The Nation Newspaper

Tag: Tony Elumelu

  • Elumelu to IMF: provide alternatives to China loan

    Chairman of Heir Holdings, Tony Elumelu on Friday asked the International Monetary Fund (IMF) to provide other alternatives followings its warning to Nigeria to avoid China loans.

    Financial Counsellor and Director of the IMF’s Monetary and Capital Markets Department, Mr. Tobias Adrian, during the launch of the Global Financial Stability Report for April on Wednesday at the IMF/World Bank meetings in Washington D.C, United of America warned countries to make sure that when they borrow from abroad the terms are favorable.

    “In particular, we recommend that loans to countries should conform with Paris Club arrangements and that is not always the case of loans from China,” the IMF chief said.

    But Elumelu disagreed with IMF advice, saying nature abhors vacuum and so the IMF, World Bank and other development partners to provide alternatives that will create jobs.

    Elumelu, who was on a private visit to the State House, said: “My position is that nature abhors vacuum.

    “If you do not want Nigeria to take China loan, provide the alternative. Like I keep saying they should also support the development of entrepreneurs, they should look at ways to help us eradicate poverty in a manner that is sustainable.

    “For me, one of the surest ways to eradicate poverty is to ensure that our youths are gainfully employed through entrepreneurship.

    “Also to make sure that development agencies – IMF, World Bank and co help and support Nigeria to improve on her infrastructure, road transportation, access to electricity.

    Read Also: Elumelu seeks PPP to drive Africa’s economic growth

    “These are things that will help us improve on security in Nigeria. These are things that will help us increase prosperity through employment which is the most important thing. So, the advice is good but nature abhors vacuum.”

    Advising on the Next Level, Elumelu said it was time to work.

    “On the economy and the next level, let us just continue in what we are doing, improve on them, increase capacity.

    “I operate in the power sector, we are the biggest generator of electricity in Nigeria through Transcorp power and I know first hand what efforts government is doing.

    “But we need to do more, we need to convert gas to power, we need to compliment what is going on already in agric space and as you know there is peace and prosperity in that sector but we need to add a little zeal to it to be able to attract investors.

    “I think the elections are over and we need to move forward as a team, as a country so that our people will be better for it.”

  • Tony Elumelu, Wizkid hang out in a photo

    Nigerian singer and songwriter, Ayodeji Balogun a.k.a Wizkid was spotted in a photo hanging out with Tony Elumelu, the Founder of Tony Elumelu Foundation.

    The News Agency of Nigeria (NAN) on Tuesday reports that Wizkid was ranked 5th on Forbes and Channel O’s 2013 list of the Top 10 Richest/Bankable African Artists.

    In February 2014, Wizkid became the first ever Nigerian musician to have over 1 million followers on Twitter.

    He became the first Afrobeats artist to appear in the 2018 Guinness World Records for his contribution to Drake’s hit song “One Dance”.

    Also, Elumelu is a Nigerian economist, entrepreneur and a philanthropist and Chairman of Heirs Holdings.

    The duo were spotted in a photo hanging out together and it has been the most talked about photo on social media.

    In the photo, the two were seen hanging out together and all relaxed probably sharing a joke as they look at their phones.

    Wizkid took to his Instagram page @wizkidayo where he posted the photo and captioned it with a message which sounded like good news.

    “UBA X Starboy 2019!! Thank u @tonyoelumelu! #AfricasGlobalBank!   #DoneDeal!” he wrote.

    NAN reports that, it was not clear what this means for Wizkid’s future and that of UBA, but it looks like your favourite celebrity might have signed a deal. (NAN)

  • Elumelu advocates award of degrees by Nigeria Polytechnics

    The Chairman, Transcorp Nigeria Plc, Mr Tony Elumelu, on Wednesday urged the Federal Government to empower Nigerian Polytechnics to commence the award of Bachelor of Technology degrees.

    Elumelu, represented by Mr Ayoku Liadi, Executive Director, UBA Plc, said this at a public lecture to commemorate the 40th Anniversary of the Lagos State Polytechnic (LASPOTECH), in Ikorodu.

    The topic of the lecture was: “Repositioning Technical Education For Technological Development And Food Security’’.

     

    He said that the initiative would not only attract more qualified students to vocational education but would also encourage the exchange of qualified lecturers and instructors between the two systems.

     

    Elumelu, who is also Chairman of UBA Plc, noted that the neglect of technological education had become socially and economically injurious because it was robbing the nation of the contributions such graduates could make to national development.

