Elumelu Foundation empowered 8,000 African women in 10 years — Co-founder

The co-founder of the Tony Elumelu Foundation, Dr Awele Elumelu, has said that the foundation empowered 8,000 women in 54 African countries in 10 years.

She added that the figure represented 46 per cent of the total number of entrepreneurs empowered by the foundation so far.

Elumelu disclosed this during her keynote address at the 2024 Women Directors Conference of the Chartered Institute of Directors of Nigeria held in Lagos recently.

The event was themed, ‘Leading in a Disruptive Age: Opportunities in Emerging Technology, DEI & ESG”.

She added that as a co-founder of the foundation, she had seen the impacts of equipping women.

“I am glad to say that 10 years later, we have funded over 8,000 women-owned businesses in 54 African countries. That is an impressive 46 per cent of the total number of entrepreneurs we have funded on our continent.

“We have seen that truly when you empower a woman, you empower the nation,” she said.

According to Elumelu, the foundation is committed to empowering and uplifting young African entrepreneurs across all African countries, both men and women.

“When we first commenced with the first round of applications, we had very few women. Less than a fraction of one-third were women.

“What we do in the foundation is identify these young Africans with business ideas, train them, mentor them, and give them a non-refundable $5,000 for their businesses,” she stated.

She added that the foundation understood the importance of women’s empowerment and inclusion and made efforts to ensure women benefitted from its funding.

However, Elumelu, stated that on average, the female beneficiaries of the foundation reported making slightly more profit from their business than male beneficiaries in a typical month in the past year.

According to Elumelu, stakeholders should rethink leadership in a world where change is the only constant thing.

Earlier, the President and Board Chairman of the Chartered Institute of Board of Directors, Tijani Borodo, noted that this was a time of disruptions, where the very foundations of industries and societies were being challenged and reshaped.

He added that as boards grappled with the implications of those disruptions, the role of women directors had never been more critical.

“The leadership, vision, and expertise that can be provided by the female gender in the boardroom are indispensable in navigating the complexities of this disruptive age and seizing the opportunities that emerge,” he said.

The Chairman of the Women Directors Development Committee, Mrs Debola Osibogun, said that the time of the event was timely.

She added that Nigeria was at a crossroads where it had witnessed the rapid advancement of technology.

“We find ourselves at a crossroads where our nation has witnessed the rapid advancement of technology and the increasing focus on sustainability and inclusivity.

“At the centre of all these significant numbers are the amazons, shaping the cause of innovations in technologies, DEI, and ESG in Nigeria and beyond, leading with zest and purpose.

“We can’t claim that there are no challenges in ensuring DEI in the workplace and adhering to ESG principles for long-term value creation,” Osibogun maintained.