General News
Elumelu Foundation Holds Bootcamo for 1,000 African Entrepreneurs
As part of Tony Elumelu’s $100 million commitment to empowering African entrepreneurs, 1,000 Tony Elumelu Entrepreneurs, representing 51 African countries from the Tony Elumelu Entrepreneurship Programme (TEEP) Class of 2015, converged near Lagos, Nigeria for an intensive two-day bootcamp session, an unprecedented gathering of emerging African entrepreneurs, from 10-12 July, 2015.
The entrepreneurs travelled from across the continent – from as far as Madagascar and Morocco – and convened in Ota, Nigeria for an entrepreneurship bootcamp made up of interactive sessions with successful entrepreneurs, political and business leaders, and an open mic session with Tony O. Elumelu, founder.
Gambian Badje Modou Lamin, whose business is in the agricultural sector, said, “The bootcamp has been a great experience. I have been able to exchange ideas with a number of entrepreneurs. This has really changed my perspective on Africa.”
Maalainine Mohamed Bouya, from Morocco, said: “The bootcamp has been a blast! Right from our journey from the airport down to the bootcamp, we have been discussing and sharing ideas among ourselves. Africa has huge potential.”
Nigerian Obinna Chukwu, said: “The bootcamp has been a wonderful experience – I have met people from all over Africa. It makes me proud of being a Nigerian. I thank Tony Elumelu and the Tony Elumelu Foundation for making this happen.”
Mr. Elumelu, chairman of Heirs Holdings, spoke on his life experiences and the principles that he learned from mentors, such as Chief Ebitimi Banigo, that he applied towards his own successful entrepreneurship journey. He answered an array of questions during a two-hour question-and-answer session, offering perspective on innovation, strategy, governance, financial management and decision-making.
He said: “Entrepreneurship is not a short-term journey and I am pleased that we can help these emerging leaders, as they seek to join me in transforming Africa. My commitment towards creating a thousand new entrepreneurs who can change Africa forever, has now become a reality. This is only the beginning.”
Vice President of Nigeria Professor Yemi Osinbajo, welcomed the entrepreneurs from across Africa and called on them to take advantage of the networks built in Ota to develop pan African investment and trade networks.
According to Vice President Osinbajo, “This programme deserves all the commendation it is getting. Tony Elumelu has courageously put his money where his mouth is. Societies can’t develop without social entrepreneurs. I charge you to be little Elumelus and create opportunities for others.”
The Vice President was joined by other senior political leaders including Kaduna Governor Nasiru El Rufai, and Lionel Zinsou, the Prime Minister of Benin Republic.
Other speakers included Parminder Vir, OBE, CEO of the Tony Elumelu Foundation; Mo Abudu, Founder/CEO of Ebony Life TV; Nollywood screen icon Omotola Jalade-Ekeinde; Nimi Akinkugbe, CEO, Bestman Games; Rasheed Olaoluwa, CEO of the Bank of Industry; former SEC DG Arunma Oteh; inspirational coach Lanre Olusola; Martin Eigbike, Accenture Development Partnerships; governance expert Angela Aneke; playwright and producer Adewale Ajadi; Sam Nwanze, the Heirs Holdings Director of Finance and Investments; and David Rice, Director of the Africapitalism Institute.
The Tony Elumelu Entrepreneurs of the TEEP Class of 2015 represent 51 African countries and territories. They cover all of Africa’s geopolitical regions – North, East, Southern, Central and West Africa – and major language blocs – Anglophone, Francophone, Lusophone, and Arabic Africa – as well as every state in Nigeria.
They represent a diversity of sectors that range from agriculture to education to energy, fashion and ICT, emphasising Africa’s potential.
In his goodwill message to the visiting Tony Elumelu Entrepreneurs, Nigerian President Muhammadu Buhari, GCFR wrote, “I am proud that Nigeria (and a Nigerian) is taking the lead in this effort to promote self-worth, encourage entrepreneurship, create jobs, build and promote networks for intra-African trade, business collaboration and investment. Our Administration is committed to unlocking all such opportunities to restore dignity to our people. This programme is one example I hope others will emulate and I commend Tony Elumelu and his Foundation for their endeavor and leadership in this area. “
As he closed the bootcamp, Mr Elumelu challenged all the entrepreneurs by saying, “I want to go to Zambia when I am 80 years old and meet someone who shows me their manufacturing business or financial institution and tells me that it was built starting with $10k from Tony Elumelu. That’s what this is about and that’s what you owe me.”
