Ghanaian President Nana Akufo-Addo says his country only take loans to create assets that can pay back the loan -- not to burden itself with unserviceable debts.Speaking at the Tony Elumelu Foundation (TEF) entrepreneurship forum on Thursday, Akufo-Addo said his country does not borrow to fund inflated contracts nor ill-conceived contracts.He said borrowing money is not aid, and what President [...]
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The United Bank for Africa has appointed four new non-executive board members, subject to the approval of the Central Bank of Nigeria (CBN).The new board members are Erelu Angela Adebayo, Angela Aneke, Abdulqadir Jeli Bello and Isaac Olukayode Fasola.According to a statement released on Friday by the bank, the new board members were appointed to replace Rose Okwechime, Adekunle Olumide, [...]
President Muhammadu Buhari has felicitated with Suzanne Elumelu (pictured third from right), the matriarch of the Elumelu family, on her 90th birthday.In a statement on Friday, Buhari said by succeeding against all odds as a widow, the nonagenarian has continued to be an inspiration to many.He also commended her on her advocacy for education and investment skills for women in [...]
Shell is planning to sell two of its oil mining licences in Nigeria.Bloomberg reports that the licences might be sold for $2 billion.Apart from oil mining licences 11 and 17, Shell will also be selling a natural gas-fired power plant that would be managed by Transnational Corporation of Nigeria Plc (Transcorp).Selling both assets would mean that Shell would focus on [...]
In contrast to what everyone will do, on his Twitter page, Africa’s front row businessman and philanthropist, Tony Elumelu, has his portrait looking over boundless water.The billionaire’s masterfully calibrated image in a slick suit on a lofty perch was photographed somewhere in Lagos business district. It mirrors one thing: his boundless beneficence.For decades, Elumelu has rolled up his sleeves [...]
Tony Elumelu, chairman of Heir Holdings, says government policies have been making it hard for African youth to succeed in their endeavours.Speaking on Thursday at a session of the ongoing Spring meetings of the International Monetary Fund and World Bank Group, Elumelu said governments of African countries need to prioritise their youth.He described youth as "determined, energetic, hungry to succeed and make [...]
For many givers, receiving from others is a difficult thing to do, even during birthdays, noted for inflows rather than outflows. On his birthday in March when he should have been receiving gifts and messages, Mr. Tony Elumelu, chairman of Heirs Holding, put the age-long tradition in reverse gear. But he was only being in his element, improving the lot [...]
Tony Elumelu, chairman, Heirs Holdings, has been announced as the 2017 Philanthropist of the Year by Per Second News in recognition of his support to individuals, organisations, and charities.Speaking at the event, Femi Soneye, publisher of Per Second News said Elumelu has demonstrated initiative and leadership qualities that stood out over the years."Philanthropy is dependent on the interest, passion, commitment, [...]
United Bank for Africa (UBA) Plc and China Development Bank (CDB) have signed a letter of intent to provide $100 million seven-year to finance the development of small and medium enterprises (SMEs) in Africa.The $100 million loan will improve UBA’s capacity to provide access to finance to small and medium enterprises (SMEs) across the 19 African countries where it currently [...]
Hadiza Isma el-Rufai, wife of Kaduna state governor, will become the Wole Soyinka and Chinua Achebe of northern Nigeria -- so says her husband. Her book, "An abundance of scorpion", was launched on Thursday at the Yar'Adua Center in Abuja.It sheds light on the plight of women especially in the northern part of the country."I want to keep writing for the rest [...]
Tony Elumelu can remove dressing up as Michael Jackson from his bucket list.The chairman of Heir Holdings on Saturday was handed the opportunity to channel his music idol, and he did it with verve and panache. [...]
This year’s Tony Elumelu Entrepreneurship Forum, which brought together thousands of entrepreneurs from across Africa, held recently in Lagos with seamless flow.Ordinarily, the logistics challenge of hosting one thousand young people from over 54 countries and prominent investors, entrepreneurs, business leaders and policy makers should be an onerous task that would make the success of forum evoke a feeling of [...]
Tony Elumelu, chairman of Heirs Holdings, says multiple taxations and levies kill 95 percent of small and medium scale businesses in Nigeria.NAN reports that Elumelu made this statement on Thursday while speaking at the Lagos Business School Alumni Association 2017 Alumni Day in Lagos.He said five percent of the small businesses that survived after one year was a big disincentive [...]
Tony Elumelu, chairman, Heirs Holdings, says female businesses create more businesses for the society.The founder of The Tony Elumelu Foundation made this statement while speaking on a panel at the Future Investment Initiative Conference in Riyadh, Saudi Arabia, on Tuesday.The conference, which was organised by Public Investment Fund, was aimed at discussing ways of achieving economic diversification in dynamic economies."Female [...]
Some participants at the Nigerian Economic Summit holding in Abuja have called for the restructuring of power.Tony Elumelu, chairman of Heirs Holding, said the power sector needs to be recapitalised, citing access to electricity as a game-changer in the development of the nation’s economy.Elumelu advised the government to increase their investment in the sector, scaling up ownership from 51% to [...]
Tony Elumelu, chairman of Heirs Holdings, says the stereotypical image of Africa portrayed in the media is the continent's greatest challenge as it discourages investors from investing in the continent.Elumelu made this statement while speaking at a gathering of policymakers and development experts hosted by UK's foreign policy institute at the Chatham House.He said: "I believe that the greatest challenge [...]
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