Tony O. Elumelu, CON, has congratulated the African Development Bank (AfDB), and AfDB President Akinwumi Adesina, on their commitment to African entrepreneurship, with the disbursement of $2.5million seed capital to the AfDB-sponsored beneficiaries of the 2019 TEF Entrepreneurship Programme. $2.5m was released today, with the remainder expected to be disbursed to the entrepreneurs in Q12020.
The AfDB commitment follows the recent $8.5 million disbursement from the United Nations Development Programme (UNDP) to 2,648 entrepreneurs in the Sahel region and Africa more broadly, and further accelerates the economic empowerment generated by the Tony Elumelu Foundation. In 2019, the Foundation significantly increased the scale and reach of it impact, with the number of beneficiaries of its flagship Entrepreneurship Programme rising from its annual commitment of 1,000, to 5,150, in collaboration with global and African partners.
With its commitment to strengthen small and medium-sized enterprises and develop young entrepreneurs, AfDB joined the growing list of global development institutions benefiting from the Tony Elumelu Foundation’s unique model of identifying, training, mentoring and funding entrepreneurs and start-ups across Africa. The partnership demonstrates the implementation of the AfDB’s ten-year “Jobs for Youth in Africa” strategy, launched in 2016, to support the creation of 25 million meaningful jobs across the continent.
The partnership illustrates TEF’s willingness to share its infrastructure and know-how, with others who share the mission to empower young African entrepreneurs and TEF’s goal of creating millions of jobs, as well as generating billions in revenue, to catalyse economic growth across the continent.
The Foundation is currently accepting applications to the 2020 cohort of its flagship Entrepreneurship Programme on TEFConnect.com, Africa’s digital hub for entrepreneurs.
AfDB Joins TEF Programme Catalysing Entrepreneurship Across Africa
Tony O. Elumelu, CON, has congratulated the African Development Bank (AfDB), and AfDB President Akinwumi Adesina, on their commitment to African entrepreneurship, with the disbursement of $2.5million seed capital to the AfDB-sponsored beneficiaries of the 2019 TEF Entrepreneurship Programme. $2.5m was released today, with the remainder expected to be disbursed to the entrepreneurs in Q12020.
The AfDB commitment follows the recent $8.5 million disbursement from the United Nations Development Programme (UNDP) to 2,648 entrepreneurs in the Sahel region and Africa more broadly, and further accelerates the economic empowerment generated by the Tony Elumelu Foundation. In 2019, the Foundation significantly increased the scale and reach of it impact, with the number of beneficiaries of its flagship Entrepreneurship Programme rising from its annual commitment of 1,000, to 5,150, in collaboration with global and African partners.
With its commitment to strengthen small and medium-sized enterprises and develop young entrepreneurs, AfDB joined the growing list of global development institutions benefiting from the Tony Elumelu Foundation’s unique model of identifying, training, mentoring and funding entrepreneurs and start-ups across Africa. The partnership demonstrates the implementation of the AfDB’s ten-year “Jobs for Youth in Africa” strategy, launched in 2016, to support the creation of 25 million meaningful jobs across the continent.
The partnership illustrates TEF’s willingness to share its infrastructure and know-how, with others who share the mission to empower young African entrepreneurs and TEF’s goal of creating millions of jobs, as well as generating billions in revenue, to catalyse economic growth across the continent.
The Foundation is currently accepting applications to the 2020 cohort of its flagship Entrepreneurship Programme on TEFConnect.com, Africa’s digital hub for entrepreneurs.
Two limited liability companies Sunlek Investment Limited and Sunsteel Industries Limited have slammed N7billion suit on First City Monument bank Plc FCMB over alleged breach of contract.
In a 126 paragraphs of statement of claim accompanied by another 27 paragraphs of a witness sworn to on oath and filed before a Federal high court sitting in Lagos south west Nigeria by a Lagos lawyer Mr. John Olusegun Odubela SAN, the two companies alleged that they operated loan accounts with First City Monument Bank upon which disbursement was made for all letters of credit /loan facility granted to them by the bank for the importation of raw materials.
