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1,104 entrepreneurs get $5,000 Tony Elumelu Foundation grant

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1,104 entrepreneurs get $5,000 Tony Elumelu Foundation grant

  • Tinubu celebrates UBA chairman @61

A total of 1,104 entrepreneurs will receive $5,000 grant from the Tony Elumelu Foundation (TEF).

They were selected as beneficiaries of the grant in the 10-year flagship Entrepreneurship Programme.

Apart from the non-refundable $5,000 grant, they will also receive mentorship and training in the course of the year to boost their businesses.

This is as the foundation is considering a coalition of African entrepreneurs that will touch more lives, prioritise young Africans, as well as be able to expand the number of entrepreneurs that is impacted by the foundation.

The 1,104 beneficiaries who are described as the 10th cohort, were selected from the over 150,000 applications received from all 54 countries in Africa, after a rigorous and transparent process carried out by Ernst & Young.

Speaking at the announcement of the 10th cohort, the founder and chairman of TEF, Tony Elumelu, in his keynote address at the event in Lagos, noted that over the past 10 years since the programme was launched, it had been able to empower African entrepreneurs, drive poverty eradication and catalyse job creation across all 54 African countries.

Revealing that the TEF Entrepreneurship Programme had been launched by his family’s desire to democratise luck, Elumelu, who is also the chairman of United Bank for Africa(UBA) Group, said, “We believe in spreading luck, we believe in democratizing luck, we believe in prosperity, and we think that the easiest way to spread prosperity in Africa is by identifying our young ones, encouraging them and helping them to start their own businesses. This is why we have done this.

“Till date, over 20,000 young men and women from across Africa have received over $100 million in support of their program. We are happy to see our young ones progressing. We are happy that what we started alone as Tony Elumelu foundation will have been able to identify and partner with other global institutions.

“So, today is a day of impact, a day of gratitude, and most importantly, a day of reflection for me because God has been kind in so many ways. My family and I do what we do, not from the abundance of wealth, but just a realisation that poverty anywhere is a threat to us everywhere, and that we cannot live alone in prosperity. So, I’m happy that today, we continue to spread that prosperity- not just in Nigeria, not just in our family, but in all 54 African countries. I am indeed happy that in our lifetime, we are able to impact the next generation.”

He also spoke on the achievements of the past years, saying, “We track how the beneficiaries are succeeding and how they are impacting humanity, society, and their communities.

‘They have generated over $1.2 billion in revenue in their businesses. All have not succeeded, but we did tell ourselves from the onset that it is not about 100 per cent success.

“Even if 40, 50 per cent of our beneficiaries succeed, let us through them help to eradicate poverty, but more importantly, show others, because we are trying to crowd in others into this space of entrepreneurship.

“We’re trying to encourage other successful Africans and global institutions and citizens that in the 21st century, there is a better way to develop Africa than just aid.”

The TEF founder also announced that the foundation is aspiring to create a bigger coalition for African entrepreneurs, as the foundation’s programme could only accept a limited number of people.

“We aspire to magnify our scale and impact; we want to do more. And we are thinking of forming a coalition of African entrepreneurs that will touch more lives.

“We are thinking of launching a coalition, a global coalition, to prioritise young Africans.”

Also speaking at the event, Co Founder of TEF, De Awele Elumelu, said, “To today’s 10th cohorts, I want to say as you embark on the next phase of your journey, know that you’re a part of a network of entrepreneurs, a big network of entrepreneurs. I want to say that you have all our support here. All of us here, we’re here to support you, to cheer you, to celebrate you, to pray for you, as the chairman has very nicely said.

“But to those who were not selected, let me also assure you that your journey is far from over.”

Since its launch in 2015, the foundation has disbursed $100 million directly to young African entrepreneurs, catalysing the creation of over 400,000 direct and indirect jobs and making substantial contributions to Africa’s economic development.

The beneficiaries have also been able to generate revenue of more than $2.5 billion over the period.

Additionally, the foundation’s digital entrepreneurship-support platform, Reconnect, has extended capacity building support, advisory services, and market linkages to over 1.5 million Africans.

Tinubu celebrates Elumelu @61

President Bola Tinubu on Friday congratulated the Chairman of the Board of the United Bank for Africa, Mr Tony Elumelu, on his 61st birthday.

The message was contained in a statement signed by the President’s Special Adviser on Media and Publicity, Ajuri Ngelale.

The statement is titled ‘President Tinubu celebrates top business leader, Tony Elumelu, on his birthday’.

“President Tinubu wishes Mr Elumelu many more years in good health and strength as he persists in his endeavour of contributing substantially to national and continental development,” the statement read in part.

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Jetour Takes Award-Winning Dashing, Other SUVs to Abuja

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Jetour Takes Award-Winning Dashing, Other SUVs to Abuja

 

Motorists in Abuja are set for a close encounter with Jetour’s award-winning Dashing and other models as Jetour Nigeria moves to deepen its foothold in the nation’s capital with the Jetour Experience Abuja, beginning September 22.

The three-day motoring event, which runs until September 24, is expected to draw prospective buyers and automobile enthusiasts to a hands-on experience featuring test drives, product demonstrations and direct engagement with Jetour’s seven authorised dealers and product specialists.

The participating dealer network comprises Elizade Nigeria Limited, Kojo Motors, Mandilas Autos, Germaine Auto Centre, R.T. Briscoe, Tab Autos and New Era Auto Vehicle Services Limited.

The Abuja Experience follows the success of the Lagos edition, which attracted thousands of visitors for test drives and direct engagement with product specialists. According to the organisers, strong demand and inquiries from motorists in Abuja and neighbouring states prompted the expansion of the event to the Federal Capital Territory.

The Dashing has gained attention in Nigeria’s competitive compact SUV segment for its combination of modern styling, technology, performance and competitive pricing.

The SUV is available with 1.5-litre and 1.6-litre turbocharged engines, producing up to 145kW of power and 290Nm of torque, paired with six- or seven-speed dual-clutch transmissions.

Its features include a 15.6-inch central touchscreen infotainment system, panoramic sunroof, wireless charging and smartphone integration.

For safety, the vehicle comes with a 360-degree surround-view camera, automatic emergency braking, lane departure warning, blind-spot detection and multiple airbags.

Beyond vehicle sales, the authorised dealers provide warranty, genuine spare parts and after-sales support to Jetour customers across their respective locations.

The Abuja Experience is expected to strengthen customer engagement and give motorists in the FCT a closer look at Jetour’s growing range of vehicles, while further expanding the brand’s footprint in the northern market.

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Dangote: ₦525 Refinery Shares Could Rise to ₦10,000

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Dangote: ₦525 Refinery Shares Could Rise to ₦10,000
Africa’s richest man and President of the Dangote Group, Alhaji Aliko Dangote

Dangote: ₦525 Refinery Shares Could Rise to ₦10,000

Investors who buy into the Dangote Petroleum Refinery may see the value of their holdings multiply significantly in the years ahead, according to Aliko Dangote.

The businessman said the refinery’s shares, which will be offered at ₦525 each, could eventually climb as high as ₦10,000.

The projection comes ahead of the company’s much-anticipated initial public offering, which is scheduled to open on September 14 and close on October 13.

Dangote used a hypothetical ₦5m investment to illustrate his expectation, saying such an investment could be worth more than ₦50m if the share price eventually reaches his projected target.

The IPO will put 4.1 billion ordinary shares on offer, with investors able to apply for as few as 10 shares, equivalent to ₦5,250.

A major feature of the offer, according to Dangote, is that smaller investors will be given preference when shares are allocated.

He said people investing modest amounts such as ₦50,000 or ₦100,000 would be prioritised ahead of institutional investors seeking much larger allocations.

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He also highlighted dividends as another potential attraction, saying shareholders may have the option of receiving their returns in either naira or US dollars.

Dangote argued that receiving dividends in dollars could be particularly useful for Nigerians who have expenses outside the country.

He cited parents with children studying in the United Kingdom as an example, noting that currency fluctuations can significantly increase the cost of foreign expenses.

