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Presidents, Global Leaders Tackle Job Creation, Others @ 2019 Tony Elumelu Foundation Entrepreneurship Forum

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L-r: Prime Minister of Uganda, H.E. (Dr.) Ruhakana Rugunda; President of Democratic Republic of Congo, H.E. Felix Tshisekedi; President of Senegal, H.E. Macky Sall; The Founder, The Tony Elumelu Foundation, Mr. Tony Elumelu; Vice President of Nigeria, H.E. (Prof) Yemi Osibanjo; Wife of the Founder, The Tony Elumelu Foundation, Dr Awele Elumelu; President of Rwanda, H.E. Paul Kagame; Moderator and Host Fareed Zakaria GPS, CNN Presenter, Mr. Fareed Zakaria, during the Founder’s Presidential Dialogue held at the Tony Elumelu Foundation Entrepreneurship Forum 2019, the largest gathering of African entrepreneurs, held in Abuja on Saturday.
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At the recently concluded 5th edition of the Tony Elumelu Foundation (TEF) Entrepreneurship Forum, five African Presidents and thousands of young African entrepreneurs converged at the most influential gathering in the African entrepreneurship ecosystem. Job creation and youth empowerment were the key themes tackled at the Forum.

 

The Tony Elumelu Foundation, which has been at the forefront of advocating for entrepreneurship as the catalyst for the economic transformation of Africa, convened the 2-day Forum on the 26th and 27th of July at the Transcorp Hilton Hotel, Abuja, Nigeria’s seat of government.

 

The event convened over 5,000 participants from 54 African countries, including representatives of the 7,521 beneficiaries of the Tony Elumelu Foundation Entrepreneurship Programme.

 

More than 60 global speakers from the public and private sectors across 3 continents participated in interactive masterclasses, plenary sessions and debates geared towards generating ideas and defining concrete steps Africa must take to empower its youth and accelerate the continent’s development.

 

Guests interacted directly with young budding entrepreneurs from across the 20 African UBA-present countries who exhibited their innovative products and solutions at the UBA Marketplace, powered by Africa’s global bank, United Bank for Africa (UBA).

 

Moderated by American journalist and host of CNN’s show, Fareed Zakaria GPS, the Presidential Debates, which formed the highlight of the two-day event, focused on charting the way forward towards the eradication of poverty in Africa through job creation.

 

The public sector leaders on the panel include H.E. Paul Kagame, President, Republic of Rwanda; H.E. Macky Sall, President, Republic of Senegal; H.E. Félix Tshisekedi, President, the Democratic Republic of Congo (DRC); H.E. (Prof.) Yemi Osinbajo (SAN), Vice President, Federal Republic of Nigeria; and Hon (Dr.) Ruhakana Rugunda, Prime Minister, Republic of Uganda, representing the President of Uganda, H.E. Yoweri Museveni.

 

Healthcare played a dominant role in the conversations as healthcare leaders in the public and private sectors tackled this theme on the plenary session “The Role of Healthcare in Economic Transformation”. Speakers on this panel include Dr. Awele Elumelu, Trustee, Tony Elumelu Foundation and Founder/CEO, Avon Medical Practice; H.E (Mrs.) Aisha Buhari, First Lady, Federal Republic of Nigeria, H.E (Mme.) Djena Kaba Condé, First Lady of Guinea; H.E. (Mme.) Keïta Aminata Maiga, First Lady, Mali; Gilles Carbonnier, Vice President, International Committee of the Red Cross (ICRC); Oulimata Sarr, Regional Director ai, UN Women Central and West Africa; and Dr. Tedros Adhanom Ghebreyesus, Director General, World Health Organisation.

 

At the Forum, Tony O. Elumelu, (CON), Founder of the Tony Elumelu reiterated the urgency in creating jobs on the continent to catalyse Africa’s development.

 

 

He said: “Extremism is a product of poverty and joblessness. Poverty anywhere is a threat to everyone everywhere,” he said. “If our leaders understand the reason and rationale for our youths to succeed, they will do everything they can to support them.”

 

 

Elumelu also reiterated the role of technology as a key enabler in accelerating development, citing TEFConnect, the digital networking platform for African entrepreneurs launched by the Tony Elumelu Foundation in 2018. With over 500,000 registered users, the hub provides a platform for entrepreneurs to network and forge business partnerships regardless of their location.

 

Giving the keynote speech, Vice President of Nigeria, H.E. (Prof.) Yemi Osinbajo commented on the impact of the Tony Elumelu Foundation: “By birthing this particular intervention, Tony Elumelu has compelled us to focus on what really matters, our youth and their dreams. The message to Africa’s emerging business giants is a clear one: How and what can you contribute, like Tony Elumelu, to empowering the next generation, helping them to realize their own dreams?”

