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Fidelity Restates Support To Small Business As Enugu First Lady, ABCON Commend Bank Fidelity Restates Support To Small Business As Enugu First Lady, ABCON Commend Bank 

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Fidelity Bank to boost Schools’ Profitability with Value-adding Products

Fidelity Bank Plc, top Nigerian lender has reaffirmed its commitment to enhancing the productivity and prosperity of Micro Small and Medium Enterprises (MSMEs) in the country by providing capacity building and advisory services, innovative funding options and other forms of relevant support that would significantly improve their overall contributions to national development. 

 

 

Fidelity CEO, Mrs. Nneka Onyeali-Ikpe gave the assurance at the Fidelity SME National Capacity Building Webinar organized by the bank for entrepreneurs in Enugu State, in collaboration with the Enugu State Ministry of Trade and Commerce and the Enugu SME Centre; Small and Medium Enterprises Development Agency of Nigeria (SMEDAN); Nigeria Association of Small & Medium Enterprises (NASME) and Enugu Chamber of Commerce, Industry, Mines and Agriculture (ECCIMA).

 

 

The webinar which will take place across the country on a state-by-state basis, is part of concerted efforts to assist entrepreneurs across all sectors of the Nigerian economy develop requisite capacity to unlock their full potentials and take their businesses to the next level of growth.

Mrs. Onyeali-Ikpe who during her remarks on Wednesday provided insights into the bank’s unique approach to managing MSMEs, pointed out that SMEs which are businesses with less than N100m annual turnover contribute about 48% of national GDP, account for 96% of businesses and 84% of employment in Nigeria. She noted that despite the significant contribution of SMEs to the Nigerian economy, challenges still persist that hinder the growth and development of the sector. Chief among these are funding, lack of infrastructure, poor management, low entrepreneurial skills, improper planning, poor digital skills, etc. The Fidelity CEO however noted that the webinar seeks to proffer appropriate solutions to these challenges in a very practicable manner.

“We have a dedicated SME Desk with innovative products and services to assist your business. Fidelity Bank, in partnership with various private and public institutions provides funding, business advisory services for all our customers. This webinar is an excellent opportunity to network, share information and deepen the SME sector in Enugu State”, she explained.

Themed “Funding and Financial Management”, the Enugu Edition had in attendance special guests including Mrs. Monica Ugwuanyi, First Lady, Enugu State, Sir Robert O. Anwatu, Managing Director/Chief Executive Officer, Roban Stores, and Mr. Chiedozie Atuegwu, Director, Michelle Laboratories Limited, amongst others.

In her remarks, Mrs. Ugwuanyi applauded the bank for its unrelenting support for MSMEs in Enugu State, stating that the Ifeanyi Ugwuanyi-led administration remained at the forefront of SME development in Nigeria as exemplified by its continuous investments in infrastructure deployment and provision of labor policy frameworks to further encourage investments.

Speaking in the same vein, President, Association of Bureau De Change Operators of Nigeria (ABCON) (ABCON) Dr. Aminu Gwadabe commended the bank for its sustained efforts at promoting MSMEs nationwide. Gwadabe noted that the bank had been very supportive to its 5,000 licensed members nationwide. “The Bureau De Change (BDC) does about N1.4trillion per annum. Fidelity Bank controls 60 percent of these transactions in the country”, he explained.

Whilst shedding light on the dynamics of the Bureau De Change sector, Dr, Gwadabe revealed that exchange rate stability was determined by the country’s SME structure. Given the immense potentials inherent in the nation’s MSME space, he said that the fledgling sector, if properly positioned, could assist the Central Bank of Nigeria (CBN) achieve its mandate on exchange rate stability.

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The Tony Elumelu Foundation Set to Announce 2025 Cohort of TEF Entrepreneurship Programme

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The Tony Elumelu Foundation Set to Announce 2025 Cohort of TEF Entrepreneurship Programme

Tony Elumelu Entrepreneurs have collectively created 1.5 million jobs and generated $4.2 billion in revenueOver 2 million Africans lifted out of poverty. 

 

The Tony Elumelu Foundation (TEF), Africa’s leading philanthropy empowering entrepreneurs is set to announce the 11th cohort of the TEF Entrepreneurship Programme on Saturday, March 22, 2025.

The 2025 announcement comes at a critical time, as Africa’s entrepreneurship ecosystem faces funding constraints and global economic headwinds. TEF continues to provide much-needed support, empowering African entrepreneurs to transform their ideas into sustainable businesses and engines of economic growth.

Each selected Tony Elumelu Entrepreneur will receive $5,000 non-refundable seed capital, a world-class business training on TEFConnect, one-on-one mentorship, and access to global networks and investment opportunities. The selection process is being conducted by Ernst & Young, to ensure independent assessment.

