Last Saturday, March 22, at the Transcorp Hilton, Abuja, the Tony Elumelu Foundation unveiled its 11th cohort of 3,000 young entrepreneurs from 54 African countries and they will receive the traditional funding, training and mentorship.

It is an incredible opportunity that Tony Elumelu, a leading African investor and philanthropist, and his wife, Awele, a medical doctor and entrepreneur (co-founders of the Foundation), created through the TEF Entrepreneurship Programme “to drive poverty alleviation, catalyse jobs, and ensure inclusive economic environment.”

March 22 is Tony Elumelu’s birthday and it is the day each cohort is unveiled every year. My birthday is March 21 – just one day apart.

Although the Tony Elumelu Foundation was founded in 2010 with a vision of a self-sustaining and prosperous Africa powered by the energy of innovation, and resilience of its young men and women, it wasn’t until five years later that the TEF Entrepreneurship Programme was launched. The goal at the time was to empower 10,000 entrepreneurs in 10 years with US100 million, but the good news is that the Foundation has now funded 24,000 entrepreneurs – a remarkable achievement – within the period.

Since 2015, these 24,000 Africans created 1.5 million jobs and generated US$4.2 billion in revenue, while lifting over two million Africans out of poverty. As a mentor of the programme, I should know. The inspiring stories of these young entrepreneurs and the impact they are making are changing the economic landscape of Africa. Each Tony Elumelu entrepreneur receives a non-refundable seed capital of US$5,000. If we do the math, the 2025 cohort of 3,000 entrepreneurs will receive UD$15 million (about N23 billion). The Foundation embodies the philosophy of Africapitalism, Tony Elumelu’s belief that African entrepreneurs are the key drivers of the continent’s economic transformation.

What these young entrepreneurs also receive is a world-class business training on TEFConnect, one-on-one mentorship, and access to global networks and investment opportunities.

But Elumelu’s approach to philanthropy is to leverage influence and impact. This explains why TEF has been able to forge strategic global partnerships to further scale the 2025 TEF Entrepreneurship Programme in collaboration with Google.org, the UAE Office of Development Affairs, Khalifa Bin Zayed Al Nahyan Foundation (an affiliate of Erth Zayed), and Deutche Investitions und Entwicklungsgesellschaft (DEG).

Apart from launching this noble initiative with his wife, Tony Elumelu is also the Chairman of UBA, Africa’s Global Bank and Group Chairman of Heirs Holdings, an African investment conglomerate. By the way, the recently released financial report for 2024 showed that UBA Group grew its Profit After Tax (PAT) to N766.6 billion, a 26.14 per cent increase from N607.7 billion in 2023.

Isn’t it better to be taught how to fish, as the popular saying goes, than being given a hand-out of fish? From the moment you set up a business, you can learn the ropes and avoid burning your fingers. Make no mistake about it, mistakes will be made, but the basic ingredients in your business plan should include a description of the business, vision, mission and values; competitive advantages, market analysis, organisational structure, products and/or services, marketing strategy, financial projections and funding request, if applicable.

In a previous article five years ago, this was what I wrote: “The TEF founder says entrepreneurship is the most effective way to establish true prosperity and he has continued to expand his vision to touch lives by providing seed money for young African entrepreneurs. But more importantly, the TEF founder wants a paradigm shift from the existing narrative whereby Africa depends largely on aids from multilateral institutions; it is not sustainable and it confers on Africa a weaker negotiating position in international trade.”

Last Saturday, Elumelu reiterated his unwavering belief in the potential of Africa’s entrepreneurs. “Today is the day we dedicate each year to democratise luck, spread hope, and create economic opportunities for young Africans across the continents,” Elumelu stated.

“When my wife and I founded TEF in 2010, we recognised the challenges young African entrepreneurs face, the barriers that stand in their way of ambition and their drive for Africa's economic transformation.”

Elumelu also told the audience that he has always believed immense opportunities exist in Africa and understands the power of transformative entrepreneurship. “I also know the obstacles,” he continued. “But I am certain that if we empower and invest in our young people, they will be the ones to solve Africa’s pressing challenges.”

Elumelu, through the Foundation – which is the philanthropic arm of Heirs Holdings – never hides his passion of creating enduring prosperity and social wealth in Africa by empowering entrepreneurs and enhancing the competitiveness in the private sector.  

