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Tony Elumelu Foundation Announces Somachi Chris-Asoluka As Chief Executive Officer

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The Board of Trustees of the Tony Elumelu Foundation, the leading philanthropy empowering young African entrepreneurs from all 54 African countries, has announced the appointment of Somachi Chris-Asoluka as Chief Executive Officer, following the retirement of current CEO, Ifeyinwa Ugochukwu.  The appointment takes effect from March 01, 2023.

Since the launch of the TEF Entrepreneurship Programme in 2015, the Foundation has trained over 1.5 million young Africans on its digital hub, TEFConnect, and disbursed nearly USD$100 million in direct funding to 18,000 African women and men, who have collectively created over 400,000 direct and indirect jobs.  The Foundation’s mission is rooted in Africapitalism, which positions the private sector, and most importantly entrepreneurs, as the catalyst for the social and economic development of the African continent.

The Foundation’s ability to fund, train, mentor, and network young African entrepreneurs, has created a unique platform for catalysing growth across the African continent.  The robust ability of the Foundation to reach entrepreneurs across geographies and sectors, has enabled it to conduct innovative partnerships with the European Union, United Nations Development Programme, the International Committee of the Red Cross, the United States Government via the United States African Development Foundation (USADF), The Organisation of African, Caribbean and Pacific States (OACPS), The French Development Agency (AFD), The German Development Finance Institution (DEG), The German Agency for International Cooperation (GIZ), The African Development Bank (AfDB), and Google, with bespoke programmes including targeting female empowerment and growth in fragile states.

Somachi, who joined the Foundation in 2014, has served as the Foundation’s Head of Research, Head of Policy and External Relations, and most recently as the Director of Partnerships and Communications.  In her new role as CEO, Somachi will leverage her expertise, experience and network to provide strategic leadership in consolidating and deepening the Foundation’s work of transforming Africa through entrepreneurship.

Speaking on the appointment, Tony O. Elumelu, CFR stated: “This is an important time for the Foundation and Africa.  Our work is ever more important, and our platform is demonstrating our ability to truly catalyse change.  We are increasingly working with partners, to magnify our impact.  Somachi’s experience in partnership development will be particularly relevant.  Somachi, as Director of Partnerships & Communications, has demonstrated strong leadership, commitment, and strategic thinking, in delivering the Foundation’s mission to transform Africa.  She is the perfect candidate to build on Ifeyinwa Ugochukwu’s impactful contribution.

“On behalf of the Board, I also thank Ifeyinwa, for her considerable achievements, significant sacrifice and commitment to building and empowering the next generation of African business leaders.  The Foundation, since inception, has been led by a succession of dynamic and diverse CEOs, who have each brought passion, commitment, and innovation.  As the tenure of Ifeyinwa draws to a close, I look back on the last five years and pay tribute to the impact she has made, first as Director of Partnerships, and later as the Chief Executive Officer.”

In response, Ifeyinwa said: “Over the last five years, the Tony Elumelu Foundation has significantly expanded its mission to empower African Entrepreneurs across all 54 African Countries.  In particular, the Foundation has grown its partnership capability, opening its platform and process to third parties, who share in our commitment to growing the African entrepreneurial ecosystem, and transforming Africa by empowering entrepreneurs.  As CEO, it has been my profound joy to lead the dynamic team to empower the next generation of young people whose ideas are transforming Africa.”

Accepting her appointment, Somachi said: “I am honoured to be appointed to lead the Foundation, particularly at a time when we will be launching a new Coalition for African Entrepreneurship.  This Coalition will bring together global and African partners to significantly increase the impact created by TEF’s unique platform for identifying, mentoring, training and funding young African entrepreneurs.  I look forward to working with the team, our partners, and all stakeholders to achieve our common goal of a strong, confident, self-reliant Africa.  I am honoured to build on Ifeyinwa’s legacy and launch the Tony Elumelu Foundation into its next phase of impact.”

Somachi graduated Summa Cum Laude from Saint Mary’s College of California with a BSc. in Economics and minor in Mathematics, and received the “Adam Smith” award given to the highest performing graduating student in Economics.  She also has a Master’s Degree in International and Development Economics from Yale University.  She is a Deputy Champion of the World Economic Forum (WEF) EDISON Alliance.

Applications for the 2023 Tony Foundation Entrepreneurship Programme are now open. Apply now on tefconnect.net.

BIG STORY

Emefiele Loses Warehouse Built On 1.925 Hectares To Federal Government

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The Economic and Financial Crimes Commission (EFCC) has secured the final forfeiture of a warehouse linked to Godwin Emefiele, the former governor of the Central Bank of Nigeria (CBN).

According to The Guardian, top sources revealed that Justice Deinde Dipeolu of the Federal High Court in Lagos issued the forfeiture order on Thursday, December 19, 2024, with the property forfeited to the Federal Government of Nigeria.

The warehouse, built on a 1.925-hectare piece of land located at Km 8 along the Lagos-Ibadan Expressway in Magboro, contained 54 general-purpose steel containers.

The containers were filled with various types of sewing machines.

Earlier, on November 28, the judge had ordered the interim forfeiture of the assets after the Commission filed an application for their forfeiture.

Following the court’s directive for the EFCC to publish the order in two national newspapers, allowing any interested party to show cause why the assets should not be finally forfeited, the Commission later returned to court to request the final forfeiture of the assets.

According to the source, the court also ordered the forfeiture of the land on which the warehouse is situated to the government.

“At the resumed hearing of the matter on Thursday, EFCC Counsel, Rotimi Oyedepo, SAN, told the court that the EFCC had complied with the court’s directives to publish the assets in two national newspapers,” the source said.

“Citing Section 44(2)(B) of the constitution and Section 17 of the Advance Fee Fraud and Other Fraud Related Offences Act 2006, he prayed the court to grant the final forfeiture of the assets.

