Al Barid Bank, Barid Cash, and CDG Invest, the Investment Branch of the CDG Group, have signed an agreement aimed at promoting the creation and development of fintech startups in Morocco. This partnership is part of the “212Founders” program by CDG Invest, dedicated to investing in and supporting startups with international ambitions. The “212Founders” program launched by CDG Invest aims to energize the fintech ecosystem in Morocco by establishing a support system for fintech projects from the ideation phase to market launch.
Al Barid Bank and its subsidiary Barid Cash, with their mission of financial inclusion, aim to implement innovative, inclusive banking solutions that bring value to all Moroccans while fostering entrepreneurship in the field of new technologies.
This alliance reflects the shared commitment of CDG Invest and the Al Barid Bank Group to promote development and innovation in the field of new technologies related to finance by providing aspiring Moroccan fintech companies with a facilitating framework, including the provision of technological infrastructure conducive to the realization of their projects.
Thus, this partnership, fully aligned with the strategic vision of its signatories, aims to efficiently support the momentum in the fintech sector in Morocco.
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard.
Emerald Africa Financing Facility, a pioneering player in supporting digital innovation and inclusive finance across sub-Saharan Africa, has recently announced two strategic investments in East African startups — Patasente and Sevi. These investments underscore Emerald Africa’s commitment to fostering economic growth, particularly in the rural SME sector.
Patasente: Transforming Agricultural Value Chains
In a bid to bolster the tech-enabled procurement, payments, and factoring platform, Patasente, Emerald Africa Financing Facility has joined forces with the Ugandan startup. Patasente, founded with a vision to revolutionize the Ugandan agriculture value chain, facilitates seamless transactions between sellers and buyers, fostering favorable payment terms.
Emerald Africa expresses its delight in contributing to Patasente’s growth trajectory, emphasizing the importance of supporting SMEs, farmers, aggregators, and processors within the Ugandan agricultural ecosystem. This strategic investment is aligned with Emerald Africa’s overarching goal of promoting digital innovation and inclusive finance in rural areas.
Sevi: Bridging Financial Gaps in Buy Now Pay Later (BNPL) Space
In its second strategic move, Emerald Africa Financing Facility has invested in Sevi, an innovative B2B platform operating in the Buy Now Pay Later (BNPL) space. Sevi specializes in supply chain financing, providing a lifeline to MSME buyers and sellers by facilitating quick and convenient credit for stock purchases.
Sevi’s impact extends beyond urban centers, with approximately 30% of its current end customers situated in rural areas. Emerald Africa is particularly thrilled about the potential of Sevi, considering its focus on enrolling rural/agri anchor partners. This investment reflects Emerald Africa’s commitment to acting as a crucial bridge for startups in the agri/rural fintech space, propelling them towards future funding rounds and sustained success.
Selection Criteria and Invitation to Innovators
The Emerald Africa Financing Facility, led by Alex Simuyandi, has outlined specific criteria for potential investments. The facility actively seeks tech-enabled digital ventures with a rural or agricultural focus, providing working capital or cash flow financing to SMEs at the pre-Seed/Seed stage, with funding up to $250k. These ventures must showcase a minimum viable product, maintain a positive gross lending margin, and demonstrate a credible pathway to scale. Notably, the experience and insight of the management team into the sector are considered crucial factors in the selection process.
Interested innovators who meet these criteria are invited to explore more and apply on the Emerald Africa website at www.emeraldafrica.tech.
Emerald Africa startups
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard.
The Global Black Impact Summit (GBIS), a highly anticipated event celebrating #BlackExcellence and fostering global unity, is set to address a critical topic at its upcoming edition: the importance of dedicated Black platforms that create opportunities for Black talent. Taking place next February in Dubai, the summit will bring together global leaders, influencers, entrepreneurs and visionaries to tackle the underrepresentation of Black individuals and drive transformative change.
The summit highlights opportunities for Black talents across industries, ranging from business and the arts to technology and academia. By establishing dedicated platforms that foster inclusivity, GBIS aims to promote growth, visibility and success for Black individuals, with a view to building a more equitable landscape.