These young entrepreneurs, demonstrating their talent, vision and ambition, represent the beacons of enterprise and they are poised to create “enduring wealth” in Africa as the programme continues to scale. Out of the over 200,241 applications received on TEFConnect, TEF’s proprietary digital platform (40% were women), only 3,000 (1.5 per cent) made the cut for 2025 after a rigorous and highly competitive selection process by Ernst & Young, to ensure independent assessment.

Applicants were assessed on their financial understanding and entrepreneurial mindset, as well as the feasibility, demand and scalability of their business ideas. About 48 percent of the successful applicants are Nigerians which is clearly a reflection of our population compared to the rest of Africa. The breakdown showed the sectors represented included Agribusiness (34%), Creative Industry (11%), Green Economy (11%), amongst other sectors.

Although 24,000 African entrepreneurs have been empowered so far since the inception of TEF, Elumelu knows that there are millions also waiting to receiving grants to start their own businesses. This is why at every given opportunity, the TEF Chairman continues to advocate globally for a shift from aid to investment. “In the 21st century, what Africa needs is not charity; it is investment in infrastructure, in businesses and, most importantly, in our young people, because the future of Africa lies in their hands,” he said confidently.

In her own message of encouragement, Dr. Awele Elumelu, TEF Co-Founder, congratulated and praised the young entrepreneurs. “We are incredibly proud of you and excited to witness the impact that you will create,” she said. Awele also acknowledged those who were not selected this year, and asked them to keep their entrepreneurial dreams alive.

Some of the TEF alumni who shared testimonials include Tabitha Arenson Abimiku, 2018 Alumnus and founder of Virtuous Pads; Ayodele Ognin, 2019 Alumnus and founder of Wurami Consulting, and Mohamed Dhaoufi, 2017 Alumnus and founder of Cure Bionics.

As these young African entrepreneurs of the 2025 cohort pursue their dreams, they need all the support and encouragement that they can get. When you listen to the stories of entrepreneurs, funding is always a major obstacle. TEF alumni are forever thankful to the Tony Elumelu Foundation for helping them overcome this challenge.

“I had an idea but I lacked the resources and didn’t have any network,” Abimiku, 2018 Alumnus and founder of Virtuous Pads, the multiple-award winning social enterprise, lamented some years ago. ”There was also no strategic direction, but from the seed funding, we raised additional US$50,000. We have been able to distribute more than a million reusable and washable pads across Africa.”

There are similar stories of impact that won’t be forgotten in a hurry, thanks to the Tony Elumelu Foundation.

Braimah is a public relations consultant and marketing strategist. 

The Federal High Court in Abuja has fixed May 8, 2025, for judgment on applications filed by MultiChoice Nigeria Limited and the Federal Competition and Consumer Protection Commission (FCCPC) concerning the former’s DStv and GOtv price increases in Nigeria.

Justice James Omotosho set the judgment date after hearing arguments from the legal teams of both parties.

Nairametrics previously reported that Omotosho had issued an order restraining the FCCPC from taking “any administrative steps” against MultiChoice Nigeria Limited following its announced price increases for DStv and GOtv.

This order was granted in an ex parte motion filed by MultiChoice’s lawyer, Moyosore J. Onibanjo (SAN), against the FCCPC, under case number FHC/ABJ/CS/379/2025. 

The FCCPC had earlier summoned MultiChoice Nigeria to explain the rationale behind the price adjustments.

The Commission directed the company’s Chief Executive Officer to attend an investigative hearing on February 27, 2025, expressing concerns over frequent price hikes, potential abuse of market dominance, and anti-competitive practices within the pay-TV industry.

The FCCPC also warned that failure to justify the price increases or adhere to fair market principles could result in regulatory sanctions.

On his part, MultiChoice’s legal team, led by Onibanjo,  filed an ex parte motion seeking an interim injunction to prevent the FCCPC and its officers from prosecuting MultiChoice based on the letter dated March 3, 2025, pending the resolution of the interlocutory injunction motion.

They also sought an order restraining the FCCPC, its agents, servants, or representatives from sanctioning or penalizing MultiChoice concerning its price increases until the interlocutory injunction motion is determined.

