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  • Elumelu Foundation entrepreneurs create 400,000 jobs, says Elumelu

    Elumelu Foundation entrepreneurs create 400,000 jobs, says Elumelu

    • 1,104 entrepreneurs for 2024 programme get $5,000 each
    • Coalition of African Entrepreneurs coming

    The Tony Elumelu Foundation (TEF) has trained over 1.5 million young African entrepreneurs who have created over 400,000 jobs across the continent, Founder, Tony Elumelu Foundation (TEF), Tony O. Elumelu, has said.

     He spoke on Friday during the announcement of the 1,104 selected TEF entrepreneurs for the 2024 entrepreneurship programme held at the United Bank for Africa (UBA) headquarters, Lagos.

     Elumelu said each of the selected 1,104 entrepreneurs for 2024 TEF Entrepreneurship Programme will get $5,000 non-refundable seed capital to support their businesses.

    He said beneficiaries have also received world-class business training, mentorship, coaching, and funding, in addition to lifelong access to the prestigious TEF Alumni Network.

    “To date, the Foundation has disbursed US$100,000,000 directly into the hands of young African entrepreneurs, who have, in turn, created over 400,000 direct and indirect jobs, contributing significantly to Africa’s economic growth and development. The Foundation has also provided capacity building support, advisory services, and market linkages to over 1.5 million Africans through its digital entrepreneurship-support platform, TEFConnect,” he said.

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     According to him, it is government’s function to  set the right environment for businesses to thrive, but the private sector should take the lead and take charge to ensure that such businesses succeed.

    Elumelu explained that having been an entrepreneur himself, he thought it right to help create more entrepreneurs for the continent and that is the driving force for the Tony Elumelu Foundation.

    He said the TEF plan is to democratise luck and create more businesses in Africa. “We are not targeting any sector, we just want people who can grow these businesses and lift the continent, that was what drove us to supporting these entrepreneurs,” he said.

     Continuing, Elumelu said: “My family thought there is no better way to celebrate my 61st birthday than announcing the 2024 beneficiaries of the TEF Entrepreneurship programme on my birthday. The selected 1,104 entrepreneurs will each receive a non-refundable $5,000 seed capital. We believe in spreading prosperity”.

    On the TEF Entrepreneurs for 2024, Elumelu said: “My advice to you is to continue to be positive about the future. We believe we should be a voice for economic empowerment for Africans. The $100 million TEF fund is from my family. But we now embrace partnerships in order to attract more people who will come together to support young Africans. We want to launch Coalition of African Entrepreneurs to empower more Africans ”.

    Also speaking, Co- Founder, Tony Elumelu Foundation, Dr. Awele Elumelu, said  the massive impact of the TEF Entrepreneurship programme is being felt across Africa.

    She said: “We knew what we wanted from the onset, and so far, it has been a decade of fulfilled promises. The 10th TEF Entrepreneurship programme beneficiaries will be supported to ensure they succeed. For those who were not selected, your journey is not over, you just have to work harder and success will be yours”.

    Speaking on the selection process,  Ernst & Young (EY) Partner, Damilola Aloba, said that during the 2024 selection process, 1,485 applications were received from Nigeria, 240 from Benin Republic and 825 from the rest of Africa .

    “The selection went through a very rigorous process.  We considered the feasibility of the business plans, market opportunity, financial standing of the entrepreneurs, scalability of the business, leadership and entrepreneurship skills. When these were received, we came up with 590 applications from Nigeria, 109 from Benin Republic and 405 from the rest of Africa,” Aloba said.

    Some of the past TEF Entrepreneurs which have grown to become big businesses include Nkem Okocha, founder, Mama Moni, Nigeria; Innocentia Mamila, Founder Biodiesel, South Africa; Mohammed Dhoufi, Founder, Cure Bionics, Tunisia; Nonkhuede Kasonde-vanden broek, Founder, Zanya African Metrics, Zambia and Ayodele Ognin, Wurami Consulting, Benin Republic.

