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62nd Birthday: Tinubu Lauds Elumelu’s Africapitalism Drive

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tony elumelu

By Modupe Gbadeyanka

The Chairman of Heirs Holdings, United Bank for Africa (UBA) and Transcorp Plc, Mr Tony Elumelu, has been praised by President Bola Tinubu for his Africapitalism drive as he clocks 62 today, Sunday, March 22, 2026.

In a statement on Saturday, Mr Tinubu described the economist, banker and philanthropist as an African business icon and a leading advocate of enterprise on the continent.

He hailed him for his resilience, commitment to excellence and unwavering belief in Africapitalism, which birthed the Tony Elumelu Foundation (TEF), which has significantly empowered young Africans through entrepreneurship.

The President said the foundation’s entrepreneurship programme had trained about 2.5 million youths across 54 African countries and provided over 24,000 entrepreneurs with non-refundable seed capital of 5,000 dollars each.

He highlighted Mr Elumelu’s continued investment in youth development as critical to Africa’s economic transformation and job creation, joining family, friends and associates of the business leader in wishing him good health, strength and more success in his future endeavours.

TEF is rallying young entrepreneurs to power Africa’s Sustainable Development Goals (SDGs) agenda ahead of 2030, according to the chief executive of the organisation, Ms Somachi Chris-Asoluka, during a virtual media parley on Saturday.

The media parley was held ahead of the 2026 TEF selection announcement scheduled for Sunday, March 22, to unveil the newest cohort of 3,200 young African entrepreneurs selected for this year’s TEF Entrepreneurship Programme.

Ms Chris-Asoluka said the foundation was prioritising entrepreneurs whose businesses actively contributed to the United Nations Sustainable Development Goals (SDGs) as part of efforts to reposition Africa for accelerated development ahead of 2030.

While taking questions from journalists, she said the foundation’s selection framework placed strong emphasis on impact, ensuring that supported enterprises are not only profit-driven but also aligned with global development priorities.

She said that TEF encouraged applicants to clearly demonstrate how their business ideas would contribute to the SDGs, noting that such alignment is critical to closing Africa’s development gaps.

“We want our entrepreneurs to actively contribute to the SDGs so that by 2030, Africa will no longer lag, but will be able to meet and surpass these goals,” she said.

According to her, this focus is central to the foundation’s broader mission of fostering inclusive economic growth, job creation and sustainable development across the continent.

She said that entrepreneurs were assessed, not just on profitability and scalability, but also on their potential to drive measurable social and economic impact in areas such as education, healthcare, climate action and digital innovation.

Ms Chris-Asoluka said that the foundation believed Africa’s young entrepreneurs hold the key to advancing sustainable development, stressing that innovation from the private sector is essential to achieving long-term growth.

She said that TEF remained committed to supporting early-stage entrepreneurs with training, mentorship and seed funding, while ensuring that their ventures align with the continent’s development priorities.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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Low-Income Households Less Likely to Adopt Clean Cooking Solutions—Study

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C2REST Nigeria clean cooking study

By Modupe Gbadeyanka

Despite having the ability to reduce long-term household costs, improve respiratory health, and ease pressure on the healthcare system, a study has shown that lower-income households, larger families, and communities with limited infrastructure are less likely to adopt clean cooking solutions.

The research, conducted under the C2REST Nigeria Study, a three-year programme funded by the Medical Research Foundation, tasked the government and other stakeholders on the need for targeted and inclusive policies to ensure that no group is left behind.

It suggested to the government to subsidise clean energy costs, improve supply chains, expand access to clean fuels, and integrate clean cooking into national health and climate strategies, adding that collaboration among government, the private sector, and development partners will be essential to accelerate progress.

The research emphasised that with the right policy support, clean cooking could become one of the most cost-effective ways to tackle Nigeria’s interconnected climate, health, and economic challenges.

As Nigeria experiences rapid urbanisation and rising energy demand, millions of households still rely on firewood, charcoal, and kerosene for cooking. These fuels contribute to harmful indoor air pollution and increase the risk of respiratory and other health conditions.

The study, co-led by Professor Davies Adeloye of Teesside University, UK, showed that clean cooking should not be seen simply as a household expense, but as a long-term investment.

Although cleaner energy sources such as gas and electricity may have higher upfront costs, households can save money over time through fewer illnesses, lower healthcare spending, and improved productivity.

According to Professor Adeloye, clean cooking is one of the most practical and immediate ways to improve public health while supporting economic development, noting that the issue goes beyond environmental concerns, directly affecting household finances, disease burden, and national productivity.

Business Post reports that the research was carried out in Alimosho (Lagos State) and Ado-Odo/Ota (Ogun State), two areas that reflect the realities of modern Nigeria, with fast population growth, industrial activity, and mixed-income households. This makes the findings highly relevant for many urban and peri-urban communities across the country.

It brought together experts from the United Kingdom, Nigeria, Benin, and Kenya to examine the links between climate, environment, and health in rapidly growing urban communities.

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Gas Explosion Claims Two Lives in Lagos, Destroys Properties

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Lagos State government

By Aduragbemi Omiyale

A gas explosion involving two heavy-duty vehicles in the Ajah area of Lagos State has left two persons dead and several properties destroyed.

The unfortunate incident occurred on Saturday and was caused by a collision between a tanker conveying gas and a tipper truck.

Though the fire that resulted from the accident has been brought under control by firefighters, the havoc it wrecked on businesses in the area remains visible.

It was gathered that some warehouses and roadside shops were burnt by the gas explosion along the Lekki-Epe Expressway at Tera Ahmed Bus Stop, Sangotedo, Lagos.

Also, the inferno consumed three Sienna buses, one Toyota Corolla car and a forklift.

“The accident, which was alerted at 02:36 wee hours Saturday, saw Lekki Phase II, Oniru and Epe II Fire Stations of the agency race to the scene after it was reported that an oncoming speeding 20-tonne tipper truck from the Epe end rammed from behind into a stationed 30-tonne gas truck that failed to pull over from the highway.

“The resultant effects culminated in fire spreading to three adjoining warehouses and 10 roadside shops, including a gym and generator house, before the fire was put out, saving a Total Petrol Filling Station, its fully loaded 33,000-litre PMS tanker and a host of properties,” a statement signed by the Controller General of the Lagos State Government Fire and Rescue Service, Ms Margaret Adeseye, said.

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Lagos Intensifies Crackdown on Unregistered Real Estate Agents

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real estate transactions

By Modupe Gbadeyanka

In a bid to sanitise the real estate sector and boost confidence in the system, the Lagos State government has commenced a crackdown on unregistered agents, sealing the office of one in the Ikorodu area of the metropolis.

This enforcement was carried out by officials of the Lagos State Real Estate Regulatory Authority (LASRERA) on Wednesday in conjunction with the Lagos State Task Force.

It was gathered that an operator of Demeny Ventures, who claimed to be registered with LASRERA, was apprehended during the operation.

The Special Adviser to the Governor on Housing, Ms Barakat Odunuga-Bakare, said the clampdown forms part of the government’s ongoing efforts to sanitise the real estate sector, protect residents from fraudulent practices, and restore public confidence in property transactions.

She reiterated that only duly registered and certified practitioners by LASRERA are permitted to operate within the state, warning that individuals and organisations engaging in unlicensed real estate activities will continue to face strict enforcement actions.

According to her, the enforcement initiative comes amid rising complaints from residents who have fallen victim to fake estate agents and property developers.

“Reports indicate that fraudulent practitioners often collect money from multiple tenants for the same property or sell non-existent plots of land to unsuspecting buyers,” she said.

Ms Odunuga-Bakare further disclosed that LASRERA has strengthened its regulatory mechanisms through enhanced monitoring of real estate transactions, improved registration processes, and prompt investigation of complaints.

She added that the authority has successfully resolved numerous disputes and facilitated the recovery of funds for victims of property-related fraud through mediation and regulatory interventions.

The Special Adviser urged residents to always verify the registration status of estate agents and property developers before entering into any property transaction, while also encouraging members of the public to report suspicious activities to LASRERA for prompt action.

She reaffirmed the State Government’s commitment to ensuring transparency, accountability and professionalism within the real estate sector, noting that any individual or organisation found violating the law will be prosecuted accordingly.

Speaking at the premises of the sealed office located on Oladele Adeniji Street, off Isawo Road, Owutu Agric, Ikorodu, the Director of Compliance and Enforcement for LASRERA, Mr Deji Badejo, said the action was taken following credible intelligence on the activities of the suspect.

Mr Badejo noted that the Authority acted in accordance with the provisions of the LASRERA Law 2022 by sealing the office, pending further investigation and necessary regulatory actions.

He added that the enforcement exercise would be sustained and extended to other parts of the State, with increased focus on intelligence gathering to identify, apprehend and sanction fraudulent estate agents.

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