However, since 23rd May, 2013 when the bank entered into an agreement to grant them loan, and open a loan facility account for them till date, they have not been given the particulars of the loan facility account neither has any statements of account of this loan account been made available to them.
The plaintiffs companies alleged further that by commitment letter dated 23rd May, 2013 and the term sheet for facility duly signed /executed by the two parties, FCMB committed and undertook to fund on fully-underwriten basis the debt finance of $1,500,000 and N422,500,000. Thereafter, other loans facilities were granted to the companies by the bank.
The total amount of the letters of credit opened by the bank in favour of the companies is $8,003,247.5 out of which said sum the companies contributed 10% based on the terms of the grant of the various offer for facility utilized to open letters of credit from 22nd ,March 2013 to September, 2017. The loans facilities were well secured.
The plaintiffs contended that from the available records available to them, it was reflected that they have fully repaid their indebtedness to the Bank.
However, the companies were bewildered when they received the bank’s letter that their indebtedness to the bank as at 14th of March, 2019 is in the sum of N1,129 884,104.72., that the debt should be liquidated within 14 days, despite the fact that they have fully repaid the loan they took from the bank.
Consequently, they engaged the services of accounting firm to audit their account,the plaintiff by their letter and their solicitor’s letter requested for statements of accounts of the loan accounts from the bank, but the bank has deliberately refused, failed and neglected to make available the said statement of account. However from the forensic analysis of their accounts, the plaintiffs contended that they are not in any way indebted to the bank in the sum of N1,129,884,104.72.
From the forensic audit report it was discovered that there were two transactions carried out on letter of credit, wherein substantial volume of the product were damaged.
The value of items purchased by the letters of credit was in the sum of $1,999,965 for the importation of cold rolled steel strips, galvanized steel strips and Zinc wire from Chemetals(HK) limited Unit 1105H/F Lippo Center 89,Queens Way Hong Kong. FCMB is solely and unilaterally liable to undertake all the risk Insurance policy Clause A for the consignment/raw material to be imported by virtue of the letter of credit.
The bank solely negotiated insurance policy obtained for the products purchased and appointed Mansard Insurance Plc to provide insurance cover Clause C for the importation of the consignment. Upon taken delivery of the consignment after payment of custom duties and port charges, it was discovered that a large volume of the said consignment were in various forms of damaged conditions.
The plaintiffs informed the bank about the damaged consignment and the need to pursue insurance claim for the damage consignment,the bank requested for documents from the officers of the plaintiffs which was sent to them to pursue the claim.
However, the agent of the bank sent a report to the plaintiffs to inform them that from the nature of damages to some of the products, the insurance policy, being a Clause C policy as undertaken by the bank is not sufficient to cover the nature of loss from the said damages to the products. The total value of the consignment damaged is in the sum of $628,386.23 and N336,136.692.66. The bank ought to have undertaken an all risk insurance policy cover with the insurance company. As a result of the damages to the consignment,they were not fit for use and could not be refined in the plaintiffs machine and remained in the plaintiffs factory as junk or waste material.
The plaintiffs averred that they have suffered financial loss as a result of the breach of contract in the sum of N884,934,268.56 which has negatively affected their business operation since 2014 till date. The plaintiffs averred that they are entitled to claim damages for breach of contract against the bank who had by its various acts of breaches of the various letters of offer for facility caused great loss to their business. Consequently the plaintiffs claim against FCMB jointly and severally are as follows:
General damages in the sum of N5billion.
A declaration that the plaintiffs are not indebted to the bank in any sum premised on the fact that they have settled all their indebtedness on the facilities granted to them by the bank. A declaration that the bank breach the terms of letter of credit and is liable for the loss of the letters of offer on importation, in the sum of $1,999,865.
A declaration that the bank is liable to refund to the plaintiffs N884,934,298.56,being the losses uncured on the damaged consignment purchased through letters of credits,and failure and refusal of the bank to obtain an all risk insurance policy for the shipment of the said consignment.
