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.
Governor Okpebholo Unveils 3,000 Hectares for Farming in Edo
Governor Okpebholo unveils 3,000 hectares for farming in Edo. The Edo State Government has launched a large-scale farming initiative, starting with the cultivation of 3,000 hectares across the state’s three senatorial districts.
Governor Monday Okpebholo kicked off the project with the clearing of 60 hectares in Iguoriakhi, Ovia South West LGA, as part of efforts to boost food production.
Governor Okpebholo
Okpebholo emphasized that the initiative aligns with President Bola Tinubu’s Renewed Hope Agenda for food security. He affirmed plans to replicate similar farm settlements in Edo Central and Edo North.
Dr. Osagie Peter, Permanent Secretary of the Ministry of Agriculture, revealed that about 250 farm heads will benefit from the first phase.
The Iguoriakhi Farm Settlement, originally established in 1962 with 2,350 hectares, already hosts permanent crops like oil palm and rubber.
Labour Unions Threaten Strike, Seeks Reversal Of Emergency Rule In Rivers
Labour Unions threaten strike, seeks reversal of Emergency Rule in Rivers. The organised labour has warned of potential nationwide disruptions if the Federal Government does not reverse the state of emergency declared in Rivers State.
In a joint statement, the Rivers State leaders of the Nigeria Labour Congress (NLC), Trade Union Congress (TUC), and Joint Negotiation Council (JNC) condemned the emergency rule, calling it illegal and undemocratic.
They argued that suspending Governor Siminalayi Fubara, Deputy Governor Ngozi Odu, and House of Assembly members was unconstitutional and undermined democracy.
The unions also highlighted the financial hardship faced by local government workers, many of whom have not received salaries due to the crisis. They warned that Rivers State’s economic instability could have severe consequences for Nigeria, given its strategic role in the nation’s economy and the Niger Delta region.
NLC
Furthermore, they pointed out that the uncertainty has deterred potential investors, weakening the state’s internally generated revenue (IGR) and affecting job creation.
While acknowledging the need for security, the unions insisted that governance must align with constitutional principles.
They urged the Federal Government to prioritize citizens’ welfare over political interests, warning that continued hardship could escalate tensions and resistance.
Reps: 39 Constitutional Amendment Bills Scale Second Reading
Reps: 39 constitutional amendment bills scale second reading. Thirty-nine constitutional amendment bills have scaled second reading in the House of Representatives. The bills cut across various sectors including judicial reforms, electoral matters security and policing, inclusive governance, legislature, and others.
Some of the proposals include:
A bill for an Act to alter the Constitution of the Federal Republic of Nigeria, 1999, to provide for the establishment of state police and local government police.
A bill for an Act to alter the provisions of the Constitution of the Federal Republic of Nigeria, 1999 (as amended), to provide that general elections to the office of the president, state governors, National Assembly, state Houses of Assembly, and local government area councils shall be conducted simultaneously on the same date to be determined by the Independent National Electoral Commission in consultation with the National Assembly.
A bill for an Act to alter the Constitution of the Federal Republic of Nigeria, 1999, to make the Court of Appeal the final appeal court in governorship, national, and state Houses of Assembly election petitions.
Reps
A bill for an Act to alter the Constitution of the Federal Republic of Nigeria, cap. c23, Laws of the Federation of Nigeria, 1999 (power of proclamation of new Assembly by Clerk or NASS/Clerk of House Assembly) and to make provision for the Chief Justice of Niger to make proclamation on the inauguration of National Assembly.
A bill for an Act to alter the provisions of the Constitution of the Federal Republic of Nigeria, 1999 to establish the FCT House of Assembly.
A bill for an Act to alter the Constitution of the Federal Republic of Nigeria, 1999 (as altered), to provide for special seats for the physically challenged persons in Nigeria’s federal, state, and local government areas, and legislative houses.
A bill for an Act to alter the Constitution of the Federal Republic of Nigeria 1999 to permit public servants to engage in healthcare education, production, and services beyond farming and related matters.
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