BDSUNDAY BUSINESS DAY
‘Why Aisha Buhari’s brother couldn’t emerge APC governorship candidate in Adamawa’
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Conoil lifts market sentiment with N1.6bn PAT in third quarter 2018 p. 35
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Sunday 14 October 2018 Market & Commodities Monitor Brent Oil
5yr Bond
$84.31
-0.09 15.07%
Gold
10yr Bond
$1,205.60
-0.03 15.10% 20yr Bond
Cocoa
-0.07 15.07%
$2,024.00
inside 2019 and the Buhari imperative
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Vol 1, No. 237 N300
How Obi won Atiku’s heart
Knowledge of economy, prudent resource mgt among selling points We’re concerned about commitment on restructuring - Odumakin
ZEBULON AGOMUO, CHUKS OLUIGBO & INIOBONG IWOK
T
he choice of Peter Obi, a former governor of Anambra State, as a running mate by Atiku Abubakar, presidential candidate of the People’s Democratic Party (PDP), was not a happenstance. It was an outcome of a rigorous exercise carried out and settled several months before Atiku’s emergence
as the PDP flag-bearer in Port Harcourt, Rivers State, penultimate weekend. Obi’s name as the likely running mate had made the rounds months back and was lavishly reported by BusinessDay titles. Observers say that what transpired last Friday was mere ratification after official endorsement by the highest echelon of the party. In June, the Atiku Media Office (AMO) had issued a statement, saying that the issue of running mate should not come up until after the
former vice president must have emerged as the PDP candidate. “Our focus for now is to emerge as the flagbearer of the PDP. After that, the party will decide with the presidential candidate who, we believe, will be Atiku Abubakar’s choice of running mate. To think otherwise at this point is to put the cart before
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TEF Entrepreneurship Programme has directly impacted rview entrepreneurs in 4,470 entrepreneurs in 4 years – Parminder Vir ntrepreneurship4,470 Programme has directly impacted 4 years – Parminder Vir
UNDAY
C002D5556
Sunday 14 October 2018
es of the Tony Elumelu Foundation (TEF) Entrepreneurship Programme, established entrepreneurs, global investors, as well as leaders from the African public and developmental organizations will on October 25 gather in Lagos for the 4th annual TEF Entrepreneurship Forum. Ahead of the Forum, PARMINDER VIR, er, TONY ELUMELU FOUNDATION, spoke to select editors in Lagos on the programme’s impact over the past four years, its continuous support mechanism s, focus and highlight of this year’s Forum, among other issues. CHUKS OLUIGBO, assistant editor, was there.
nnual Tony oundation preneurship s up in Lagos What is the m and why? u Foundation um is one of ts of the TEF ramme. This rship Forum, nnual Forum, ber 25 at the agos, Nigeria. n scale every ntrepreneurs p ecosystem nverge on LaThis year, we beneficiaries Programme, ciaries of our al, mentoring to 4,470 AfriForum is also ntrepreneurs n from estabbal investors, n public and velopmental
dation’s track y with Presi– of bringing with the new inesswomen he Forum will session with tta of Kenya ufo-Addo of TEF Founder, ll also launch s largest digintrepreneurs, ting African ntrepreneurogramme will hat with TEF n for ImmuniO, Avon Medimoderated by rrespondent, ole of the Pring Economic rica”.
urship Proear. Looking u say is the mme so far, eficiaries and
e directly imeurs, and we results – they ting revenues pact through ear, we began the 3,010 ented between study of just ho responded y have generafter comple$18,155,241 cted for the Programme.
In terms of jobs, the same 1,472 entrepreneurs have created 11,971 jobs compared to 4,034 before they were selected for the programme. Furthermore, our study shows that upon completing the TEF Entrepreneurship Programme, 62 percent of these businesses are now fully operational while 29 percent have become partly operational. This also explains the phenomenal growth in jobs (15 percent of the entrepreneurs now employ at least 10 people) and revenue (13 percent of the entrepreneurs now generate above $50,000 annually) recorded after the Entrepreneurship Programme. With regard to gender representation, over the years, the Foundation has made it a priority to ensure that both female and male entrepreneurs have an equal opportunity to apply to the programme. When the programme was launched in 2015, 76 percent of the applicants were male while 24 percent were female. As a result, male applicants accounted for 71 percent of the entrepreneurs eventually selected into the programme while female applicants accounted for only 29 percent. Given this significant gender disparity, the Foundation developed strategies to create awareness about the programme amongst women and encourage them to apply for the programme. To achieve this, the Foundation ensured that advertisements and promotions of the programme were targeted towards women. On social media, profiles of successful female entrepreneurs on the programme were used to encourage aspiring female entrepreneurs to apply. Female alumni of the programme took this a step further by organizing workshops and trainings to assist them in their application. The result of all these activities was that by 2018, the gap had significantly reduced – male applicants accounted for 58.8 percent of total applicants, down from 76 percent in 2015, while female applicants accounted for 41.2 percent, up from 24 percent in 2015. Similarly, in terms of selection, the number of selected male
applicants fell to 65 percent, from 71 percent in 2015, while selected female applicants increased to 35 percent, from 29 percent in 2015. In terms of the impact of the Seven Pillars of the TEF Entrepreneurship Programme, the 1,472 entrepreneurs who responded to the survey, we see that both the 12-week enterprise toolkit and the mentorship received at least a 70 percent high impact rating while 61 percent of them indicated that TEF provided them with the first seed capital for their business. So
clearly, the TEF Entrepreneurship Programme is having an impact. We will be launching the TEF Entrepreneurship Programme 2015-2017 Progress Report at the TEF Forum on October 25, which will provide deeper analysis and insights of impact across sectors, regions and business location.