An order for the payment of N826,996,135.00 being the total sum wrongly debited on the plaintiffs account by the bank. An order of the court restraining FCMB from appointing and or registering any instrument of appointment of an official receiver or any instrument whatsoever made for the purpose of enforcing the security for the payment of alleged indebtedness in the sum of N1,129,884,104.72 being allegedly claimed against the plaintiffs by the bank. Cost of litigation assessed at N250 million.
Former Deputy Governor of the Central Bank of Nigeria, CBN, and presidential candidate of the Young Progressive Party, YPP, Prof. Kingsley Moghalu, has called on the federal government to make Nnewi a full manufacturing hub in Nigeria to serve as a panacea for the chase for foreign investment.
Moghalu, who made the call weekend during the Nnewi 2020 Investment Summit contended that Nnewi would hardly become a successful manufacturing hub based on the efforts of the private sector alone hence the need for the federal government to provide the necessary amenities to make businesses thrive in the area.
Muoghalu who was the lead speaker at the event lamented that the federal and state governments in Nigeria are always on the move, looking for foreign investments, when it could support a huge manufacturing hub like Nnewi to reach its limit and in turn help in growing the nation’s economy.
He said, “Nnewi is the only industrial town in the whole world that is growing without the support of government. A huge manufacturing hub that was started from the scratch by indigenes of the town and has continued to grow without the support of the government.
“It will not be out of place to say that the federal government has abandoned Nnewi. Do you know what people in Nnewi will do if what government did at the Lekki Free Trade Zone is done here?
“Let me tell you, manufacturing sector is the easiest way to grow the economy of a country. It doesn’t matter the number of mineral resources you have. How many mineral resources does China have? You can only survive by manufacturing and exporting your products, and that is why China is surviving today.
“That is why I always say that the chase for foreign Investment is a wild goose chase. If you create the right environment, investments will come. Money knows where to go and multiply, you do not need to go asking it to come. Instead of pumping in Naira to rival the dollar, why not create a manufacturing hub and once products are exported and foreign exchange is earned, you will see the economy grow on its own,” Muoghalu said.
Muoghalu also tasked the Nnewi business community to show maximum interest in politics. He contended that politics influences public policy, and that when the right kind of people are in political offices with ideas that can drive business and manufacturing, then, businesses would not face as many problems as they were facing presently in Nigeria.
Mr Kelechi Nwosu, the CEO of TBWA, a leading marketing company and co-sponsors of the event in his welcome address said that the summit is an inaugural event put together to rub minds on ways to scale up growth in Nnewi.
Earlier, the member representing Nnewi North, Nnewi South and Ekwusigo Constituency at the national assembly, Hon. Chris Emeka Azubogu, said the dream of the greater Nnewi industrial hub could be achieved when government provide needed infrastructure to drive manufacturing and also reshape policies that would help drive industries.
According to him, “Government has to work hard to ensure that the policy on energising the economy works in Nnewi. Again, Nnewi business community has to generate power locally; I mean independent power source. When we get reliable, affordable and sustainable energy and support it with what we are getting from the national grid, it will stimulate both economic and industrial growth.”
Assistant Administrator of the U.S. Agency for International Development’s(USAID) Middle East Bureau, Michael T. Harvey, Acting Assistant Administrator in the Bureau for Africa at the U.S. Agency for International Development,(USAID) Christopher Maloney, E.D Treasury & International Banking UBA, Abdoul-Aziz Dia, Group Head, Consumer & Retail Banking, UBA Jude Anele during the signing of the memorandum of understanding to advance trade and investment goals of Prosper Africa, held in Tunisia on Thursday
U.S Agency for International Development (USAID) through the Prosper Africa initiative is partnering with the United Bank for Africa (UBA) to increase two-way trade and investment between the United States and the nations of Africa.
This partnership ensures businesses are equipped with the technical and financial tools they need to enter into new trading and investment relationships in Africa and the United States.
USAID will provide technical assistance and advisory services to prospective businesses through its Trade and Investment Hubs, and will connect UBA with African Diaspora business groups working across the United States.