The impact of the Tony Elumelu Foundation extends beyond funding. It is changing lives and shaping Africa’s future, as witnessed by beneficiaries of the catalytic TEF Entrepreneurship Programme.

The Tony Elumelu Foundation Set to Announce 2025 Cohort of TEF Entrepreneurship Programme

Ahead of the upcoming announcement, Tony O. Elumelu, C.F.R., Founder of TEF and Group Chairman of Heirs Holdings, reiterates his unwavering belief in the potential of Africa’s entrepreneurs:

“I believe that Africa’s transformation will not be led by aid, but by empowering the next generation of African entrepreneurs—giving them the tools, the funding, the training, and the networks to build sustainable businesses that create jobs and drive economic growth.

Over the past decade, we have nurtured entrepreneurs from inception to success, scaling our impact across all 54 African countries. We have provided capital and also developed a robust monitoring and evaluation framework that allows us to track the progress of our entrepreneurs and measure their contributions to their communities and economies.

No other organisation is implementing entrepreneurship development at this scale across Africa. We have learned, we have refined, and we continue to improve, ensuring that African entrepreneurs—women and men—are at the forefront of solving our continent’s challenges and creating wealth for themselves and their communities. Entrepreneurship is the key to Africa’s prosperity. I wish the 2025 cohort of Tony Elumelu Entrepreneurs success, as they chase their ambitions, and play their part in Africa’s transformation.”

The Tony Elumelu Foundation is the leading philanthropy empowering a new generation of African entrepreneurs, driving poverty eradication, catalysing job creation across all 54 African countries and ensuring inclusive economic empowerment.

Since the launch of the Tony Elumelu Foundation Entrepreneurship Programme in 2015, TEF has lifted over 2 million Africans out of poverty, provided 2.5 million young Africans with access to training on TEFConnect, and disbursed more than $100millon in direct funding to thousands of African entrepreneurs who have gone on to create over 1.5 million direct and indirect jobs and generate over $4.2 billion in revenue.

 

For more details on the Tony Elumelu Foundation’s impact visit our Impact Page, African Success Stories Page, and Annual Report Page.

For Media Inquiries: media@tonyelumelufoundation.org

 

Tony Elumelu Entrepreneur Testimonials from Previous Years:

“I started my agribusiness with nothing but an idea. TEF changed everything. With the funding, training, and mentorship, I have now expanded across three countries and employ 25 people.”

– Fatima Diallo, Senegal, Agritech Entrepreneur

“As a woman in the fintech industry, it was difficult to secure funding. TEF not only provided me with capital but also the confidence and skills to build a business that is now attracting international investors.”

– Mary Okeke, Nigeria, Fintech Founder

“The TEF Entrepreneurship Programme helped me commercialise my clean energy innovation. Today, we provide solar solutions to over 50,000 homes in rural Tanzania.”

– Juma Nyerere, Tanzania, Renewable Energy Entrepreneur

 

For more details on the Tony Elumelu Foundation’s impact visit our Impact Page, African Success Stories Page, and Annual Report Page.

For Media Inquiries: media@tonyelumelufoundation.org

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Federal Government Moves to Slash Sky-High Airfares as Minister Keyamo Exposes Airline Tactics

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Federal Government Moves to Slash Sky-High Airfares as Minister Keyamo Exposes Airline Tactics

Federal Government Moves to Slash Sky-High Airfares as Minister Keyamo Exposes Airline Tactics

The Federal Government, through the Minister of Aviation and Aerospace Development, Festus Keyamo, has vowed to tackle the exorbitant cost of air tickets for both domestic and international flights, revealing major efforts to cut costs, enhance airport safety, and address airline pricing manipulations.

Speaking at the Ministerial Press Briefing in Abuja on Thursday, Keyamo exposed a series of economic and policy-based factors that have led to the skyrocketing price of flight tickets, making air travel increasingly unaffordable for Nigerians.

Federal Government Moves to Slash Sky-High Airfares as Minister Keyamo Exposes Airline Tactics

Why Are Airfares So Expensive? The Inside Story

Keyamo broke down the root causes of excessive ticket pricing, which include:
🔹 Limited access to affordable aircraft leasing, forcing Nigerian airlines to either lease aircraft at exorbitant rates or buy aircraft outright—a cost that ultimately burdens passengers.
🔹 Foreign airlines deliberately inflating ticket prices for Nigerian travelers due to fears of trapped funds and currency depreciation.
🔹 Heavy government-imposed airport taxes, which are among the highest in Africa, further pushing up fares.

Foreign Airlines Caught in the Act? Keyamo Exposes Pricing Tricks

In a shocking revelation, Keyamo unveiled how foreign airlines had been exploiting Nigerian travelers by restricting them to only the highest-priced tickets.

