Business
Foundation To Fund 1,000 Entrepreneurs In 2015
The founder of the Tony
Elumelu Foundation, Mr Tony Elumelu, has said the organisation has set up $100 million fund to help develop 1,000 entrepreneurs in Africa in 2015.
Elumelu, who disclosed this during the foundation’s Africapitalism Institute Annual Advisory Board Meeting in Abuja said the institute was formed in 2014 to research, analyse and advocate public policies and business practices that would unlock opportunities for Africans.
According to him, the organisation will give out $10,000 each to 1,000 entrepreneurs in Africa in 2015, adding that it had already received over 3,000 applications to that effect.
Elumelu said that it would be difficult for Africa to move forward while leaving behind over 50 per cent of its population in penury.
He said Africans, especially women, should be sensitised on how to access the fund, adding that it would bolster inclusiveness in the continent’s economic growth and development.
He debunked insinuation that the African resources had not been adequately mobilised, adding that there had been cases of effective intra and inter-African resources mobilisation.
According to him, unlike in the past when people saved their money outside the continent nowadays, more Africans save and invest on the continent.
“We have seen a couple of such examples. Dangote is one; UBA is another and many others are investing massively in the continent creating the much needed value path and to sustain our economy.
“There is the realisation that the private sector is the key for the development of the continent.
“In furtherance of that, the Tony Elumelu Foundation has put in place 100 million dollars fund to help catalyse the crop of entrepreneurs who will fire up the private sector in Africa,” he said.
During a panel discussion, the Chairman, Cities Growth Commission in the UK, Dr Jim O’Neill, said there was the need for African countries to focus on policies that would ensure sustainable growth.
O’Neill said the continent could help its people by creating more African entrepreneurs, developing more ideas and innovation and creating access to finances.
The Managing Drector, Groupe Jeune Afrique and President, Africa CEO Forum, Mr Amir Yahmed, said that many big companies had emerged from Africa in the last five years.
Yahmed said that a lot needed to be done to encourage the private sector to drive the continent’s economy.
The Managing Director, Bank of Industry, Mr Rasheed Olaoluwa, said there was need for consistency in policy formulation and implementation to encourage investors to invest and operate in the continent.
Olaoluwa said the Federal Government was engaging key players in the manufacturing sector to drive its industrial revolution plan by creating the enabling environment for them to thrive.
He said Nigeria was a net importer of cement about five years ago but had become a major exporter of cement to other African countries.
Olaoluwa said the bank was working with research centres to develop some of the technological research outcomes that could help the country process its agro products into raw materials.
From Left: President, Strategy for Mentoring Indicative and Leadership Empowerment, Mrs Bimpe Martins, Senior Information Officer, Unic, Ms Envera Selimovic, representative of Governor of Lagos State, Mr Seun Akinsaya and representative of unresident coordinator in Nigeria, Ms Colleen Zamba, at the regional launch of the Millennium Development Goals report 2014 in Lagos recently
The Minister of State for Industry, Trade and Investment, John Enoh said this at the 8th annual induction and conference of the Chartered Institute of Project Managers of Nigeria (CIPMN).
He explained that abandoned projects continue to lock up public funds that could have been used for infrastructure development, industrial growth, job creation and essential social services.
Represented by the ministry’s Permanent Secretary, Chris Osa Isokpunwu, he said the impact goes beyond financial losses, as incomplete projects affect communities and limit access to important public services
He cited examples of that remain unopened, schools that cannot accommodate students, roads that fail to connect communities and electricity projects that have not delivered their intended benefits.
The Registrar-General and Chief Executive Officer of CIPMN, Henry Ifeanyi Mbadiwe, also identified poor project management as a major challenge affecting development in Nigeria.
He revealed that the institute had developed a project management curriculum for Nigerian universities, which has received approval from the National Universities Commission (NUC). The programme is expected to enable universities to offer project management as a bachelor’s degree.
Mbadiwe further referenced findings by the Presidential Projects Assessment Committee, which identified 11,886 ongoing federal capital projects in 2011, with an estimated financial commitment of ?7.78 trillion.
He noted that inadequate planning, supervision, accountability and implementation were among the factors contributing to the abandonment of projects across the country.
The minister called for stronger project management structures across ministries, departments and agencies to improve planning, monitoring and evaluation.