The MOU enables UBA, the only sub-Saharan African bank licensed to operate in the United States, to expand access its reach and extend financing to American companies in the United States looking to do business with African nations.
Recognizing tremendous growth opportunities, USAID and UBA are collaborating to advance Prosper Africa’s goal of substantially increasing two-way trade between Africa and the United States.
By working together, they will extend financing and technical assistance to businesses that will strengthen the American economy, grow African economies, and create jobs on both sides of the Atlantic.
The two institutions entered into this agreement as part of the opening ceremony of the Tunisia Prosper Africa Conference, co-organized by the U.S. Embassy in Tunis and the American Chamber of Commerce of Tunisia.
The event facilitated U.S. and African business-to-business connections and featured remarks by key representatives from the U.S. Government and the U.S. and African private sector.
For general press inquiries, please contact Press@USAID.GOV.
Pan-African financial institution, United Bank for Africa (UBA) Plc, has revamped its NextGen account which targets students in tertiary institutions and members of the National Youth Service Corps (NYSC), with added features and benefits.
NextGen is a suit of personal accounts designed to meet the needs of young persons, grooming and growing with them from teenage years to adulthood. The bank takes up an additional role of mentorship these young ones and assists with tips towards guiding their future. The added benefits would confer premium services to the young account holders.
UBA, which operates in 20 African countries, introduced NextGen Account to encourage active savings among young people and teach them to manage their money effectively while enjoying world-class services that suite their lifestyles
Jude Anele, Group Head, Retail Banking, UBA said the importance of inculcating in young people the culture of saving and being finance-wise cannot be overemphasized, hence the importance the bank attached to the account.
“The NextGen Account is our way of putting students in charge of their money so they can do more, especially at this critical stage of their lives with an account that comes free of fees,” Anele said.
“The new NextGen Account opens students and NYSC members up to several benefits and opportunities, including multiple digital channels that makes banking just another fun thing to do on their mobile phones,” the Retail Banking head added.
As a plus, the NextGen Account holders stand to win pocket money, complimentary invites to prime events and enjoy zero charge on all transactions.
Group Head of Marketing Dupe Olusola, who also spoke about the revamped NextGen Account disclosed that NextGen which the bank says is more than just an account, will partner with DRBLasGidi, a three-member group to ignite the interest of young people in the offering.
“DRB LasGidi have proven to be culture shapers, pioneering the popular Alté (meaning alternative) movement, which promotes self-confidence and encourages young people to embrace their individuality.
“As the face of the Alté subculture in Nigeria, DRB LasGidi is a perfect representation of the NextGen lifestyle of self-confidence and uniqueness,” Olusola said.
Bolaji Ojodukan popularly known as BOJ, who spoke on behalf of DRB LasGidi, expressed excitement at the partnership.
“Like most young people today, we were just being ourselves. But now, we have a movement and now our own bank; the Alté Bank of Africa,” BOJ said.
Pan African financial institution, United Bank for Africa (UBA) Plc on Tuesday, launched the ‘UBA Bumper Account’, a hybrid account, targeted at transforming the lives of its customers. The new account is in line with the bank’s mission of creating superior value for its stakeholders while encouraging saving cultures among Nigerians.
The account, carefully crafted to improve the lives of the UBA customers, will offer account holders an opportunity to win cash prizes of up to N2 million.
Speaking during the launch and monthly draw which was held at the UBA Head Office, in Lagos on Tuesday, the Group Head, Retail Banking, Jude Anele said, the New ‘UBA Bumper Account’ was created with the customer in mind.
Anele said, “We have in recent times deepened our focus on the most important aspect of our business – the customers we serve. Hence, our huge investment in technology to make banking easier and seamless, even as we introduce new offerings such as this Bumper Account, that will deliver improved value to stakeholders.
He explained that new and existing customers of the bank need to ensure they have a minimum deposit of N5,000 in their UBA Bumper Account to qualify for draws. According to him, current UBA customers are to dial *919*20*1# to migrate to the UBA Bumper Account whilst potential customers should dial *919*20# if interested in opening a UBA Bumper Account.