He added, “The return I want from this $100 million investment is your success, because your success is Africa’s success.”
After the bootcamp, the Tony Elumelu Entrepreneurship Programme will focus on providing the seed capital and support for the entrepreneurs to put into practice the knowledge gained from the bootcamp and the 12 weeks of training carried out prior to the event.
It will also continue to foster increased collaboration between them and the rest of the Tony Elumelu Entrepreneurship Network as it seeks to promote cross-border trade within the continent.
The application portal will re-open on January 1, 2016 for emerging entrepreneurs across Africa to compete for places in the TEEP Class of 2016.
General News
FG Plans N50m STEEM Grant to Support Student Innovation in August

In a giant stride to support innovation, entrepreneurship and economic transformation, the Federal Government is set to unveil a N50 million grant for Science, Technology, Engineering, Mathematics and Medical Sciences (STEEM) students in Nigeria’s tertiary institutions.
The project, which is referred to as the Student Venture Capital Grant (S-VCG), is a pioneering initiative designed to empower the students towards building the next generation of scalable, job-creating ventures.
According to a statement by the Director of Press and Public Relations in the Ministry of Education, Folashade Boriowo, Friday, the initiative will be formally unveiled in August by the Minister of Education, Dr. Tunji Alausa.
Boriowo stated that the minister made the disclosure during a stakeholders’ engagement session held in Abuja in the presence of vice-chancellors, provosts, rectors, student leaders, academic staff, and development partners, and will chart a collective course for nurturing student-led innovation.
The statement noted that the grant targets full-time undergraduate students in STEMM disciplines (Science, Technology, Engineering, Mathematics and Medical Sciences), specifically those in 300 level and above.
“Each selected student-led project will be eligible to receive startup funding of up to N50 million, along with access to mentorship, incubation services and business development support.
“The initiative will be implemented in partnership with the Bank of Industry (BoI) to ensure financial transparency, impact measurement and effective project execution.
“S-VCG is not just a grant. It’s a launchpad for bold, young innovators to lead Nigeria’s industrial and technological transformation,” said Alausa.
Speaking at the session, the Minister of State for Education, Prof. Suwaiba Sa’id Ahmad, described the grant as a strategic investment in Nigeria’s knowledge economy.
“We’re building a stronger, more competitive future by supporting innovation from the ground up,” she said, adding that the programme’s design was informed by months of consultation with students, faculty and institutional leaders.
Participants at the event welcomed the STEMM-Up Grant as a timely, strategic and high-impact initiative that will drive youth innovation, tackle graduate unemployment, and position Nigeria as a hub for student-led entrepreneurship in Africa.
General News
UK Businesses Look to Africa As Strategic Growth Partners

New research by UK-based Strategy Management Partners reveals that a growing number of British businesses are identifying Africa as a key strategic growth region – drawn by structural reforms, demographic momentum, and rapid digital transformation across the continent.
The research, based on a survey of senior decision-makers from 250 large UK-based companies, finds that 50% are already active in African markets and planning to expand further.
An additional 28% are considering entry, signalling a clear uptick in long-term interest from international businesses with the resources to scale regionally.
The findings challenge outdated perceptions of Africa as a high-risk or secondary market. Instead, they highlight key drivers behind renewed commercial interest: • 61 per cent of UK leaders cited Africa’s large and growing consumer markets as a major draw. • 61 per cent pointed to the continent’s rapid pace of digital and technological adoption. • 50 per cent highlighted the potential of Africa’s young, skilled, and digitally native population.
The study also suggests that Africa is no longer viewed simply as a market for philanthropic initiatives or shortterm gain. Only 20 per cent of respondents cited philanthropic motives, while most are focused on building commercially viable, long-term operations.
Initiatives like the African Continental Free Trade Area (AfCFTA), are also laying the groundwork for significant economic growth.
With 23 countries already implementing preferential tariffs, the framework is expected to facilitate smoother intra-regional trade, enable market scale, and support more efficient supply chains.
These structural improvements are making Africa more attractive to global firms with the ambition to operate at scale.
