He will unveil winners of seed money
Billionaire philanthropist Tony Onyemaechi Elumelu, the chairman of the United Bank for Africa, and founder of The Tony Elumelu Foundation, is set to visit Uganda tomorrow.
During his brief visit, Elumelu will hold meetings with President Yoweri Museveni and Bank of Uganda Governor, prof. Emmanuel Mutebile. He will also unveil over 60 winners of Cycle 2 of the Tony Elumelu Entreprenuership Programme (TEEP).
Launched in 2015, TEEP is the largest African philanthropic initiative devoted to entrepreneurship and represents a 10-year, $100 million commitment, to identify and empower 10,000 African entrepreneurs, create a million jobs and add $10 billion in revenues to Africa’s economy.
The successful candidates represent diverse industries, led by agriculture, ICT and fashion. Each winner will receive a grant of between $5,000 and $10,000 to improve the operations of their small business.
Elumelu will also unveil a plan to inject more capital in UBA subsidiaries in Uganda, Kenya and Tanzania.
“As long-term investors and pioneers in pan-African commercial and investment banking, we are deeply committed to the markets in which we operate and to harnessing the potential represented by the wider African economy. Our intention is to be the leader in African financial services, and our recent transaction track record shows this. We are realising the potential of Africa” Elumelu said during a recent meeting of senior UBA managers in London, UK.