One of the key themes of the summit is the power of Black platforms. These platforms, which include media outlets, talent showcases, online communities and networking events, play a vital role in providing visibility, recognition and support to Black talent. They create spaces in which Black individuals can showcase their skills, connect with like-minded professionals and inspire the next generation.
The summit will also emphasize the importance of creating meaningful opportunities within the global Black community. This includes advocating for more inclusive hiring practices and implementing mentorship programs, scholarships and investment initiatives for Black individuals. By nurturing diversity and innovation, these opportunities not only stand to benefit Black talents, but also to contribute to the overall success of industries and society.
One such platform is nonprofit organization Black Girls Code, which was founded to increase the representation of Black girls and women in the fields of computer programming and technology. The organization supports aspiring individuals with skills, training and resources and partners with schools and local organizations. Similarly, Black Creatives, an online community and platform, celebrates and showcases the work of Black artists, designers, photographers and creatives across various disciplines.
In addition to these initiatives, platforms like Black Owned Everything aim to foster meaningful and lasting engagement with Black-owned businesses. This initiative creates a supportive ecosystem for Black entrepreneurs and small businesses to flourish.
Against this backdrop, GBIS will unite the brightest minds, experts and leaders from around the globe and across industries. Prepare to engage in thought-provoking discussions that will challenge conventional thinking and ignite innovative ideas. The carefully curated lineup of speakers will share their invaluable insights, experiences and strategies, giving delegates a front-row seat to the secret to establishing successful platforms that amplify Black voices and talents.
The upcoming summit isn’t about passive learning. Brace yourself for interactive workshops where attendees will roll up their sleeves and dive headfirst into immersive activities. These hands-on sessions will equip you with practical tools and techniques and actionable strategies, ensuring that you walk away with the knowledge and skills required to make a real impact.
Ensure you don’t miss the chance to participate in the worldwide initiative that celebrates #BlackExcellence. Engage in discussions on unity, cooperation and recognition by joining the Global Black Impact Summit, taking place in Dubai in February 2024.
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry
Petrodel Resources Ltd. , a leading energy company in the development of oil and gas reserves, confirms Tanzania’s Minister of Energy, has approved the assignment of 74% interest in the Tanga block from Afren Tanzania Ltd. to Octant Energy Tanzania Ltd. in accordance with Section 86(2) of the Petroleum Act 2015.
The parties Petrodel (26%) and Octant (the operator – 74%) can now move into the final 3-year period and shall focus on applying state of the art technology to reprocess the 3D seismic survey of Tanga acquired in 2013.
The Tanga block is optimally located as it includes a deep basin with a very thick sedimentary section that has the potential to host several source rock intervals and reservoir/seal pairings. Potential petroleum plays recognised to date are Lower Cretaceous sands deposited in deltaic to shallow marine environments, Upper Cretaceous submarine fans, Eocene shelf sands and Miocene fluvial and deltaic sands. Both structural and stratigraphic traps have been identified by previous mapping campaigns.
Medard Matogolo Kalemani
Oil seeps and shows encountered in previous wells drilled on the nearby Pemba Island attest to the oil potential of the block and surrounding area. Previous interpretations have indicated the likely presence of several giant (>100 MMB) prospects within the Tanga block.
Speaking on the development, Michael J Prest, Founder and Chief Executive of Petrodel, said that “Petrodel had been a first mover in Tanzania and was awarded Tanga, Latham & Kimbiji exploration licences under competitive tender. We farmed out an interest to Afren and so we are delighted with what is a most positive and significant development and we look forward to working with our partner Octant in realising Tanga’s significant potential.”
Petrodel was awarded Tanga, Kimbiji and Latham licenses in Tanzania in 2006. Tanzania is home to sub-Saharan Africa’s second largest gas resources, with reserves estimated at 57.5 trillion cubic feet.
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry
Venture capital powerhouse Havaic has strategically entered the sports technology arena, announcing its maiden investment in Sportable, a South African startup revolutionizing data collection and analysis in contact sports. The Cape Town-based firm has injected $1 million into Sportable as part of a significant $15 million series A investment round.
