At a time of renewed geopolitical interest in Africa, and an increasing questioning of traditional development finance models, Harvard Business School has released a case study examining the role and impact of the Tony Elumelu Foundation (TEF), and its unique approach to catalysing entrepreneurship in Africa.

The Foundation, Africa’s leading funder of young entrepreneurs, has pioneered an innovative approach to seeding, capacitising and networking young entrepreneurs across Africa.  Drawing directly from Tony Elumelu’s entrepreneurial journey, his acknowledgement that luck and chance played an important role in his success, 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 a direct expression of Elumelu’s philosophy of Africapitalism, that the private sector must play a pivotal role in Africa’s development, and that investment must seek social, as well as economic returns.

The case study, the first of its kind focused on African philanthropy, was launched on Thursday, February 29, 2024, before a class of graduate students at Harvard Business School and explored the Foundation's unique approaches and transformative initiatives, showcasing how the strategic philanthropy offered by TEF, is driving positive change and elevating countries and communities. 

The case study recognises challenges the Foundation faces, and its responses, as it developed its mission, since founding in 2010.  The track record is impressive, with over 20,000 entrepreneurs funded, over a million connected digitally and the development of an impact assessment capacity.  TEF has disbursed over USD$100 million, reaching every African country.  The Foundation is increasingly developing a partnership-based approach, working with institutions such as the EU, US agencies, the UNDP, the ICRC, the Ikea Foundation, and others to develop bespoke programmes focused on fragile states, female entrepreneurs and sustainability initiatives. 

Tony Elumelu, who spoke at Harvard said, “TEF is creating economic hope and opportunity for African entrepreneurs.  We know that entrepreneurship is the solution to youth unemployment and insecurity.  Through the intervention of the Foundation, we are transforming our young people, giving them hope.  Collectively, all of us can resolve the challenges that we have on the continent.

It is wonderful to have had the opportunity to work with HBS, to spotlight our successes, acknowledge the challenges that we have at times faced, and provide the opportunity to spread our experience, for the benefit of others.”

The Harvard Business School session provided an opportunity to engage in a meaningful discussion on the role of philanthropy in shaping sustainable and inclusive economies.  As the world grapples with complex challenges around demographics, climate and sustainability, the Tony Elumelu Foundation model offers a fascinating model of how strategic philanthropy can be a driving force for positive change.

By

Ayobami Adedeji Business 2024-03-01

President of the Republic of Senegal, His Excellency Macky Sall, has described Aliko Dangote, President of Dangote Group, as a blessing to Senegal and Africa as a whole.

He lauded the entrepreneurial and philanthropic activities of the frontline businessman and said, the highest civilian award in Senegal, the National Order of the Lion Award, was bestowed on Dangote, in recognition of the successful partnership between Senegal and the Dangote Group.

In the same vein, the Federal Government, of Nigeria also commended Dangote for enhancing Nigeria’s reputation across Africa. Counsellor/Head of Chancery at the Nigerian Embassy in Dakar, Musa Abdulqadir made the commendation while speaking on Friday at the conferment of the Commander of the Order of the Lion on Aliko Dangote by the Senegalese President, His Excellency Macky Sall.    

He said that Dangote Cement is regarded as having the best quality in the Senegalese market, which has helped to create a favourable perception of Nigeria in the country. According to him, Dangote Cement has become a household name, which has rebranded Nigeria and Nigerians in Senegal and proves that quality goods can be produced by Nigerian companies.

In his acceptance remarks, Dangote urged African investors to scale up their investments in the continent, reiterating that “only Africans can develop Africa as they understand the continent better than foreigners.” He said they should consider it a patriotic duty to continue to invest in Africa, especially in the manufacturing sector. He stated that this vision has propelled Dangote Cement to become Africa’s leading cement producer with 52.0Mta capacity across the continent while effectively eliminating Nigeria’s dependence on imported cement.

Dangote, who commended the government and good people of Senegal for the award, described it as a clarion call to spearhead Africa’s rapid industrialisation.  “I regard this award as a call to do more in terms of investments across Africa as appreciating the efforts of African investors in creating value across the continent will spur them to do more. There is an urgent need to move Africa from the export of raw and unprocessed materials and a net importer of finished goods to self-sufficiency in the manufacturing of goods where the basic inputs are available,” he said.

According to him, the decision to invest in Senegal is part of Dangote Group’s Pan-African vision of creating value and providing thousands of direct and indirect jobs. Dangote who called on African entrepreneurs to invest in other African countries said, “Our cement plant in Pout, Senegal is one of our leading success stories across Africa. It is contributing to the Senegalese economy in taxes, direct and indirect jobs, and a boost of ancillary sectors such as block-making, and building projects, among others. The plant has also contributed to the welfare of its host communities with several corporate social responsibility projects.”