    Others include Ndubisi Eze, Ifedayo Durosinmi-Etti, Edmond Nonie, Maureen Amakabane, Farida Musa, Nkem Okocha, Rachael Aname, Agboeni Asode, Joel Cherup, Nze Biang, among others.

     The past TEF Entrepreneurs all said the 12-week TEF Entrepreneurship training and seed capital helped them to set business priorities, boost production, and expand their business operations.

  • Tinubu celebrates Tony Elumelu at 61

    Tinubu celebrates Tony Elumelu at 61

    • Hails Yeye Olufunke Daniel at 60

    President Bola Tinubu has celebrated business mogul and Chairman of HEIRS Holdings, Mr Tony Elumelu, as he marked his 61st birthday anniversary.

    Equally, the President also celebrated former Ogun State First Lady, Yeye Olufunke Daniel, on her 60th birthday anniversary

    In a statement issued Friday by his Special Adviser on Media and Publicity, Ajuri Ngelale, President Tinubu commended Elumelu for his industry and for his abiding faith in a greater Nigeria.

    “President Bola Tinubu extends his warmest congratulations to Africa’s ingenious business leader, Mr. Tony Onyemaechi Elumelu, CFR, on his birthday, today, March 22, 2024.

    “The President celebrates the foremost businessman and philanthropist, who chairs Heirs Holdings, Transcorp, United Bank for Africa, and is the founder of The Tony Elumelu Foundation.

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    “Commending Mr. Elumelu for his industry and the uncommon spirit of excellence that governs the entirety of his enterprise, President Tinubu acknowledges the business leader’s streak of genius in driving investments, creating opportunities for Africa’s ebullient youths, and providing them with the support they need to soar.

    “The President thanks Mr. Elumelu, who was named on Time’s list of 100 most influential people in the world in 2020, for his steadfast trust and faith in the certainty of a greater Nigeria and for always projecting the best of our great nation.

  • Heirs Energies remains dominant in Africa’s energy market, says Elumelu

    Heirs Energies remains dominant in Africa’s energy market, says Elumelu

    In indigenous integrated energy company, Heirs Energies, has marked its three years of operation with its production hitting 40,000 barrels a day.

    Heirs Energies Chairman Tony Elumelu said the company remained dominant in Africa’s energy market.

    He noted that with its strong focus on innovation, environmental responsibility, and community development, Heirs Energies was leading in the evolving energy landscape, contributing to a more prosperous Africa.

    Elumelu expressed excitement at the speed the company was meeting Africa’s energy needs while reflecting on his vision for the organisation.

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    He said: “As someone from the Niger Delta, I had seen firsthand how Nigeria’s resource wealth can be mishandled. The energy sector was an industry that had frankly not served Nigeria’s interest.

    “I knew Nigeria could do better and control her destiny. My vision was to build Africa’s largest indigenous-owned integrated energy company, focused on Africa’s unique energy needs. As I look back now, we have more than succeeded.”

    Heirs Energies was launched in January 2021, following the completion of an eight-year $1.2 billion transaction for the acquisition of oil licence OML17 from the Shell Petroleum Development Company of Nigeria Limited, Total E&P Nigeria Limited, and ENI, and solidifying the joint venture partnership with the Nigerian National Petroleum Company Limited (NNPCL).

    In a statement marking its third anniversary, the company said it had implemented a track record of significant production increases, pioneered a new model of community engagement and built a world class Nigerian management team.

    These milestones, it said, had contributed to a new phase in Nigeria’s sustainable energy future.

  • Elumelu rallies global leaders on climate action for Africa

    Elumelu rallies global leaders on climate action for Africa

    Founder, Tony Elumelu Foundation and Chairman, United Bank for Africa Plc, Tony Elumelu has convened a meeting of global leaders at the ongoing COP28 in Dubai to discuss climate action on Africa.