     

    “Technical and vocational education has continued to thrive in the East Asian nations and the industrialised countries because they have successfully introduced a future-oriented and technology-focused developments.

     

    “Nigeria and a significant number of African countries have, however, not been able to do so well for themselves in developing and harnessing this aspect of education,’’ he said.

     

    Elumelu decried that in Nigeria, too much emphasis was placed on University qualifications, not minding whether the holder possessed the required knowledge and skills, while in the advanced societies, those with technical degrees were highly regarded.

     

    He said this had resulted in a dearth of skilled technicians such as auto-mechanics, carpenters, bricklayers, laboratory and pharmacy technicians, electrical technicians, forensic, laboratory, and fingerprint technicians, among others.

     

    Elumelu said the worsening rate of unemployment and the shift in employment patterns in the country had necessitated a shift in focus from the traditional education system and the re-awakening of the importance of vocational education in manpower development and nation building.

     

    He listed the challenges confronting technical education in Nigeria to include: inadequate funding, use of obsolete equipment, inadequate and deteriorating facilities, poor library and research facilities, poor job opportunities, staff training and retention, and a poor curriculum for technical education, among others.

    Read Also: Elumelu Foundation to empower Young Entrepreneurs

     

    The UBA chairman, however, urged the government to urgently remove the dichotomy that existed between the universities and the technological institutions for manpower development and nation building.

     

    He advised that elaborate programmes should be mounted to ensure the general awareness for technological education in the citizenry and the allocation of adequate funds for the development of technical and vocational education.

     

    “Nigerian politicians and policy makers will do the nation a great favour if the foundation for a sound technological education is entrenched in the electioneering campaigns and it is consequently adjudged as one of the dividends of democracy,’’ he said.

     

    In his welcome address, Mr Samuel Sogunro, Rector, LASPOTECH, said the choice of the topic of the lecture was very apt as deteriorating situations in many parts of Africa, was becoming worrisome.

     

    “Evidence suggests that 80 per cent of Africans live on a daily income of less than two dollars, with half of this percentage struggling to survive on one dollar a day or even less,’’ he said.

     

    Sogunro noted that against the backdrop, all hands should be on deck to reposition education for technological development and food security in the country.

    In his remarks, Mr Obafela Bank-Olemoh, Special Adviser to the Lagos State Governor on Education, represented by Mr Samsudeen Allison, said the state government was responsive to the challenge of vocational and technological development.

     

    Bank-Olemoh said the government was doing this to provide adequate food and security for its over-increasing population, hence the partnership with Kebbi State for the production of Lake Rice.

     

    He said the government was also making efforts to acquire more land in other states, such as Ogun and the FCT, to give its farmers access to arable lands for more production of agricultural produce.

    The Special Adviser, however, congratulated the Polytechnic for its achievement in the past 40 years, as the celebration was a time for reflection into the past and to focus on a great future.

    NAN

  • Elumelu seeks passage of healthcare bill

    Chairman of Heirs Holdings Tony Elumelu has called for urgent passage of the healthcare bill into law to alleviate the health challenges in the country.

    Speaking during the inauguration of the Avon Dialysis Centre in Lagos yesterday, the Heirs Holdings boss said with a proper health insurance scheme, more people would easily access healthcare.

    He argued that passing the bill into law would give affordable healthcare to Nigerians, promote tourism and increase the enormous potentials in the sector.

    Elumelu lamented that less than five per cent of the population had signed up to the National Health Insurance Scheme (NHIS)

    He added: “We need the legislature to pass the bill, and that will change the health sector.

    “As more people cannot pay for medical services, hospitals cannot invest more.”

    The chief executive officer of Avon Medical Services Limited, Dr. Awele Elumelu, said Avon Dialysis Centre was a response to the increased rate of diabetes, as reports show Nigeria as having the highest number of diabetic patients in Sub-Saharan Africa.

     

     

     

  • Dangote, Otedola, others meet Theresa May in Lagos

    British Prime Minister, Theresa May, has arrived at FMDQ Security Exchange building, Victoria Island, Lagos, for a meeting with the Nigerian business community.

    The prime minister, accompanied by members of her trade delegation, arrived the venue at 6.30 p.m. on Wednesday.

    Alhaji Aliko Dangote, Mr Femi Otedola and Mr Tony Elumelu, among others, had earlier assembled at the venue.

