this.

“We are also looking at it in-house. I will not base my judgment on the screenshot; I will not allow that to guide my conclusion.

“I know that the commission will engage a third-party expert to also look at this, and that will guide the conclusion of the commission,” Bayode said.

Speaking further, the INEC tech chief said Grok could hallucinate.

“Grok honestly can hallucinate just like any modern artificial intelligence system, and I think the key is to verify important information, especially for decision or public communication.

“So any AI system can hallucinate, and so Grok can also hallucinate,” he stated.

Bayode also noted that a social media account could be opened using someone else’s email address.

“If people can hack into your system if it’s not well protected, if not for a time like this where our social media platforms are protected by two-factor authentication,” he added.

The ICT director also explained that the issue appeared to be more than it seemed, suggesting that it could be a case of digital impersonation.

“That account was renamed; the content there, maybe, would have been manipulated again.

He also spoke about how digital impersonation and content manipulation can ‘mislead the public.’

“I think all these are in the public domain, so anyone who wants to create havoc can use all of this information and use it as they will, Bayode added.

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UBA equips youth to drive Africa to excellence

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With Over 5,000 Alumni, Initiative Seals UBA’s Pan-African Leadership Pipeline

Africa’s Global Bank, United Bank for Africa (UBA) Plc, has reinforced its commitment towards tackling youth unemployment across the continent with the successful employment of over 700 young professionals under its Graduate Management Acceleration Programme (GMAP).

Since inception, the bank’s GMAP initiative has empowered more than 5,000 young graduates across Africa, providing them with world-class training, hands-on experience, and a platform to thrive in the financial services industry.

The graduation ceremony, which was held in a grand ceremony held at the Landmark Events Centre, Lagos on Thursday, was graced by esteemed guests, led by the UBA’s top management, faculty members, mentors, and the graduating class, as it highlighted the culmination of an intensive journey towards leadership excellence.

Executive Director, Finance, Ugo Nwaghodoh, Group Chairman, United Bank for Africa, Tony Elumelu; Group Managing Director, UBA, Oliver Alawuba, Executive Director; Deputy Managing Director, Chukwuma Nweke and Executive Director, Personal and Business Banking, United Bank for Africa, Chidi Okpala, flanked by graduands of the 2026 Graduate Management Accelerated Programme(GMAP) during the graduation ceremony held for over 700 trainees cut across Africa, in Lagos on Thursday.

While welcoming and addressing the fresh intake, UBA’s Group Chairman, Tony Elumelu, reiterated the importance of ambition, discipline, and institutional pride, describing the gathering as living proof that Africa’s future belongs to its youth.

“I am so happy to see smiling, young faces. You know, they say the future of Africa belongs to our youth, and as I see all of you, I see that in action. Welcome to UBA Group. Congratulations on being part of our family,” he stated.

Elumelu challenged the graduates, to take personal ownership of their performance and to exhibit the discipline that distinguishes great institutions from average ones.

 

“Selecting the right people, training them, developing them, nurturing them, and getting them to align with the vision is not easy. But it is critical for sustained success. What we must do is institutionalise our approach, to build an organisation that can deliver and create systems that endure, so that perpetuity is achieved,” Elumelu said.

The milestone induction, which welcomed Cohorts 19 and 20 into the bank’s dynamic workforce, underscores the bank’s strategic focus on nurturing Africa’s next generation of high-performing talent equipped to drive innovation and sustainable growth.

Executive Director, Personal and Business Banking, United Bank for Africa, Chidi Okpala; Group Executive, Treasury and Financial Institution, Samuel Ocheo; Executive Director, Finance and Risk Management, Ugo Nwaghodoh; Executive Director, Corporate Banking, Tosin Adewuyi; Group Managing Director, UBA, Oliver Alawuba, Executive Director; Deputy Managing Director, Chukwuma Nweke; Company Secretary, Bili Odum and Executive Director, Digital Banking, Emmanuel Lamptey flanked by prize winners of the 2026 Graduate Management Accelerated Programme(GMAP) during the graduation ceremony held for over 700 trainees cut across Africa, in Lagos on Thursday.