    The event presents opportunity for Elumelu to  secure commitments from World Trade Organisation, World Bank, UNDP, Government of Sweden, IFC, US State Department, and others to energise Africa’s youth in driving climate resilience.

    At a series of events across COP28, Elumelu delivered a single message to world leaders:  Africa needs to be heard, Africa’s future is the world’s future and the continent that is most impacted by and the least contributor to climate change, needs our attention.

    With African youth set to make up one third of global population later this century, the future of Africa’s youth, entrepreneurial, ambitious, resilient, needs to be given the highest priority.

    He offered the infrastructure and experience of his own Foundation’s 10 year $100 million entrepreneurship programme to partners, to catalyse a further generation of African entrepreneurs; entrepreneurs who can address climate change and drive the broader wealth creation that Africa requires. 

    Reaching and funding young entrepreneurs in every African country, the Elumelu approach of sector agnostic seed funding, mentoring, and networking has delivered robust impact.

    The annual COP UN Climate Change Conferences unites the world to assess progress in combatting climate change.  Elumelu is one of Africa’s leading advocates for an equitable agenda for climate action and through the Tony Elumelu Foundation has empowered thousands of green entrepreneurs, shaping a more sustainable future for Africa.

    The Tony Elumelu Foundation, in partnership with the United Bank for Africa (UBA), hosted a high-level session, bringing together Africans, and key players in the Gulf, Europe, and Americas, where UBA operates. The gathering underscores the urgent need for innovative approaches to climate adaptation and mitigation, while fostering sustainable development, and bringing attention to Africa’s unique position.

    Speakers included Dr. Okonjo Iweala, Director General, World Trade Organization; Ahunna Eziakonwa, Assistant Administrator and Regional Director for Africa, UNDP, Kevin Frey, CEO, UNICEF Generation Unlimited; Sergio Pimenta, VP Africa, IFC; Wendy Teleki, Head of the Women Entrepreneurs Financial Initiative, World Bank; Adam Wang-Levine, U.S. Deputy Assistant Secretary for Climate; Joseph Nganga, Vice President, Global Energy Alliance for People and Planet, Rockefeller Foundation; Hassan Al Hashemi, VP International Relations, Dubai Chambers; Serge Ekué, Chairman, West African Development Bank (BOAD); Muyiwa Akinyemi, Deputy Group Managing Director, United Bank for Africa; and Mattias Frumerie, Swedish Climate Ambassador and Head of Delegation, UNFCCC.

    Read Also: JUST IN: Shettima meets Dangote, Elumelu, others at Presidential Villa

     “Addressing climate change is the paramount challenge of our era.  The urgency is unmistakable.”  Elumelu stated.  “It is critical that Africa, as a continent, and African voices, play a key role in global climate conversations, as meaningful participants, and no longer as bystanders.

    Africa is least responsible and is disproportionately impacted by climate change.  I am investing in a generation of green entrepreneurs, and we are extending the hand of partnership, so that others can benefit and use the infrastructure and platform we have created to reach entrepreneurs across Africa.”

    Elumelu represented the African private sector at the 2023 New Global Financing Pact in Paris at the invitation of French President Emmanuel Macron, and the Climate Finance Mobilisation Forum in London, at the invitation of King Charles III of the United Kingdom and U.S. President Biden.

    At the 78th United Nations General Assembly (UNGA78) in New York, the Tony Elumelu Foundation (TEF) launched a first-of-its-kind Green Entrepreneurship Programme, the #BeGreenAfrica Initiative, in partnership with the IKEA Foundation, Dutch Government and UNICEF GenU, to support green entrepreneurship and youth development.

    Tony Elumelu Entrepreneur from Madagascar in the green economy, Marie-Christiana Kola, shared a compelling impact story.  “As a beneficiary of the Tony Elumelu Foundation Entrepreneurship programme, I was able to create a recycled and 100 per cent biodegradable hand soap made with waste cooked oil – the number one water polluter of water in African urban cities.