Recall that Dangote had earlier been conferred with the Commander of the National Order of Valour of the Republic of Cameroon, the Grand Commander of the National Order of the Republic of Benin, and Commander of the Order of Merit of Niger. He was also honoured with the Grand Commander, Order of the Niger (GCON) by the Nigerian Government. 

By

Ayobami Adedeji Business 2024-02-05

United Bank for Africa (UBA) Plc, has continued to elevate its global standing, coveting several prestigious international awards, signaling the Bank’s continuous contributions to the economic development of Africa.

The recognition of the bank's outstanding performance reaffirms its status as a leading player in the financial industry with critical financial intermediation, project financing, trade facilitation and advisory  in Africa and beyond.

UBA emerged Global Finance’s Best SME Bank for 2023 in Nigeria, Ghana, and Mozambique, awards that spotlight the bank’s continuous resolve towards supporting small and medium scale businesses which is the life of any growing economy.

Also, the bank, with presence in 20 African countries won the 2023 FMDQ Gold Awards in three key categories of Money Market Liquidity Provider; FX Market Liquidity Provider and Dealing Member of the Year, while UBA was also named as Global Finance’s Safest Bank in Senegal 2023.

Responding to the FMDQ Group Awards, the Group Chairman, Mr. Tony O. Elumelu (CFR) said “this recognition is a testament to UBA’s impressive capital strength and capacity to provide liquidity to African financial markets even in the face of harsh economic realities, our market knowledge, dedication to customer services and the trust of our clients.”

Continuing on the global scene, UBA Ghana clinched the World Business Outlook Awards for 2023 as the Best Banking Services Provider Ghana 2023; Leading Financial Services Institutions Ghana 2023 and the Banking CEO of the Year Ghana 2023 which was won by Mr. Chris Ofikulu, the then CEO of UBA Ghana. 

Earlier, the bank was highly celebrated as it clinched nine prestigious awards including the highly coveted Bank of the Year Africa 2023 at The Bankers Awards 2023, organised by The Banker Magazine - a publication of Financial Times of London, the world’s leading business newspaper. UBA’s subsidiaries in eight countries including: Cameroon, Chad, Ghana, Cote d’Ivoire, Mozambique, Republic of Congo, Sierra Leone, and Tanzania, underscoring the bank’s dominance and impact across diverse African markets.

UBA’s Group Managing Director, Oliver Alawuba, who received the awards on behalf of the bank, expressed his gratitude and excitement about the awards, and said the recognitions come as a reassurance that the bank is on track in its goal at consolidating its leadership position in Africa, as it continues to create superior value for its stakeholders. 

"UBA is honoured to be named the Bank of the Year in these eight countries and to receive the overall Award for Africa. This accomplishment is a testament to the hard work, dedication, and innovative spirit of the entire UBA team. We remain committed to delivering top-notch banking services that positively impact the lives of our customers across the continent.

Speaking about UBA’s consistent excellence in the financial services sector across the continent which has earned the bank great accolades overtime, Editor of the Banker, Joy Macknight, said that as always, UBA remains a clear winner across a wide range of criteria, having performed impressively across its footprint with a strong financial performance across most of its markets.

“In a year of strong competition among the continent’s major banking groups, UBA has gained the edge on its rivals to win the Bank of the Year award for Africa for the third time in five years. Congratulations. The award recognises the bank’s strength across Africa, including many of its most competitive markets,” Macknight stated.

Only recently, UBA joined companies with N1trillion capitalization having seen its shares grew by over 260% since the beginning of 2023. UBA’s N1tn market capitalisation mark comes amidst the bank’s share being named as the highest performing stock in the banking sector in 2023, which underscores the bank's robust growth trajectory and unwavering market confidence.

By

Ayobami Adedeji Business 2024-01-22

BlackRock, the biggest asset management company in the world, has said it is buying Global Infrastructure Partners, a company founded by Nigerian investment banker Adebayo Ogunlesi, in a $12.5bn deal.

According to a statement released on Friday, Blackrock is to pay $3bn in cash and offer Ogunlesi and five other co-founders of Global Infrastructure Partners 12 million shares in Blackrock, thus making them the second biggest shareholders in the global asset management giant.

BlackRock said it would also appoint Ogunlesi, GIP Founding Partner, chairman and CEO, to the board at the next scheduled board meeting after the close of the deal.

“The combination of GIP with BlackRock’s highly complementary infrastructure offerings creates a comprehensive global infrastructure franchise with differentiated origination and asset management capabilities,” the statement said.

BlackRock said GIP’s acquisition aligns with the vision of Laurence Fink, its chairman and Chief Executive Officer, to transform the firm into a key player in the growing market for private and alternative assets.

It added, “The over $150 billion combined business will seek to deliver clients market-leading, holistic infrastructure expertise across equity, debt and solutions at substantial scale.

