Connect with us

Business

Tony Elumelu Foundation Announces 10th Cohort of Entrepreneurship Programme – 20,000 Entrepreneurs Funded across Africa

Published

on

Tony Elumelu Foundation

The Tony Elumelu Foundation has disbursed US$100,000,000 directly to young African entrepreneurs, who have created over 400,000 direct and indirect jobs

Egalement disponible en Français

Our entrepreneurs represent the driving force behind Africa’s economic transformation, and their resilience, determination, and innovation continue to inspire us all

LAGOS, Nigeria, March 26, 2024/APO Group/ — 

10th Cohort of the Tony Elumelu Foundation Entrepreneurship Programme (https://www.TonyElumeluFoundation.org) Announced; Over 50 business sectors from farming to technology represented; 20,000 entrepreneurs from 54 countries across Africa funded in 10 years – doubling original target.

The Tony Elumelu Foundation (TEF), the leading philanthropy empowering young African entrepreneurs from all 54 African countries, has announced the successful entrepreneurs in its tenth selection for the TEF Entrepreneurship Programme.

This new cohort brings to 20,000, the number of young African entrepreneurs who have received funding, mentoring, and capacity-building support from the Foundation, double the initial commitment. The Tony Elumelu Foundation has disbursed US$100,000,000 directly to young African entrepreneurs, who have created over 400,000 direct and indirect jobs, contributing significantly to Africa’s economic growth and development. 45% of these beneficiaries are women, reiterating the Foundation’s commitment to gender inclusion and equity.

Past entrepreneurs selected across Africa include:

  • Stella Sigana, founder of Alternative Waste Technologies from Kenya, produces fuel briquettes by converting organic and charcoal waste from slum settlements, and dedicates a portion of the revenues to providing education, skills training, and job placement for adolescent girls and young women aged 18-24. Since her selection, Stella has created 12 jobs, generated over $79,000 in revenue, and recycled over 500 tons of waste into fuel briquettes for cooking. Her business model has also empowered hundreds of women entrepreneurs in slum settlements in Kenya, enabling them to build businesses by selling her products directly to their communities, thus significantly increasing household income and wellbeing.
  • Vital Sounouvou from Benin is the founder of Exportunity, an e-commerce platform that promotes export opportunities for Africans by connecting producers with traders. Through Exportunity, Sounouvou has engaged over 750 clients, and built a database of 85,000 companies trading with Africa. He has employed 32 people.
  • Nora Chaynane, a Moroccan entrepreneur, and founder of Shine Space, a socio-educational initiative aimed at bridging the knowledge gap and guiding students toward the right career path, helps young Moroccans develop technical and interpersonal skills beyond school curriculum requirements. Through Shine Space, Nora has upskilled and capacitised over 2,500 young Moroccans.

Since inception in 2010, the Tony Elumelu Foundation has pioneered an innovative approach to seeding, capacitising and networking young entrepreneurs across Africa. Drawing directly from Founder Tony Elumelu’s entrepreneurial journey, the Foundation democratises luck, spreads opportunity, in a sector agnostic approach, and has developed a bespoke infrastructure that reaches every country in Africa. The Foundation is driven by our Founder’s philosophy of Africapitalism, which advocates that the private sector, particularly entrepreneurs, must play the pivotal role in Africa’s development.

The robust ability of the Foundation to reach entrepreneurs across geographies and sectors has enabled it to conduct innovative partnerships with the European Union (EU), United Nations Development Programme (UNDP), the International Committee of the Red Cross (ICRC), the US Government via the United States African Development Foundation (USADF), the Organisation of African, Caribbean and Pacific States (OACPS), the French Development Agency (AFD), the German Development Finance Institution (DEG), the German Agency for International Cooperation (GIZ), the African Development Bank (AfDB), Sèmè City Development Agency, and Google, with bespoke programmes including targeting female empowerment and growth in fragile states. Building on its existing partnership with Sèmè City Development Agency, the Tony Elumelu Foundation will fund an additional 100 young entrepreneurs from Benin Republic in 2024.

Tony O. Elumelu shared: “As we mark a decade of impact, I am immensely proud of the incredible journey we have embarked on. Our entrepreneurs represent the driving force behind Africa’s economic transformation, and their resilience, determination, and innovation continue to inspire us all. The future of our continent is brighter because of their efforts.”

