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Microsoft, AfDB Partner to Help Africa’s Youth Scale into Business

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Microsoft is expanding its partnership with the African Development Bank (AfDB) to support Africa’s youth entrepreneurs under the bank’s Youth Entrepreneurship Investment Banks (YEIB) Initiative.

Through its African Transformation Office (ATO), Microsoft will work with the bank to develop youth entrepreneurship ecosystems, create jobs and dramatically scale impact in Africa through digital inclusion.

According to a joint statement released by Microsoft and the AfDB, Africa’s young population is expected to double in size by 2050, reaching 830 million. Though 10 to 12 million youth join the continent’s workforce every year, just over 3 million jobs are created, meaning large numbers of people remain unemployed.

The stakeholders add that youth entrepreneurship will go a long way to solving the employment challenge, but lack of investment, affordable access to finance and quality business development services still present significant hurdles.

Wael Elkabbany, General Manager of Microsoft Africa Regional Cluster said, “We believe much can be done to help foster youth entrepreneurship by collaborating with the African Development Bank, driving greater economic inclusion for this key segment of the population, and ultimately building a more prosperous society.”

He added, “Already we’ve seen considerable success partnering together on initiatives such as Coding for Employment, which set out to create over 9 million jobs and reach 32 million youth and women across Africa in just 10 years.”

AfDB Vice President for Private Sector, Infrastructure and Industrialisation Solomon Quaynor commented: “The strengthening of our partnership with Microsoft on the Youth Entrepreneurship Investment Banks (YEIB) is an important development in our journey towards harnessing Africa’s demographic dividend and facilitating the creation of millions of jobs for young Africans by 2025. The initiative places much-needed focus on youth entrepreneurship, which is key to achieving our ambitious employment targets.”

Stakeholders said the partnership seeks to support the establishment of national-level institutions through a public-private collaboration model to scale up technical and financial support for youth entrepreneurs and build their capacity.

The Youth Entrepreneurship Investment Bank is a unique value proposition set up by the African Development Bank that anchors and integrates efforts to develop entrepreneurship ecosystems in Africa.

Through this initiative, the bank will bring together all relevant financial and non-financial parties and partners to play their respective roles in supporting youth entrepreneurs through mentorship, coaching, knowledge and experience sharing, and more.

Collaborating with both private sectors and partners, the Youth Entrepreneurship Investment Bank will establish a funding scheme, credit guarantee scheme, and technical assistance programs to strengthen providers of services to entrepreneurs. In terms of policy support, it will advocate to governments for the business enabling environment reforms needed to catalyse youth entrepreneurship.

Microsoft will also leverage its partner ecosystem, which covers 54 countries across the continent, to action on key technology solutions across four key areas. These include skilling, connectivity, SME digitisation and endpoint devices.

Angela Kyerematen-Jimoh, Strategic Partnerships Lead, Microsoft ATO, said: “We’re excited about the potential of this collaboration to magnify the work Microsoft is doing around digital inclusion in Africa.

The digital economy plays an important part in giving rise to innovative new ventures that will create sustainable employment for young Africans. The more we can ensure budding young entrepreneurs are given every opportunity to participate in the digital economy, the closer we get to building a more prosperous future for everyone.”

 


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Senate Probes Federal Character Violations by NDIC, Others

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The Senate on Tuesday deplored what it described as violations of the principles of federal character in the appointments, recruitments and promotions in some key federal institutions and agencies.

Senate Probes Federal Character Violations by NDIC, Others

Specifically, the upper legislative chamber fingered the Nigerian National Petroleum Company Limited (NNPCL), Pension Commission (PENCOM), the Nigeria Deposit Insurance Corporation (NDIC) and several other Ministries, Departments and Agencies (MDAs) as culprits.

The matter was a subject of debate at plenary as Senator Osita Ngwu called the Senate’s attention to the alleged violations through a motion.

Ngwu’s motion, entitled “Urgent Need to Address Systemic Abuse and Ineffective Implementation of the Federal Character Principle in Nigeria’s Public Sector,” got the attention of the lawmakers.

Ngwu, who led the debate, cited Sections 14(3) and 14(4) of the 1999 Constitution, which explicitly prohibit the dominance of individuals from a few states or ethnic groups in federal institutions.

He observed that while recruitment opportunities are limited, promotions are often based solely on years of service rather than merit, leading to the continued marginalisation of certain regions.

According to him, the lack of accountability in enforcing federal character principles has compromised fairness in the public sector, with senior-level recruitments often influenced by cronyism instead of competence.