Sportable, founded in 2016 by two South Africans, employs cutting-edge micro-tracing technology to elevate the standards of data collection and analysis, specifically in sports like rugby, soccer, and American football. The innovative approach involves embedding MT (micro-tracing) modules within balls or on players, which are interconnected by radio frequency beacons strategically placed around the field. This setup ensures the accurate capture and processing of data in real-time.
What sets Sportable apart is its cloud-based infrastructure, enabling the broadcasting and analysis of games within an impressive 90-minute timeframe with near-zero latency. As the global sports market reaches a staggering worth of $512 billion in 2023, growing at a compound annual rate of 5.2%, Sportable’s strategic investment is poised to facilitate the expansion of partnerships with international tournaments such as the Six Nations Rugby Championships, global ball manufacturers, media entities, and sporting leagues.
The leadership team at Sportable adds a unique blend of expertise to the mix. CEO Dugald Macdonald, a former NASA engineer with dual master’s degrees from Oxford University, spearheads the company alongside CTO Peter Husemeyer, a former investment analyst.
Havaic’s managing partner, Ian Lessem, expressed enthusiasm about Sportable’s broad reach across rugby, American football, and soccer, underscoring the company’s impressive standing within these prominent leagues. Lessem anticipates that Havaic’s unique insight network investing approach will synergize effectively with Sportable’s ambitions.
Sportable is not merely a beneficiary of Havaic’s investment; it joins a growing cohort of African-born technology companies that operate globally and reinvest in the continent, fostering skilled employment and contributing to local economies. The company is currently embarking on a recruitment drive to expand its team based in Cape Town.
Havaic, known for its forward-thinking investment strategies, recently closed its second $20 million pan-African investment fund in 2022. The fund focuses on nurturing African-born entrepreneurs leveraging technology to address real-world concerns. Noteworthy investments from this fund include early-stage digital businesses in fintech, healthtech, and safetech sectors, featuring companies like Aura, Kuda, Crowdforce, Mobiz, Comparisure, Tanda, RecoMed, and HearX.
Ian Lessem, Managing Partner at Havaic, emphasized the importance of institutional investors bringing both international contacts and capital to the fund. This, combined with the firm’s deep investment experience in Africa, creates a winning formula of local expertise, networks, and international follow-on capital — a crucial combination for scaling up businesses in the dynamic African market.
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard.
Proparco, the French development finance institution, and 27four, a South African investment manager, spearheaded a substantial R550 million (28.7 Million USD) investment in the Divercity Urban Property Group, accompanied by reinvestment from its existing stakeholders.
The primary purpose of this investment is to facilitate the expansion of the portfolio and optimize the balance sheet. Carel Kleynhans, the CEO of Divercity, expressed the significance of this financial injection, noting that it would pave the way for the development of more than 2,500 new apartments. He emphasized the importance of showcasing the positive impact and commercial viability of Divercity’s economically-productive, sustainable, and empowering urban development model.
In South Africa, the majority of affordable housing is situated at the urban periphery, distant from economic opportunities and essential amenities. This spatial arrangement perpetuates the spatial segregation inherited from the Apartheid era and hampers various social, developmental, and economic outcomes.
Founded in 2017 and positioned as a South African investment platform, Divercity is dedicated to providing affordable rental housing with supporting amenities in densely populated and centrally-located urban precincts. Mardé van Wyk, Principal at 27four, acknowledged the acute shortage of quality affordable accommodation in South African cities. Expressing enthusiasm for Divercity’s innovative approach to this persistent challenge, 27four is pleased to contribute to the funding of their expansion.
Carel Kleynhans is the CEO of Divercity. Credits: Divercity
This investment by Pro parco and 27four aligns with the government’s prioritization of boosting affordable rental offerings in response to the severe housing shortage. Furthermore, it aims to counteract decades-long spatial segregation in the country. Harvard University’s Growth Lab, in its recent “Growth Through Inclusion in South Africa” report, identified spatial exclusion as a primary barrier to economic growth in South Africa, alongside state capacity issues. To address these challenges and propel South Africa toward growth, the report recommends the construction of more densely populated housing clusters closer to business centers — precisely what Divercity endeavors to achieve. The R550 million transaction not only catalyzes foreign direct investment for South Africa but also leverages the deep local context understanding of in-country investment partners 27four, resulting in a high-impact deal that significantly benefits the South African market.