As part of the Tony Elumelu Foundation’s commitment to support young Africans, the following ongoing opportunities are currently open for applications from young entrepreneurs across Africa on TEFConnect (https://TEFConnect.com/):

  • Women Entrepreneurship For Africa (WE4A), a partnership between the European Union, GIZ and TEF
  • Aguka Entrepreneurship Programme, a partnership between UNDP and TEF in Rwanda

African entrepreneurs are encouraged to apply to these initiatives to receive training, mentorship, access to networks, and funding.

To learn more about the Tony Elumelu Foundation Entrepreneurship Programme “Decade of Impact” please see here (https://apo-opa.co/3IULYeS). The success stories of these beneficiaries can be found here (https://apo-opa.co/3VzIx4X), and a full breakdown of the Foundation’s beneficiaries across Africa can be found here (https://apo-opa.co/3TOQCkS). For more insights into our impactful initiatives, milestones, and the transformative stories of entrepreneurs across Africa, delve into our annual reports here (https://apo-opa.co/43xk2r6).

Distributed by APO Group on behalf of The Tony Elumelu Foundation.

Events

As global power structures shift, Invest Africa convenes The Africa Debate 2026 to redefine partnership in a changing world

Published

on

The Africa Debate 2026 will provide a platform for this essential, era-defining discussion, convening leaders to explore how Africa and its partners can build more balanced, resilient and sustainable models of cooperation

LONDON, United Kingdom, February 5, 2026/APO Group/ –As African economies assert greater agency in a rapidly evolving global order, Invest Africa (www.InvestAfrica.com) is delighted to announce The Africa Debate 2026, its flagship investment forum, taking place at the historic Guildhall in London on 3 June 2026.

Now in its 12th year, The Africa Debate has established itself as London’s premier platform for African investment dialogue since launching in 2014, convening over 800 global decision-makers annually to shape the future of trade, finance, investment, and development across the continent.

Under the theme “Redefining Partnership: Navigating a World in Transition”, this year’s forum will focus on Africa’s response to global economic realignment with greater agency, ambition and economic sovereignty.

The Africa Debate puts Africa’s priorities at the centre of the conversation, moving beyond traditional narratives to focus on ownership, resilience and long-term value creation.

“Volatility is not new to Africa. What is changing is the opportunity to respond with greater agency and ambition,” says Invest Africa CEO Chantelé Carrington.

“This year’s edition of The Africa Debate asks how we strengthen economic sovereignty — from access to capital and investment to financial and industrial policy — so African economies can take greater ownership of their growth. Success will be defined by how effectively we turn disruption into leverage and partnership into shared value.”

The Africa Debate 2026 will provide a platform for this essential, era-defining discussion, convening leaders to explore how Africa and its partners can build more balanced, resilient and sustainable models of cooperation.

Key challenges driving the debate

Core focus areas for this year’s edition of The Africa Debate include:

This year’s edition of The Africa Debate asks how we strengthen economic sovereignty — from access to capital and investment to financial and industrial policy

Global Realignment & New Partnerships

How shifting geopolitical and economic power structures are reshaping Africa’s global partnerships, trade dynamics and investment landscape.

Financing Africa’s Future

The growing need to reform the global financial architecture, new approaches to development finance, as well as the strengthening of market access and financial resilience of African economies in a changing global system.

Strategic Value Chains

Moving beyond primary exports to build local value chains in critical minerals for the green economy. Also addressing Africa’s energy access gap and mobilising investment in renewable and transitional energy systems.

Digital Transformation & Technology

Unlocking growth in fintech, AI and digital infrastructure to drive productivity, inclusion, and the next phase of Africa’s economic transformation.

The Africa Debate 2026 offers a unique platform for high-level dialogue, deal-making, and strategic engagement. Attendees will gain actionable insights from leading policymakers, investors and business leaders shaping Africa’s economic future, while building strategic partnerships that define the continent’s next growth phase.

Registration is now open (http://apo-opa.co/46b19gj).

Distributed by APO Group on behalf of Invest Africa.