    The meeting, expected to last for 40 minutes, would provide an opportunity for forging more bilateral relations between Nigeria and the United Kingdom.

    May had earlier on Wednesday afternoon arrived the Murtala Muhammed Airport (MMA), Ikeja, in Lagos after meeting President Muhammadu Buhari in Abuja.

    Read Also: Buhari, Theresa May meet in Aso Rock

    She is billed to spend time with victims of modern slavery during her brief stay in the nation’s commercial hub.

    The prime minister’s visit to Lagos comes barely eight weeks after the French President, Mr Emmanuel Macron, visited the African Shrine in Ikeja, Lagos.

    Gov. Akinwunmi Ambode of Lagos State, accompanied by his deputy, among other state officials, received the prime minister at the airport.

    After the reception, May was driven out of the airport to attend to her engagements in the state.

    After May’s meeting with President Muhammadu Buhari in Abuja, Nigeria and Britain signed agreements on Defence and Security partnership, among others.

    May’s visit to Nigeria is part of her tour of three African countries.

  • Buhari congratulates Elumelu’s mother at 90

    President Muhammadu Buhari sends warm greetings to the matriarch of the Elumelu family, Mrs Suzanne Elumelu, on her 90th birthday.

    President Buhari joins family and friends of the kind-hearted and loving mother of five, including Chairman of Heirs Holdings and Founder, The Tony Elumelu Foundation, Tony Elumelu, in celebrating the milestone, which is an evidence of God’s favour and grace.

    The President commends Mrs Elumelu, who is fondly called Mama, for her strength of character and entrepreneurial spirit in raising a strong and healthy family, and her advocacy for good education and investment skills for children and women particularly in the country.

    Read Also: Tony Elumelu plots shindig for mom

    President Buhari believes Mama’s life story of succeeding against the odds of early widowhood  serves as an inspiration to many, while her virtues of the fear of God, discipline, integrity, dedication and hard work will continue to resonate among the communities of the less privileged that she supports and regularly encourages.

    The President prays that God will grant Mama Elumelu, the Adadioranma of Onicha Ugbo, Delta State, longer life, filled with joy and good health.

     

  • Buhari greets matriarch of Elumelu family at 90

    President Muhammadu Buhari has sent warm greetings to the matriarch of the Elumelu family, Mrs Suzanne Elumelu, on her 90th birthday.

    President Buhari, in a statement by the Special Adviser on Media and publicity, Femi Adesina, joined family and friends of the kind-hearted and loving mother of five, including Chairman of Heirs Foundation, Tony Elumelu, in celebrating the milestone, which is an evidence of God’s favour and grace.

    He commended Mrs Elumelu, who is fondly called Mama, for her strength of character and entrepreneurial spirit in raising a strong and healthy family, and her advocacy for good education and investment skills for children and women particularly in the country.

    Read Also: Aisha Buhari donates to women in Daura

    The President believed Mama’s life story of succeeding against the odds of early widowhood serves as an inspiration to many, while her virtues of the fear of God, discipline, integrity, dedication and hard work will continue to resonate among the communities of the less privileged that she supports and regularly encourages.

    He prayed that God will grant Mama Elumelu, the Adadioranma of Onicha Ugbo, Delta State, longer life, filled with joy and good health.

  • Tony Elumelu plots shindig for mom

    CHAIRMAN of Heirs Holdings, the United Bank for Africa, Transcorp and founder of The Tony Elumelu Foundation, Tony Elumelu, is in a joyous mood. This is not unconnected with the fact that his mother, Suzanne, is 90 and it is worth celebrating.

    Elumelu on his Tweeter handle said he would not have been what he is today without his mother.

    Celebrating his mother on his Instagram page, the philanthropist revealed he and his family are counting down to the milestone.

    He wrote: ‘This is symbolic in many ways for me. I always talk about the need to empower women across Africa because I know firsthand the power of just one enterprising woman. Suffice it to say that I wouldn’t be the man I am today without my mom.’

  • Tony Elumelu foundation donates N500m to empowerment schemes

    The Tony Elumelu Foundation has donated N500 million in support of the Delta State Wealth Creation programmes

    Its founder, Mr. Tony Elumelu who led some beneficiaries of his foundation on courtesy call to Governor Okowa, on Thursday in Asaba –the Delta State Capital expressed joy that within three years of being in office, the administration has impacted a lot on the lives of the people both in terms of provision of infrastructure and encouraging the jobless to be wealth creators through different skills acquisition and entrepreneurship programmes of the administration.