 

The forum ended with a tour of the UBA Marketplace, where entrepreneurs across the continent exhibited their products, as a pitching competition saw the winner walk away with a $5,000 grant from the United Bank for Africa (UBA).


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EFCC Bans Cash above $10,000 from Leaving Nigeria without Declaration

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Ola Olukoyede, chairman, EFCC
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Ola Olukoyede, chairman of the Economic and Financial Crimes Commission (EFCC), has warned against cash transportation above $10,000 or its equivalent without declaration to the appropriate government agencies.

EFCC Bans Cash above $10,000 from Leaving Nigeria without Declaration

Ola Olukoyede, chairman, EFCC

Olukoyede gave this charge in Kano at the weekend at a joint sensitisation program organised by the Nigeria Customs Service (NCS), the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the EFCC to educate Nigerians on legal protocols for cash movement across Nigeria’s borders.

He cautioned Bureau De Change (BDC) operators and other business stakeholders across the country against illegal cash smuggling, urging individuals transporting cash exceeding $10,000 (or its equivalent) to declare it to the NCS, as failure to do so constitutes a criminal offence.

According to the anti-graft czar, despite existing laws, many travellers, whether businessmen, pilgrims, or tourists, still engage in illegal cash movements out of ignorance or deliberate attempts to evade financial regulations.

Under the theme, “Illegal Cash Movement Through Nigerian Airports: Consequences, Legal Frameworks, and EFCC’s Enforcement Role,” Olukoyede, who spoke through CE Ibrahim Shazali, Kano Zonal Director of the EFCC, underscored the severe repercussions of non-compliance with Nigeria’s financial regulations.

“Today, we will clarify the legal requirements, reporting obligations, and consequences of non-compliance”.

“The consequences of illegal cash trafficking are grave—ranging from imprisonment and hefty fines to forfeiture of assets.

“The EFCC, in collaboration with sister agencies, remains resolute in prosecuting offenders and safeguarding the integrity of Nigeria’s financial system,” he said.

“Section 3(3) of the Money Laundering (Prevention and Prohibition) Act declares cash transportation above $10,000 (or equivalent) without declaration illegal and Section 18 of the same Act mandates BDCs to report suspicious transactions to the NFIU (Nigeria Financial Intelligence Unit).

He emphasised that illicit cash movement undermines economic stability and fuels crimes such as money laundering, terrorism financing and corruption.

Olukoyede also outlined the legal frameworks governing cash movements, including the EFCC Act (2004), the Money Laundering (Prevention and Prohibition Act) 2022 and Central Bank of Nigeria guidelines.

“Nigeria, as a signatory to international anti-money laundering conventions, has established strict laws to regulate the movement of cash in and out of the country.

“The Central Bank of Nigeria (CBN) Act, Money Laundering (Prevention and Prohibition) Act 2022, and the EFCC Establishment Act provide clear guidelines on cash declarations and penalties for violations.”

The sensitisation program highlighted the inter-agency commitment to enforcing compliance.

Representatives from the NCS and ICPC reinforced the importance of adhering to anti-corruption laws and cross-border financial regulations.

Stakeholders, including BDC operators, were urged to uphold ethical practices and report suspicious activities.

The EFCC’s boss called for stakeholders’ support and collective vigilance against illicit financial flows in Nigeria.

“We urge all stakeholders to prioritise national interest over personal gain. Compliance is not optional; it is a legal and patriotic obligation. Together, we can curb illicit financial flows and promote economic security”, he said.

 


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Lagos Sets the Benchmark in Renewable Energy as CADEF Launches Transformative Platform

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Against the backdrop of Lagos State’s proactive efforts to reform its electricity sector, the Consumer Advocacy and Empowerment Foundation (CADEF) has launched its ‘Renew Energy Nigeria’ platform, a nationwide initiative with potential synergies for the state’s ambitious energy goals.

Professor Chiso Ndukwe-Okafor, CADEF’s Executive Director, introduced the platform in Lagos, highlighting its aim to empower Nigerians with information and access to decentralized renewable energy (DER) solutions. “The launch of this platform marks a significant step towards democratizing access to information and resources within Nigeria’s burgeoning sustainable energy sector.”

The platform’s launch comes as Lagos State, under the Lagos State Electricity Law, is actively establishing a regulatory framework and attracting private sector investment. Kamaldeen Abiodun-Balogun, General Manager of the LSEB, detailed the state’s progress in creating a functional electricity market, ensuring payment security, and addressing infrastructure challenges. “This law enabled us to create policy documents and establish regulatory agencies to initiate the implementation of the Lagos electricity market,” he explained, adding that private sector involvement will be key in areas where existing Discos face performance issues.

