AfDB approves $5 million grant to scale up Tony Elumelu Entrepreneurship Programme - Mega Icon Magazine
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AfDB approves $5 million grant to scale up Tony Elumelu Entrepreneurship Programme

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The Board of Directors of the African Development Bank (AfDB)  has approved a grant of $5 million to enable the Tony Elumelu Foundation Entrepreneurship Programme to scale up its outreach and impact to 1,000 select youth entrepreneurs.

The grant follows the signing of a letter of intent between the Bank and the Tony Elumelu Foundation, which took place during the Tony Elumelu Foundation Entrepreneurship Programme launch in March this year. The partnership will bring about future collaboration focused on strengthening small to medium-sized enterprises as well as talent and skills development for Africa’s youth.

The partnership will support 3,050 young entrepreneurs across 54 African countries. The Bank’s participation will enable an additional 1,000 entrepreneurs to benefit from the Tony Elumelu Entrepreneurship Program, which provides much needed opportunities to help stem the rising tide of unemployment and inequality facing the continent’s youngest citizens.

The programme aligns with the Bank’s ten-year Jobs for Youth in Africa strategy launched in 2016, to support the creation of 25 million decent jobs across the continent. The strategy is also expected to equip 50 million young African people with employable skills that enable them to access economic opportunities and realize their full economic potential across the continent.

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The Tony Elumelu Foundation Entrepreneurship Programme will deliver business training, mentoring, access to networks, markets and capital for business development to selected youth-led start-ups in order for them to grow and create jobs.

The Entrepreneurship Programme demonstrates a strong alignment with the Bank’s Youth Entrepreneurship and Innovation Multi-Donor Trust Fund objectives to build the African youth entrepreneurship ecosystem by scaling innovative youth led start-ups, expanding youth market opportunities and improving youth access to finance.

Other development partners involved in supporting the Tony Elumelu Entrepreneurship Programme are Agence Française de Développement, the German Agency for International Cooperation, the United Nations Development Programme and the International Committee of the Red Cross. They will also work to provide more business opportunities to youth entrepreneurs across the continent.

In 2017, the Bank established the Youth Entrepreneurship and Innovation Multi-Donor Trust Fund, in partnership with the governments of Norway, Denmark, Sweden, Italy and the Netherlands. The fund is a grant vehicle managed by the Bank to support the African entrepreneurship ecosystem directly and indirectly by leveraging on the Bank’s instruments. Its interventions will equip Africa’s youth with the right tools to establish start-ups and micro, small and medium enterprises.

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Osun Economic Summit: FG to Site Specialised Agricultural Market In Ijebu – Jesa

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The Federal Government has expressed its readiness to site a specialised agricultural produce and international fish market in Ijebu –Jesa,  Oriade Local Government Area of Osun.

The Osun state Commissioner for Agriculture and Food Security, Mr Adedayo Adewole disclosed this at a meeting of the Project Implementation Committee (PIC) in Osogbo, the state capital.

Adedayo explained that the Federal Ministry of Trade and Investment, in conjunction with Agricultural Traders Welfare Association (ATWA), would be executing the project in the state.

According to the Commissioner, the project is a fallout of the economic and investment summit organised by the state government in November 2019 and targeted at boosting the economy of the state.

He said apart from the fact that the project upon implementation would boost the economy of Osun, it would also boost the business of fish farmers and marketers in the state and its environs .

Earlier, the representative of the PIC, Dr Joseph Okeke, lauded the state government for promoting discussion of the economic transformation of the state and Nigeria in general through agriculture and agricultural value chain.

Okeke, who also doubles as the National President of ATWA, noted that the project was targeted towards economic diversification by the Federal Government in the area of specialised agricultural market.

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“It is also geared toward job creation, enhancing economic activities and facilitating exportation of Nigerian commodities”, he added.

The committee, comprising of the project facilitator, Dr Gabriel Eniola, Osun Fish Farmers Association Chairman, Mr Tope Ogundipe and Osun Commissioner for Lands and Physical Planning, Mr Nathaniel Agunbiade among others later inspected the site.

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Adewale Raji gets another term as Odu’a Investment GMD

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Odu’a Investments Limited on Tuesday reappointed its Group Managing Director/Chief Executive Officer (GMD/CEO), Mr Adewale Raji for another term.

Contained in a statement issued by the company, Mr Raji’s reappointment followed an endorsement of his performance by the international auditing and management consultancy firm, KPMG, engaged by the six owner states of Osun, Ondo, Oyo, Ogun, Ekiti and Lagos to evaluate his performance in the last five years.

With his fresh appointment, Raji will now lead the conglomerate for another five years.

It would be recalled that his  five-year tenure had expired on May 31, 2019 but the shareholders granted him a six-month extension to allow KPMG assess  his performance. However, following a satisfactory evaluation, the shareholders at a meeting held on October 28, 2019 renewed his appointment for another term of five years with effect from June 1, 2019 and the Board also ratified the appointment.

No doubt, Raji’s first tenure witnessed significant growth in the Profit Before Tax from N378m and N495m in 2013 to N849m and N1.061b in 2018 for the holding company and the group respectively. In the same five-year period, a gross dividend of N1.208b was paid out to shareholders which is a record of consecutive dividend payout in the history of the company.

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His team initiated new businesses, particularly in agric-business and processing and the company was better managed with a very high sense of accountability and transparency while upholding the principles of corporate governance and safeguarding the interest of shareholders.

 

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30 Shops In Gbagi Marked For Demolition

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At least about 20 to 30 shops housed by Bola Ige International Business Complex, Gbagi, Ibadan have been marked for demolition by the Oyo state government.

The government said as part of its efforts  in restoring the popular market back to international standard, the identified shops which it described as illegally built would be demolished.

The state  commissioner for Commerce, Trade and Investment,  Hon. Adeniyi Adebisi, informed that the action became necessary in restoring Bola Ige International Business Complex, Gbagi, Ibadan back to international standard as provided in the master plan of the market so as to create a conducive environment for businesses within the State to thrive.

The Commissioner further added that the task force committee set up by Governor Seyi Makinde to restructure the business complex has submitted its report and implementation would follow in due course.

He, however  assured the market men and women that the state government remained committed to providing them the basic facilities that would promote the economic activities in the market.

 

 

 

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