Gregor Quiniou, Principal at Pro parco, emphasized that beyond revitalizing South African cities, the project provides an opportunity to support energy-efficient building programs aimed at achieving EDGE certification. The initiative aligns with several development goals, including Sustainable Development Goals (SDGs) 5, 8, 11, and 13. These goals encompass job creation and combating gender inequality by offering safe and best-in-class accommodation for tenants, a demographic where women comprise approximately half of Divercity’s tenant base.
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard.
A majority of Africans say that corruption in their country is rising, that their government is failing in its efforts to fight it, and that ordinary citizens risk retaliation if they report corruption to the authorities, Afrobarometer’s latest Pan-Africa Profile reveals.
Released ahead of International Anti-Corruption Day (9 December), the Afrobarometer report is based on nationally representative surveys in 39 African countries.
Findings show that among key public institutions, the police are most widely perceived as corrupt. In substantial numbers, citizens report having to pay bribes to obtain police assistance or avoid problems with the police, as well as to get government documents and services at health facilities and schools.
Citizens’ assessments vary widely across countries, with Gabon, South Africa, Nigeria, Liberia, and Uganda among the worst-performing countries when it comes to perceived corruption in key public institutions, while Seychelles, Cabo Verde, Tanzania, and Mauritius turn in the best performances.
On average across 39 countries, a majority (58%) of Africans say corruption increased “somewhat” or “a lot” in their country during the preceding year.
Compared to 2014/2015, 12 countries recorded double-digit increases in perceptions of worsening corruption, including a surge of 39 percentage points in Senegal, while decreases reached a remarkable 61 points in Benin.
More than two-thirds (68%) of citizens say “some” or “a lot” of the resources intended to address the COVID-19 pandemic were lost to corruption.
Almost half (46%) of Africans say that “most” or “all” police officials are corrupt, the worst rating among 11 institutions and leaders the survey asked about. Tax officials, civil servants, and officials in the Presidency tie for second-worst, at 38% .
Among citizens who sought selected public services during the previous year, substantial proportions say they had to pay a bribe to obtain police assistance (36%), to avoid problems with the police (37%), to get a government document (31%), or to receive services at a public medical facility (20%) or a public school (19%).
Self-reported bribe-paying varies widely across countries. For example, obtaining a government document required a bribe from 68% of applicants in Congo-Brazzaville, compared to 1% in Cabo Verde and Seychelles.
Two in three Africans (67%) say their government is doing a poor job of fighting corruption. Only one in four Africans (26%) say people can report corruption to the authorities without fear of retaliation.
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry
Adaverse, a pioneering accelerator within the Cardano ecosystem operating across Africa, the Middle East, and Asia, recently concluded a strategic investment in Altify. The investment, amounting to undisclosed figures, represents a significant step in Adaverse’s mission to empower startups, particularly those focused on driving blockchain innovation globally. Altify, the recipient of this investment, stands out as a wealth-building and savings platform with over 80,000 users across Africa and Europe. The platform aims to democratize access to alternative investments, including private credit, venture capital, real estate, crypto assets, and more. Altify utilizes blockchain to make these investments accessible to everyday investors through secure, fractional digital assets.
Why the Investor Invested
The investors, represented by Adaverse, strategically invested in Altify for several compelling reasons rooted in the unique value proposition and potential of the alternative investment platform.
In the first place, Altify was identified as a pioneering force in the financial sector, particularly in its innovative use of blockchain technology. This technological approach, allowing for the creation of secure, fractional digital assets, appealed to Adaverse’s vision of investing in the future. The acknowledgment of Altify as pioneers by Vincent Li, Founding Partner of Adaverse, underscores the strategic alignment between the accelerator and Altify in driving forward-looking solutions in the financial landscape.