Segun Adaju, a private sector player deeply engaged in the energy sector, lauded Lagos State’s leadership. “In all these, Lagos State is always setting the pace. Many of us in the private sector players like myself, we are also looking up to Lagos State to set the pace,” he said, also mentioning his work on the Centralized Renewable Energy Desk for the state government.

While acknowledging national-level challenges such as import restrictions and forex fluctuations as noted by Professor Ndukwe-Okafor: “The recent federal plan on restrictions on the importation of solar products and the fluctuation of forex rate have made clean energy solutions costly”, the focus on Lagos State’s progress suggests a promising local environment for DER adoption, potentially amplified by CADEF’s new platform.

The broader socio-economic context, as highlighted by Olumide Ajayi, “Over 40% of Nigerians do not have access to reliable electricity”, underscored the importance of initiatives like ‘Renew Energy Nigeria’ and the enabling policies being implemented in states like Lagos.

Professor Ndukwe-Okafor concluded with a powerful call to action. “This platform is not an isolated intervention. It is aligned with our ideal country’s national vision, the 30-30-30 initiative. Let us not build a solar future that only serves the wealthy. Let us democratize clean energy. Let us make it local, inclusive, and scalable.”

The launch of “Renew Energy Nigeria” marks a significant step towards a more sustainable and equitable energy future for Nigeria, driven by innovation, collaboration, and a commitment to empowering its citizens. The platform is now live and accessible to all Nigerians seeking reliable and clean energy alternatives


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EFCC Secures Arrest Warrant for Six CBEX Promoters

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A federal high court in Abuja has granted permission to the Economic and Financial Crimes Commission (EFCC) to arrest and detain six Crypto Bridge Exchange (CBEX) promoters over allegations of investment fraud to the tune of over one billion dollars.

EFCC Secures Arrest Warrant for Six CBEX Promoters

Emeka Nwite, presiding judge, gave the order following an ex parte application moved by Fadila Yusuf, counsel to the EFCC.

In the application by the EFCC, the six suspects are Adefowora Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo and Chukwuebuka Ehirim.

The commission sought an order of the court for a warrant of arrest of the defendants.

They also prayed the court for “an order remanding the defendants in the custody of the complainant/applicant pending the conclusion of investigation of the alleged offences and possible prosecution”.

Yusuf said that the defendants are at large and a warrant of arrest is required to arrest the defendants for proper investigation and prosecution of this case.

In the affidavit in support of the motion, the EFCC said preliminary investigation into the intel revealed that the defendants “using their company ST Technologies International Limited, promoted another company Crypto Bridge Exchange (CBEX) by making adverts and lured unsuspecting members of the public to invest crypto cryptocurrencies on the CBEX investment platform”.

The EFCC said the defendants promised an unrealistic return on investment of up to 100 percent.

“The victims were made to convert their digital assets into a stablecoin of USDT for onward deposit into the suspects’ crypto wallet,” Yusuf said.

“The victims were initially given full access to the platform to monitor their investment.

“Following the deposits valued at over $1 billion by the victims, the CBEX investment platform became inaccessible to them, and they could no longer withdraw from the investment made.

“The victims later discovered that the said scheme is a scam.

“During the course of investigation, it was discovered that the said ST Technologies International Limited, though registered with the Corporate Affairs Commission (CAC), it was not registered with the Securities and Exchange Commission (SEC) for investment purposes.

“It was also discovered during the investigation that the defendants had moved out of their last known address in Lagos and Ogun states.”

The anti-graft agency said obtaining a warrant of arrest was necessary in order to place the defendants on a watch list, enabling authorities to trace and apprehend the suspects to face the charges brought against them.

Nwite granted the request for a warrant of arrest and remand, adding that the order was necessary to enable the commission to apprehend the defendants and conclude its investigation.

“I have listened to the submission of the learned counsel for the applicant,” Nwite said.

“I have also gone through the affidavit evidence with exhibits thereto, along with the written address.

“I am of the view and I so hold that the application is meritorious.

“Consequently, the application is granted as prayed.”

Earlier in April, reports emerged that CBEX users could no longer withdraw their funds.

On Monday, angry investors stormed and looted the office of Smart Treasure (ST Team), an affiliate of CBEX, in Ibadan, Oyo State.

The EFCC recently confirmed receiving multiple complaints about the platform.

Dele Oyewale, the commission spokesperson, assured affected investors that efforts were underway to recover their funds.

 

 

 


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