    “These soaps do not only protect the environment, but they are also solidarity soaps.  I was also able to attend the COP27 conference in Egypt, where I won the Innovation Prize.  Today, I have employed over 30 people because of the Tony Elumelu Foundation.”

    Speaking at the TEF #COP28 high-level event, Dr. Okonjo Iweala, WTO D-G, stated, “I am proud of what my brother, Tony Elumelu, has done in empowering and inspiring so many young entrepreneurs.  We have no choice; the future is green.  The future of growth is two things – it is green, and it must be inclusive. I am very interested in partnerships with organisations like TEF.”

  • Elumelu mulls N50b capital base for insurance sector

    Elumelu mulls N50b capital base for insurance sector

    • As stakeholders rue sector’s poor contribution of less 5% to GDP

    Worried by the not so impressive outlook of the nation’s insurance subsector, Tony Elumelu has suggested a capital base of between N20-30b for the operators, stressing that this would bring them to global reckoning.

    Elumelu, Chairman at Heirs Holdings, was the keynote speaker at the just concluded National Insurance Conference organised by National Insurance Commission (NAICOM) in Abuja.

    The conference with the theme, ‘Redefining Safety – Insurance Solutions for Public Buildings and Buildings under Construction” drew participants especially from  insurance professionals and allied business stakeholders to discuss the way forward.

    While addressing the packed audience, Elumelu stressed the need for a paradigm shift in the way things are being done in the sector in line with global best practices.

    Specifically, he said life insurance companies should have a capital base of N20 billion, while non-life insurance companies should have N30 billion.

    Additionally, he proposes the consolidation of operators with a capital base of N50 billion.

    To drive industry awareness and promote growth, Elumelu advocates for a mandatory contribution of 0.5% of total revenue from all insurers for a period of five years. This funding would be dedicated to initiatives that enhance industry awareness and education.

    Another area that requires attention, according to Elumelu, is the capital base of insurance brokers.

    He recommends raising their capital base to N1 billion, which would strengthen their ability to provide quality services to clients.

    Speaking earlier in his welcome address, the Commissioner for Insurance Olorundare Sunday Thomas said the conference is only one out of numerous efforts of the Commission at creating the needed awareness of the general public of compulsory insurances just as it uses the platform to strengthen collaboration with relevant government and non-government agencies and other stakeholders.

    “This is being done to ensure that enforcement of all classes of compulsory insurances across the country are carried effectively.”

    Read Also: Leading by example: Tony Elumelu’s leadership principles

    While highlighting NAICOM’s strategic thrusts for the next decade (2024-2033), Thomas this becomes inevitable in its quest to transform the regulatory environment, promote insurance awareness and adoption, broaden insurance product offerings, enhance digitalisation, deepen the industry’s talent pool and capabilities, and support Nigeria’s economic transformation and sustainability agenda.

    By implementing these strategic initiatives, NAICOM Thomas said, “is committed to making the Nigerian insurance industry a vibrant and inclusive sector that plays a key role in the country’s economic development.

    “To achieve the desired transformation, the insurance industry can take the following specific steps: Insurance companies should invest in digital technologies to enhance the customer experience and reduce costs. This involves creating online platforms for customers to purchase and manage their insurance policies, as well as utilising data analytics for improved underwriting and claims management.

    “Before the transformation kicks in it is pertinent to see how the insurance industry has performed so far. Industry premium income grew at an average of 13.6 percent between 2014 and 2022, from N282 billion to N726.2 billion. The total assets of the sector grew at an average of 12 percent for the same period, from N827.5 billion in 2014 to N2.33 trillion in 2022.

    “The insurance industry should aim to cultivate a more diverse workforce that reflects the demographics of Nigeria. This will help gain a better understanding of customer needs and make the industry more attractive to potential customers.”

    This foregoing outlook, stakeholders warned, palls into insignificance compared to the enormous funding gap in the sector, a development they argued is largely a result of the low insurance penetration in the country.