Onibanjo argued that Nigeria operates a free-market economy where the prices of goods and services are not regulated.

He contended that the FCCPC Act and other relevant laws do not empower the Commission to regulate prices or require businesses to obtain approval before adjusting their service costs.

What transpired in court  

• During the resumed hearing, FCCPC’s counsel, Prof. Joe Agbugu SAN, explained that MultiChoice had notified the Commission on February 25 about a contemplated price increase effective from March 1, thereby acknowledging the FCCPC’s supervisory role.
• He stated that the FCCPC invited MultiChoice for further investigation, but the company requested to reschedule the meeting from February 27 to March 6, 2025.
• He said the FCCPC agreed to the new date but instructed MultiChoice to temporarily hold off on implementing the price increase.
• Prof. Agbugu emphasized that there was no issue of price regulation or fixing at the time MultiChoice initiated the legal action.
• He asserted that the FCCPC is authorized by law to regulate abuses of dominant market positions, especially when such abuses affect Nigerian consumers.
• He argued that the FCCPC can set an “authorized price” against a dominant player in line with provisions in the FCCPC Act.
• He urged the court to dismiss MultiChoice’s case.
• In rebuttal, Onibanjo SAN described the FCCPC’s concerns about excessive pricing as an afterthought.
• He pointed out that the FCCPC’s letter focused on price increases, a matter he added the Commission lacked the authority to regulate.
• He reiterated that the power to regulate or fix prices can only be exercised with presidential approval, which the FCCPC would then enforce publicly.

He called on the court to uphold MultiChoice’s position against the FCCPC.  After hearing from both parties, Justice Omotosho reserved judgment, with a decision expected on May 8, 2025.

Background 

Recall that  MultiChoice had informed customers of a planned price increase for its DStv and GOtv packages, scheduled to take effect on March 1, 2025. The proposed adjustments included:

• DSTV Compact: Increase from N15,700 to N19,000 (a 25% rise). 
• DStv Compact Plus: Increase from N25,000 to N30,000 (20% hike). 
• DStv Premium: Increase from N37,000 to N44,500 (20% increment). 
• GOtv Supa Plus: Increase from N15,700 to N16,800, among other adjustments. 

These increases came less than a year after a previous hike in May 2024, which the company attributed to inflation and rising operational costs.

The planned increases elicited reactions from Nigerians, who expressed concerns over the lack of viable competition in the pay-TV market.

In response to the proposed increases, the FCCPC summoned MultiChoice Nigeria to explain the rationale behind the price adjustments and later filed a lawsuit against the company at a Lagos High Court, alleging violations of regulatory directives and obstruction of an ongoing inquiry.

[Nairametrics]

Africa’s economic landscape in 2025 is shaped by visionary leaders who have amassed significant wealth through diverse industries. Here are the top five richest billionaires making headlines:

1. Aliko Dangote – Net Worth: $28 Billion

Aliko Dangote, Nigeria’s industrial magnate, maintains his position as Africa’s richest individual. His conglomerate, Dangote Group, spans sectors such as cement, sugar, and flour. A monumental project, the Dangote Petroleum Refinery near Lagos, valued at $20 billion, is set to transform Nigeria’s oil industry by producing 650,000 barrels per day, exceeding the nation’s fuel needs by 150%.

2. Johann Rupert – Net Worth: $10.7 Billion

South African billionaire Johann Rupert chairs Compagnie Financière Richemont, renowned for luxury brands like Cartier and Montblanc. His strategic vision has solidified his status in the luxury goods sector.

3. Nicky Oppenheimer – Net Worth: $8.4 Billion

Nicky Oppenheimer, a prominent figure in the diamond industry, formerly held a 40% stake in De Beers, the world’s leading diamond producer. His influence in mining has left an indelible mark on the sector.

4. Abdulsamad Rabiu – Net Worth: $8.1 Billion

Nigerian industrialist Abdulsamad Rabiu leads BUA Group, a conglomerate with interests in cement production, sugar refining, and real estate. His business acumen has propelled him to the forefront of Africa’s manufacturing industry.