In the first draw which was held live during the official launch in Lagos today, a total of 100 customers emerged winners as the Bumper to Bumper Crooner, Wande Coal serenaded guests with his famous hit songs to the delight of all present.
“A total of 100 customers emerged winners at the live draws which took place here today, and as you have seen, some of our customers here present were part of the lucky ones who won N100,000 each. From here on, lucky customers will win from N10,000 to N2 million each in the monthly, quarterly and targeted draws,” Anele stated.
He added that a monthly shopping allowance of N100,000 for a year is also up for grabs. “No fewer than 50 account holders will get a whopping N2 million each across all participating regions. This account is open to both existing and new customers of the bank who save a minimum of N5,000,” Anele noted.
Amos Wisdom, one of the winners present, could not hide his joy when he was announced as one of the winners. “I am still very amazed. Before I came here, I had the conviction that I would win. All my life, I have never won anything like this, and I am very happy that I won this time. Thank you so much UBA,” he said.
Another winner, Ohagbelum Peace, who could not believe it when her name was announced said if she wasn’t present herself, she would not have believed in promos like the UBA Bumper Account. “I am very grateful. This is a new experience for me and I am now a number one fan of UBA. This has re-enforced my belief for this bank.”
The Deputy Director and Co-ordinator, National Lottery Regulatory Commission was present during the event to ensure that winners were properly selected in a fair manner without prejudice. She noted that the commission had worked with UBA in many promos in the past without any issues.
The Head Consumer Banking, Chiedu Ibeku appreciating the customers present, said, “we had two major objectives for this account which is to say a big thank you to our customers for being there and most importantly, to encourage a savings culture. Our intention is not only to reward loyalty but also to transform the lives of our customers for good”.
“UBA will not relent, because we are aware that if our customers succeed, we ultimately succeed too and this will spur us on to make the desired impact in their lives,” she said.
Following ten years of impact and current 9,631 beneficiaries, Tony Elumelu Foundation enhances the TEF Entrepreneurship Programme to empower more entrepreneurs
Thousands of entrepreneurs to receive business training
Continent wide Pitching competition to herald the final selection of entrepreneurs to receive seed capital funding
A Cross-section of African Entrepreneurs at the TEF Entrepreneurship Forum
On the heels of the tenth anniversary of the Tony Elumelu Foundation (TEF), the private-sector-led philanthropy focused on empowering African entrepreneurs has enhanced its flagship Entrepreneurship Programme to empower more entrepreneurs across the continent.
These enhancements, which took effect from January 1, 2020—the launch of the 6th cycle of the Programme—will achieve the Foundation’s mandate to transform the African continent through entrepreneurship.
Most prominent among the enhancements are the new dates in the Programme cycle, its emphasis on providing thousands of entrepreneurs with business training, and its focus on leveraging technology to optimise the application and selection process as well as personalise the journey of each applicant in the Programme tailored to their knowledge and business stage.
The Programme cycle has been updated to place more emphasis on getting more entrepreneurs through the business training. Hence, the announcement of the finalists, who will ultimately be inducted into the TEF Alumni network, will no longer be held on March 22 but will be made at the TEF Forum – the largest entrepreneurship conference in Africa.
Maximising the value derived from the Programme, applicants will now receive instant feedback on their progress to the next stage of the Programme, following their applications. Shortlisted applicants will receive business training tailored to their business stage and for those who move to the next stage mentorship and finally the top performing entrepreneurs from each country will proceed to the business pitching competition, which will determine the finalists to receive seed capital and an induction into the Foundation’s fast-growing alumni network across 54 African countries.
The TEF Entrepreneurship Programme is the $100million commitment by investor and philanthropist, Tony O. Elumelu, CON through his investment company, Heirs Holdings. The Programme has become a beacon of hope for African entrepreneurs, currently empowering 9,631 beneficiaries across 54 African countries with training, mentorship, seed funding and exclusive access to global opportunities as well as a strong entrepreneurial community.
