Business
Tony Elumelu Foundation (TEF) Wraps Up 2017 TEF Entrepreneurship Forum – Largest Gathering Of African Entrepreneurs
- 3rd Annual Tef Entrepreneurship Forum Was Held On October 13-14 In Lagos
- 1,300 African Smes, Policymakers, Incubators From 54 Countries In Attendance
The Tony Elumelu Foundation (TEF), Africa’s leading philanthropy dedicated to supporting entrepreneurship, concluded its 3rd annual TEF Entrepreneurship Forum on 14th of October 2017 in Lagos.
The Forum hosted more than 1,300 participants from 54 African countries. The most diverse and inclusive gathering of African entrepreneurs on the continent, the Forum continued its strong tradition of showcasing innovation across sectors, including Agriculture, Technology, Healthcare, Fashion and Energy/Power Generation.
Launched in 2015, the Forum was born out of the Foundation’s $100 million commitment to identify, train, mentor and fund 10,000 African entrepreneurs, over a decade, through the TEF Entrepreneurship Programme.
During a powerful keynote address, Tony O. Elumelu, CON, the philanthropist and Founder who is also the Chairman of the United Bank for Africa, spoke of his belief, that a vibrant African-led private sector is the key to unlocking Africa’s economic and social potential.
“Africa’s development, which must be private-sector led and entrepreneurially driven, will have at its heart, young African innovators and their transformative ideas. Only they will create the millions of jobs Africa needs. The Forum has brought together Africa’s most important developmental force, her young entrepreneurs who will become catalysts for Africa’s economic liberation.
We have united the African entrepreneurship ecosystem, putting the entrepreneurs at centre stage. I want to thank those heads of government and other key policymakers, who have supported our firm belief that the private sector is the engine for growth and the private sector players, who are models of our philosophy of Africapitalism – the idea that business will drive change and that change must deliver economic and social wealth” he explained.
The two-day event, which involved plenary panels and masterclasses, provided the Tony Elumelu Entrepreneurs with a platform to network and connect with business leaders, policymakers and investors.
Focusing on the Forum’s theme of training and mentoring, speakers discussed topics that educated, empowered and inspired the entrepreneurs, addressing the key stages needed to successfully launch a business.
The speaking programme emphasised the Foundation’s role of uniting entrepreneurs and policymakers, as a means of ensuring that private and public sectors work together to create the best possible operating environment for entrepreneurship to thrive. Political and private sector leaders from across Africa, including HE Aminu Bello Masari, Governor, Katsina state; HE Abdul’aziz Abubakar Yari, Governor, Zamfara state; Mr. Lionel Zinsou, Former Prime Minister, Republic of Benin; Oba Otudeko, Chairman, Honeywell Group; Alhaji Aliko Dangote, Chairman, Dangote group, directly addressed the conditions needed for stimulating entrepreneurial growth, whilst senior members of global development institutions, including Wale Ayeni, Senior Investment Office, International Finance Corporation; Stephen Tio Kauma, Director Human Resources, Afrexim Bank and Andre Hue, Deputy Country Director, Agence Française de Développement, spoke of a new paradigm, driven by the need for a private sector-led change.
“The private sector working with the public sector can achieve so much by way of development. African governments should move beyond rhetorics and implement their ideas,” Oba Otudeko enthused.
Addressing the 3rd cohort of TEF entrepreneurs the Vice President of Nigeria, Professor Yemi Osinbajo said: “This generation of young people will do the exceptional. You are the reason Africa will work. The length and breadth of display of talent have shown that there is indeed hope”.
The Forum also witnessed multiple partnerships between United Nations Development Programme (UNDP) and the Foundation, and between French bilateral development bank, Agence Française De Développement (AFD) and TEF. Commending both agencies for their commitment to promoting youth entrepreneurship in Africa, Elumelu called on other individuals and developmental institutions to partner with the Foundation and expand the scale of its impact. “We call on friends of Africa to partner with the Foundation, to scale our impact beyond the 1,000 entrepreneurs a year. Real opportunity exists to tap into Africa’s potential and our entrepreneurs offer a gateway to participating in both economic success and creating social wealth”.
TEF partners including Microsoft, Sage One and Greentec also held training workshops and side events aimed at approaches to strategically scale up business. The United Bank for Africa (UBA) has proudly supported the forum.
Nigeria’s Inflation Drops to 15.10% as NBS Reports Deflationary Trend
Nigeria’s headline inflation rate declined to 15.10 per cent in January 2026, marking a significant drop from 27.61 per cent recorded in January 2025, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics.
The report also showed that month-on-month inflation recorded a deflationary trend of –2.88 per cent, representing a 3.42 percentage-point decrease compared to December 2025. Analysts say the development signals easing price pressures across key sectors of the economy.
Food inflation stood at 8.89 per cent year-on-year, down from 29.63 per cent in January 2025. On a month-on-month basis, food prices declined by 6.02 per cent, reflecting lower costs in several staple commodities.
The data suggests a sustained downward trajectory in inflation over the past 12 months, pointing to improving macroeconomic stability.
The administration of President Bola Ahmed Tinubu has consistently attributed recent economic adjustments to ongoing fiscal and monetary reforms aimed at stabilising prices, boosting agricultural output, and strengthening domestic supply chains.
Economic analysts note that while the latest figures indicate progress, sustaining the downward trend will depend on continued policy discipline, exchange rate stability, and improvements in food production and distribution.
