Economy
Tony Elumelu Foundation Shortlists 1,000 for $10,000 Investment Seed
By Modupe Gbadeyanka
About 10,000 applicants have been picked from the over 93,000 entrepreneurs across 55 African countries by the Tony Elumelu Foundation (TEF), an African founded and funded 21st century philanthropic organization committed to entrepreneurship development.
This number of application shows over 100 percent increase from 2016, and nearly quadruple of the 2015 application numbers.
An analysis of the applications shows Agriculture led the pack with nearly 1 in 3 successful applicants.
The next most popular sector was ICT (11 percent) and then manufacturing (9 percent), evidence of a paradigm shift away from extractives to a more sustainable mindset that embraces industrialization and diversification.
Africa’s largest economy, Nigeria, is home to 50 percent of the 2017 cohort, with regional powerhouses Kenya, Ghana, Uganda and Cameroon following.
The successful entrepreneurs will benefit from the TEF Entrepreneurship Programme’s 7 Pillars-a toolkit of support including business training, mentoring, access to networks and funding of up to $10,000-as they develop their business concepts to contribute to the transformation of the continent.
The Foundation’s long-term investment in empowering African entrepreneurs is emblematic of Mr Elumelu’s philosophy of Africapitalism, which positions Africa’s private sector – and most importantly entrepreneurs – as catalysts for the economic renaissance of the continent.
Despite the Foundation’s considerable commitment (its $100m commitment is the largest African entrepreneurship-focused endowment), Founder Tony Elumelu wants to do more.
“Standing here today to announce the successful applicants is bittersweet. There are 92,000 aspiring entrepreneurs who have been unsuccessful.
“These young African men and women have demonstrated passion and creativity in their applications and we should not relent until we help them realize their aspirations. I call on other successful Africans, and friends of Africa, to support us to do more,” he said.
Speaking on the Foundation’s impact in 3 short years, CEO, Parminder Vir OBE, revealed: “We recently sampled 600 of our existing 2,000 entrepreneurs to understand the extent of our Programme’s impact. We discovered they have turned our investment into real returns with 1,297 jobs created so far.”
Full list of the selected 2017 Tony Elumelu Entrepreneurs can be viewed on www.tonyelumelufoundation.org/programme
By Aduragbemi Omiyale
The pre-registration training and examination for capital market operators (CMOs) for the second quarter of 2026 has been postponed.
Business Post gathered that the new date for the exercise is now Monday, June 15, 2026.
This information was disclosed by the Securities and Exchange Commission (SEC) through a circular on Monday, June 8, 2026.
The Nigerian capital market regulator stated that this postponement has also resulted in the extension of the deadline for registration to Friday, June 12, 2026.
In the notice today, the SEC expressed its regret for the inconvenience this action may cause operators, who had prepared for the initial date of the training and examination.
“Further to the recent circular on Q2 2026 Pre-registration Training and Examination, the Securities and Exchange Commission (SEC) hereby informs all eligible applicants for the Q2 2026 Pre-registration Training and Examination that the commencement date has been postponed to Monday, June 15, 2026.
“Registration on the designated portal has also been extended to Friday, June 12, 2026. All other conditions contained in the circular remain unchanged.
“The commission regrets any inconvenience this postponement may cause and appreciates the understanding of all applicants,” the disclosure noted.
By Aduragbemi Omiyale
One of the leading healthcare firms in Nigeria, Fidson Healthcare Plc, has listed additional shares on the Nigerian Exchange (NGX) Limited.
The new stocks absorbed into the stock market were 600 million units, raising the total issued and fully paid-up shares of Fidson to 3,000,000,000 ordinary shares of 50 Kobo each from 2,400,000,000 ordinary shares of 50 Kobo each.
The fresh equities came from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share.
They were issued to existing investors on the basis of one new ordinary share for every existing four ordinary shares held as of the close of business on Wednesday, November 12, 2025.
Confirming the development, the regulator in a notice said, “Trading licence holders are hereby notified that an additional 600,000,000 ordinary shares of 50 Kobo each of Fidson Healthcare Plc were on Tuesday, June 2, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares arose from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share on the basis of one new ordinary share for every existing four ordinary shares held as at the close of business on Wednesday, November 12, 2025.
“With the listing of the additional 600,000,000 ordinary shares, the total issued and fully paid-up shares of Fidson Healthcare Plc have now increased from 2,400,000,000 to 3,000,000,000 ordinary shares of 50 Kobo each.”
By Modupe Gbadeyanka
This news will surely excite local contractors with verified claims of N100 million or less, as the federal government has approved their payments.
This approval for the disbursement was given by the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele.
This followed a verification and reconciliation exercise designed to ensure only validated claims qualify for payment.
The beneficiaries cover contractors across multiple ministries, departments and agencies. The release of the funds is expected to enable contractors to return to project sites, pay workers, settle suppliers and meet outstanding financial commitments.
In an announcement on Monday, the Federal Ministry of Finance also said this latest batch of payments would ease liquidity pressure on small businesses and accelerate economic activity nationwide.
It was noted that the payments for verified claims of N100 million below were strategically done to spread economic impact broadly rather than concentrate disbursements among a handful of large firms.
The payments form part of a broader push to clear inherited contractor obligations, with over N700 billion verified in recent months.
“For many beneficiaries, the release of funds represents more than a financial transaction. It provides the certainty needed to sustain operations, preserve jobs, complete ongoing projects, and contribute to economic recovery and growth,” the ministry said in a statement.
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