He added that the Federal Ministry of Industry, Trade and Investment had introduced a 90-day implementation reporting cycle to strengthen transparency and monitor the progress of government programmes.
Ikenga said the company remained committed to Nigeria’s power sector and would continue investing in its operations despite the challenging business environment.
He spoke in Lagos at the third edition of the Shell Power Conference, themed “Powering Nigeria’s Progress: Turning Ambition and Action into Sustainable Impact”.
The Transcorp Power chief said the company would sustain electricity generation, invest in its facilities and deliver value to shareholders.
“Transcorp Power is a long-term player, not a short-term player. This year has been challenging, but what is important is getting power to schools, hospitals and businesses to power progress,” he said.
Ikenga said the company’s focus on operational efficiency and investment had strengthened its contribution to Nigeria’s electricity supply.
He disclosed that since acquiring the Ughelli Power Plant in Delta State in 2013, Transcorp Power had quadrupled its available generation capacity.
He also said the company became the first privatised power generation firm to receive a post-privatisation discharge certificate after fulfilling all its privatisation obligations.
The company’s unaudited results for the nine months ended September 30, 2026, showed a profit before tax of N83.1 billion, while its profit-before-tax margin rose to 31.2 per cent from 29.6 per cent recorded in the corresponding period of 2025.
Its total assets rose to 11.7 per cent amounting to N629.5 billion, while shareholders’ funds grew 8.9 per cent to N199.8 billion. Cash and cash equivalents also rose to N10.3 billion, supported by improved collections.
On the company’s contribution to grid stability, Ikenga said Transcorp Power’s black-start capability enabled it to restart operations without relying on electricity from the national grid.
He explained that the capability allowed the company to support power restoration following grid disturbances, helping to restore electricity supply to homes, businesses and industries.
Ikenga noted that Nigeria had an installed electricity generation capacity of about 13,000 megawatts, with an estimated potential of 50 gigawatts, adding that realising the potential would require effective coordination across the entire value chain.
“Everything in the value chain has to work,” he said.
He called for stronger collaboration among federal and state governments, regulators and private-sector operators, alongside increased private investment, to build a sustainable electricity market.
This was contained in a statement issued on Thursday by his Senior Special Assistant on Communications and Press Secretary, Maryann Duke.
The statement said Oyedele pointed to “improved digital systems, including electronic invoicing, as a key driver behind a record of N33tn in government revenue collected between January and October 2026.”
The minister said the performance demonstrated the potential of technology to improve revenue administration, strengthen compliance and increase efficiency across government institutions.
Speaking on the theme, ‘Digital Sovereignty and Ethics: Guarding the Economy for the Next Generation,’ Oyedele warned that Nigeria risked losing substantial economic opportunities if it continued to depend heavily on foreign digital infrastructure.
Citing Nigerian Communications Commission figures, he disclosed that the country recorded more than 157 million active internet subscriptions as of May 2026.
He explained that these connections generated significant volumes of information through financial transactions, healthcare, education and taxation.
However, citing estimates from the Nigeria Data Protection Commission, Oyedele said as much as 90 per cent of the country’s data was hosted abroad.
According to him, the situation has implications for foreign exchange expenditure, employment opportunities, technological skills and Nigeria’s control over information generated by its citizens.
He compared the country’s reliance on foreign digital infrastructure with its historical dependence on imported refined petroleum products, warning against a situation where Nigerian data would be processed abroad and the resulting services sold back to domestic users.
The minister consequently advocated greater investment in local data infrastructure, technical expertise, cybersecurity and predictable regulations to enable Nigerian businesses to capture more value from the digital economy.
He clarified that digital sovereignty should not translate into technological isolation but should strengthen Nigeria’s capacity to participate competitively in international markets.
Addressing graduating students, Oyedele urged young Nigerians to become developers of technological solutions rather than remain primarily consumers of products created elsewhere.
He identified artificial intelligence as both a disruptive force and an opportunity for innovation, advising graduates to acquire relevant digital skills alongside critical thinking, creativity, sound judgement and integrity.
The minister also cautioned against irresponsible online behaviour, explaining that digital footprints increasingly influence employment prospects, commercial relationships and professional credibility.
Oyedele outlined five priorities for graduates, including continuous learning, value creation, integrity, responsible digital citizenship and active participation in national development.
“Your degree is evidence of what you have learned. Your competence will demonstrate what you can do. Your character will reveal who you truly are,” he told the graduating students.
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