“We called international airlines and asked what they used to do. They said if you want to buy international tickets, you will see business class Z, grade J, different grades, but it’s all the same. One can be N2 million cheaper than the other. Those ones, they opened for countries where they could get their money immediately. But they now opened only the high fare for Nigerian passengers,” he disclosed.

He explained that because foreign airlines feared currency depreciation, they set high fares in anticipation of inflation affecting their trapped funds.

“They said because they were taking into account inflationary rates of the money that will be trapped, they didn’t know when they would get it back. So instead of selling a ticket for N2 million or N3 million, they sold it for N7 million. Meanwhile, Ghana had lower ticket prices,” he added.

Government’s Response: No More Exploitation!

The government, according to Keyamo, is actively engaging foreign airlines to adjust their pricing in line with the recently cleared backlog of trapped funds.

“President Bola Tinubu, being very smart on this, cleared that first. But even after clearing the backlog, they were still enjoying the high fares. So we told them, ‘No, you cannot continue to do this. The excuse is gone. Nigerian passengers must now get fair pricing like other countries.’”

The Nigerian Civil Aviation Authority (NCAA) is leading discussions with these airlines to force a price adjustment, ensuring that Nigerians no longer face inflated airfares.

Airport Taxes: Another Major Culprit

Keyamo acknowledged that Nigeria’s airport taxes are among the highest in Africa, further worsening ticket prices. However, he emphasized that reducing these taxes is not solely within his power, as it requires collaboration with the Ministry of Finance.

“The Nigerian Airspace Management Authority and the Federal Airports Authority of Nigeria are reviewing these charges, but I cannot singlehandedly reduce them. It involves the Minister of Finance,” he clarified.

He stressed that airlines pass these high taxes directly to passengers, further inflating ticket costs.

What Lies Ahead? Promises of Cheaper Flights Soon

Keyamo assured Nigerians that with ongoing government interventions—including negotiations with foreign airlines, new aircraft leasing agreements, and possible tax reductions—airfares will soon become more affordable.

“We are addressing these issues. The results will soon be visible with the Cape Town Convention and the Dublin Conference. The deals are coming in, and we will see the results soon,” he promised.

Final Verdict: Relief in Sight or Another Empty Promise?

While the Federal Government’s efforts signal hope for Nigerian travelers, many remain skeptical about whether these promises will translate into real, affordable ticket prices. Will Keyamo’s intervention finally ground the exploitative pricing system, or will passengers continue to pay the price for policy failures? Nigerians are watching closely.

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BUA Estate, Abuja, Hosts Successful Iftar, Fostering Community Spirit

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“Africa’s Biggest Giver”- Inside The Telling Video Celebrating BUA Chairman, Abdul Samad Rabiu’s Birthday

BUA Estate, Abuja, Hosts Successful Iftar, Fostering Community Spirit

BUA Estate, a subsidiary of BUA Group, hosted a memorable Iftar celebration over the weekend in the spirit of Ramadan.
The event, held at the Estate’s mosque, brought together over 200 residents of the estate for an evening of prayers, spiritual lectures, supplications and breaking of fast, geared at fellowship, and community bonding.
Hadiza Rabiu, the General Manager of the Estate, expressed that the initiative aimed to support residents in their spiritual journey through the Holy month of Ramadan.  “We are thrilled to have hosted such a successful event. Ramadan is a time for reflection, gratitude, and community. It was an opportunity for residents to socialize and bond with their neighbours’’.
The Iftar celebration was widely praised by attendees, who appreciated the effort and thoughtfulness that went into organizing the event by management.
In her remark, Aisha Sulieman, a resident of the prestigious estate in Kado, FCT, Abuja, stated that seeing so many familiar faces and feeling a sense of community and belonging was wonderful. “We were indeed grateful to the Estate’s management for hosting such a memorable event,’’ she said.
“I wasn’t expecting that level of grand Iftar, but I was quite impressed. It was a wonderful program that brought families together with enough to eat and drink. I would like to express my gratitude to the company and their staff for the kind gesture,” said Adamu Aliu, another resident who was in attendance.
The Iftar celebration is just one example of the many community-focused initiatives undertaken annually by the BUA Estate management team to unite residents and celebrate their shared values and traditions.
About BUA Estate
BUA Estate is part of BUA Group’s real estate portfolio, which features residential, commercial, and mixed-use developments in Nigeria’s key cities. Our mission is to create sustainable properties that meet the demands of Africa’s real estate sector, blending functionality, durability, and aesthetics for clients and homeowners. Our estates include BUA Kado, BUA Hills, BUA Court, BUA Business Park, Abuja, BUA Towers, and The BUA Place, Lagos. www.buaestate.com.

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