Entry opens for 2022 TEF entrepreneurship programme

Entries into the 2022 Tony Elumelu Foundation (TEF) entrepreneurship programme have been thrown open to interested applicants with the commencement of application procedures for a programme designed to create economic and social wealth opportunities for African entrepreneurs with business ideas or existing businesses under five years across the continent.

Successful applicants will be granted access to $5000 seed capital, mentorship and business management training offered by the entrepreneurship empowerment organisation which disbursed $24.75 million to empower  5000 African entrepreneurs for its 2021 entrepreneurship programme. 

The TEF’s entrepreneurship programme is regarded to be one of the largest private sector responses to driving the economic recovery of African youth, women and SMEs, given the effects of the Covid-19 pandemic across Africa, with beneficiaries starting and growing trailblazing businesses that have collectively created over 400,000 direct and indirect jobs.

Since 2015, the foundation  has empowered 15,847 African entrepreneurs with non-returnable seed capital of $5,000 each, conducted  twelve weeks of business management training, granted entrepreneurs access to experienced mentors and offered them memberships to Africa’s largest entrepreneurial ecosystem.

Ifeyinwa Ugochukwu, chief executive officer of the foundation, said the organisation is constantly  “blown away”  by the quality of businesses that come from Africa every year. 

This, she said, motivated the foundation to scale its efforts to empower even more entrepreneurs on the continent. 

“The innovation, knowledge and resilience of African entrepreneurs is central to charting Africa’s socio-economic transformation and meeting the continent’s development objectives. We are also proud of the increase in female participation on our programme, especially with the 2021 cohort where we witnessed a record 68 percent selection of women entrepreneurs,” Ugochukwu said.

For those interested in applying for the programme, the TEF said: “As the foremost champion of entrepreneurship in Africa, the  Tony Elumelu Foundation entrepreneurship programme is open to entrepreneurs, new start-ups and existing young businesses, operating in any sector across all 54 African countries.”

It added that prospective applicants can apply on the digital networking hub for African entrepreneurs at www.tefconnect.com. 

BUA Foods secures approval to list on NGX 

Barely a month after the integration of its food businesses under a single entity currently known as BUA Foods Plc., the leading  indegenous food conglomerate said it has satisfied the listing requirements and obtained relevant regulatory approvals of the Nigerian Exchange Group (NGX).

Following the development, BUA Foods is now listed in the consumer goods sector of the Exchange, with the ticker “BUAFoods”.  In addition, a total of 18 billion shares have been admitted to trading, representing the total issued share capital of the Company.

A statement by the company further explained that the listing by introduction means that the shares of existing BUA Foods’ shareholders has been listed on the Exchange without an additional public sale of shares. 

As a result, all BUA Foods shareholders will be free to trade their shares on the Exchange without undergoing any change. 

Commenting on the listing, Abdul Samad Rabiu, chairman of BUA Group expressed  delight that yet another establishment owned by  BUA Group has been listed on the NGX. 

“This shows our commitment to national economic growth and support for the food security drive of the nation in alignment with global sustainability goals,” he added. 

Rabiu also appreciated the continuous  support of  stakeholders,financial advisers, stock brokers,suppliers, customers, consumers and members of staff and  host communities with whom the company continues to entrench a strong and mutually beneficial relationship.

In his remarks, Ayodele Abioye,acting managing director, BUA Foods, stated that the listing marks a new beginning for the company playing a critical role in the Fast-Moving Consumer Goods (FMCG) industry, especially one that is highly committed to nourishing lives with all its product offerings. 

Abioye added that the listing resonates with BUA’s commitment to sustainable growth as it pushes towards nourishing and enriching the lives of consumers by delivering high quality products at competitive prices. 

“This listing creates an avenue for everyone to be a part of the success story of BUA Foods and benefit from the growth opportunities ahead,” he said.