The Tony Elumelu Foundation, TEF, has appointed Somachi Chris-Asoluka as chief executive officer, CEO of the foundation, according to a statement announced on Sunday by the foundation.
TEF a leading philanthropy empowering young African entrepreneurs from all 54 African countries, said her appointment followed the retirement of Ifeyinwa Ugochuku as chief executive.
The foundation also announced that Applications for the 2023 Tony Foundation Entrepreneurship Programme are now open, adding that applicants can apply now on tefconnect.net.
Since the launch of the TEF Entrepreneurship Programme in 2015, the Foundation has trained over 1.5 million young Africans on its digital hub, TEFConnect, and disbursed nearly USD$100 million in direct funding to 18,000 African women and men, who have collectively created over 400,000 direct and indirect jobs. The Foundation’s mission is rooted in Africapitalism, which positions the private sector, and most importantly entrepreneurs, as the catalyst for the social and economic development of the African continent.
The Foundation’s ability to fund, train, mentor, and network young African entrepreneurs, has created a unique platform for catalysing growth across the African continent.
The robust ability of the Foundation to reach entrepreneurs across geographies and sectors, has enabled it to conduct innovative partnerships with the European Union, United Nations Development Programme, the International Committee of the Red Cross, the United States Government via the United States African Development Foundation, USADF, The Organisation of African, Caribbean and Pacific States,OACPS, The French Development Agency, AFD, The German Development Finance Institution, DEG, The German Agency for International Cooperation, GIZ, The African Development Bank , AfDB, and Google, with bespoke programmes including targeting female empowerment and growth in fragile states.
Somachi, joined the Foundation in 2014, and has served as the Foundation’s Head of Research, Head of Policy and External Relations, and most recently as the director of Partnerships and Communications.
Somachi will leverage her expertise, experience and network as CEO to provide strategic leadership in consolidating and deepening the Foundation’s work of transforming Africa through entrepreneurshipentrepreneurship, the statement said.
Speaking on the appointment, Tony O. Elumelu, described Somachi appointment “as an important time for the Foundation and Africa. Our work is ever more important, and our platform is demonstrating our ability to truly catalyse change. We are increasingly working with partners, to magnify our impact.
“Somachi’s experience in partnership development will be particularly relevant. Somachi, as Director of Partnerships & Communications, has demonstrated strong leadership, commitment, and strategic thinking, in delivering the Foundation’s mission to transform Africa. She is the perfect candidate to build on Ifeyinwa Ugochukwu’s impactful contribution.
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