Continue Reading

Business

Zion Adeoye terminated as Chief Executive Officer (CEO) of CLG due to serious personal and professional conduct violations

Published

on

After a thorough internal and external investigation, along with a disciplinary hearing chaired by Sbongiseni Dube, CLG (https://CLGglobal.com) has made the decision to terminate Zion Adeoye due to serious personal and professional conduct violations. This process adhered to the Code of Good Practice of the Labour Relations Act, ensuring fairness, transparency, and compliance with South African law.

Mr. Adeoye has been held accountable for several serious offenses, including:

  • Making malicious and defamatory statements against colleagues
  • Extortion
  • Intimidation
  • Fraud
  • Misuse of company funds
  • Theft and misappropriation of funds
  • Breach of fiduciary duty
  • Mismanagement

His actions are in direct contradiction to our firm’s core values. We do not approve of attorneys spending time in a Gentleman’s Club. CLG deeply regrets the impact this situation has had on our colleagues and continues to provide full support to those affected.

We want to express our gratitude to those who spoke up and to reassure everyone at the firm of our unwavering commitment to maintaining a respectful workplace. Misconduct of any kind is unacceptable and will be addressed decisively.

We recognize the seriousness of this matter and have referred it to the appropriate law enforcement, regulatory, and legal authorities in Nigeria, Mauritius, and South Africa. We kindly ask that the privacy of the third party involved be respected.

Distributed by APO Group on behalf of CLG.

 

Continue Reading

Business

The International Islamic Trade Finance Corporation (ITFC) Strengthens Partnership with the Republic of Djibouti through US$35 Million Financing Facility

Published

on

This facility forms part of the US$600 million, three-year Framework Agreement signed in May 2023 between ITFC and the Republic of Djibouti, reflecting the strong and growing partnership between both parties

JEDDAH, Saudi Arabia, February 5, 2026/APO Group/ –The International Islamic Trade Finance Corporation (ITFC) (https://www.ITFC-IDB.org), a member of the Islamic Development Bank (IsDB) Group, has signed a US$35 million sovereign financing facility with the Republic of Djibouti to support the development of the country’s bunkering services sector and strengthen its position as a strategic regional maritime and trade hub.

The facility was signed at the ITFC Headquarters in Jeddah by Eng. Adeeb Yousuf Al-Aama, Chief Executive Officer of ITFC, and H.E. Ilyas Moussa Dawaleh, Minister of Economy and Finance in charge of Industry of the Republic of Djibouti.

The financing facility is expected to contribute to Djibouti’s economic growth and revenue diversification by reinforcing the competitiveness and attractiveness of the Djibouti Port as a “one-stop port” offering comprehensive vessel-related services. With Red Sea Bunkering (RSB) as the Executing Agency, the facility will support the procurement of refined petroleum products, thus boosting RSB’s bunkering operations, enhancing revenue diversification, and consolidating Djibouti’s role as a key logistics and trading hub in the Horn of Africa and the wider region.

We look forward to deepening this partnership, creating new opportunities, and leveraging collaborative programs to advance key sectors and drive sustainable economic growth

Commenting on the signing, Eng. Adeeb Yousuf Al-Aama, CEO of ITFC, stated:

“This financing reflects ITFC’s continued commitment to supporting Djibouti’s strategic development priorities, particularly in strengthening energy security, port competitiveness, and trade facilitation. We are proud to deepen our partnership with the Republic of Djibouti and contribute to sustainable economic growth and regional integration.”

H.E. Ilyas Moussa Dawaleh, Minister of Economy and Finance in charge of Industry of the Republic of Djibouti, commented: “Today’s signing marks an important milestone in the development of Djibouti’s bunkering services and reflects our strong and valued partnership with ITFC, particularly in the oil and gas sector. This collaboration supports our ambition to position Djibouti as a regional hub for integrated maritime and logistics services. We look forward to deepening this partnership, creating new opportunities, and leveraging collaborative programs to advance key sectors and drive sustainable economic growth.”

This facility forms part of the US$600 million, three-year Framework Agreement signed in May 2023 between ITFC and the Republic of Djibouti, reflecting the strong and growing partnership between both parties.

Since its inception in 2008, ITFC and the Republic of Djibouti have maintained a strong partnership, with a total of US$1.8 billion approved primarily supporting the country’s energy sector and trade development objectives.

Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC).

Continue Reading

Trending

Exit mobile version