    He said, “This is homecoming for me, I want to thank the Governor for everything he is doing in our State, there is a lot of improvement and from the airport to this place (Government House), we have seen a lot of projects.”

    He added, “We are happy that within these few years, you have programmes where the beneficiaries have become employers of labour, we are going to create specific programme in Delta State and we are committing the sum of N500 million to the programme, the money will be from the Foundation, the UBA group, Heirs Holdings, Transcorp, among others.”

    Governor Okowa commended Mr. Elumelu for his empowerment programmes, especially Africans, through his foundation, disclosing that his administration has created a lot of entrepreneurs through different skill acquisition and empowerment programmes.

    Governor Okowa urged the federal government to emphasize the need for Nigerian youths to go beyond acquisition of education certificates to include the acquisition of relevant skills that will enable them to be self- employed.

    Read Also: Tony Elumelu Foundation backs private sector economic growth

    “We must be looking seriously at technical education to enable our children acquire relevant skills, as a government, we are changing the narrative when it comes to empowerment programmes, empowerment in our state has gone beyond just buying items for the people, but requires equipping the people with relevant skills that will enable them contribute to the growth of the society,” he said.

    He urged well to do individuals to assist the poor in the society, asserting, “Assisting those who cannot help themselves in the society is the way to go for us to have a better nation.”

    High point of the event was the sharing of success stories by beneficiaries of wealth creation schemes of Tony Elumelu Foundation and the State’s interventionist schemes.

  • UBA shareholders approve 2017 final dividend of N22.23bn

    United Bank for Africa ( UBA ), on Monday endorsed the payment of N22.23 billion final dividend declared by the board for the financial year ended Dec. 31, 2017.

    The shareholders gave the approval at the bank’s 56th Annual General Meeting held in Lagos.

    The final dividend translated to 65k per share when compared with final dividend of 55k paid in the corresponding period of 2016.

    The dividend was in addition to the 20k per share paid as interim dividend earlier.

    Speaking at the meeting, Mr Boniface Okezie, the National Chairman, Progressive Shareholders Association of Nigeria ( PSAN ), commended the board and management for the dividend in spite of unfriendly operating environment.

    Okezie lauded the bank for the enhanced dividend and its great work as well as achievements in the continent.

    He said that the bank had showed that good things could come from Africa, noting that the bank would continue to showcase the strength of Africa.

    The shareholder activist urged the board and management of the bank to live up to the desired expectation.

    Okezie , however, called on the shareholders to leverage on the Securities and Exchange Commission ( SEC ) e-dividend initiative in order to bring down the bank’s unclaimed dividend totaling about N7 billion.

    Mr Nona Awo, a shareholder urged the bank’s management on investors’ enlightenment on the benefits of e-dividend.

    Awo said that the bank should engage the company secretary and the registrars to tackle the unclaimed dividend figure.

    He also commended the bank’s subsidiaries for improved contribution to the company’s performance indicators.

    Mr Timothy Adesiyan, Grand Patron, Nigerian Shareholders’ Solidarity Association, appreciated the bank for the dividend and achievement during the year under review.

    Adesiyan said that the bank should conform to regulatory rules and regulations to avoid payment of unnecessary fines.

    Responding, Mr Tony Elumelu, the bank’s Chairman, assured the shareholders of enhanced returns in the years ahead.

    Elumelu said the bank had opened a banking license few months ago to operate UBA London, noting that it would continue to increase its footprint across the globe.

    On unclaimed dividends, he said that the bank would continue to create e-dividend awareness in partnership with APR Registrars to reduce the figure.

    Mr Kennedy Uzoka, the bank’s Group Managing Director, said that the bank would leverage its Pan-African platform to deepen and formalise intra-Africa trade through cross border synergies across its group operation.

    Uzoka said that the bank would focus on growing its market share and would remain committed to sustainable banking principles and risk management practices.

    “Notwithstanding the ever increasing competition from traditional peers and emerging Fintechs, we are approaching 2018 with strong optimism,’’ he said.

    Uzoka said that the bank had made a lot of investment in technology to drive business operations.

    He assured the shareholders that the bank would ensure efficient service delivery in its operations.

    The company posted profit before tax of N105.26 billion during the period compared to N90.64 billion in the previous year.

    Its profit after tax stood at N78.59 billion in contrast with N72.26 billion in the comparative period of 2016.

    NAN