    Insurance sector is said to contribute just a meagre 5 percent to Nigeria’s national GDP which is seen as one of the worst contributors to GDP in the African continent, especially compared to similar countries in the East and Southern Africa, including Kenya, Uganda and South Africa.

  • Encomiums for Elumelu as leaders urge more partnerships on African entrepreneurship

    Encomiums for Elumelu as leaders urge more partnerships on African entrepreneurship

    A gathering of prominent global leaders, including Nigeria’s President Asiwaju Bola Ahmed Tinubu, Lagos State Governor Babajide Sanwo-Olu, representatives from the United Nations Development Programme (UNDP), the United Nations Children’s Fund (UNICEF), as well as numerous leaders from the public and private sectors, came together to commend the exceptional contributions of Tony Elumelu, Founder of the Tony Elumelu Foundation (TEF), to youth development and entrepreneurship in Africa.

    These distinguished leaders expressed their admiration for Tony Elumelu, who also serves as the Chairman of United Bank for Africa (UBA) Plc, recognizing his unwavering commitment to youth empowerment, his advocacy for entrepreneurship, and his dedication to the growth of Small and Medium Scale Enterprises (SMEs) across the continent.

    These accolades were bestowed upon Tony Elumelu during the TEF-UNDP Breakfast Roundtable meeting, held on the sidelines of the ongoing 78th United Nations General Assembly (UNGA) in New York.

    This gathering also served as the platform for the launch of the Tony Elumelu Foundation (TEF) Impact Report titled “The Tony Elumelu Foundation Entrepreneurship Programme: A Decade of Impact.”

    President Bola Tinubu, represented by the Minister of Industry, Trade and Investment, Doris Uzoka-Anite, urged other capable Africans to follow in the footsteps of Tony Elumelu by investing in youth empowerment.

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    She stressed the importance of ensuring that the continent becomes self-reliant and no longer depends on foreign donors, highlighting Tony Elumelu’s role in driving investments, supporting SMEs, and promoting youth entrepreneurship and start-ups.

    Sanwo-Olu, in agreement with the minister, recognized Tony Elumelu’s efforts in empowering and building the youth.

    He noted that these efforts align perfectly with Lagos state’s initiatives for economic empowerment and poverty reduction.

    Ahunna Eziakonwa, UNDP’s Assistant Secretary-General and Director of the Regional Bureau for Africa, expressed her immense inspiration by Tony Elumelu’s vision for African youth.

    She emphasized the shared passion between UNDP and Tony Elumelu in promoting human development and providing opportunities for individuals to shape their destinies.

    Eziakonwa explained the reason behind UNDP’s continued partnership with TEF, highlighting the potential impact of having 10 individuals like Tony Elumelu each investing $100 million in young people over the next decade.

    She stressed the tremendous success achieved on the continent with limited investment and envisioned the continent’s unstoppable potential if such efforts were multiplied.

    She assured participants of UNDP’s continued excitement about partnering with TEF and the intention to elevate this partnership to new heights, emphasizing their commitment to this cause.

    The meeting provided a platform for global leaders to engage in discussions on critical global issues. Among the participants were the Representative of the President of Rwanda, Paul Kagame, the Chief Executive Officer of Generation Unlimited, UNICEF Kevin Frey, and many others. They all concurred that Tony Elumelu’s achievements and his passion for youth empowerment deserved unequivocal recognition.

    In his presentation, Tony Elumelu commended all partners, including UNICEF, UNDP, and UBA, acknowledging UBA’s significant support. He reminded the audience of the inception of TEF seed capital funding, emphasizing its roots in his vision to effect change in Africa using African solutions.

    Tony Elumelu articulated the collective goal: “to see young entrepreneurs in Africa build sustainable businesses for themselves and generate viable green jobs, so that our young ones are not left behind in the inevitable green economy that the world will transition to.”