Princess Adeyinka Tekenah, TEF Alumnus from Nigeria with her locally sourced and processed coffeeMohammed Dhaouafi, TEF Alumnus from Tunisia with his affordable, 3D printed, bionic customiseable prosthesis.
TEF Alumni such as Ugandan Kwabena Danso who manufactures bicycles and its accessories from bamboo is one of the thousands of beneficiaries whose business has expanded beyond the shores of Africa to a global market, and is one of the success stories and impact recorded by the Programme’s innovative approach to the sustainable development of Africa. Others include Mohammed Dhauoafi from Tunisia, founder of Cure, a 3D printed, biosynthetic prosthesis manufacturing company and Princess Adeyinka Tekenah from Nigeria whose coffee making business has been dubbed Africa’s Starbucks by The Financial Times.
The application for the 2020 cohort of the TEF Entrepreneurship Programme is open till March 1, 2020 on TEFConnect.com.
With the 2020 Access Bank Lagos City Marathon fast approaching, the headline sponsor and Africa’s largest Bank in terms of retail size, Access Bank Plc has reiterated that its sponsorship of the race is geared towards improving the economic and social outlook of the state.
While speaking about the marathon, the Group Managing Director of Access Bank Plc., Herbert Wigwe said, “As one of the leading banks in Nigeria and indeed Africa, it is imperative for us to support the economic and social development of the communities in which we operate.
“Hence, we have sponsored the Access Bank Lagos City Marathon for five years to make Lagos State more attractive to tourists and foreign investors alike. We have also used this platform as an avenue to create more jobs and opportunities to thousands in the state,” he added.
He went further to add that, “to ensure that the impact of the marathon, as felt in Lagos State, is duplicated and sustained, we have also begun sponsoring marathons and other sporting events across different states in Nigeria as highlighted by our sponsorship of the Abeokuta marathon.”
With over 100,000 participants recorded across the last two editions of the Access Bank Lagos City Marathon, Wigwe said he expects the trend to continue as the marathon which has moved up from a Bronze Label marathon to a Silver Label, less than five years after its maiden edition, continues to garner the respect of top international and local athletes alike.
This year’s edition of the marathon billed for February 8 offers a cumulative prize of 500,000 USD to be won by contestants.
Nigeria’s leading financial institution, Zenith Bank Plc, has reaffirmed its commitment to support local Small and Medium Scale Enterprises (SMEs) with the introduction of the ‘Zenith Bank SME Digital Workshop’ to provide free digital training for business owners.
The initiative, which is being organized in partnership with social media giant Facebook, will provide free training on how SMEs can use digital platforms such as Facebook, Instagram and WhatsApp to grow their businesses.
Commenting on the initiative, the Group Managing Director/Chief Executive, Mr. Ebenezer Onyeagwu, noted that the SME ecosystem is a very important component of the Nigerian economy and the digital workshop is expected to assist participants optimally use digital channels to engage potential customers, market their products and increase sales.
The workshop is scheduled to hold on Wednesday, January 29th and Thursday, January 30th, 2020 by 08:30 a.m. at the following Zenith Bank branches: 23, Oba Akran Avenue, Ikeja, Lagos; 201, Ikorodu Road, Obanikoro, Ilupeju, Lagos; and 2, Aromire Road, Ikoyi, Lagos.
The Zenith Bank SME Digital Workshop is free for everyone. To register, send an email with the subject “Zenith Bank SME Digital Workshop” to smepartnership@zenithbank.com. The email should state the name of the participant and preferred venue of attendance.
Zenith Bank Plc is recognized as one of the most innovative financial institutions in Nigeria and was voted the most customer-focused bank in Nigeria for the Retail and SME segments in the 2018 KPMG Annual Banking Industry Customer Satisfaction Survey (BICSS). Most recently, the bank won the Best Bank in Retail Banking and the Bank of the Year at the 2019 BusinessDay Banks and Other Financial Institutions (BOFI) Awards and was ranked as the Best Digital Bank in Nigeria 2019 by Agusto & Co.
