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African Philanthropist & Business Leader, Tony Elumelu Sets Out Africa’s Priorities For UNGA 2024

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  • Transformative Economic Growth, Youth Employment, Energy Transition Critical for the Continent

 

African philanthropist and business leader, Tony Elumelu, will make Africa’s transformative economic growth, youth employment, and energy transition central to the discussions at this year’s United Nations General Assembly (UNGA), taking place late September in New York.

Elumelu will call for urgent action in a series of engagements, including a roundtable discussion at the Clinton Global Initiative with former President of the United States, Bill Clinton, and at an event co-hosted by the World Food Programme (WFP) and the Tony Elumelu Foundation (TEF), led by WFP Executive Director, Cindy McCain.

Elumelu will bring his perspective both from extensive experience in building industry-leading businesses across the continent, and the success of the Tony Elumelu Foundation’s catalytic programmes empowering young Africans. Elumelu is a realist, challenging Africa and Africans to solve their problems, bringing African solutions, but also recognizing Africa’s responsibility to act.

As Chairman of United Bank for Africa (UBA) Group and pan-African investment company, Heirs Holdings, as well as Founder of the Tony Elumelu Foundation, Elumelu is a leading driver of Africa’s transformation agenda, helping shape the continent’s narrative on the global stage. His thought leadership and advocacy challenge conventional views, offering innovative strategies for collaboration and growth. The success of his Foundation in promoting youth entrepreneurship as a pathway out of poverty, has featured in case studies from Harvard, Chicago Business School, Stanford and Cambridge.

With over 60% of Africans lacking access to electricity and young people making up more than 60% of the continent’s 1.3 billion population, Africa faces challenges that impact the world. Africa, most recently with tragic floods in West Africa, is suffering climate driven environmental crises, caused by global emissions, whilst Africa’s development is held back by huge infrastructure deficits.

In a recent statement, Elumelu emphasised, “I have often said that there is nowhere else in the world you can reap the kind of investments as in Africa. However, I am acutely aware of the fundamental challenges our continent faces. Addressing the issues of sustainable economic growth, youth unemployment, genda inequality, and Africa’s energy transition is critical not only for meeting the continent’s basic developmental needs, but also for achieving the Sustainable Development Goals and unlocking the immense economic potential that Africa offers.”

An economist and visionary entrepreneur, Elumelu’s economic philosophy of Africapitalism, serves as a blueprint for accelerating Africa’s economic transformation, advocating for the private sector to take the lead in delivering social and economic wealth, and shared prosperity for all.

Alongside Elumelu’s advocacy, the United Bank for Africa, which he chairs, will host a networking gala on the sidelines of UNGA – a platform to spotlight investment opportunities on the continent. The Gala will convene prominent leaders across four continents, in commemoration of UBA Group’s 75th anniversary and the Group’s 40 years of operations in the United States.

BIG STORY

Police Arrest 31-Year-Old Medical Doctor, 3 Others Over Alleged Sale of Newborn For N2.5m in Lagos

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The Lagos State Police Command has arrested a 31-year-old medical doctor, a traditional birth attendant, and two other individuals (all names withheld), accused of conspiring to sell a newborn baby for N2.5 million.

Police said the case was initially reported at Area E Command, Festac, and was transferred to the State Criminal Investigation Department, Yaba, on June 1 for further investigation into allegations of conspiracy, stealing, and child trafficking.

The investigation is being handled by Anti-Human Trafficking/Gender detectives under the supervision of the Deputy Commissioner of Police in charge of SCID, Mr. Dayo Akinbisehin.

Details of the case

According to police sources, the baby’s mother (name withheld), aged 28, and her boyfriend allegedly decided not to keep the child and sought individuals who could facilitate the sale after birth.

The couple was reportedly linked to a prospective buyer in Ikorodu through intermediaries.

The pregnant woman was first taken to a traditional birth attendant for delivery.

Due to complications during labour, she was referred to a private hospital operated by a medical doctor, where she underwent a Caesarean section. Both mother and child survived the procedure.

Shortly after delivery, arrangements were allegedly concluded within the hospital premises for the sale of the newborn to an unidentified buyer for N2.5 million.

The baby was subsequently handed over to the buyer, who remains at large.

A police source said efforts to trace the buyer have been unsuccessful, as the address and telephone number provided turned out to be false.

“The information supplied by the person who took the baby turned out to be non-existent. The address could not be traced, and the phone number was incorrect,” the source said.

Investigators said the baby’s mother initially consented to the arrangement but later raised concerns after allegedly receiving only N700,000 of the agreed N2.5 million.

The matter came to light after she reported the unpaid balance, prompting involvement from non-governmental organizations and a police report.

Arrests and Ongoing Search

Police identified one of the principal suspects as a 31-year-old medical doctor who had been in practice for about four years.

Another woman, alleged to have facilitated the transaction, as well as the buyer of the baby, is currently being sought by investigators.