Again, Altify addresses a critical gap in the market by democratizing access to a diverse range of alternative investment opportunities. The platform’s focus on making investments traditionally reserved for high-net-worth individuals and institutions accessible to everyday investors aligns with the broader mission of Adaverse to empower startups that drive blockchain innovation globally. Altify’s commitment to financial inclusivity resonated with Adaverse’s ethos of supporting ventures that contribute to market inclusivity and disrupt traditional barriers.
Furthermore, Altify’s CEO and Co-Founder, Sean Sanders, brings a wealth of experience in investment management, venture capital, and entrepreneurial pursuits. The investors recognized Sanders’ leadership and the strategic vision behind Altify, as evidenced by the CEO’s commitment to making wealth-building more accessible for younger and everyday investors. Sanders’ determination to bridge the investment diversity gap for retail investors and democratize access to lucrative alternative markets showcased a strong alignment with Adaverse’s goals.A Look at Altify
A Look At Altify
Altify, founded in Q4 2023, resulted from a merger between South African platforms Revix and BitFund, along with Austria’s Coinpanion. The platform focuses on alternative investments, providing users the ability to invest with as little as $10 in assets like private credit, real estate, and cryptocurrencies. Altify’s CEO and Co-Founder, Sean Sanders, who previously founded Revix, envisioned Altify as a solution to the limited investment diversity available to everyday investors. The platform’s uniqueness lies in its user-friendly interface, low entry investment threshold, and diverse asset offerings, including crypto bundles, enhanced cryptocurrency pairs, and physical gold. Sean Sanders, a CFA Charterholder, expressed his frustration as a retail investor and outlined Altify’s mission to democratize access to alternative investment markets, historically dominated by the ultra-wealthy.
Altify is not only rooted in South Africa but also has a presence in the UK and Austria. The company plans to expand globally, adding private credit, real estate, and venture capital to its offerings. Leveraging Adaverse’s global network and expertise, Altify aims to position itself as a comprehensive hub for alternative investments, further aligning with its mission to democratize wealth creation on a global scale.
Adaverse Cardano Adaverse Cardano
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard.
3Farmate Robotics, the Ghanaian agritech trailblazer, has successfully secured an undisclosed amount in angel investment to further propel the expansion of its precision AI-powered electric robots. The investment comes courtesy of a Silicon Valley investor facilitated through Alliance4ai.org, an Africa-based AI organization dedicated to empowering innovators to address critical challenges in the field.
Specializing in leveraging cutting-edge robotics and artificial intelligence, 3Farmate Robotics enables farmers to conduct farm operations swiftly and at reduced costs. The company first gained attention in 2021 with the introduction of its seed-planting robot, embodying its vision of deploying robots on a large scale. The overarching goal of 3Farmate Robotics is to democratize access to advanced AI-powered robots, equipping farmers with tools that elevate their capabilities, enhance productivity, and fortify resilience against the evolving challenges of food production.
The groundbreaking technology developed by 3Farmate is driven by state-of-the-art advancements in computer vision, deep learning, and advanced state estimation algorithms, setting its in-house AI-powered electric robots apart from the conventional methods that rely solely on GPS for navigation. Unlike their counterparts, these robots demonstrate an unprecedented ability to navigate dynamic farm environments with exceptional precision. This unique capability enables the robots to execute seed planting, fertilizer application, and mechanical weeding with unparalleled accuracy, thereby elevating farming efficiency to unprecedented levels.
Clinton Anani, the CEO of 3Farmate Robotics, expressed the significance of the recent investment, stating, “This investment is not merely about financial backing — it’s a validation of our vision to transform agriculture in Africa and beyond. At 3Farmate Robotics, our mission is to empower farmers with technology that enhances productivity, promotes sustainability, and addresses food production challenges. This investment propels us toward a future where technology harmoniously coexists with farming practices, driving innovation and fostering a sustainable, resilient food ecosystem.” The infusion of angel investment marks a pivotal moment for 3Farmate Robotics, reinforcing its commitment to revolutionizing agriculture through the integration of cutting-edge technology.
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard.