Ngwu further observed that while the federal capital principle aims to balance merit with equitable state representation, its poor implementation has negatively affected discipline, morale, and institutional efficiency.

According to him, “The federal character principle, entrenched in the 1999 Constitution of the Federal Republic of Nigeria, mandates fair representation in federal appointments to reflect the linguistic, ethnic, religious, and geographic diversity of the nation.”

He continued, “Section 14(3) and (4) of the Constitution unequivocally stipulate that ‘no predominance of persons from a few states or a few ethnic or sectional groups’ should exist within the federal government or its agencies.”

Ngwu listed the NNPCL and its subsidiaries, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the National Agency for Food and Drug Administration and Control (NAFDAC), the Nigerian Ports Authority (NPA), PENCOM, NDIC, the Federal University of Technology Akure (FUTA), the National Library of Nigeria (NLN), the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), the Energy Commission of Nigeria (ECN), the Solid Minerals Development Fund (SMDF), and the Nigerian Nuclear Regulatory Authority (NNRA) as non comliant entities.

He accused them of consistently failing to adhere to federal character Mandates, and often bypassing regulations in their recruitment exercises.

Ngwu warned that unchecked violations of federal character laws would continue to erode the effectiveness of key legislative provisions.

He listed the affected legislative provions to include Section 14(d) & (e) of the Legislative Houses (Powers and Privileges) Act, 2017, Part I(1)-(2) of the Subsidiary Legislation 23 of 1997, and Section 11(2) of the Freedom of Information Act, 2011.

He also raised concerns about the lack of independence of the Federal Character Commission (FCC).

Ngwu observed that despite the Commission’s constitutional mandate, it remains weakened by underfunding, political interference, and a lack of enforcement power.

While approving the probe of the affected entities, the Senate directed its Committee on Federal Character and Inter-Governmental Affairs to conduct investigative hearings into their activities.

The committee is expected to submit its findings within four weeks.

 


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Police Arrest 4 Bank Staff over Alleged ₦270m Fraud, Money Laundering

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The Lagos State Police Command has arrested four bank employees over their alleged involvement in a sophisticated fraud and money laundering scheme that diverted over £138,924 (more than ₦270 million) from international airline accounts.

Police Arrest 4 Bank Staff over Alleged ₦270m Fraud, Money Laundering

CSP Benjamin Hundeyin, command’s spokesperson, disclosed the arrests on Monday during a press briefing at the state police headquarters in Ikeja.

According to CSP Hundeyin, “The suspects conspired to siphon funds from domiciliary accounts into personal accounts before redistributing them to multiple destinations.

“The fraud was uncovered when the affected bank detected unauthorized transactions and alerted the police.”

Explaining further, the spokesperson said: “Subsequent investigations led to the arrest of the following suspects: Oluwatobiloba Olaleye, male, aged 27, was arrested on March 12, 2025, in Ogun State. A Toyota Camry 2012/2013, suspected to be a proceed of the crime, was recovered from him.

Oladunjoye Adegoke, male, aged 33, was arrested on March 13, 2025, in Victoria Island, Lagos. A Toyota Camry (Pencil Light), suspected to be another proceed of the stolen funds, was also recovered.

Further investigation led to the arrest of Austin Alfred, male, aged 38, the Supervisor of the Trade Services Department, and Jude Uzobuaku, male, aged 36, a processor in the same department. Both facilitated the illegal transfer of funds to foreign accounts.”

Police investigations revealed that the stolen funds were initially funneled into an account belonging to one of the suspects before being transferred to multiple other accounts, making it harder to trace. Authorities are now working to track down additional accomplices and recover the remaining funds.

“The suspects are in custody and will face prosecution as the investigation continues,” CSP Hundeyin stated.

 

 

 

 

 

 

 


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Tony Elumelu Foundation Grants $15m to 3,000 African Entrepreneurs

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Tony Elumelu Foundation (TEF) has announced a $15 million grant to support 3,000 budding entrepreneurs from 52 African countries.

Tony Elumelu Foundation Grants $15m to 3,000 African Entrepreneurs

Tony Elumelu, founder, TEF, 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.

Elumelu, who is also 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 Elumelu, the foundation aims to democratise opportunity across the continent, fostering economic growth and providing young Africans with access to funding and mentorship.

“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 said.

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 youth,” Elumelu said.

Somachi Chris-Asoluka, chief executive officer (CEO), TEF, 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 Chris-Asoluka, these 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.

“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.


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