The January report provides one of the clearest indications yet that inflationary pressures, which surged in early 2025, may be moderating.
Nigeria’s headline inflation rate declined to 15.10 per cent in January 2026, marking a significant drop from 27.61 per cent recorded in January 2025, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics.
The report also showed that month-on-month inflation recorded a deflationary trend of –2.88 per cent, representing a 3.42 percentage-point decrease compared to December 2025. Analysts say the development signals easing price pressures across key sectors of the economy.
Food inflation stood at 8.89 per cent year-on-year, down from 29.63 per cent in January 2025. On a month-on-month basis, food prices declined by 6.02 per cent, reflecting lower costs in several staple commodities.
The data suggests a sustained downward trajectory in inflation over the past 12 months, pointing to improving macroeconomic stability.
The administration of President Bola Ahmed Tinubu has consistently attributed recent economic adjustments to ongoing fiscal and monetary reforms aimed at stabilising prices, boosting agricultural output, and strengthening domestic supply chains.
Economic analysts note that while the latest figures indicate progress, sustaining the downward trend will depend on continued policy discipline, exchange rate stability, and improvements in food production and distribution.
The January report provides one of the clearest indications yet that inflationary pressures, which surged in early 2025, may be moderating.
Alpha Morgan to Host 19th Economic Review Webinar
In an economy shaped by constant shifts, the edge often belongs to those with the right information.
On Wednesday, February 25, 2026, Alpha Morgan Bank will host the 19th edition of its Economic Review Webinar, a high-level thought leadership session designed to equip businesses, investors, and individuals with timely financial and economic insight.
The session, which will hold live on Zoom at 10:00am WAT and will feature economist Bismarck Rewane, who will examine the key signals influencing Nigeria’s economic direction in 2026, including policy trends, market movements, and global developments shaping the local landscape.
With a consistent track record of delivering clarity in uncertain times, the Alpha Morgan Economic Review continues to provide practical context for decision-making in a dynamic environment.
Registration for the 19th Alpha Morgan Economic Review is free and can be completed via https://bit.ly/registeramerseries19
It is a bi-monthly platform that is open to the public and is held virtually.
Visit www.alphamorganbank to know more.
GTBank Launches Quick Airtime Loan at 2.95%
Guaranty Trust Bank Ltd (GTBank), the flagship banking franchise of GTCO Plc, Africa’s leading financial services group, today announced the launch of Quick Airtime Loan, an innovative digital solution that gives customers instant access to airtime when they run out of call credit and have limited funds in their bank accounts, ensuring customers can stay connected when it matters most.
In today’s always-on world, running out of airtime is more than a minor inconvenience. It can mean missed opportunities, disrupted plans, and lost connections, often at the very moment when funds are tight, and options are limited. Quick Airtime Loan was created to solve this problem, offering customers instant access to airtime on credit, directly from their bank. With Quick Airtime Loan, eligible GTBank customers can access from ₦100 and up to ₦10,000 by dialing *737*90#. Available across all major mobile networks in Nigeria, the service will soon expand to include data loans, further strengthening its proposition as a reliable on-demand platform.
For years, the airtime credit market has been dominated by Telcos, where charges for this service are at 15%. GTBank is now changing the narrative by offering a customer-centric, bank-led digital alternative priced at 2.95%. Built on transparency, convenience and affordability, Quick Airtime Loan has the potential to broaden access to airtime, deliver meaningful cost savings for millions of Nigerians, and redefine how financial services show up in everyday life, not just in banking moments.
Commenting on the product launch, Miriam Olusanya, Managing Director of Guaranty Trust Bank Ltd, said: “Quick Airtime Loan reflects GTBank’s continued focus on delivering digital solutions that are relevant, accessible, and built around real customer needs. The solution underscores the power of a connected financial ecosystem, combining GTBank’s digital reach and lending expertise with the capabilities of HabariPay to deliver a smooth, end-to-end experience. By leveraging unique strengths across the Group, we are able to accelerate innovation, strengthen execution, and deliver a more integrated customer experience across all our service channels.”
Importantly, Quick Airtime Loan highlights GTCO’s evolution as a fully diversified financial services group. Leveraging HabariPay’s Squad, the solution reinforces the Group’s ecosystem proposition by bringing together banking, payment technology, and digital channels to deliver intuitive, one-stop experiences for customers.
With this new product launch, Guaranty Trust Bank is extending its legacy of pioneering digital-first solutions that have redefined customer access to financial services across the industry, building on the proven strength of its widely adopted QuickCredit offering and the convenience of the Bank’s iconic *737# USSD Banking platform.
About Guaranty Trust Bank
Guaranty Trust Bank (GTBank) is the flagship banking franchise of GTCO Plc, a leading financial services group with a strong presence across Africa and the United Kingdom. The Bank is widely recognized for its leadership in digital banking, customer experience, and innovative financial solutions that deliver value to individuals, businesses, and communities.
About HabariPay
HabariPay is the payments fintech subsidiary of GTCO Plc, focused on enabling fast, secure, and accessible digital payments for individuals and businesses. By integrating payments and digital technology, HabariPay supports innovative services that make everyday financial interactions simpler and more seamless.
Enquiries:
GTCO
Group Corporate Communication
[email protected]
+234-1-2715227
www.gtcoplc.com
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