Business

Tony Elumelu Foundation, UAE sign $6m pact to empower entrepreneurs

Published

1 year ago

February 13, 2025

456 Views

A $6 million strategic partnership pact has been signed with United Arab Emirates (UAE) Office of Development Affairs and Khalifa Bin Zayed Al Nahyan Foundation (an affiliate of Erth Zayed) to empower additional 1000 young African entrepreneurs by the Tony Elumelu Foundation (TEF).

The benefiting entrepreneurs from all 54 African countries will receive business training, mentorship, access to networks, and non-refundable $5,000 seed capital from TEF and its partners.

The agreement, signed at the World Governments Summit, by TEF Founder, Tony Elumelu, and the Director General of the Khalifa Bin Zayed Al Nahyan Foundation, Mohamed Haji Al Khoori, showed both organisations’ shared commitment to fostering economic empowerment and entrepreneurship across Africa.

Through this partnership, the Khalifa Bin Zayed Al Nahyan Foundation will leverage the TEF’s expertise and execution ability in catalysing entrepreneurship through the Tony Elumelu Entrepreneurship Programme, which has pioneered business management training, mentorship, and capital funding for African entrepreneurs.

The Khalifa Bin Zayed Al Nahyan Foundation, a distinguished philanthropic organisation, affiliated with Erth Zayed, has a long-standing commitment to humanitarian and developmental projects, focusing on education, healthcare, economic empowerment and enterprise development.

According to Elumelu, empowering entrepreneurs is not just a moral imperative, but also a strategic investment in Africa’s future.

He said that by providing the necessary access to capital, mentorship, and resources, the partners will be are unlocking the potential of Africa’s entrepreneurial talent, eradicating poverty, driving self-reliance, and paving the way for inclusive growth and prosperity on the continent.

“This partnership between the Tony Elumelu Foundation and the Khalifa Bin Zayed Al Nahyan Foundation not only reflects our shared vision of empowering Africa’s next generation of business leaders, but will also create a ripple effect of economic transformation across the continent”, Elumelu stated.

According to the statement from TEF, since the launch of the TEF Entrepreneurship Programme in 2015, the Tony Elumelu Foundation has provided up to 2.5 million young Africans with access to trainings on its digital hub, TEFConnect, and disbursed over $100 million in direct funding to more than 21,000 African women and men, who have collectively created over 1.5 million direct and indirect jobs.

“Through its initiatives, the Tony Elumelu Foundation has brought two million Africans out of poverty.

In addition to its self-funded programmes, TEF works with international partners including the EU, the UNDP, the ICRC and the Ikea Foundation.

“The partnership with the Khalifa Bin Zayed Al Nahyan Foundation, is the first with a Gulf based philanthropy and represents a further example of the strong investment, diplomatic and cultural ties between the GCC and Africa.

“The TEF is currently accepting applications from young entrepreneurs across Africa with innovative business ideas or existing businesses not older than five years on TEFConnect.

“African entrepreneurs are encouraged to apply to initiatives to receive training, mentorship, access to networks, and funding. Application deadline is March 1, 2025.”

Related Topics:Featured Tony Elumelu UAE

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Exchange Rates Today Friday, 12 June

Black Market Rates
US Dollar (USD) ₦1,397
Great British Pound (GBP) ₦1,850

Published

3 days ago

June 12, 2026

OCHEFA

45 Views

Official CBN Exchange Rates

US Dollar (USD) ₦1,363. 83

Great British Pound (GBP) ₦1,821. 25

EURO (EUR) ₦1,572. 90

SWISS FRANC (CHF) ₦1,706. 49

JAPANESE YEN (JPN) ₦8.50

CHINESE YUAN (CNY) ₦201.20

West African CFA (XOF) ₦2.40

West African Unit Account (WAUA) ₦1,857. 45

SAUDI RIYAL (SAR) ₦363. 29

SOUTH AFRICAN RAND (ZAR) ₦82.61

Black Market Rates

US Dollar (USD) Buy ₦1,397 Sell ₦1,405

Great British Pound (GBP) Buy ₦1,850 Sell: ₦1,870

EURO (EUR) Buy ₦1,587 Sell ₦1, 607

Canadian Dollar (CAD) Buy ₦1,030 Sell ₦1,100

South African Rand (ZAR) Buy ₦75 Sell ₦90

UAE Dirham Buy ₦350 Sell ₦370

Chinese Yuan Buy ₦180 Sell ₦200

Ghana Cedi (GHS) Buy ₦95 Sell ₦110

West African CFA Buy ₦2, 380 Sell ₦2, 460

Central African CFA Buy ₦2, 220 Sell 2,300

Australian Dollar Buy ₦800 Sell ₦900

Business

Airtel launches data calculator to counter depletion complaints

Commenting on the significance of the launch, Dinesh Balsingh, Chief Executive Officer, Airtel Nigeria, said that the company remains focused on building a network and customer experience ecosystem anchored on trust, transparency and continuous improvement.

Published

4 days ago

June 11, 2026

OCHEFA

60 Views

Airtel Nigeria has launched the Airtel Web Data Calculator, a new digital tool designed to help customers estimate and better understand their internet data consumption based on real-life usage patterns.

Available through Airtel’s website, the calculator enables customers to estimate data usage across common digital activities such as video streaming, social media engagement, voice and video calls, and everyday web browsing.

Speaking on the launch, Oladokun Oye, Customer Experience Director, Airtel Nigeria, said that the initiative reflects Airtel’s commitment to customer empowerment and service transparency.

“As Nigerians become increasingly dependent on digital services for work, education, entertainment and communication, it is important that customers have clear visibility into how their data is consumed.

The Airtel Web Data Calculator was developed to help our customers understand their usage patterns better, make informed choices, and enjoy greater confidence in their digital experience,” he said.

Commenting on the significance of the launch, Dinesh Balsingh, Chief Executive Officer, Airtel Nigeria, said the company remains focused on building a network and customer experience ecosystem anchored on trust, transparency and continuous improvement.

“The future of telecommunications will be defined not only by network investments but also by how effectively operators help customers understand and manage their digital lives. The Airtel Web Data Calculator represents a practical innovation that places more information and control directly in the hands of our customers.” He said.

Business

Kingsley Moghalu chairs Bluecode Africa subsidiary in Nigeria

Moghalu served as Deputy Governor of the Central Bank of Nigeria from 2009 to 2014, heading the Financial System Stability and Operations Directorates at different periods.

Published

4 days ago

June 11, 2026

OCHEFA

61 Views

Bluecode Africa, the European payments infrastructure operator backed by leading US and European institutional investors, has named Prof Kingsley Chiedu Moghalu as Chairman of the Advisory Board of its Nigerian subsidiary, Bluecode Payments Nigeria Limited as the company formally enters the Nigerian market.

The appointment was jointly announced by Chris Pirkner, Founder of Bluecode, and Odin Krismayr, Managing Director of Bluecode Africa, who described it as a foundational governance decision for the company’s Nigerian and continental operations.

Moghalu served as Deputy Governor of the Central Bank of Nigeria from 2009 to 2014, heading the Financial System Stability and Operations Directorates at different periods.

He led the team that introduced the unique-identifier Bank Verification Number (BVN), enrolling 50 million banking users, simplifying Know Your Customer (KYC) procedures, and doubled Nigeria’s financial inclusion rate from 33 to 60 per cent.