    He passionately called for increased collaboration to prioritize young Africans, foster economic activities, and alleviate poverty. He emphasized the importance of the beacon lit by TEF and the need for it to shine even brighter with the support and collaboration of everyone. He stressed the urgency of providing economic support to young Africans, addressing the impact of climate change, and ending the migration and hardships faced by the continent’s youth.

  • Sanusi, Elumelu, Saraki, others in New York for UNGA 78

    Sanusi, Elumelu, Saraki, others in New York for UNGA 78

    Former Emir of Kano, Sanusi Lamido Sanusi; Group chairman, Heirs Holdings, Tony Elumelu; wife of the former Senate President, Dr. Toyin Saraki and a host of others have arrived for the 78th session of the United Nations General Assembly (UNGA) in New York.

    The theme of the UNGA is: “Rebuilding trust and Reigniting global solidarity: Accelerating action on the 2030 Agenda and its Sustainable Development Goals towards peace, prosperity, progress and sustainability for all.”

    Our correspondent also sighted some other eminent Nigerians including music artiste Yemi Alade; Disc Jockey (DJ), Florence Otedola, also known as DJ Cuppy; Popular poet and writer, Ms. Karimot Odebode; Special representative of the United Nations (UN) secretary general for Sustainable Energy For All (SEforALL) Damilola Ogunbiyi.

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    Sanusi attended a film screening: The Agreement, the making of the SDGs and a panel of discussion with UN Deputy Secretary General, Amina Mohammed.

    Yemi Alade also performed at the opening of the SDG Action weekend as GoodWill Ambassador for the UNDP.

    Elumelu also met with Liberia’s President George Weah while Dr. Toyin participated in SDG Action Weekend.

    UNGA 78 opened on Tuesday, 5 September, with the high-level debate beginning on Tuesday, 19 September.

    The 78th session also marks the half-way point to the deadline set for achieving the 2030 Agenda and the Sustainable Development Goals (SDGs).

    At the SDG Summit, on 18 and 19 September, leaders will review the implementation of the 2030 Agenda and the 17 SDGs.

    The General Assembly’s high-level debate runs from Tuesday 19 September to Saturday 23 September, and resumes for one day on Tuesday 26 September.

    The city’s Department of Transportation had issued a gridlock alert with extensive street closures from Monday through Friday.

  • Appeal Court reverses Elumelu’s victory in dispute over Rep seat

    Appeal Court reverses Elumelu’s victory in dispute over Rep seat

    • APC women rise for Onyejeocha in Abia
    • Tribunal reserves judgment in Umbugadu’s petition against Sule •Edo South LP senator’s victory upheld
    • Lar to appeal verdict nullifying her election

    The Court of Appeal in Abuja has set aside the July 24 judgment delivered by the National and State Houses of Assembly Election Petitions Tribunal in Asaba which declared Ndudi Elumelu of the Peoples Democratic Party (PDP) the winner of the February 25 election for Aniocha/Oshimili Federal Constituency of Delta State.

    The appellate court, in two judgments yesterday, declared Ngozi Okolie of the Labour Party (LP) winner of the election.

    The court upheld the arguments by LP’s lawyer Mahmud Magaji (SAN) that, as against the finding of the trial tribunal, Okolie was duly nominated and sponsored by his party.

    It also held that Okolie resigned his appointment as a Senior Special Assistant (SSA) to Delta State government within the required period as provided in Section 66(1)(f) of the Constitution.

    A three-member panel of the court, led by Justice Mohammed Shuaibu, resolved all the issues identified for determination against Elumelu and the PDP.

    The judge dismissed Elumelu’s and PDP’s petitions and awarded N100,000 cost against them.

    Read Also: BREAKING: Appeal Court reverses Elumelu’s victory in dispute over House of Reps seat

    Also, All Progressives Congress (APC) women from the 17 local government areas in Abia State yesterday protested in Umuahia, the state capital, the alleged attempt to use the Court of Appeal to overturn the election victory of the Minister of State for Labour and Employment, Nkeiruka Onyejeocha.