However, despite rising optimism, significant operational and policy challenges remain. The top four barriers to investment cited by UK business leaders were: political and country risk (68%); safety and security issues 66.4%); regulatory barriers and tariffs (60.4%); and the complexity of cross-border transactions (60%).
Addressing these issues will be crucial to unlocking Africa’s full potential for UK investment. UK companies are showing the most interest in sectors that align with Africa’s core strengths, such as natural resources, agriculture, a young and expanding population, and infrastructure development.
These areas are seen as the backbone for long-term commercial growth, offering opportunities to build local supply chains, expand digital services, scale manufacturing, and meet rising consumer demand.
However, for companies looking to invest or expand into Africa, success also depends on key enabling conditions. According to business leaders surveyed, the top factors supporting investment are: • The size of market and consumer demand (49.6%) • Reliable and consistent energy supply (48.4%) • Access to affordable, educated and capable talent (44.8%) • Efficient transportation networks, such as roads, ports, airports (38%) • A favourable macroeconomic environment: low interest rates, low inflation, stable exchange rates, and seamless cross-border transactions and repatriation of earnings(38%).
“UK businesses are increasingly seeing Africa as a strategic growth market, driven by structural reforms, digital adoption, and the momentum behind the African Continental Free Trade Area (AfCFTA),” says Muibat Ijaiya, Partner at Strategy Management Partners.
“But real progress will depend on practical cooperation with African governments. The AfCFTAis a pivotal step forward – what’s needed now is a deeper alignment between public policy and private investment to address trade, regulatory and infrastructure barriers, and unlock long-term, sustainable growth.”
General News
Experts Champion Sustainability at Lagos Green Economy Forum

Lagos State’s transition to a greener economy is gaining momentum, with female leaders from top corporations taking the lead and the state government beginning to record early wins from its plastic bag policy.
At the Lagos Green Economy Forum held on July 23, senior executives from MTN Nigeria, IHS Towers, TechnoServe, and other large organisations highlighted the role of corporate innovation in advancing sustainability.
The all-female panel also emphasised the urgent need to integrate Nigeria’s thousands of small and medium enterprises (SMEs) into the country’s green transition.
“We’re not just here to share strategies,” said Temilade Olabanji, Senior Manager, Sustainability and Shared Value, MTN Nigeria. “We are here to build local resilience. Our Project Zero is not only helping us cut emissions but also equipping our suppliers with the knowledge to do the same.”
MTN’s Project Zero aims for net-zero emissions by 2040, with a 50% reduction target by 2030. The company is already powering base stations and data centres with renewables, while training suppliers to understand carbon footprints and adopt circular practices. MTN has pledged that by 2026, 80% of its top suppliers will align with its sustainability goals.
Titilope Oguntuga, Director of Sustainability, IHS Towers, reinforced this approach, noting that the company’s Project Green is decarbonising its over 16,000 tower sites across Nigeria by switching to renewable energy. “Project Green is enabling all sites to run effectively with more renewable sources of energy rather than the typical fossil fuels,” she said. IHS also runs Clinic Without Walls, a free micro-health insurance scheme for underserved communities.
From the nonprofit sector, Juliet Ezeani, Senior Business Advisor of TechnoServe, explained how the organisation supports vendors through environmental impact assessments, sustainability training, and responsible procurement.“For all our projects, we look at how the project runs and especially how it affects the environment,” she said.
Meanwhile, the Lagos State Government provided an update on its green policy efforts, especially the plastic bag ban introduced two months ago.
“All of what we have done so far is towards making the economy of Lagos or the quality of life of the average Lagosian much better,” said Dr. Babatunde Ajayi, General Manager of the Lagos Environmental Protection Agency (LASEPA), who represented the Honourable Commissioner, Mr. Tokunbo Wahab.
On the plastic bag ban, he added: “What that [the ban] has also done is to free up our drainage from the plastic waste. In some way, we have reduced flooding, reduced pollution, and reduced the headache and the cost of maintaining drainages and labourers.”
Dr. Ajayi emphasised that green transition is not just a compliance issue for SMEs but an economic opportunity. “It helps them drive their engines, their entire businesses in a more sustainable manner.”
As Lagos accounts for nearly 30% of Nigeria’s GDP, the increasing alignment between corporate leaders and public policy towards a greener economy is positioning the state as a model for inclusive, environmentally responsible development.
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