The Dangote Group president recalled the naira’s steep decline against the dollar, saying the exchange rate had moved from around ₦400 to about ₦1,800 to a dollar, creating difficulties for families and businesses with foreign obligations.

Beyond the potential returns for shareholders, the IPO is expected to help finance the refinery’s expansion plans. The company wants to raise its capacity from roughly 650,000–700,000 barrels per day to 1.4 million barrels per day.

However, the ₦10,000 figure should not be interpreted as a guaranteed future share price. Once the company is listed on the Nigerian Exchange, its market value will be influenced by demand and supply, business performance, investor confidence, refining margins and wider economic conditions.

The company expects the proceeds from the share sale to support its expansion and other corporate needs, while investors will only know the exact number of shares allotted to them after the offer closes and applications are processed.

Dangote’s comments therefore offer an optimistic outlook for prospective shareholders, but the eventual performance of the investment will depend on how the refinery and the wider market perform after listing.

 

Dangote: ₦525 Refinery Shares Could Rise to ₦10,000

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Jetour T2 PHEV Storms Abuja as Jetour Steps Up Nigeria Expansion

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Jetour T2 PHEV Storms Abuja as Jetour Steps Up Nigeria Expansion

Abuja is set for a major dose of electrified motoring as Jetour Nigeria takes its technologically advanced T2 Plug-in Hybrid Electric Vehicle (PHEV) to the nation’s capital for an experiential showcase aimed at deepening the brand’s growing footprint in Nigeria.

The Jetour T2 PHEV will headline the Jetour Experience Abuja, scheduled for September 22 to 24, 2026, following the strong reception recorded at the brand’s Lagos edition earlier this year, where customer participation, test drives and sales enquiries reportedly surged.

The move to Abuja, according to Jetour Nigeria, was largely driven by growing demand from motorists in the Federal Capital Territory who have been seeking an opportunity to experience the brand’s latest vehicles, particularly the T2 PHEV.

The Abuja activation will feature test drives, product demonstrations and interactions with Jetour’s technical and sales teams, giving prospective buyers first-hand access to the SUV and its plug-in hybrid technology.

Jetour Nigeria, the sole authorised distributor of the brand in the country, is also leveraging an expanding nationwide dealer network comprising Elizade Nigeria Limited, New Era AutoVehicle Services Limited, Kojo Motors, Germaine Auto Centre, TAB Autos Limited, R.T. Briscoe Motors and Mandilas Autos to strengthen sales and after-sales support across key markets.

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The company said the decision to stage the Abuja experience was also driven by requests from patrons and prospective customers in the capital who want an opportunity to experience Jetour’s latest products, including the technologically advanced T2 PHEV.

The Jetour T2 PHEV combines rugged SUV capability with hybrid efficiency, advanced technology and comprehensive safety features, positioning it as an attractive option for Nigerian motorists seeking performance, comfort and improved fuel economy.

Since its entry into the Nigerian market, Jetour has recorded growing acceptance, with its SUV range gaining popularity among families, professionals and adventure enthusiasts.

The brand’s expanding customer base has been supported by competitive pricing, after-sales service and vehicles engineered to cope with diverse road and driving conditions across Nigeria.

Jetour’s growing reputation has also been reinforced by a number of local and international recognitions spanning product quality, design, innovation and customer satisfaction.

Its vehicles have also earned strong global safety ratings, with the T2 achieving a 5-Star NCAP safety rating, placing it among vehicles meeting high benchmarks for occupant safety.

The Abuja event is expected to feature test drives, product demonstrations and direct interactions with Jetour’s technical and sales teams, giving visitors an opportunity to experience the brand’s products and understand the technology behind the T2 PHEV.

Beyond showcasing its expanding SUV lineup, Jetour said the Abuja activation reflects its commitment to bringing the brand’s ownership and customer experience closer to motorists across Nigeria.

With the Federal Capital Territory as its next destination, Jetour is looking to build on the momentum generated in Lagos while deepening its footprint in one of Nigeria’s most important automotive markets.

 

Jetour T2 PHEV Storms Abuja as Jetour Steps Up Nigeria Expansion

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