5. Prateek Suri – Net Worth: $1.4 Billion

Prateek Suri, founder of Maser Group and MDR Investments, has earned the moniker “Technology Tiger of Africa.” His ventures in consumer electronics and strategic investments in Africa’s mining and infrastructure sectors have been pivotal in the continent’s technological advancement. Notably, Suri owns luxury mansions in Lagos and a fleet of yachts and has recently invested in Teakwood and luxury yacht ventures in Africa. Under his Leadership, he made the biggest acquisition in Africa of $5bn, making him the richest Indian in Africa.

These individuals exemplify the dynamic and diverse nature of Africa’s economic landscape, each contributing uniquely to the continent’s growth and global presence.

 [Guardian]

The Ebonyi State House of Assembly has anonymously adopted a referendum for the creation of additional twelve (12) local government areas to the current thirteen (13) LGAs.

Lawmakers during plenary at the Assembly Complex in Abakaliki, argued that creating additional 12 LGAs in the state will bring government closer to the people to ameliorate their sufferings.

The proposed local government areas include Ikwo South and Ikwo North from Ikwo LGA, Ekumenyi from Abakaliki LGA, Ebyia from Izzi LGA and Ndiagbo from Edda LGA.

Lawmakers also proposed Ishielu South local government from Ishielu LGA, as well as Akaeze, Ukaba, and Effium from Ivo, Onicha and Ohaukwu LGAs respectfully.

Ezza-South, Ezza-North and Afikpo LGA are also envisaged to produce Izzikworo, Amohai and Imoha local government areas.

The referendum when becomes law, will bring LGAs in the state to 25 and expected to reduce the development and economic crisis of the people.

The measure also promises to bridge perceived imbalance in LGA distribution in consideration of the land mass and population density in each local government area.

The motion for the adoption of the request was moved by the Chief Whip of the House and member representing Edda West, Hon. Nkemka Okoro-Onuma and was seconded by member representing Ikwo North State Constituency, Hon Ifeanyi Nwakpu.

The Speaker of the House, Rt. Hon. Moses Odunwa put the motion to vote where it was unanimously adopted.

[Leadership]

The House of Representatives on Thursday reversed its decision on the second reading of a bill which sought to strip the vice-president, governors and deputy governors of immunity.

The lower legislative chamber made the u-turn after the Majority Leader of the House, Julius Ihonvbere, moved a motion.

The green chamber also rescinded its decision on the bill to abolish the death penalty.

Both bills passed second reading during plenary on Wednesday.

More to follow…

[DailyPost]

Death has snatched Abisola Kola-Daisi, wife of Kolapo Kola-Daisi and the eldest child of late Oyo Governor Senator Abiola Ajimobi unannounced.

Bisola succumbed to a brief illness while in the United Kingdom.

Abiola’s demise re-echoes the words of English poet and playwright, Williams Shakespeare, who described the world a stage and each person plays his part and leave.

With the exit of Abisola, a huge void is created in the heart of her mother — Florence Ajimobi. Like the biblical reference, to everything there is a season, and a time to every purpose under the heaven: A time to be born and a time to die.

Her death comes five years after the death of her father in 2020.

Abisola was fondly called Abi-KD, and celebrated her birthday on March 12.

She is the founder of Florence H Luxury and the Chairman/CEO of Grandex Nigeria Limited.

Abisola was born March 12, 1981.

She attended the British School of Lomé, Togo where she learned to speak French fluently – before moving to the United States of America to obtain an AA Degree from Santa Monica College.

She later earned a bachelor’s degree in finance from California State University, and an MBA from the United Kingdom. In 2022, she completed a Master’s degree in the power and influence of positive influence at Harvard Business School.

After graduating from college in the United States, Abisola worked as a Senior Manager (Retail) at Victoria’s Secret before returning home to complete the National Youth Service Corps in Nigeria. In 2008, she joined Saje Shipping, a subsidiary of MRS Oil and Gas as the Senior Manager – Finance and Administration.

Abisola was a Special Adviser to Minister of Budget and Economic Planning, Atiku Bagudu.

She has been married to Kolapo Kola-Daisi, son of a billionaire industrialist from Ibadan since 2010 and blessed with three lovely children.

After their engagement ceremony on the 5th of November 2010, Bisola and KP’s wedding took place on 6th of November 2010 in Ibadan, Nigeria.

It was a beautiful ceremony as the Islamic wedding rites were completed and Bisola and KP were joined as husband and wife in the presence of their family and friends

Abisola touched lives and impacted communities through her philanthropic deeds, and was active in various charitable causes.

