Economy
Tony Elumelu Foundation Offers $15m To 3,000 Entrepreneurs From 52 African Countries
Tony Elumelu Foundation Offers $15m To 3,000 Entrepreneurs From 52 African Countries
Tony Elumelu Foundation offers $15m to 3,000 entrepreneurs from 52 African countries. Mr Elumelu noted that capital alone was not enough, highlighting the importance of business education, mentorship, and training in building successful entrepreneurs.
The Tony Elumelu Foundation has announced a $15 million grant to support 3,000 budding entrepreneurs from 52 African countries.
The TEF Founder, Tony Elumelu, made this known on Sunday in Abuja during the unveiling of the 2025 cohort of the foundation’s Entrepreneurship Programme.
He stated that each beneficiary would receive a $5,000 seed grant to kick-start their businesses.
Mr Elumelu, who is also the Chairman of Heirs Holdings, Transcorp, and United Bank for Africa (UBA), reaffirmed his commitment to empowering African entrepreneurs and transforming the continent’s economic landscape.
According to Mr Elumelu, the foundation aims to democratise opportunity across the continent, fostering economic growth and providing young Africans with access to funding and mentorship.
He said, “We had a vision that started in 2010; one that envisions a self-sustaining Africa, driven by the energy, vision, and resilience of young entrepreneurs. We understand the challenges they face in contributing to Africa’s economic transformation. If empowered and encouraged, these young Africans can drive meaningful change.’’
He noted that capital alone was not enough, highlighting the importance of business education, mentorship, and training in building successful entrepreneurs.
The entrepreneurship programme, which began in 2015, originally set out to economically empower 10,000 young Africans over 10 years, each receiving $5,000 in seed capital.
“This year marks the 15th anniversary of the foundation, and we have made a considerable impact across all 54 African countries. In the 21st century, Africa does not need aid; what it needs is investment in its youths,” Mr Elumelu said.
The TEF Chief Executive Officer, Somachi Chris-Asoluka, noted that since the programme’s launch in 2015, the foundation had disbursed over $100 million to more than 21,000 young entrepreneurs across Africa.
According to Ms Chris-Asoluka, the businesses have collectively created 1.5 million enterprises, and generated $4.5 billion in revenue.
“Our entrepreneurs have demonstrated that ideas are the lifeblood of the African continent.

Tony Elumelu Foundation
“For the 2025 cohort, we received over 200,000 applications, and from this pool, 3,000 entrepreneurs from 52 African countries will receive $15 million in funding.
“Each entrepreneur will receive a $5,000 non-refundable seed grant; this is neither a loan nor equity,” she stated.
She further assured that the foundation had a monitoring and evaluation platform in place to track progress after disbursement, ensuring that beneficiaries adhered to their approved business plans.
Abuja
Strike: Normalcy Returns At FCT Secretariat As Workers Resume
Strike: Normalcy Returns At FCT Secretariat As Workers Resume
Strike: Normalcy returns at FCT secretariat as workers resume. The FCTA secretariat is bustling with activities as normalcy returns after the suspension of the planned solidarity protest by labour unions on Tuesday.
The secretariat of the Federal Capital Territory Administration is bustling with activities as normalcy returns after the suspension of the planned solidarity protest by labour unions on Tuesday.
The protest was suspended after a truce was reached between FCT minister Nyesom Wike and the labour unions in the early hours of Tuesday.
The workers, who resumed work on Monday, were seen carrying out their activities and providing various services.
A visit to some offices in the Minister’s Block, the Treasury Department, the Federal Capital Development Authority, the Abuja Geographical System, and others on Wednesday showed that workers were at work, carrying out their duties.
The FCTA workers under the Joint Union Action Committee had on January 19 embarked on industrial action over unresolved welfare concerns.
The strike, however, was halted by a ruling of the National Industrial Court on January 27, which ordered the workers to resume work, a decision that didn’t sit well with the union leaders, who insisted that the strike must continue.
A truce was reached after several hours of meeting, from late night Monday to the early hours of Tuesday, between the union leaders, officials of the FCTA, Mr Wike, and the chairman of the Senate Committee on FCT, Mohammed Bomoi.
Reacting to the truce, the minister told journalists after inspecting some ongoing projects in Abuja on Tuesday that there were no winners or losers.
He expressed delight that the union leaders have seen the realities on the ground, which have helped to clear misconceptions.
“I’m happy that the trade union and labour congress came to see things for themselves. Sometimes it’s good. What they were told is not really what’s on the ground.

