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Tony Elumelu Foundation disburses first tranche of $5million partnership commitment from African Development Bank

Tony O. Elumelu, CON, has congratulated AfDB and its President, Akinwumi Adesina, on their commitment to African entrepreneurship.

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Tony Elumelu Foundation disburses first tranche of $5m partnership commitment from African Development Bank

Tony O. Elumelu, CON, has congratulated the African Development Bank (AfDB), and its  President, Akinwumi Adesina, on their commitment to African entrepreneurship, with the disbursement of $2.5 million seed capital to the AfDB-sponsored beneficiaries of the 2019 TEF Entrepreneurship Programme. The $2.5 million was released today, with the balance expected to be disbursed to the entrepreneurs in Q1 2020.

The AfDB commitment follows the recent $8.5 million disbursements from the United Nations Development Programme (UNDP) to 2,648 entrepreneurs in the Sahel region and Africa more broadly and further accelerates the economic empowerment generated by the Tony Elumelu Foundation.

In 2019, the Foundation significantly increased the scale and reach of its impact, with the number of beneficiaries of its flagship Entrepreneurship Programme rising from its annual commitment of 1,000 to 5,150, in collaboration with global and African partners.

With its commitment to strengthen small and medium-sized enterprises and develop young entrepreneurs, AfDB joined the growing list of global development institutions benefiting from the Tony Elumelu Foundation’s unique model of identifying, training, mentoring and funding entrepreneurs and start-ups across Africa.

The partnership demonstrates the implementation of the AfDB’s ten-year “Jobs for Youth in Africa” strategy, launched in 2016, to support the creation of 25 million meaningful jobs across the continent.

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The partnership illustrates TEF’s willingness to share its infrastructure and know-how, with others who share the mission to empower young African entrepreneurs and TEF’s goal of creating millions of jobs, as well as generating billions in revenue, to catalyse economic growth across the continent.

The Foundation is currently accepting applications to the 2020 cohort of its flagship Entrepreneurship Programme on TEFConnect.com, Africa’s digital hub for entrepreneurs.

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NM Partners represent articles published in paid partnerships with corporate organisations. They include press releases, targeted content, and other forms of corporate communications on behalf of our Paid Partners.

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Appointments

Flour Mills Appoints Former 9Mobile MD as Director and Group Chief Operating Officer

The appointment of Mr Olusanya brings to 14 the total number of members of the Board of Directors.

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Leading Integrated Food and Agribusiness giant, Flour Mills of Nigeria Plc, has announced the appointment of Mr Omoboyede Oyebolanle Olusanya to the Board of Directors of the firm.

The appointment of Olusanya, who recently joined Flour Mills as the Group Chief Operating Officer, took effect from July 29, 2020.

This disclosure was made in a notification which was sent to the Nigerian Stock Exchange (NSE) for the investing public and signed by the company’s Company Secretary/Director, Legal Services, Joseph Umolu.

The notification from the company reads, “Flour Mills of Nigeria Plc, Nigeria’s leading integrated food business and Agro-allied group, owners of the iconic brand, Golden Penny, today announced the appointment of Mr Omoboyede Oyebolanle Olusanya, to the board of Directors effective 29 July 2020.’

The statement notes that Mr Olusanya, who holds a B. Sc. (Hons) in Civil Engineering from the University of Lagos and two Masters degrees in environmental engineering and Computer Science from the University of Liverpool and the University of Manchester respectively had recently joined Flour Mills as the Group Chief Operating Officer in January 2020.

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Before joining Flour Mill, Olusanya had served in similar leadership positions including Chief Business Transformation Officer at Dangote Group, where he spearheaded the transformation of the group, between July 2017 and October 2018. He was the Managing Director/Chief Executive of Emerging Market Telecommunications Service (9Mobile). He is also on the board of Axxela, Starsight and OVH Energy.

In his comment, the Chairman of the Board, Mr John Coumantaros, said, “We are most excited to welcome Mr Olusanya to our Board of Directors. He is a seasoned business leader, whose expertise and vast experience in areas such as Telecommunications, Financial Services, Energy and Manufacturing are mission-critical to our future operations and strategy and will help Flour Mill further its purpose of feeding the nation, every day.”

The appointment of Mr Olusanya brings to 14 the total number of members of the Board of Directors.

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Coronavirus

COVID-19: Russia produces first batch of its newly approved vaccine

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COVID-19: J&J starts vaccine trials on humans after success on monkeys

Russia announced on Saturday, August 15, 2020, that it has produced the first batch of its newly approved vaccine, Sputnik V, hours after the health ministry reported the start of its production.

The disclosure was made in a statement by the Russian Health Ministry and quoted by Russian news agencies.

This is coming some days after the Russian President, Vladimir Putin, announced the registration of the world’s first COVID-19 vaccine in what could be described as a step ahead of other vaccine developments.

The announcement is seen as a propaganda coup for the Russian government against the west amid a global race to develop vaccines against the coronavirus disease.

The announcement of the vaccine registration by Putin was met with caution from scientists and the World Health Organization (WHO), who said that it still needed a rigorous safety review. Some of the scientists fear that with this fast regulatory approval, Russia may be putting national prestige ahead of safety.

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Putin had said the vaccine was safe and that one of his own daughters had been inoculated, although the final stage testing involving over 2,000 people just started this week. Such trials are considered very important before a vaccine can secure regulatory approval.

Russia has said the vaccine which is the first for the coronavirus disease to go into production, will be rolled out by the end of August.

The Gamaleya Research Institute, which developed the vaccine in collaboration with the Russian Defence Ministry, said that Russia would be producing about 5 million doses a month by December or January.

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Companies

Heineken scoops more Nigerian Breweries shares in insider disclosure

The company has about 8 billion shares outstanding with Heineken as the majority shareholder.

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Nigerian Breweries major shareholder, Heineken disclosed it purchased 274,542 units at an average price N35.76 per unit.

Insider disclosures are reported on the Nigerian Stock Exchange as a regulatory requirement especially when it informs a major shareholder or director of a company purchasing shares in the company they own.

In a related development, its chairman Chief Kolawole Babalola Jamodu also purchased 10,000 units at N37 per unit.

Nigeria Breweries closed at N36 per share on Friday trading at a price to earnings of 34x. The company has about 8 billion shares outstanding with Heineken as the majority shareholder.

What this means: Insider purchases are often an indication of how shareholders perceive the company’s valuation. It can also mean a lot of things from a possible capital raise to a strengthening of their existing holdings.

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Nigerian Breweries has struggled for growth over the last few years as consumers continue to experience a change to taste and preference for alcohol.

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