    The women, who chanted pro-APC and Onyejeocha solidarity songs, carried placards with various inscriptions.

    The peaceful protesters were led by the APC Aba Central State House of Assembly candidate in the 2023 general election, Lady Jane Ogbauta.

    The women said they had planned the march in Abuja but learnt that the party’s National Welfare Secretary, Donatus Nwankpa, was in the state.

    Lady Ogbauta said they had learnt that some people were planning to use the Court of Appeal to overturn the tribunal victory of Onyejeocha.

    The women, who protested on the aegis of Asiwaju Super Women With Onyejeocha, described the victory of President Bola Ahmed Tinubu and Onyejeocha at the election petitions tribunal as a true reflection of the people’s trust in both of them.

    They berated what they called sponsored protest against Onyejeocha in Abuja by those they said were afraid of her political sagacity.

    In Nasarawa State, the Governorship Election Petitions Tribunal yesterday reserved judgment in the petition filed by the candidate of the PDP, David Umbugadu, against the re-election of Governor Abdullahi Sule of the APC.

    The three-member panel, led by Justice Ezekiel Ajayi, said the date for the judgment would be communicated to parties.

    Also, the National/State Houses of Assembly Election Petitions Tribunal in Benin, the Edo State capital, yesterday affirmed the election of Edo South senatorial candidate of the LP, Senator Neda Imasuen.

    The PDP candidate, Matthew Iduoriyekemwen, and his party, challenged Imasuen’s victory in the February 25 poll.

    The petitioners sought the nullification of Imasuen’s victory for alleged non-qualification, over-voting, corrupt practice, non-compliance with the Electoral Act by the INEC, and his nomination by LP.

    The Justice Yusuf Mohammed-led three-member tribunal dismissed the petition for lacking in merit and incompetent.

    In the over three-hour judgment, the tribunal insisted that the allegations of non-qualification, and party nomination or sponsorship for an election were pre-election matters that could only be addressed by a Federal High Court.

    It said the petitioners also failed to prove that the LP senator did not score the majority of valid votes cast in the poll.

    Also, the National Assembly Election Petitions Tribunal sitting at the Tafawa Balewa Square (TBS) in Lagos has declared as inconclusive the election that produced Thaddeus Atta of the LP as the elected representative for Eti-Osa Federal Constituency.

    The tribunal ordered the INEC to withdraw the Certificate of Return it issued to Atta.

    It also ordered INEC to conduct a supplementary election within 90 days in 33 polling units where it found that elections did not hold.

    Also, a Federal lawmaker, Beni Lar, has said she would appeal the nullification of her election victory by the National Assembly Election Petitions Tribunal sitting in Jos, the Plateau State capital.

    Lar had won her re-election to represent Langtang North/Langtang South Federal Constituency, but the tribunal ruled that she did not win the election.

    The lawmaker claimed that three parties – the APC, PDP, and the Social Democratic Party (SDP) – were the front runners in the election in which several others also took part.

    According to her, she won with 42,008 votes, while APC’s candidate, Vincent Bulus, had 21,345 votes and the SDP’s Solomon Dalung had 3,369 votes.

    Lar vowed to appeal the judgment.

  • Private sector lauds Tinubu on reforms as president meets Elumelu

    Private sector lauds Tinubu on reforms as president meets Elumelu

    President Bola Tinubu on Tuesday, August 29, receive more commendations from the private sector for his policy decisions on the country’s economy since he assumed office.

    The chairman of HEIRS Holdings and Transcorp PLC, Tony Elumelu, delivered the private sector’s commendation of the president while speaking with journalists after a private meeting with President Tinubu at the Presidential Villa, Abuja.

    Elumelu acknowledged that the president had taken good decisions in the interest of the country, saying the private sector had been encouraged by the steps taken so far.