Group Managing Director/CEO, Oliver Alawuba, who went down memory lane, took the youth on his personal journey from a young professional to Group CEO, and reminded the graduates that the path from entry-level to leadership is not reserved for a privileged few.

“Our young Africans are equipped to drive Africa into excellence. Your current role is not your final destination. If we could rise, you can rise too, because the journey is not reserved for a special class of people. It is reserved for people who decide to grow and then do the work,” he said.

Group Chairman, United Bank for Africa, Tony Elumelu (6th left); Group Managing Director, UBA, Oliver Alawuba, (5th Left) and Group Head, Human Resources, Modupe Akindele, flanked by some of the graduands of the 2026 Graduate Management Accelerated Programme(GMAP) class of UBA Academy, during the graduation ceremony held for over 700 trainees cut across Africa, in Lagos on Thursday.

 

Alawuba anchored his address in UBA’s corporate ethos, the 3Es of Excellence, Enterprise, and Execution, and the SRG persona of Simplicity, Responsiveness, and Goal-orientation, challenging each new hire to make these values visible in their daily conduct

With the new cohort of 720 trainees, 435 of whom are women and account for over 60% of the intake, this stands as a powerful testament to the bank’s unwavering commitment towards women’s empowerment.

UBA continues to position itself as a leading institution in youth development, intentionally grooming “achievers who perform” while contributing meaningfully to reducing unemployment and unlocking the immense potential of Africa’s youthful population.

United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees group-wide and serving over 45 million customers globally. Operating in twenty African countries, the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting-edge technology.

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‘Fake’, CBN Dismisses Polaris Bank Liquidation Claim

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The Central Bank of Nigeria has debunked rumours suggesting that Polaris Bank is undergoing liquidation.

The apex bank disclosed this in a post on X, assuring the public that the country’s banking system remains stable and secure.

The clarification was after a viral post, claiming that Polaris Bank was facing liquidation for failing to meet the Bank’s recapitalisation requirements, and could soon lose its operating licence, with the Nigeria Deposit Insurance Corporation set to take over the process.

It further alleged that founder of the Eleganza Group, Razaq Okoya, had made a bid to acquire and revive the bank, pending approval from regulators and shareholders.

Sharing a screenshot of a viral claim, however, the apex bank flagged it as “fake content.”

It clarified that the claims, suggesting Polaris Bank had failed to meet recapitalisation requirements and was set for liquidation, and added that the rumour did not reflect the current state of the Nigerian banking sector.

“This content is fake. Let the public be guided. The Nigerian Banking System is Safe and Secure,” the bank said.

On April 1, the CBN confirmed that 33 banks successfully met the revised minimum capital requirements under its recapitalisation programme, marking a significant milestone in strengthening the financial system.

A total of N4.65 trillion was raised during the 24-month exercise, pushing capital adequacy ratios across the sector above global Basel benchmarks and enhancing banks’ resilience, according to the apex bank.

However, it noted that “a limited number of institutions remain subject to ongoing regulatory and judicial processes, which are being addressed through established supervisory and legal frameworks.”

As part of efforts to reinforce oversight and stability in the sector, in January 2024, the Bank dissolved the boards and management of Polaris Bank, alongside Union Bank and Keystone Bank.


In 2022, the bank was also at the centre of controversy following claims that a higher bid was submitted during its sale process than the one eventually accepted.

At the time, reports indicated that the House of Representatives directed the apex bank to suspend the sale.

Again, a Federal High Court in Lagos, on March 25, reportedly reversed the sack of the board and management of Union Bank of Nigeria.

However, the CBN had, in a response, while maintaining that the bank’s regulatory status remains unchanged, stated that it would review the judgment.

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