During a raid on a residence linked to the suspects, police reportedly found three young girls, two of whom were pregnant.

The discovery raised suspicion of an organized criminal scheme, leading to further arrests.

Several suspects remain in custody while investigations continue.

The police said efforts are ongoing to arrest fleeing suspects, recover the missing baby, and ensure that all those involved in the alleged trafficking network are brought to justice.

The command added that suspects already in custody will be charged to court upon conclusion of investigations.

The Lagos State Police Command stated that securing lives and property remains its top priority and reiterated its commitment to combating all forms of human trafficking.

 

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BIG STORY

No New Telecoms or Fuel Taxes, FG Clarifies Amid Public Concern

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The Federal Government has dismissed reports suggesting that it has adopted or is considering new taxes on telecommunications services and petroleum products following the publication of the International Monetary Fund (IMF) Article IV Consultation Report on Nigeria.

The clarification followed reports that the IMF had said Nigeria may need to extend VAT to fuel products and introduce excise duties on telecommunications services to raise revenue, fund development, and social spending.

However, a statement by Efe Ovuakporie, Head Information and Public Relations Unit, Ministry of Finance, on Wednesday, the government said the reports misrepresented the content of the IMF report and did not reflect its policy direction.

“The IMF Article IV Consultation Report contains the Fund’s assessment of Nigeria’s economy as well as recommendations for consideration by the authorities.

“Those recommendations do not amount to government policy and are not binding on Nigeria. Decisions on tax matters are taken through established constitutional and legislative processes and are guided by national priorities and prevailing economic realities”.

The government clarified that the Value Added Tax (VAT) waiver on petroleum products remains in place and has not been withdrawn.

It also noted that although existing legislation provides for a fuel surcharge, such a measure can only take effect through a ministerial order and publication in the Official Gazette.

“No such process is under consideration.

“The continued suspension of these charges has helped cushion the effect of global energy price fluctuations on households and businesses while keeping domestic fuel prices relatively stable”.

The government further clarified that the telecommunications excise duty introduced before 2023 has been repealed under the new tax laws and is therefore no longer applicable.

Against this backdrop, the statement noted that reports claiming that new taxes are being planned for telecommunications services or petroleum products “are not factual and should be disregarded”.

The Federal Government said it remained focused on reforms that promote economic growth, improve revenue administration, and create a more competitive environment for investment and job creation.

“The emphasis remains on expanding economic activity, plugging leakages, and improving efficiency rather than placing additional tax burdens on citizens.

“Any future tax measures will be announced through official channels and implemented in line with the law”, the statement added.

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BIG STORY

I’m Ready To Sacrifice Myself For Rescue of Ogbomoso Schoolchildren —– Makinde

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Seyi Makinde, governor of Oyo, says he is willing to sacrifice himself if that would secure the release of schoolchildren and teachers abducted by gunmen in the state.

Makinde spoke on Tuesday while addressing protesters led by Martins Otse, the activist and social media influencer popularly known as VeryDarkMan (VDM), at the Oyo State Government House in Ibadan.

Hundreds of protesters marched through major roads in the Oyo capital before converging on the government house to demand the urgent rescue of the abductees, who had been in captivity for one month on Monday.

The governor said security agencies have continued efforts to secure the victims’ release, adding that personnel involved in the operation had suffered casualties.

“Oyo state is not Chibok, and it will not be Chibok. We have lost men, soldiers, on this. I can confirm to you that a lieutenant in the Nigerian Army was killed a few days ago,” he said.

“If you ask me, can I sacrifice myself for those children to come out, I will do it. I have lived a good life. I am almost 60. It doesn’t matter. My own father died at 76.

“This is Oyo state. They know that this is not Chibok, and our children will never be in the same situation as the Chibok children.

“We are doing everything possible, including what you suggested. But there is the potential for needless loss of lives. We have lost a teacher already.

“If we can avoid losing more, we will avoid losing more. But if we get to the point that certain people have to be sacrificed, including myself, we will do it.”

Makinde said the government will not negotiate with the abductors, warning that doing so would amount to surrendering the state’s authority to criminal groups.

BACKGROUND

On May 15, gunmen attacked three schools in Oriire LGA of Ogbomoso, abducting 39 pupils and seven teachers, including the principal of one of the affected schools.

Days later, the abductors killed Michael Oyedokun, one of the abducted teachers, while he was in captivity.

The abduction sparked outrage on social media and triggered protests across the country, calling for the release of the victims.

Last Friday, Makinde said intelligence reports indicated that the abductees were still being held within the old Oyo National Park.

He said the area spans about 2,500 square kilometres across parts of 10 local government areas, making rescue operations difficult.

“The size and difficult terrain of the area pose significant operational challenges for security personnel, requiring patience, strategic coordination, and sustained efforts to ensure a successful rescue operation,” the governor had said.

 

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