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Day Two of 2019 Tony Elumelu Foundation Forum Underway with Osinbajo, Kagame, Other African Leaders in Attendance

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It’s the second day of the fifth edition of the Tony Elumelu Foundation Forum holding at the Transcorp Hilton in Abuja, Nigeria’s capital city.

Five African presidents, as well as Vice President Yemi Osinbajo, are expected to grace today’s event.

Themed ‘Empowering African Entrepreneurs,’ the forum is arguably the largest gathering of entrepreneurs, policymakers, and business leaders across the continent.

The event kicks off at exactly 10.20 a.m. with a rendition of the Nigerian national anthem

Followed by Rwandan, then Senegalese, and the Democratic Republic of Congo: in that order.

Those in attendance include Vice President Yemi Osinbajo, President Paul Kagame of Rwanda, President Macky Sall of Senegal, President Felix Tshisekedi of the DRC, and Akinwunmi Adesina, the president of the African Development Bank.

Others include Isa Jibril, a senator representing the Senate President; Alhassan Doguwa, Majority Leader, House of Representatives, representing the Speaker; and the Head of Service, Winifred Oyo-Ita.

The governors of Niger, Ekiti, Kwara, and Kebbi states are also in attendance.

A minute silence is observed for the late Tunisian president, Beji Caid Essebsi.

The CEO of The Tony Elumelu Foundation Forum, Ifeyinwa Ugochukwu, in her opening remarks says the event is the beginning of the rise of African entrepreneurship.

She says the movement is creating jobs and generating revenues in their millions.

She says $5 billion will create one million entrepreneurs who will, in turn, create 25 million jobs.


The first plenary for the day will be moderated by Fareed Zakaria, CNN anchor.

Members of the panel include Tedros Ghebreyesus, Director-General of the World Health Organisation; Akinwunmi Adesina, AfDB President; Benedict Oramah, Director-General, AFREXIM Bank; Sidi Tar, DG, BADEA; Koen Doens, the Deputy DG of the EU Commission; Gilles Carbonnier, VP ICRC; and Mr Elumelu

Mr Zakaria tells the panellist to speak from the heart and do away with cliches.

The first speaker, Mr Adesina, says Africa is no longer arising but “has risen.”

Mr Adesina says 12-13 million people enter the market every year and cannot find jobs.

He says Africa will have about 800 young people in 2050 and a billion people by 2060.

“We can’t keep postponing our liabilities into the future.”

He proposes that African leaders should begin to change from youth empowerment to youth investment.

He says it’s time for African leaders to create youth entrepreneurship and investment banks for African youth.

Mr Tah says microfinance has been instrumental to BADEA’s success in Africa.

He says they are working to develop capacities across Africa

Our vision is to scale up our intervention with all our stakeholders. We are also in the process of creating new financial institutions to cater to those who don’t have access to formal banking systems.”

Mr Doens says they want to show that beyond the issue of illegal migration that there is a continent booming.

He says most of the jobs in Europes have been created by small and medium scale firms and there is no reason why African entrepreneurs cannot do the same.

Mr Carbonnier of the Red Cross says the problem is not always the lack of capital but difficulties in finding bankable projects.

Mr says when he was running an African magazine, they struggled to put a correspondent in one African country because of the difficulties in connecting between the countries.

“It was easier to position a correspondent in London or Paris than anywhere in Africa.”

In his response, Mr Oramah says Africans need to be daring, to take risks.

“If we don’t take our future in our own hands, we won’t be able to take the opportunities that exist in Africa.”

He suggests to TEF to also test the orientation of their beneficiaries before giving them the grants.

Mr Elumelu says the AfDB supported 1,000 entrepreneurs in 2019, and AFREXIM is planning to get on board.

He says it is important to have an opportunity to try ideas.

He says the Red Cross was the first international partners his foundation had.

“The way to support African entrepreneurs must change.”

He says the Red Cross was known for responding to emergencies but now they have started supporting entrepreneurs.


