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Harvard Business School Launches Tony Elumelu Foundation Case Study

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  • Spotlights Role of African Philanthropy in Transforming the Development Agenda in Africa

At a time of renewed geopolitical interest in Africa, and an increasing questioning of traditional development finance models, Harvard Business School today released a case study examining the role and impact of the Tony Elumelu Foundation (TEF), and its unique approach to catalysing entrepreneurship in Africa.

The Foundation, Africa’s leading funder of young entrepreneurs, has pioneered an innovative approach to seeding, capacitising and networking young entrepreneurs across Africa. Drawing directly from Tony Elumelu’s entrepreneurial journey, his acknowledgement that luck and chance played an important role in his success, the Foundation democratises luck, spreads opportunity, in a sector agnostic approach, and has developed a bespoke infrastructure that reaches every country in Africa. The Foundation is a direct expression of Elumelu’s philosophy of Africapitalism, that the private sector must play a pivotal role in Africa’s development, and that investment must seek social, as well as economic returns.

The case study, the first of its kind focused on African philanthropy, was launched today, Thursday, February 29, 2024, before a class of graduate students at Harvard Business School and explored the Foundation’s unique approaches and transformative initiatives, showcasing how the strategic philanthropy offered by TEF, is driving positive change and elevating countries and communities.

The case study recognises challenges the Foundation faces, and its responses, as it developed its mission, since founding in 2010. The track record is impressive, with over 20,000 entrepreneurs funded, over a million connected digitally and the development of an impact assessment capacity. TEF has disbursed over USD$100 million, reaching every African country. The Foundation is increasingly developing a partnership-based approach, working with institutions such as the EU, US agencies, the UNDP, the ICRC, the Ikea Foundation, and others to develop bespoke programmes focused on fragile states, female entrepreneurs and sustainability initiatives.

Tony Elumelu, who spoke at Harvard said, “TEF is creating economic hope and opportunity for African entrepreneurs. We know that entrepreneurship is the solution to youth unemployment and insecurity. Through the intervention of the Foundation, we are transforming our young people, giving them hope. Collectively, all of us can resolve the challenges that we have on the continent.

It is wonderful to have had the opportunity to work with HBS, to spotlight our successes, acknowledge the challenges that we have at times faced, and provide the opportunity to spread our experience, for the benefit of others.”

The Harvard Business School session provided an opportunity to engage in a meaningful discussion on the role of philanthropy in shaping sustainable and inclusive economies. As the world grapples with complex challenges around demographics, climate and sustainability, the Tony Elumelu Foundation model offers a fascinating model of how strategic philanthropy can be a driving force for positive change.

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Lagos Announces Eight-Month Partial Closure Of Lekki-Ajah Road For Major Rehabilitation Works

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The Lagos State Government has announced that parts of the Lekki–Ajah corridor will undergo partial closure for eight months to allow major rehabilitation and improvement works aimed at easing traffic congestion along the busy route.

In a statement issued on Wednesday, the Commissioner for Transportation, Mr. Oluwaseun Osiyemi, confirmed that the project is designed to enhance road quality and ensure smoother traffic flow for commuters.

“The Lagos State Government has announced road rehabilitation works on Lekki-Ajah corridor commencing from Saturday 15th November, 2025 to Wednesday 15th July, 2026, a period of 8 months,” the statement shared on his X handle read.

Osiyemi explained that the project would be carried out in two phases to reduce inconvenience to motorists and residents. Preliminary work, he added, is already underway ahead of the full commencement.

According to him, the first phase of the rehabilitation will be implemented in seven sections. During this period, one lane will remain open while the other is closed for construction. Once work on the closed lane is completed, repairs will shift to the opposite side.

“Motorists heading toward Lekki and Ajah will continue to have access throughout the construction,” he stated.

For the second phase, vehicles moving from Ajah toward Lekki will be restricted to one lane while the other undergoes rehabilitation.

“When the first lane is completed, work will shift to the second. At all times, movement toward Ajah will remain open,” Osiyemi assured.

The commissioner further noted that certain sections of the corridor would experience partial closures throughout the duration of the project.

He appealed for patience and cooperation from road users, stressing that adherence to traffic directions and diversions would ensure safety and minimal disruption.

“We urge road users to obey traffic officers and follow diversion signs as directed. These repairs are part of the Lagos State Government’s commitment to improving road infrastructure and ensuring safer, smoother journeys for everyone,” Osiyemi added.