Tony Elumelu Foundation Hosts US Administration, WTO, UNDP, IFC, UNICEF, Rockefeller Foundation Leaders; Champions equitable partnerships to catalyse a new generation of green entrepreneurs; Announces partnership to fund young African entrepreneurs in Green sector with Ikea Foundation, Dutch Government, and UNICEF Generation Unlimited; Secures commitments to support Africa’s youth to drive climate resilience from World Trade Organisation, World Bank, UNDP, Government of Sweden, IFC, US State Department, and others.
At a series of events across COP28, Tony Elumelu delivered a single message to world leaders: Africa needs to be heard, Africa’s future is the world’s future and the continent that is most impacted by and the least contributor to climate change, needs our attention. With African youth set to make up one third of global population later this century, the future of Africa’s youth, entrepreneurial, ambitious, resilient, needs to be given the highest priority.
Elumelu offered the infrastructure and experience of his own Foundation’s 10 year $100m entrepreneurship programme to partners, to catalyse a further generation of African entrepreneurs; entrepreneurs who can address climate change and drive the broader wealth creation that Africa requires. Reaching and funding young entrepreneurs in every African country, the Elumelu approach of sector agnostic seed funding, mentoring, and networking has delivered robust impact.
Tony Elumelu, founder, Tony Elumelu foundation
The annual COP UN Climate Change Conferences unites the world to assess progress in combatting climate change. Elumelu is one of Africa’s leading advocates for an equitable agenda for climate action and through the Tony Elumelu Foundation has empowered thousands of green entrepreneurs, shaping a more sustainable future for Africa.
The Tony Elumelu Foundation, in partnership with the United Bank for Africa (UBA), hosted a high-level session, bringing together Africans, and key players in the Gulf, Europe, and Americas, where UBA operates, underscoring the urgent need for innovative approaches to climate adaptation and mitigation, while fostering sustainable development, and bringing attention to Africa’s unique position.
Speakers included Dr. Okonjo Iweala, Director General, World Trade Organization; Ahunna Eziakonwa, Assistant Administrator and Regional Director for Africa, UNDP, Kevin Frey, CEO, UNICEF Generation Unlimited; Sergio Pimenta, VP Africa, IFC; Wendy Teleki, Head of the Women Entrepreneurs Financial Initiative, World Bank; Adam Wang-Levine, U.S. Deputy Assistant Secretary for Climate; Joseph Nganga, Vice President, Global Energy Alliance for People and Planet, Rockefeller Foundation; Hassan Al Hashemi, VP International Relations, Dubai Chambers; Serge Ekué, Chairman, West African Development Bank (BOAD); Muyiwa Akinyemi, Deputy Group Managing Director, United Bank for Africa; and Mattias Frumerie, Swedish Climate Ambassador and Head of Delegation, UNFCCC.
“Addressing climate change is the paramount challenge of our era. The urgency is unmistakable.” Elumelu stated. “It is critical that Africa, as a continent, and African voices, play a key role in global climate conversations, as meaningful participants, and no longer as bystanders. Africa is least responsible and is disproportionately impacted by climate change. I am investing in a generation of green entrepreneurs, and we are extending the hand of partnership, so that others can benefit and use the infrastructure and platform we have created to reach entrepreneurs across Africa.”
Elumelu represented the African private sector at the 2023 New Global Financing Pact in Paris at the invitation of French President Emmanuel Macron, and the Climate Finance Mobilisation Forum in London, at the invitation of King Charles III of the United Kingdom and U.S. President Biden. At the 78th United Nations General Assembly (UNGA78) in New York, the Tony Elumelu Foundation (TEF) launched a first-of-its-kind Green Entrepreneurship Programme, the #BeGreenAfrica Initiative, in partnership with the IKEA Foundation, Dutch Government and UNICEF GenU, to support green entrepreneurship and youth development.
Tony Elumelu Entrepreneur from Madagascar in the green economy, Marie-Christiana Kola, shared a compelling impact story. “As a beneficiary of the Tony Elumelu Foundation Entrepreneurship programme, I was able to create a recycled and 100% biodegradable hand soap made with waste cooked oil – the number one water polluter of water in African urban cities. These soaps do not only protect the environment, but they are also solidarity soaps. I was also able to attend the COP27 conference in Egypt, where I won the Innovation Prize. Today, I have employed over 30 people because of the Tony Elumelu Foundation.”