“Justice Dipeolu granted the order, making the forfeiture another milestone in the asset recovery drive of the EFCC.”

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10 Feared Dead, Several Others Injured At Catholic Church’s Palliative In Abuja

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A stampede at the Holy Trinity Catholic Church in Maitama District of Abuja on Saturday morning has resulted in several deaths and numerous injuries.

The tragic incident occurred during a palliative distribution event organized by the church to assist struggling residents.

It was reported that chaos erupted as thousands of residents rushed to receive relief items, leading to the deadly crush.

Over 3,000 people, including children, mostly from nearby areas such as Mpape and Gishiri Village, had gathered for the event before the unfortunate incident took place.

Mike Umoh, the National Director of Social Communications at the Catholic Secretariat of Nigeria, confirmed the incident.

“Yes, it’s true, but the details are sketchy,” he said in a brief statement.

On the same Saturday, a stampede in Okija, a community in Ihiala Local Government Area of Anambra State in Nigeria’s South-east, also left many people dead.

According to Premium Times, witnesses reported that the victims had gathered to participate in the distribution of bags of rice donated by a well-known entrepreneur, Ernest Obiejesi, commonly referred to as Obijackson.

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NNPC Denies Misleading Report, Insists Port Harcourt Refinery Operational

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  • says product loading ongoing

 

The Nigerian National Petroleum Company Limited (NNPC) has affirmed that the renovated Port Harcourt refinery is fully operational.

The state-owned oil company clarified that preparations for loading operations were ongoing as of Saturday.

This clarification was made in a statement by Olufemi Soneye, the NNPC’s Chief Corporate Communications Officer, on Saturday.

Soneye was responding to reports suggesting that the refinery had halted loading petroleum products just one month after its reopening.

He confirmed that the refinery is fully functional, with a recent verification by former NNPC Group Managing Directors.

An earlier report by Saturday Punch said that less than a month after the Port Harcourt Refining Company appeared to have resumed production, the facility had stopped working.

Reacting, Soneye said preparation for today’s loading was ongoing at the time of sending out the statement.

“The attention of the Nigerian National Petroleum Company Limited has been drawn to reports in a section of the media alleging that the Old Port Harcourt Refinery which was re-streamed two months ago has been shut down.

“We wish to clarify that such reports are totally false as the refinery is fully operational as verified a few days ago by former Group Managing Directors of NNPC.

“Preparation for the day’s loading operation is currently ongoing,” he said in the statement.

He urged members of the public to disregard the report saying the malicious reports were the work of individuals attempting to create artificial scarcity and exploit Nigerians.

“Members of the public are advised to discountenance such reports as they are the figments of the imagination of those who want to create artificial scarcity and rip-off Nigerians,” he stressed.

Olatunji Grace, a social media user with the handle @Tunjigrace, expressed her frustration, questioning the intentions of those who wish for things to go wrong in Nigeria.

She criticised individuals who discredit positive developments, stating, “Who are these people?

Does any other nation have such unfortunate citizens who pray for failure?”

She also expressed disappointment in a report by Punch Newspaper, describing it as “devilish and stupid journalism” that hides behind the guise of a “report.”

Another user, Patrick @Williamskane4, accused news media organisations of working with opposition political parties to spread fake news and misinformation.

He stated, “In collaboration with some opposition political parties, they spread lies, making propaganda their trade.”

Meanwhile, another user, Sarki @Waspapping_, defended the Old Port Harcourt Refinery’s operations, stating that the refinery is fully functional.

He questioned why some individuals and media outlets were spreading false narratives about shortages, claiming they aimed to exploit Nigerians.

Sarki emphasised that such misinformation benefits those who profit from scarcity and high prices and urged Nigerians to see through the lies and support local production efforts.

For decades, efforts to revive the Port Harcourt Refining Company (PHRC) seemed insurmountable. However, under Mele Kyari’s leadership, the once-elusive goal has been realised, signalling a critical step toward achieving energy self-sufficiency. This success is not only a milestone for the NNPCL but a testament to Kyari’s resolve to transform Nigeria’s energy landscape.

The Port Harcourt Refinery Company in Eleme is a sprawling facility divided into a 60,000-barrel-per-day-old refinery, and a new one capable of refining 150,000 barrels per day. The old refinery, operational since 1965, is Nigeria’s first refinery and had remained idle since 1990 when the newer unit became the primary production hub.

After over 30 years of dormancy, the old Port Harcourt refinery, which has a unique configuration where one barrel of crude oil yields a maximum of 23–24 per cent gasoline, was recently reopened by the NNPC Limited amid shock by forces against the revival of the country’s four refineries.

After the $1.5 billion approved by the Federal Government in 2021 for the comprehensive rehabilitation of the refinery had been judiciously spent, the NNPCL under Kyari’s sound leadership, reopened the Old Port Harcourt Refinery on Tuesday, November 26, 2024.

Today, the old Port Harcourt refinery is currently producing straight-run gasoline (Naphtha) blended into 1.4 million liters of PMS daily; 900,000 liters of kerosene; 1.5 million liters of Automotive Gas Oil (Diesel); 2.1 million liters of Low Pour Fuel Oil (LPFO), and additional volumes of Liquefied Petroleum Gas (LPG), also known as cooking gas.

Attempts by sceptics to rubbish the achievement recorded with the 60,000-barrel-per-day Port Harcourt refinery had been roundly repudiated by the NNPCL, workers at the refinery, experts, and delegates from the Presidency, Nigeria Labour Congress, Trade Union Congress, Petroleum and Natural Gas Senior Staff Association of Nigeria, and Nigeria Union of Petroleum and Natural Gas Workers.

 

Credit: The Punch

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