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Wike’s Verbal Assault On Soldier Undermines National Security, He Must Apologise — Buratai

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Former Chief of Army Staff, Lt. Gen. Tukur Buratai (rtd), has condemned the Minister of the Federal Capital Territory (FCT), Nyesom Wike, over a recent confrontation with military personnel at a disputed land site in Abuja.

Videos circulating on social media on Tuesday showed Wike in a heated exchange with uniformed officers during an inspection of the land in question.

In a statement released on Wednesday, Buratai described the altercation as a direct “threat to national security,” warning that it requires “immediate and serious response” from relevant authorities.

“His public disparagement of a uniformed officer of the Nigerian Armed Forces transcends mere misconduct; it represents a palpable threat to national security and institutional integrity,” Buratai said.

He added that “a minister’s verbal assault on a military officer in uniform is an act of profound indiscipline that strikes at the core of our nation’s command and control structure.”

Buratai further explained that such behaviour “deliberately undermines the chain of command, disrespects the authority of the Commander-in-Chief, and grievously wounds the morale of every individual who serves under the Nigerian flag.”

He warned that “such actions erode the very foundation of discipline upon which our national security apparatus stands,” stressing that it should not be treated as “political theatre.”

“This is a reckless endangerment of national order. This action by Wike is clearly an indication of undermining the federal government’s authority,” he said.

The former army chief called on Wike to publicly apologise to President Bola Tinubu, the Commander-in-Chief of the Armed Forces, and to the military officer involved in the incident.

“Our nation’s security must come first. It is time for decisive action, not politics of military bashing. The integrity of our Armed Forces demands nothing less,” Buratai added.

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Senate Panel Rejects NNPCL’s Position On ‘Unaccounted’ N210trn, Demands To See Ojulari

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The Senate Committee on Public Accounts has dismissed the written explanations submitted by the management of the Nigerian National Petroleum Company Limited (NNPCL) regarding the “unaccounted” N210 trillion uncovered in its audited financial statements between 2017 and 2023.

On October 7, the committee chairman, Senator Aliyu Wadada, confirmed that the NNPCL had responded to all 19 audit queries raised about its finances. The review followed findings from the Office of the Auditor-General of the Federation, which highlighted significant discrepancies in the company’s books.

According to the audit report, N210 trillion could not be properly accounted for — comprising N103 trillion listed as liabilities and N107 trillion as assets.

Despite being scheduled to appear before the committee on Tuesday, the NNPCL management failed to show up, opting instead to send a written response. The decision drew sharp criticism from lawmakers, who accused the company of avoiding accountability.

Describing the company’s action as “offensive evasiveness,” Senator Wadada said the committee would no longer accept written submissions or representatives appearing on behalf of Bayo Ojulari, the Group Chief Executive Officer (GCEO) of NNPCL.

“Today, November 11, 2025, was a date chosen by NNPC,” Wadada said. “It is rather unfortunate that none of the officials of NNPC is here on a date they themselves chose. The public has been waiting for this. It is important that we keep Nigerians informed.”

He said the committee would proceed with its findings based on the documents already submitted, noting that the company’s explanations raised major red flags over claims of N103 trillion in accrued expenses and N107 trillion in receivables, totalling N210 trillion.

Wadada further stated that the submissions made by NNPCL contradicted evidence already in possession of the committee. “NNPC claimed N103 trillion as accrued expenses and N107 trillion as receivables—amounting to N210 trillion,” he said. “On question eight, NNPC’s explanation on the N107 trillion receivables — equivalent to about $117 billion — contradicts available facts and evidence provided by NNPC itself. The committee is duty-bound to reject this.”

He also questioned the credibility of the company’s claim that it paid N103 trillion in cash calls in 2023 alone, pointing out that its total crude oil revenue between 2017 and 2022 was only N24 trillion. “Cash call arrangements were abolished in 2016 under the Buhari administration,” he said. “How can NNPC claim to have paid N103 trillion in one year when it only generated N24 trillion in revenue over five years? Where did NNPC get that money?”

The senator added that the alleged N103 trillion must be remitted to the federal treasury pending proper clarification from the company.

Wadada also dismissed NNPCL’s justification for the N107 trillion in receivables, which it partly attributed to funds supposedly held in defunct banks. “No bank or amount was named. This lack of transparency is unacceptable,” he said.

He disclosed that the committee might summon former officials of both NNPCL and the National Petroleum Investment Management Services (NAPIMS) to provide further clarification, stressing that NAPIMS, by law, is not permitted to operate an independent account.

Wadada warned that future committee invitations must be honoured in person by the NNPCL chief executive, stating, “At any point this committee invites NNPC; the chief executive must appear in person. Being out of the country will no longer be accepted as an excuse.”

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