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 Nigerian Content Development and Monitoring Board (NCDMB), in partnership with a firm, Sweetcrude Ltd., has announced detailed selection criteria for the inaugural “Champions of Nigerian Content Awards”, designed to honor outstanding contributions to local content development in Nigeria’s oil and gas sector.
The Tide learnt that the event, scheduled to hold 21st May, 2025, at the NCDMB’S content tower headquarters in Yenagoa, capital of Bayelsa State, will recognize individuals and organizations that have demonstrated exceptional commitment to advancing Nigerian Content in 2024.
The Tide further gathered that the ceremony will coincide with the Nigerian Oil and Gas Opportunity Fair (NOGOF), which promises to spotlighting industry excellence and contributions to national economic transformation.
A statement by the Board’s Directorate of Corporate Communications and Zonal Coordination says the event has 12 Award Categories, which include, “Nigerian Content Icon of the Year”, “Nigerian Content Lifetime Achievement Award”, “Nigerian Content International Upstream Operator of the year”, and the “Nigerian Content Independent Upstream Operator of the year”.
Others are, “Nigerian Content Midstream Operator of the year”, “Nigerian Content Downstream Operator of the year”, “Nigerian Content International Service Company of the year”, Nigerian Content Indigenous Service Company of the year”, and the “Nigerian Content Innovator of the year”.
Also included are, “Nigerian Content Financial Services Provider of the year”, “Nigerian Content Media Organization of the year”, and “Women in Leadership Award for Promoting Gender Equality and Empowerment”.
According to the NCDMB, the criteria for oil and gas operators will include key and empirical benchmarks such as Production output for crude oil and gas volumes, Compliance with Nigerian Content Plans (NCPs) and Nigerian Content Compliance Certificates (NCCCs).
Other criteria are adherence to NOGICD Act reporting requirements, such as submission of Nigerian Content Performance Reports and Employment & Training Plans.
The Board’s statement added that similar criteria will apply to financial institutions, media organizations, and individuals, ensuring a transparent and merit-based selection process.
“Winners for the Nigerian Content Icon of the Year, Innovator of the Year, and Women in Leadership Award will also be selected based on measurable performance indicators.
“The Advisory Committee of Industry Titans will Oversee the process to uphold the prestige of awards. The Committee consist of distinguished experts set up to oversee nominations and validate winners”, the NCDMB said.
Members of the committee, according to the Board, include: Pioneer Executive Secretary of the NCDMB, Dr. Ernest Nwapa; Secretary-General, African Petroleum Producers Organization, Dr. Omar Farouk; and former Zonal Operations Controller, DPR, Mr. Woke Akinyosoye.
The Statement quoted the Executive Secretary, NCDMB, Engr. Felix Omatsola Ogbe, as emphasizing that the awards aim to becoming the oil and gas sector’s equivalent of the Oscars, celebrating genuine impact rather than mere participation.
“This recognition is reserved for those who have gone beyond compliance to drive tangible growth in Nigerian Content.
“With a focus on credibility, compliance, and measurable impact, the Champions of Nigerian Content Awards is poised to set a new standard for excellence in Nigeria’s energy sector”, the NCDMB Executive Scribe said.
By: Ariwera Ibibo-Howells, Yenagoa
Nigeria’s apex Banking institution, Central Bank of Nigeria (CBN), has declared that Federal Government’s debt servicing increased to N696billion in January 2025.
The CBN’s recently published Economic Report revealed a precarious fiscal position, which worsened in January 2025 as debt servicing obligations exceeded total retained revenue by a wide margin.
According to the report, the Federal Government’s debt servicing obligations for the month stood at N696.27bn, while total retained revenue amounted to only N483.47bn, indicating that debt service alone consumed about 144 per cent of all government earnings.
This development highlights the growing debt burden and dwindling fiscal space facing Africa’s largest economy.
According to the report, despite slight improvements in some revenue categories, the retained earnings were grossly inadequate to cover obligatory debt repayments, exposing the government’s continued reliance on borrowing to meet basic obligations.
The report further revealed that retained revenue in January 2025 only recorded a marginal 0.89 per cent increase when compared with the N479.21bn generated in the corresponding month of 2024.
”FGN retained revenue declined in the review period, owing largely to lower receipts from Federal Government Independent Revenue and FGN’s share of exchange gain.
“At N0.48tn, provisional FGN retained revenue was 69.19 and 70.40 per cent below the levels recorded in the preceding period and monthly target, respectively”, it revealed.
While this points to stagnation rather than growth, the marginal rise was wiped out by the overwhelming debt service obligations.
The retained revenue components showed that the Federation Account contributed N167.69bn, while the VAT Pool Account delivered N90.73bn.
By: Corlins Walter
The Federal Government has announced plans to commence the payment of the outstanding N35,000 wage award arrears owed workers in the Federal Civil Service.
A statement issued by the Office of the Accountant-General of the Federation (AGF), which was signed by the Director of Press and Public Relations, Bawa Mokwa, said the outstanding arrears will be paid in instalments, with workers set to receive N35,000 per month for five months.
It clarified that the first tranche of the wage award arrears would be released immediately after the April salary payment.
“The wage award arrears was not paid with the April 2025 salary; it will come immediately after the salary is paid”, the statement read.
The Federal Government had earlier disbursed wage awards to federal workers for five months as part of efforts to cushion the impact of economic reforms. However, five months’ arrears remained unpaid.
The AGF office further reiterated the government’s commitment to fully implementing all policies and agreements relating to staff remuneration and welfare, noting that such efforts were geared towards enhancing productivity and operational efficiency across ministries, departments, and agencies.
The N35,000 wage award was introduced in 2023 as a palliative measure to support workers following the removal of the petrol subsidy and other economic adjustments.
In January this year, the Federal Government assured workers that it would clear the arrears of the N35,000 wage award, just as it also said the government had resumed the payment of the wage award.
The government also reiterated its commitment to addressing issues in the National Minimum Wage agreement reached with the Organised Labour in 2023.
The Minister of Labour and Employment, Nkeiruka Onyejeocha, had disclosed the government’s commitment towards implementing agreements with trade unions during separate meetings with the leadership of the Trade Union Congress and Congress of University Academics, in Abuja.
The Nigeria Labour Congress had criticised the Federal Government over the delay in the payment of the minimum wage for certain workers in the federal civil service.
Also, the Federal Government had earlier blamed the delay in payment on the prolonged approval of the 2025 budget.
By: Corlins Walter
-
News1 day agoTroops Eliminate Boko Haram Fighters, Capture Weapons In Sambisa Offensive
-
Rivers1 day agoExpert Demands Full Implementation Of PIA In N’Delta Oil Communities
-
News2 days agoFalana Demands Probe Of Alleged Diversion Of $3.4bn IMF Loan
-
Politics1 day agoYouth Group Warns Against Politicising Governance In Zamfara
-
Sports2 days ago“Remo Ladies will win every NWFL Super Six match”
-
Business1 day agoNCDMB, Partners Sweetcrude On Inaugural Nigerian Content Awards
-
News1 day agoEleme Indigenes Hail Council Boss Over Evacuation Of Refuse
-
News2 days agoOver 80 Army captains to sit for 2025 promotion exam in Benin