Wike
“But by and large, we have had a good meeting, and they’ve directed the workers to go back to work, which you can see has been done. So, we’re happy that at the end of the day, there is no winner, no loser. It’s in the interest of Abuja to progress,” he said.
The organised labour had on Tuesday resolved the dispute between JUAC and Mr Wike, leading to the immediate resumption of work by affected employees.
A circular, jointly signed by the secretary-general of the TUC, Nuhu Toro, and the acting general secretary of the NLC, Benson Upah, stated that the minister assured labour of mutual respect and sustained engagement on labour-related matters in the FCT.
It said the parties also agreed that no worker would be victimised for participating in the strike action and that all outstanding cases at the National Industrial Court would be withdrawn immediately.
Following the agreement, the NLC and TUC directed all affected workers to resume duty without delay.
Economy
Lagos Assembly Strongly Seeks Suspension Of Makoko Demolition
Lagos Assembly Strongly Seeks Suspension Of Makoko Demolition
Lagos assembly strongly seeks suspension of Makoko demolition. The Lagos state house of assembly has called for the suspension of demolition activities in Makoko, Oko-Agbon and Shogunro waterfront communities following protests by displaced residents and growing public concern over the exercise.
The call was announced on Tuesday by Noheem Adams, chairman of an ad hoc committee set up by Mudashiru Obasa, speaker of the house, during a stakeholders’ meeting held at the Lateef Jakande auditorium.
Adams called on all state ministries to cease demolition work and promised compensation to the affected residents.
“On behalf of the speaker and all 40 members of the house, we are directing that all demolitions in Makoko, Oko-Agbon, and Shogunro communities should stop from today until further notice,” New Telegraph quoted Adams as saying.
He called for transparency by demanding the full list of taskforce members and the criteria used for engagement, insisting that residents must be actively involved in the process.
“That the taskforce that was constituted, we want to see the list of the taskforce because we want the residents to be duly involved and to be carried along. So we want to have the schedule of those task forces and the criteria for those that we are inviting,” Adams added.

Lagos Assembly
“To the residents of Makoko, Oko-Agbon and Shogunro communities, as your representatives, we are giving you all assurances that they will stop demolitions henceforth and there will be compensations for all those whose properties have been demolished.”
Stephen Ogundipe, member of the ad-hoc, said there is need for clear communication, adding that residents targeted for relocation or redevelopment must be informed of the government’s plans in advance.
Babatunde Olajide, special adviser to governor of Lagos on E-GIS and urban renewal, confirmed that $2 million had been earmarked since 2021 to transform Makoko into a modern, internationally compliant water city.
He said enumeration of affected properties is underway and reiterated the administration’s commitment to handling the situation with a human face, prioritizing resident safety and fair compensation.
Yusuf Sagra, baale of Makoko, described the assembly’s decision as a “word of peace,” while Orioye Ogungbure, another leader of the community, praised the “democratic responsiveness” of the government.
Crime
EFCC Arrests Kannywood Star, Samha Inuwa for Alleged Naira Mutilation In Viral Video
EFCC Arrests Kannywood Star, Samha Inuwa for Alleged Naira Mutilation In Viral Video
EFCC arrests Kannywood Star, Samha Inuwa for alleged naira mutilation in viral video. The Kano Zonal Directorate of the Economic and Financial Crimes Commission, EFCC, on Tuesday, February 3, 2026 arrested a Kannywood Star, Samha Inuwa over alleged Naira mutilation.
Inuwa was arrested following a viral video circulated on social media platforms where she was seen conspicuously cleaning mucus from her nose using Naira notes.

EFCC
Following the release of the viral video, the Commission swung into action by tracing and subsequently arrested her to answer questions.
She is currently being held at the Commission’s detention facility while investigation is ongoing.
The suspect will be charged to court upon conclusion of investigations.
Dele Oyewale
Head, Media & Publicity
February 3, 2026
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