The second session opens – the presidential session – with a keynote speech by Mr Osinbajo.

The vice president begins by telling inspiring stories of some entrepreneurs who are making a difference across Africa.

He says the stories are just a fraction of what is happening across the continent.

He says school curriculums must also emphasise entrepreneurship and not just science, technology and maths that is currently done.

He says those that always talk about the good old days are probably suffering from memory loss.

“Today the smartphones in the hands of our young people have more power than all the computers in the Apollo that landed the first man on the moon.”

Speaking about the impressive ease of doing business in Rwanda, Mr Kagame says his country looked for ways of doing things differently from what people were used to.

“Development is what we must do, prosperity is what we must achieve.”

He says they were aware of where they were coming from and that helped in entrenching good governance.

Mr Kagame is asked if he would be able to create a political legacy that outlasts him.

Mr Kagame says the “legacy is not me, it’s that belief behind me.”

He says they have managed the mindset of the people and united the country.

He says Rwandans working for themselves and for the country is his greatest legacy.

Mr Sall of Senegal says if Agriculture is modernised, it would engage a lot of African youth.

He says the public sector in Senegal is doing reforms to help fight corruption so there would be an enabling environment for people to come and invest.

Mr Tshisekedi of the DRC says there is a similar initiative in his country and invited Mr Elumelu to participate.

He says he is very proud of the “two sons of Nigeria,”

On the issue of corruption in government in Africa, he says it is a big scourge on the continent.

He says before coming to power, he had been at the forefront of the fight against corruption in his country.

“Corruption is something we fight against in all its ramifications, small and big corruption small corruption is at the level of individuals while big corruption is at the level of institutions.”

He says corruption is slowing down Africa’s economy.

“I am very sure that corruption is one of the ills eating down our place and we have to do everything possible to eradicate it.”

Mr Rugunda, the Ugandan PM, says the programme is laudable because it is promoting pan-Africanism.

On women entrepreneurs, he admitted that women are disadvantaged because of the culture of ownership of land and property.

The experience in Uganda, although women are at a disadvantage, when it comes to business they have excelled over the men.”

He says women entrepreneurs should be given more support to overcome property ownership impediments.

He calls on leaders to be innovative and work with young people.

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Claims I Tele-guided Militants, Did Nothing About ‘Bombed’ Assembly Complex Untrue, Fubara Tells Tinubu, AGF

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Suspended Rivers State Governor, Siminalayi Fubara, has debunked allegations that he tele-guided attacks on oil installations by suspected militant groups in the state.

Also, the governor said that claims that he did nothing to rebuild the bombed State House of Assembly after he ordered its demolition are untrue.

The Governor explained he acted on expert advice before demolishing the complex, which was said to have integrity issues.

Fubara, in a statement issued in Port Harcourt by his Chief Press Secretary, Nelson Chukwudi, said it was important to straighten the records.

Recall that President Bola Tinubu, in his speech while declaring a state of emergency in Rivers, berated the Governor for doing nothing to prevent the attack on oil pipelines.

But the suspended Governor insisted that the allegations were untrue, saying the attacks were ignited by the comments of the Minister of the Federal Capital Territory, Nyesom Wike, who during his media chat described the Ijaw as minorities.

He also said that Ijaw leaders and groups had asked the FCT Minister to apologize for his disparaging comment about the Ijaw, but their call fell on deaf ears.

The statement reads in part, “Our attention has been drawn to a number of allegations claiming that the Governor of Rivers State, His Excellency, Sir Siminalayi Fubara, did nothing to dissuade criminal groups and militants from making good their threats to attack oil installations in the State.

“There was also another claim that after demolishing the Hallowed Chambers of the State House of Assembly on Moscow Road in Port Harcourt, the Governor did nothing to rebuild the facility.

“Ordinarily, we would have ignored the statements as mere results of lack of adequate information to the Presidency by those tasked with the responsibility of providing same to guide decision-making, but it has become imperative to set the records straight and correct the erroneous impression such narratives are creating in the minds of the Nigerian people.