Speaking at the TEF #COP28 high-level event, Dr. Okonjo Iweala, DG, World Trade Organisation stated, “I am proud of what my brother, Tony Elumelu, has done in empowering and inspiring so many young entrepreneurs. We have no choice; the future is green. The future of growth is two things – it is green, and it must be inclusive. I am very interested in partnerships with organisations like TEF.”
Ahunna Eziakonwa, Assistant Administrator and Regional Director for Africa, UNDP added, “The reason why UNDP associated itself with the Tony Elumelu Foundation years ago is because of the leadership and courage of the Foundation to trust and invest in young Africans. It was one of the first organisation to do so at that scale.”
The Foundation partnered with the UNDP to empower thousands in the Sahel, with an ambitious project to impact the lives one million young Africans.
Sergio Pimenta, VP, Africa at the IFC, also stated, “Tony, I salute you and your Foundation for what you have been doing to support young entrepreneurs in Africa. The IFC has deployed $2billion in funding for African SMEs in the last fiscal year and we are very excited to be able to do more, working with you.”
Kevin Frey, CEO UNICEF Generation Unlimited added, “With TEF, we have moved in a concerted way into the entrepreneurial space. Generation Unlimited now have a flagship programme with the Tony Elumelu Foundation called #BeGreenAfrica, launched in Kenya, and now with the support of the IKEA Foundation and the Dutch Government, we have scaled to Nigeria, Morocco, South Africa, and Senegal. We will train and seed 500 green entrepreneurs this year in the pilot project across those countries. So Tony, thank you so much, you are right it is all about partnerships.”
Wendy Teleki, Head of the Women Entrepreneurs Financial Initiative at the World Bank, announced, “Our women-focused initiative has been able to secure $3.6 billion to finance women entrepreneurs in 67 countries across the world, and is set to launch a new programme focused on financing African women entrepreneurs to drive the continent’s green energy transition, and we are keen to work with the Tony Elumelu Foundation.”
Mattias Frumerie, Swedish Climate Ambassador and Head of UNFCCC Delegation stated, “My Government and I commend the Tony Elumelu Foundation’s incredible impact across Africa, and will facilitate connections between the Tony Elumelu Foundation, and the Swedish embassies across Africa to drive innovation, digitalisation, and green-energy transition, which promises to bring about new jobs and growth.”
Adam Wang-Levine, U.S. Deputy Assistant Secretary for Climate, added” Before coming to the United States Treasury, I was working in venture capital, and I know first-hand that it is incredibly important what the Tony Elumelu Foundation is doing. I have seen two pillars of their work – financing and the mentorship – just as I have seen with Silicon Valley, which helps to drive innovation and jobs creation. We are excited to begin partnership conversations.”
Muyiwa Akinyemi, Deputy GMD, United Bank for Africa, announced, “For us, UBA, we give market access into 20 geographies in Africa. Everything that we do is around Africa, and that is why we have partnered with the Afrexim Bank to launch the $6billion fund for SMEs with a focus on import substitution, working in four key areas including climate emission reduction.”
Earlier in the day, Tony Elumelu joined Ajay Banga, President of World Bank Group; Brian Moynihan, Chair of the Board and CEO of Bank of America; Ms. Ruth Porat, President, Alphabet and Google; and Ms. Laurene Powell Jobs, Founder & President of Emerson Collective as a panelist in a session titled “Big, Audacious and Green: A Convergence of Visionaries”, moderated by Børge Brende, President of World Economic Forum.
On Sunday December 3 Mr. Tony Elumelu, also participated in a fireside conversation with Ms. Teresa Ribera, Vice President of the Government of Spain and Minister for Ecological Transition and Demographic Change, moderated by Sec. Hillary Rodham Clinton, and with closing remarks from Dr. Tedros Adhanom Ghebreyesus, Director-General, World Health Organization.
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry
