open to all African entrepreneurs with business ideas from across all 54 African countries
The Tony Elumelu Foundation (TEF), Africa’s leading philanthropy dedicated to empowering African entrepreneurs, will close applications for the Tony Elumelu Entrepreneurship Programme on its TEFConnect digital platform (www.tefconnect.com) on March 31. This year’s intervention prioritises the economic recovery of small and medium scale enterprises (SMEs) and young African entrepreneurs, following the Covid-19 disruption to economic activities.
To address the unique challenges arising from the pandemic, lift millions out of poverty and create sustainable employment across the continent, the Foundation’s Entrepreneurship Programme will empower over 3,500 young African entrepreneurs in collaboration with global partners.
The Tony Elumelu Foundation, which celebrated ten years of impact in 2020, is empowering a new generation of African entrepreneurs, through the TEF Entrepreneurship Programme. Successful applicants receive a world-class business training, mentorship, non-refundable seed capital up to $5,000, and global networking opportunities. The Programme is open to entrepreneurs across Africa, both new start-ups and existing young businesses, operating in any sector.
According to the Director of Partnerships & Communications at the Tony Elumelu Foundation, Somachi Chris-Asoluka, “Africa’s growing, and active youth population must take advantage of this opportunity and apply for the programme before the 31st of March, as their full participation will create a pathway to economic prosperity. This year, we have the capacity to empower more African entrepreneurs than ever, further ensuring that they have adequate training, funding and mentorship to boost their performance. It is time for young African entrepreneurs to embrace this much-needed support system to enable thriving and sustainable economic activity. We believe we will continue to see exponential change in sectors across the continent.”
The Tony Elumelu Foundation’s $100million Entrepreneurship Programme, launched in 2015 to empower 10,000 entrepreneurs over 10 years, is now entering its 7th year and has empowered to date, over 9,000 young African entrepreneurs from 54 African countries.
Prospective applicants should apply on the digital networking hub for African entrepreneurs, www.tefconnect.com.
First Bank of Nigeria Limited, Nigeria’s premier and leading financial inclusion services provider, has announced the launch of First Global Transfer (FGT) to promote international transfer of funds across its subsidiaries in sub-Saharan Africa. The Bank’s subsidiaries in Africa include FBNBank DRC, FBNBank Ghana, FBNBank Gambia, FBNBank Guinea, FBNBank Sierra-Leone, FBNBank Senegal.
The First Global Transfer (FGT) initiative is specifically designed to ensure safe, timely and improved efficiency in the transfer of funds across the network of FirstBank subsidiaries in Africa. The FGT is not restricted to FirstBank and FBNBank Customers alone but it is also open to every individual resident in the country the funds transfer is originating from.
Intending users of the initiative are to visit any of the Bank’s branches in Nigeria or subsidiaries in Africa, which are: FBNBank DRC, FBNBank Ghana, FBNBank Gambia, FBNBank Guinea, FBNBank Sierra-Leone, or FBNBank Senegal to enjoy the service. For example, with First Global Transfer, individuals and customers in Sierra-Leone can walk into any FBNBank branch to send money to FirstBank customers in Nigeria as well as FBNBank customers in Gambia, Ghana, DR Congo, Senegal or Guinea.
Speaking on the initiative, Dr. Adesola Adeduntan, CEO, FirstBank said “today’s customer is influenced by the technological advancement shaping businesses across various industries and our First Global Transfer (FGT) initiative is one of those advancement created to impact every individual in our host community in Africa, whilst promoting the ease and swift transfer of money from one country to another for business or personal activities.”
“With the launch of African Continental Free Trade Area (AfCFTA) on 1 January 2021, theFirst Global Transfer (FGT) is indeed very timely as it will play an essential role in stimulating business activities across borders, thereby impacting the growth and development of the continent. I enjoin everyone to visit any one of our branches nearest to you in Nigeria or our subsidiaries in Africa and send money to your loved ones or business partners with FirstBank or FBNBank account(s),” he concluded.
The founder of Common Wealth Of Zion Assembly COZA and Erukucity-born pastor Biodun Fatoyinbo has join family, friends and well-wishers across the globe to celebrate a woman of substance Mrs Comfort Fatoyinbo, whose simplicity and approach to life inspires innumerable people to greatness, as she turns 77 on Sunday 14th of March 2021.
In his congratulatory message to the quintessential, septuagenarian, philanthropist and woman of God’s heart Mrs Comfort Fatoyinbo as “a builder of dreams, a promoter of good course, and a compassionate aged-woman, always driven by what benefits humanity.”
He furthered that the auspicious birthday of our good Mummy worth celebrations for her humanitarian contributions to a better society.
He said “I’m proud to be one of your son also associate with you on this auspicious occasion of your birthday and acknowledge your excellent track records in motherhood and philanthropy.”
“On behalf of my family and my numerous followers, I congratulate a great woman that has touched a lot of lives positively and wishes you more years of prosperity and happiness.”
Chief of Army Staff, Lieutenant General Ibrahim Attahiru, on Sunday, March 14, inspected a guard of honour at the Sector 2 Headquarters of Operation Lafiya Dole during an official visit to Damaturu, Yobe State capital, North East Nigeria.
The Army Chief told the troops to be courageous in the discharge of their duties saying that the visit was intended to familiarize himself with how the officers are going about ending the war against insurgency throughout the theatre in the whole region.
He noted that he was also in Yobe to convey special greetings from Mr President and Commander-in-Chief, Muhammadu Buhari to the troops, stressing that the President has full knowledge of the efforts the officers are putting into the battle.
He said, “Being the Chief of Army Staff, I am aware of the challenges you are facing. I am making frantic efforts to see we overcome it so as to have and ensure you have the highest level of morale to be able to accomplish the task before you.”
Addressing Journalists shortly after, Attahiru revealed that he is touring theater headquarters as well as all the sectors of the operation Lafiya Dole in the country.
Femi Fani Kayode, Nigerian former Minister of Aviation has given thumbs up to the National Association of Online Security Reporters, NAOSRE over its commitment to unbiased security reportage in the face of
He gave the appraisal on Saturday in Abuja during a late night meeting with the President of the online media association, Mr. Femi Oyewale.
The former minister enthused that he has been following the activities of the association especially in its commitment to bridging the information gap between citizens and security agents.
Femi Fani Kayode emphasized that the task to enthrone a secured Nigeria should be all inclusive.
“All hands must be on deck to fight insurgency. The media has a big to play and I am very happy NAOSRE has engaged itself in such onerous task. I am proud of you Femi and you have my support,” he said.
Continuing, the lawyer noted that he has always been a friend of the media and would continue to hold the media in high esteem despite the once-a-while disagreement adding that he would have been personally present at NAOSRE Dinner Summit which held at Oriental Hotel on December 11, 2020 in Lagos but for other tight schedules
“I have always maintained that I am a friend of the media and it remains so. We may disagree sometimes. Disagreement is an integral part of friendship and should be expected amongst friends,” he explained.
Oyewale however thanked Femi Fani Kayode for his words of advice and promised that the NAOSRE he leads will not disappoint Nigerians.
Femi Fani Kayode whose father was a minister in the first republic, was the Special Assistant (Public Affairs) to President Olusegun Obasanjo from July 2003 until June 2006. He was appointed the Minister of Culture and Tourism of the Federal Republic of Nigeria from 22 June to 7 November 2006 and as the Minister of Aviation from 7 November 2006 to 29 May 2007
Lieutenant General Tukur Yusuf Buratai, ret’d, the immediate past Chief of Army Staff, is now Grand Patron of the National Association of Online Security Reporters, NAOSRE.
In a brief ceremony on March 11 at the Army Resource Centre, Asokoro, Abuja, where the President of the online media association, Mr. Femi Oyewale presented a plaque of honour to the Ambassador Designate, Buratai thanked the association’s leaders and members for considering him for such enviable position.
He re emphasized the importance he attaches to the media as useful partners in nation building. He reinstated his determination to always co operate with the media, in any way possible, for a better and safer Nigeria.
Buratai urged NAOSRE not to relent in its patriotic efforts at promoting unity and harmony between citizens and security operatives through professional and unbiased reportage.
“I thank NAOSRE leadership and members for being here today to involve me as the association’s Grand Patron for a better and safer Nigeria. The unity and peaceful co existence of our dear country is what I have always worked for. I will continue to support anything that will make Nigeria safer and secured even outside office as Chief of Army Staff.
“I also want to use this opportunity to thank President Muhammadu Buhari for the confidence he reposes in me. I will never betray that confidence and I will not disappoint the Commander-in-Chief in any position of trust I am assigned from time to time,” Buratai stated.
Earlier in his presentation, Oyewale described General Buratai as radiating Warren Bennis’s philosophical definition of leader as a servant with capacity to translate vision into reality. He said “Of a truth, His Excellency, General Ambassador Dr Tukur Yusuf Buratai epitomized and exhibited those leadership skills as Chief Of Army Staff. We are sure he will do more in subsequent assignments.”
Oyewale disclosed that the idea to choose Buratai as NAOSRE Grand Patron is a product of the association desire to minimize errors in its pursuit of creating harmony between citizens and military operatives.
He said, “With an experienced General like Buratai as NAOSRE Grand Patron, we will always interface with him in the discharge of our media responsibilities especially security matters for a safer Nigeria.”
Oyewale’s statement reads in part:
“After an exhaustive evaluation of his unmatched pedigree in professionalism, humanitarian services, commitment to officers’ welfare and undiluted love for Nigeria’s security, the leadership, Board of Trustees and members of the National Association of Online Security Reporters, NAOSRE, have collectively chosen His Excellency, General Ambassador Dr Tukur Yusuf Buratai as our Grand Patron.
“The certificate of your Investiture as NAOSRE’s Grand Patron is hereby handed over to you.”
National Security Adviser, NSA, Mohammed Babagana Monguno has embarrassed the Presidency, yet again.
Monguno, during an interview with BBC Hausa Service apportioned blames sayings budgeted funds for arms and ammunition may not have been properly utilized, a development that has caused rift in the Presidency.
Arising from his statement, the National Association of Online Security Reporters, NAOSRE gathered that Monguno has been under fire owing to this careless statement.
Dependable sources availed that this is not the first time the NSA would be causing rift in the Presidency owing to unguarded statements.
“He knows about the defence budget and how monies are being spent. But to come out and apportion blames on former service chiefs by way of saying monies are missing as well as embarrass the Presidency in the Hausa BBC interview seems to be the height of incompetence,” a top Nigerian told NAOSRE.
Meanwhile, the NSA has issued a clarification saying he was quoted out of context and that he never said funds were missing.
The statement reads in part:
“The attention of the Office of the National Security Adviser has been drawn to some media reports regarding Armed Forces equipment during an interview with the BBC Hausa service.
“We would like to state that the NSA was quoted out of context as he did not categorically say that funds meant for arms procurement were missing under the Former Service Chiefs as reported or transcribed by some media outlets from the BBC interview.
“During the interview, the National Security Adviser only reiterated the Federal Government’s commitment to deal decisively with insecurity and stated President Muhammadu Buhari’s continued commitment to provide all necessary support to the Armed Forces, including the provision of arms and equipment.
“In the interview, the National Security Adviser clearly informed the BBC reporter that Mr President has provided enormous resources for arms procurement, but the orders were either inadequate or yet to be delivered and that did not imply that the funds were misappropriated under the former Service Chiefs. The NSA also informed the reporter that, Mr President is following up on the procurement process as is usual with contracts relating to military equipments, in most cases the process involves manufacturing, due diligence and tedious negotiations that may change delivery dates.”
It should however be recalled that Mohammed Babagana Monguno, current National Security Adviser is a retired Nigerian military general. He was the Chief of Defence Intelligence from July 2009 to September 2011 and the Commander of the Brigade of Guards from 2007 to 2009.
Nigeria’s leading innovative bank, Wema Bank Plc., through its female proposition, Sara by Wema, will mark this year’s International Women’s Day (IWD) with a webinar on Friday, March 12 by 10.00 am.
The 90 minutes’ event themed ‘Challenge Today for an Equal Tomorrow’ will have key industry experts and leading female corporate policy influencers in the Nigerian financial, investment, talent development and management ecosystem as panelists.
The webinar aims at speaking to women on challenging societal norms to reach their full potential in entrepreneurship, the workplace, or personal lives.
The Executive Director, Business Support, Wema Bank, Folake Sanu will host the webinar, while Team Lead, Business Process Re-Engineering, Wema Bank, Chika Adun, will moderate.
Other panelists include Founder, Green Investment Club and certified financial education instructor, Tomie Balogun; global leadership development expert, Dupe Akinsiun, and Chief Knowledge Officer, Wofin Tech Limited, Omilola Oshikoya.
Commenting on the importance of the webinar, Head, Brands and Marketing Communications, Wema Bank Plc. Funmilayo Falola, reiterated the institution’s belief in female empowerment and equity.
“At Wema Bank, gender sensitivity and diversity are second to none – it is at the heart of our operations,” she said.
“With the 2021 IWD celebration, we are poised to entrench the importance of equity across the board as a sustainable voice for women to rise above every known challenge to the pinnacle of career excellence.
Our proposition, SARA, is a testimony that affirms Wema Bank’s commitment to towards the development of women and girls says Abiola Nejo, Head, Gender Banking
This year’s webinar is part of a week-long social media and online engagement with Wema Bank’s customers to share contemporary knowledge, deepening technology and financial inclusion for their business growth whilst growing the nation’s GDP.
The bank also plans to use the webinar platform to launch its new gender loan offering for female business owners.
Interested participants can register for the webinar through
The Petroleum Products Pricing Regulatory Agency (PPPRA) has revealed in a new monthly template that the price of Premium Motor Spirit, also known as petrol, has reached N212.6 per litre.
According to the template which the PPPRA released on Thursday, petrol is expected to sell at a lower retail price of N209.61 and at an upper retail price of N212.61 which is usually followed by marketers.
The expected ex-depot price as seen in the template is N206.42, while the landing cost is N189.61.
The template, published on Thursday night, shows that the retail price of petrol will be between market band of N209.61 and N212.61. Nigerian marketers usually sell at the upper band.