“First, it is important to clarify that Governor Fubara has nothing to do with the threats by militants and also did not in any way “telegraph” the reported attacks on any oil facility in the State.

“It is on record that the reaction of stakeholders in the Niger Delta, especially elders, chiefs, women, Ijaw National Congress, its youth wing, IYC, as well as militants, among others, was triggered by remarks by the Minister of the Federal Capital Territory (FCT), Chief Nyesom Wike, in a live media chat, during which he dismissed Ijaws as a minority of the minorities and powerless in the Nigerian polity, saying that Ijaws are not the only ones that are militants and can blow up pipelines; that Ogonis, Ikwerres, and others are also militants and can as well blow up pipelines.

“Most of the Ijaw groups and leaders even demanded an apology from the FCT Minister, which he rebuffed.”

The governor continued, “Available public records show that Governor Fubara, on several occasions and at every forum, including all the project commissioning events as well as the handover of the AW139 Helicopter to the Nigerian Air Force, between March 3 and 13, 2025, made it clear that his administration was committed to the peace, security, and safety of oil facilities in the State.

“He often recalled his pivotal role as a member of the Presidential Committee on the Protection of Oil Installations in the Region, and repeatedly emphasized the need to protect oil pipelines and other facilities in the State, urging his supporters and the people of the State to avoid acts capable of destabilising the state or sabotaging the nation’s economy.

“Since inception as the Chief Executive of Rivers State, Governor Fubara has prioritized investment in upscaling the welfare and operational equipment of all personnel and arms of the Armed Forces and security agencies in the State by building livable office and residential accommodation for officers and men and donating vehicles, gunboats, helicopters, and other critical needs of the formations to enhance efficiency and effectiveness in the performance of their duties.

“His commitment to total peace and good governance in the State has contributed significantly to increased oil production and revenues for the country since May 29, 2023, as the continuous rise in the accruable revenue from the State into the Federation Account has shown over the months.”

The statement said, “It is on record that Governor Fubara acted based on professional advice and guidance.” The statement denied the claim that the governor acted with impunity to demolish the Hallowed Chambers of the State House of Assembly and did nothing to rebuild them 14 months later.

He added, “Let it be clarified that the former Governor and now FCT Minister repeatedly criticised the dilapidated and leaking Assembly Complex. During the commissioning of the Assembly Quarters in August 2022, he challenged the lawmakers to take responsibility for the poor state of the edifice, rejecting requests to rebuild it to ensure a conducive legislative environment for the lawmakers.

“It must be noted that immediately after the incident of October 29, 2023, and experts’ reports, the Government decided to heed the age-old demands of the lawmakers to rebuild the facility and promptly demolished the dilapidated structure to give way to a state-of-the-art Assembly Complex, which is now nearly 80 percent completed.

“It would be recalled that in the wake of the most peaceful and violence-free Local Government election in the State on the 5th October, 2024, the supporters of the FCT Minister violently attacked and razed facilities in some local government council secretariats without any reprisals from Governor Fubara’s supporters.

“It is also pertinent to draw the attention of security agencies to the fact that LGAs where those attacks were unleashed are the same places that have repeatedly witnessed violence perpetrated by detractors of the Governor Fubara-led administration.

“This is why the security agencies need to focus on the real purveyors of violence, critically evaluate these incidents, and diligently undertake investigations to unravel the elements behind the crimes and bring them to justice without let or hindrance.

“It is clearly untrue that somebody who has all the while preached peace and non-violence, even in the face of extreme provocations, would be ‘telegraphing attacks on oil pipelines’ and breaching the peace he has worked so hard to promote and sustain for the good of the people of the State.”

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Madam Beatrice Abiodun Awomosu Thanks God at 80

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By Ruth Udeme

Joy indescribable, was written all over the face of Madam Beatrice Awomosu, when close family members and friends gathered in Ibadan, Oyo state to celebrate her entry into the octogenarian club.