applications. Besides the development of core IT software and applications, these ICT entrepreneurs are creating solutions that are relevant to a plethora of industries. Given that the world is rapidly moving into the Fourth Industrial Revolution, the relevance of this sector in ensuring that Africa is not left behind cannot be overstated. Manufacturing has also emerged as one of the popular sectors amongst the TEF entrepreneurs accounting for an average of 7 percent of applicants annually. Four years into the 10-year programme, it is evident that African start-ups and SMEs will find the gaps in the market and develop innovative solutions to meeting these gaps for their products and services.
p. 20-21
Considering Africa’s specific growth needs and peculiarities, does the TEF Entrepreneurship Programme place priority on certain sectors of the economy? TEF Entrepreneurship Programme is and will remain sector-agnostic. We have over 30 sectors represented in the programme across the 54 African countries. The agriculture sector has, however, consistently accounted for more of the selected entrepreneurs on the TEF Entrepreneurship Programme since the launch of the programme in 2015, without any deliberate effort by the Foundation to attract entrepreneurs from this sector. This reflects a rising interest of young Africans who seek to operate on different segments of the agriculture value chain using more modern technology and innovations than their predecessors. The recent rise of start-ups in the ICT sector on the continent continues to illustrate the increasing significance of technology across the continent accounting for over 8 percent of the
The Port Harcourt convention: Swings that landed in Atiku’s basket
Our study of just 1,472 entrepreneurs who responded to the survey shows they have generated USD$52,486,234 after completion, compared to USD$18,155,241 before they were selected for the TEF Entrepreneurship Programme. In terms of jobs, the same 1,472 entrepreneurs have created 11,971 jobs compared to 4,034 before they were selected for the programme
Beyond the annual forum, is there a followup mechanism whereby the beneficiaries draw continuous support from the Tony Elumelu Foundation and the Foundation as well tracks the progress of the beneficiaries? Paramount to the success of TEF Entrepreneurship Programme is our continuous engagement with the entrepreneurs who have successfully completed the programme because we are building to last. We maintain contact with the entrepreneurs both online and offline. Through the TEF Online Hub, we have built Africa’s largest online network of African entrepreneurs for cross-border business growth, skills, and knowledge-sharing. TEF Hub is the go-to destination for TEF Alumni and our value-add partners, who
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A day at Langa, the oldest township in Cape Town p. 42
L-R: Bada Akintunde-Johnson, country manager, Nigeria, Viacom International Media Networks Africa; Ngozi Nkwoji, portfolio manager, nonalcoholic drinks, Nigerian Breweries Plc; Tasania Parsadh, channel director, Nickelodeon Africa, and Alex Okosi, executive vice president/ managing director, Viacom International Media Networks Africa & BET International, at the Nickfest with Maltina Festival in Lagos, recently.
Buhari bans 50 high profile Nigerians from overseas travel INIOBONG IWOK
P
resident Muhammadu Buhari has ordered the placement of 50 high profile Nigerians on watch list, banning them from travelling out of the country pending the determination of their corruption cases in court. According to a statement by Garba Shehu, senior special assistant to the presi-
dent on media and publicity, yesterday, the measure was part of the implementation of Executive Order Number 6 which seeks to ensure “that all assets within a minimum value of N50 million or equivalent, subject to investigation or litigation are protected from dissipation by employing all available lawful means, pending the final determination of any corruption-related matter”. The statement said the financial trans-
actions of such persons are also being monitored by relevant agencies to ensure the assets are not dissipated and that such individuals do not interfere with current investigation and litigation processes against them. Shehu in the statement reaffirmed the commitment of the president towards
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