With ex-depot price standing at N206.42 per litre, the March template shows that the landing cost for petrol per litre is N189.61.
This is despite the Nigerian Petroleum Corporation saying there won’t be any change in the price of PMS in the month of March.
The NNPC had promised that petrol price would remain static in March to allow smooth negotiations between the government and labour unions, but the PPPRA template follows the increasing price of crude at the international market as well as instability in exchange rate.
“Hip-hop from the beginning has always been aspirational,” Jay-Z said in 2010 when Forbes got a ringside seat to the rapper’s first meeting in Omaha with billionaire investor Warren Buffett. “It always broke that notion that an artist can’t think about money as well.”
More than a decade later, the rapper-turned-billionaire is showing exactly what he means: In his second major deal in as many weeks, Jay-Z inked a deal to sell a majority stake in music streaming company Tidal to Jack Dorsey’s mobile payment company Square for $297 million. The transaction valued the company at about $450 million—$150 million more than Forbes’ 2019 estimate. Forbes figures he netted out $149 million in cash and stock—and got a board seat—after buying back 33% of Tidal from T-Mobile earlier this week and then selling that and the third he already owned. Tidal’s “artist shareholders” will continue to have a stake in the company, and Jay-Z will own a small percentage, as well.
This comes a week after he sold half of his Armand de Brignac champagne to LVMH in a deal that valued the luxury liquor company at about $640 million.
The two deals helped lift the fortune of hip-hop’s first billionaire to $1.4 billion, up from $1 billion.
It’s just the start. His diverse and growing business includes the remaining 50% stake in the $300-per-bottle Armand de Brignac, as well as D’Usse cognac and a collection of less-sexy startups including insurance startup Ethos and salad chain Sweetgreen. He also owns a chunk of his own music, shares multiple multi-million dollar mansions with his wife Beyoncé and has a growing art collection.
In 2005 he laid down the now prophetic lyric, “I’m not a businessman, I’m a business, man.”
Here’s how it breaks down:
Cash and Investments: $425 million
Jay-Z has been singing about the importance of spending money wisely for years—and he’s done just that, pouring a good portion of his $760 million estimated earnings (pretax) into investments. His holdings include stakes in Uber and now Square, as well as in private companies like salad chain Sweetgreen, insurance startup Ethos and SpaceX. His next likely big win: Oatmilk company Oatly is expected to IPO this year and is reportedly seeking a $10 billion valuation. He invested an undisclosed amount in July 2020.
Armand de Brignac: $320 million
Last week, Jay-Z announced he was selling half of his champagne company, also known as Ace of Spades, to luxury house LVMH’s Moët Hennessy. Forbes estimates that the deal valued the gold-bottled bubbly brand at $640 million—or more than double its estimated value in 2019 and even more than the “half a B” Jay-Z himself rapped about on Meek Mill’s 2018 song “What’s Free.”
Roc Nation: $140 million
Jay-Z’s joint-venture with Live Nation was founded in 2008 and is a full-service entertainment company serving some of the biggest names in the biz, from musicians Rihanna and Alicia Keys to athletes Kyrie Irving and CC Sabathia. The company is responsible for the Super Bowl Halftime Show, Made in America music festival and even has a publishing deal with Random House. While the pandemic has slowed the company’s live-touring business, it was growing steadily prior to Covid-19.
D’Usse: $120 million
A partnership with liquor giant Bacardi, Jay-Z’s cognac launched in 2012. While it typically retails for a reasonable $30 per bottle, fifty rare bottles—including a diamond-shaped crystal decanter—are currently at auction at Sotheby’s for an estimated price tag of $24,000 to $75,000 each.
Music Catalog: $95 million
With multiples for music catalogs on the rise, Jay-Z’s library of nearly 300 songs is worth $20 million more now than it was two years ago, and thanks to a series of smart negotiations, he owns both the publishing rights and master recordings to his music.
Art Collection: $70 million
A fan of Jean-Michel Basquiat—he raps about having one in his kitchen on his song“Picasso Baby” and reportedly spent $4.5 million on one in 2013—Jay-Z’s impressive art collection also features works by Damian Hirst, David Hammons and Richard Prince. He sees the collection as an investment. As he sang on “The Story of O.J.”: “I bought some artwork for one million, Two years later, that shit worth two million, Few years later, that shit worth eight million, I can’t wait to give this shit to my children.”
Real Estate: $50 million
Jay-Z and Beyoncé picked up two homes in 2017 after giving birth to their twins: an $88 million Bel Air mansion and $26 million East Hamptons spread. The Los Angeles home is already worth $5 million more than the purchase price. Proving that the couple is, in fact, human, they still have a mortgage on the home. He also still owns his Tribeca penthouse bachelor pad that he bought in 2004 for $6.85 million.