The elegant matriarch, who is the mother of the stylish CEO of Jummhy Exclusive Fabrics, Mrs Jumoke Oyeneyin, marked her special 80th birthday in the house of the Lord, a recognition of His grace and divine mercies in her life over the years.

The thanksgiving service, which was held at Christ The Good Shepherd Catholic Church, Ibadan was a glorious outpouring of hymns, songs, praises and prayers all the way.

The officiating minister, who delivered the sermon, described the celebrator as an unwearied leader in the vineyard of the Lord, praying that God will shower her with excellent health and keep her alive to continue enjoying her children and grand children.

In her remarks, during the ceremony, her elated daughter, Mrs Jumoke Oyeneyin, who was filled with happiness that her mother was healthy and strong at 80, also noted that the hand of God was indeed upon the family.

The lively service was soon concluded after which guests moved to the Sunlight Royal Event Center, in the heart of Ibadan, for a classy one-in-town reception.

The venue had been creatively transformed by the inimitable Finesse Events who planned the event. Guests were pampered like royals, Choice drinks and gourmet dishes of various kinds flowed freely.

The ceremony was compered by Gbenga Adeyinka 1st, and had excellent music contents from great performers such as Beejay Sax, King Sunny Ade and Aristos Band.

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Senate Approves Tinubu’s ₦1.77trn Loan Request

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The Senate has granted approval to the ₦1.77 trillion ($2.2b) loan request of President Bola Tinubu after a voice vote in favor of the request.

The Senate presided by Deputy Senate President, Barau Jibrin, approved the loan after the Senate Committee on Local and Foreign Debts chaired by Senator Wammako Magatarkada (APC, Sokoto North) presented the report of the committee.

The request which was submitted by the President on Tuesday is part of a fresh external borrowing plan to partially finance the N9.7 trillion budget deficit for the 2024 fiscal year.

Tinubu had on Tuesday written to the National Assembly, seeking approval of a fresh N1.767 trillion, the equivalent of $2.209 billion as a new external borrowing plan in the 2024 Appropriation Act.

The fresh loan is expected to stretch the amount spent on debt servicing by the Federal Government. The Central Bank of Nigeria recently said that it cost the Federal Government $3.58 billion to service foreign debt in the first nine months of 2024.

The CBN report on international payment statistics showed that the amount represents a 39.77 per cent increase from the $2.56bn spent during the same period in 2023.

According to the report, while the highest monthly debt servicing payment in 2024 occurred in May, amounting to $854.37m, the highest monthly expenditure in 2023 was $641.70m, recorded in July.

The trend in foreign debt servicing by the CBN highlights the rising cost of debt obligations by Nigeria.

Further breakdown of international debt figures showed that in January 2024, debt servicing costs surged by 398.89 per cent, rising to $560.52m from $112.35m in January 2023. February, however, saw a slight decline of 1.84 per cent, with payments reducing from $288.54m in 2023 to $283.22m in 2024.

March recorded a 31.04 per cent drop in payments, falling to $276.17m from $400.47m in the same period last year. April saw a significant rise of 131.77 per cent, with $215.20m paid in 2024 compared to $92.85m in 2023.

The highest debt servicing payment occurred in May 2024, when $854.37m was spent, reflecting a 286.52 per cent increase compared to $221.05m in May 2023. June, on the other hand, saw a 6.51 per cent decline, with $50.82m paid in 2024, down from $54.36m in 2023.

July 2024 recorded a 15.48 per cent reduction, with payments dropping to $542.50m from $641.70m in July 2023. In August, there was another decline of 9.69 per cent, as $279.95m was paid compared to $309.96m in 2023. However, September 2024 saw a 17.49 per cent increase, with payments rising to $515.81m from $439.06m in the same month last year.

Given rising exchange rates, the data raises concerns about the growing pressure of Nigeria’s foreign debt obligations.

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