“Marrying the proprietary origination and business improvement capabilities of GIP and BlackRock’s global corporate and sovereign relationships provides a platform for diversified, large-scale sourcing to support deal flow and co-investment opportunities for clients. We believe bringing GIP and BlackRock together will deliver to clients the benefits of broader origination and business improvement capabilities.”

Commenting on the acquisition, Fink said the deal is “one of the most exciting long-term investment opportunities.”

Global Infrastructure Partners has $106bn invested in infrastructure, while Blackrock manages $10tn worth of alternative assets.

Ogunlesi,who hails from Makun,Sagamu,in Ogun state,is  an alumnus of King’s College Lagos and Harvard University, was chief client officer and vice chairman at Credit Suisse First Boston before leaving to start Global Infrastructure Partners.

His profile grew in Nigeria after Global Infrastructure Partners bought Gatwick Airport. The main assets of GIP, of which Ogunlesi is chairman, include Sydney, the Port of Melbourne, the Suez Water group, extensive green energy holdings, and a stake in a big shale oil pipeline.

Investment in infrastructure is considered an “alternative asset” class for traditional money managers like BlackRock.

The deal makes Blackrock the second-biggest private investor and manager of infrastructure in the world.

By

Ayobami Adedeji Business 2024-01-13

In a significant achievement, Seleem Adegunwa, the Managing Director of Rite Foods Limited, has been honored with the prestigious Inspirational Marketing Leader Award at the Nigerian Marketing Awards (NMA) 2023. The NMA, dedicated to recognising excellence in brand marketing in Nigeria, has highlighted Adegunwa's vibrant and innovative marketing approach that propelled Rite Foods Limited to a commanding position in Africa’s largest economy.

The Nigerian Marketing Awards, known for acknowledging marketing industry excellence and entrepreneurial innovation, bestowed upon Adegunwa the title of “Inspirational Marketing Leader of the Year” in its second edition. This recognition underscores his pivotal role in steering a wholly-Nigerian company to successfully compete with multinational competitors.

Under Adegunwa's leadership, Rite Foods Limited recently secured the “Highest Gainer Year-in-Year-Out for 2023” title in the “Top 50 Leading Brands Ranking in Nigeria.” Additionally, the company's flagship brands, Bigi and Fearless Energy Drink, received the “Most Innovative Carbonated Soft Drink Brand of the Year” and "Most Outstanding Energy Drink in Consumer Engagement,” awards respectively, at the 2023 BrandCom awards in Lagos.

With over 20 years of industry experience and an alumnus of Harvard Business School and Columbia University, Adegunwa has spearheaded the disruptive innovation at Rite Foods. His consumer-driven brand building strategies have propelled Rite Foods Limited to category leadership, particularly in the Carbonated Soft Drinks [CSD] sector.

Under Adegunwa's leadership, Bigi soft drinks [13 variants], Fearless Energy drinks, Rite and Bigi Sausages, including the high-in-demand Sosa Fruit Drink, have become category leaders from the stable of Rite Foods Limited.

Adegunwa's impact extends beyond business success to significant contributions to society through corporate social responsibility (CSR) initiatives. Rite Foods Limited's award-winning “Riteonthebeach” scheme, aimed at environmental preservation, has not only rid shoreline communities of plastic waste but has also funded scholarships for children in these areas.

In the realm of sports and entertainment sponsorships, Rite Foods Limited has supported events such as the Abeokuta Marathon, Ijebu Heritage Half Marathon, and the Nigerian Idol Seasons 6, 7, and 8, where emerging musical talents are discovered and nurtured. As Adegunwa continues to steer Rite Foods Limited to new heights, the company remains a beacon of success and innovation in the Nigerian food and beverage industry.

By

Ayobami Adedeji Business 2023-11-17

Unity Bank customers, Nmeregini Chukwuebuka and Sharif Yusuf Mohd have emerged as winners of 500,000 and 150,000 naira respectively in the ongoing Verve National Consumer Promo. 

Organized by payment processor, Verve Card Services Limited, the winners emerged in the August draw where other Unity Bank customers also won prizes including fuel vouchers, electricity payments, shopping vouchers, etc. 

The promotion, which started in August 2023, will run till January 2024. It presents an opportunity for all Unity Bank’s Verve cardholders, active and inactive, to win the different categories of prizes. However, customers are advised to activate their Verve Cards and increase their frequency of transactions across any transaction channels - POS, ATM and WEB in order to increase their chances of winning. 

To win as a Unity Bank Verve card holder, customers are expected to perform at least two additional transactions with their Verve cards every week, with a customer’s chance of winning increasing with the frequency of transactions.

Congratulating the Unity Bank winners, the Head of E-Business, Eghomware Iyamu commended Verve Card for organizing the promo which is intended to drive uptake of technology, e-banking and financial inclusion.