    According to him, all done by Tinubu so far had been in the interest of all Nigerians, especially women and the youths, saying that in the long run, Nigeria will benefit from it all, imploring citizens to be patient with the President.

    Read Also: Tinubu’s economic reforms: NPA, Customs pledge full support, to create employment for youths

    He said: “The private sector is encouraged with the bold decisions President Bola Ahmed Tinubu has taken and we hope that in the fullness of time, Nigerians will benefit from it because it’s all about the Nigerian people, it’s all about our youths, it’s all about making sure our women are involved and empowered.

    “It’s all about making sure our youths get jobs and I think Mr President has this at the back of his mind and I believe, as a private sector person, that the actions and the decisions the President is taking now will help our people in the long run.

    He appealed to Nigerians to be more patience with the President and the ongoing process, saying “a bit of patience, you know Rome was not built in a day.”

  • Overhaul finance curriculum, Elumelu urges schools

    United Bank for Africa (UBA) Group Chairman, Mr Tony Elumelu has called for the overhaul of the finance training curriculum to reflect current technological influences.

    Elumelu, while delivering the Guest Lecture of the Faculty of Management Sciences, Lagos State University (LASU) titled: “The future of finance – Technology at play” on Wednesday, said it was not enough for tertiary institutions to train students in the techniques of traditional accounting without exposing them to realities of technological influences on accounting practice.

    The entrepreneur, who was represented by the bank’s Executive Director, Lagos West, Ayoku Liadi, said: “The academia needs to graduate from imparting traditional technical accounting and finance skills to embracing modern technologies in the delivery of both technical and soft skills needed to build a global finance professional of the future.

    “I am not certain if the finance and accounting graduates of today are familiar with modern financial software packages, including global accounting and financial reporting standards. Have they been imbued with ready-to-market soft skills like leadership, communication, commercial acumen, flexibility/openness to change and strategic vision?

    “If not, I will like to propose an overhaul of the curriculum to accommodate these. The academia should go beyond churning out finance and accounting graduates on a yearly basis to building ready-to-market finance professionals thoroughly equipped for modern finance functions.”

    Elumelu, who is also the founder of Tony Elumelu Foundation, which supports entrepreneurship startups across Africa, said with technology replacing basic financing, the finance professional that would excel in the future must be quick to retool and adapt to changes.

    “Traditional knowledge of finance is getting stale in today’s business world and indeed there is dire need for retooling our skills if we must remain relevant n tomorrow’s financial world. Technology is fast replacing the basics of finance. Financial reporting is increasingly being automated, just as data analytics is demystifying performance analysis. Tomorrow’s finance professionals must have capabilities for business intelligence and cognitive analysis. We must apprise ourselves of the most recent technology and continue to retool our skills to remain relevant today and into the future,” he said.

    Chairman of the occasion, Dr Rotimi Oladele, the Executive Secretary, Institute of Entrepreneurship, praised Elumelu for his contribution to entrepreneurship in Africa, describing him as a global brand of the rarest value.  He said LASU would benefit from its collaboration with the entrepreneur.

    “No doubt, Tony Elumelu is not just a Nigerian of rare value to Nigeria, but a Premium African of rarer value and of course a Global Brand of rarest value. Tony Elumelu today as an ultrapreneur is known all over for breeding entrepreneurs and start-ups in thousands and with millions of dollars ceaselessly in support for sustainability.

    “We believe LASU partnering with Elumelu could be the best testimonial of a befitting support to the most multi-cultural and multi-tribal university in Nigeria. The profile of LASU staff and studentship speak for this fact,” he said.

    The LASU Vice-Chancellor, Prof Lanre Fagbohun, represented by the Deputy Vice Chancellor, Prof Oyedamola Oke, thanked UBA for its support and sponsorship.

    Highpoint of the event was the investiture of the Vice-Chancellor, guest speaker, and Dean, Faculty of Management Sciences, Prof B. Yusuf as Fellows of the Institute of Entrepreneurs of Nigeria.