She founded the AKD Foundation and the AKD Kids Foundation to care for orphans and homeless children in Nigeria. She is also a patron of the ABC Foundation, a charitable organisation founded by her mother, in Ibadan.

[Thenation]

Bisola Ajimobi Kola-Daisi, the eldest daughter of the late former governor of Oyo State, Abiola Ajimobi, has passed away at the age of 42.

She reportedly died in the early hours of Thursday, March 27, in the United Kingdom.

Until her demise, Bisola served as the Special Adviser to the Minister of Budget and Planning, Atiku Bagudu.

A former aide to the late governor, Bolaji Tunji, confirmed the news, saying, “Yes, it has been confirmed.”

Bisola, who was married to Kolapo Kola-Daisi, was known for her contributions to governance and public service.

Her death comes as another painful blow to the Ajimobi family, following the passing of her father in 2020.

[Punch]

Former Chief of Staff to ex-Governor Willie Obiano, Chief Primus Odili, has backed the endorsement of Anambra State Governor, Prof. Chukwuma Soludo, for re-election by the Minister of Works, Chief Dave Umahi.

During the flag-off of the access road to the 2nd Niger Bridge at Ogbunike near Onitsha, Umahi commended Soludo’s development efforts, declaring that the governor faces no real opposition in the November 8, 2025, governorship election.

Describing Soludo’s achievements as remarkable, Umahi, a member of the ruling All Progressives Congress (APC), stated that if he were from Anambra State, he would support Soludo for another term.

Odili echoed Umahi’s sentiments, emphasizing that in just three years, Soludo has delivered impressive results that should earn him overwhelming support from Anambra voters.

“The endorsement from Umahi, whose tenure as Ebonyi State governor was transformational, carries significant weight,” Odili said.

“Governor Soludo has completed major projects without borrowing. If he is given another term, the chances of completing ongoing developments are even greater.”

He added that while opposition parties may struggle to acknowledge Soludo’s achievements, the results speak for themselves.

“The All Progressives Grand Alliance (APGA) is not in a hurry to relinquish power in Anambra. Instead, we are strengthening our bond with the people through visible performance that no amount of rhetoric can discredit.

“Anambra residents know that the APGA-led government under Soludo is committed to building a safe, viable, and prosperous state. Umahi’s advice to the opposition should be taken seriously in the interest of the people.”

Odili also highlighted the impact of the Agunechemba security initiative, which has significantly reduced crime in the state, paving the way for development.

“With the decline in abductions, murder, and robbery, Soludo’s government now enjoys greater public support. The people appreciate his efforts to transform Anambra into a livable, smart megacity.

“Umahi’s words may be difficult for the opposition to accept, but they reflect reality. A simple drive around Anambra is enough to convince anyone that Soludo’s solutions are working and that the people have fully embraced his vision,” Odili concluded.

 [Vanguard]

Enough is Enough (EiE) Nigeria, a civil society organisation, says the legal, political, and democratic implications of “silencing elected voices” will be examined in the upcoming edition of ‘ThursdayTalks’.

ThursdayTalks is a monthly online discussion with thought leaders on issues affecting Nigerians and the country.

The conversation is an initiative of EiE in partnership with BudgIT and TheCable.

This edition, billed to hold on Thursday, March 27 is themed: ‘Suspended Voices, Silenced Mandates: What Next for Democracy?’

Stakeholders will explore the recent suspension of Siminalayi Fubara, governor of Rivers state; suspension of the legislature in Rivers, suspension of Natasha Akpoti-Uduaghan, senator representing Kogi central; and how such actions impact citizen trust, legislative independence, and accountability.

On March 18, President Bola Tinubu declared a state of emergency in Rivers and suspended Fubara; Ngozi Odu, his deputy; and all members of the Rivers assembly, due to prolonged political crisis in the state.

In a statement, EIE said this month’s conversation will have Tolulope Adeleru-Balogun, NewsCentralTV programme director, as moderator; and Opeyemi Adamolekun, EIE’s executive director, as speaker.

Other speakers are Oluseun Onigbinde, global director at BudgIT; and Chidi Odinkalu, a human rights activist.

The online conversation will last from 5-7pm.

[TheCable]