He expressed satisfaction with the partnership that exists between the organization and Unity Bank which has been mutually beneficial in terms of increased adoption of the cashless society, digital payment and convenient Banking.

Speaking further on the reward, Iyamu stated: "Unity Bank is happy to continue the issuance of Verve Card whilst the promo presents a unique opportunity for Unity Bank customers who transact with their Verve cards to enjoy substantial financial benefits in cash, vouchers and other gifts".

He added that “Verve Card also allows Unity Bank customers to take advantage of added security and convenience that comes with the Verve cards, which offers advanced security features, reducing the risk of fraudulent transactions; while providing customers with the convenience of making payments and withdrawals at numerous locations across the country.”

Mr Iyamu therefore invites customers of Unity Bank Plc to pick up and activate their Verve cards to enhance their overall banking experience.

As Nigeria’s top retail lender, Unity Bank values its customers and strives to offer them attractive incentives for their trust and patronage. This promo aligns with the bank's commitment to rewarding customer satisfaction and loyalty.   

By

Ayobami Adedeji Business 2023-10-17

United Bank for Africa (UBA) Plc, has held the maiden edition of its expanded Graduate Management Accelerated Programme(GMAP) where over 700 graduates were inducted into the UBA Tribe after a rigorous 6-month hands-on-work and learning experience.

The Chartered Institute of Bankers of Nigeria’s(CIBN) accredited programme and adopted from the globally recognized Graduate Training Programme, is aimed at building capacity of fresh graduates who are trained as professionals for accelerated career growth to leadership and key positions.

The graduands, from across its 19 African subsidiaries, completed an intense capacity-building programme, combining learning with on-the-job training experience, garnered while rotating across the bank departments and units.

The Chairman of UBA,  Tony O. Elumelu, who  spoke about the importance of prioritising human capital development, commended the robust programme that churned out bright and promising professionals, poised to take the bank to another level.

“It is important to develop platforms for people to grow. We would love to see our future CEO’s from this programme and I hope that the enthusiasm, excitement, and energy I see and feel in this room today translates into the greatness we anticipate so that this young bright professionals can help take UBA to the next level,” Elumelu said  

“UBA is giving opportunities to young Africans, by addressing unemployment on the continent. Employment of these large numbers of young people at this time explains the role our Bank is playing in engineering growth and development across Africa,” he said

Speaking at the event, Group Managing Director, Oliver Alawuba said that the Bank’s future is guaranteed considering the quality of the graduands produced and the commitment shown by participants over the course of the programme.

“I have observed, with pride, the dedication, resilience, and unwavering commitment shown by all participants of the GMAP program and delighted. The role of participants is pivotal in providing the much-needed resource required to make the participants of the programme successful as they kick-start their careers.”.

“In UBA, we give everyone equal opportunity to achieve their dreams, irrespective of age, tribe, gender, and background. the transformation of our dear continent, Africa, is very important to our vision. To achieve this mandate, we need believers, doers, and agents of transformation”. “Today, you have become an instrument that will transport our countries and continent to the new world order”, Alawuba said .

By

Ayobami Adedeji Business 2023-10-12

Management of Dangote Cement Plc has denied reports, in some online platforms that it has embarked on sales promotion and has further adjusted its prices.

In response to the misleading report, the Chief Branding and Communications Officer of the Dangote Group, Anthony Chiejina described the reports as mischievous, malicious, and false. He added that the Management has formally notified the law enforcement agents to track down, name, and shame the perpetrators of this devious and deceptive information.

He urged Dangote’s Cement customers and other stakeholders to continue patronising the high-quality cement brand and be careful of scammers, who are bent on defrauding them of their funds.

By

Ayobami Adedeji Business 2023-10-10

In a momentous event that promises to usher in new possibilities and collaborations, the arrival of Polish investors at the Abuja International Airport recently,was a sight to behold. As the plane touched down on Nigerian soil, the excitement in the air was palpable, setting the stage for a warm and memorable reception.

The Polish investors, representing a diverse range of industries, embarked on this journey with great anticipation,of a promising patnership. Their visit was aimed at exploring investment opportunities and establishing fruitful partnerships in Nigeria. Their selection of Nigeria as a potential investment hub speaks volumes about the country’s burgeoning economy and the attractive prospects it offers to foreign investors.

At the heart of this grand welcome were key figures from ZGM Investment Group, a leading Nigerian company known for its excellence in various sectors. The Director of Technical for ZGM, the Chairman of ZGM, and the Brand Communications Manager of ZGM played pivotal roles in orchestrating this warm reception.The commitment of ZGM ultimately showcased the spirit of collaboration that will shape the future between Nigeria and Poland.

By

Ayobami Adedeji Business 2023-09-29