Somachi Chris-Asoluka
The Board of Trustees of the Tony Elumelu Foundation, the main philanthropy empowering younger African entrepreneurs from all 54 African nations, has introduced the appointment of Somachi Chris-Asoluka as Chief Executive Officer, following the retirement of present CEO, Ifeyinwa Ugochukwu. The appointment takes impact from March 01, 2023.
Since the launch of the TEF Entrepreneurship Programme in 2015, the Foundation has educated over 1.5 million younger Africans on its digital hub, TEFConnect, and disbursed almost USD$100 million in direct funding to 18,000 African men and women, who’ve collectively created over 400,000 direct and oblique jobs. The Foundation’s mission is rooted in Africapitalism, which positions the non-public sector, and most significantly entrepreneurs, because the catalyst for the social and financial growth of the African continent.
The Foundation’s means to fund, prepare, mentor, and community younger African entrepreneurs, has created a novel platform for catalysing progress throughout the African continent. The sturdy means of the Foundation to achieve entrepreneurs throughout geographies and sectors, has enabled it to conduct progressive partnerships with the European Union, United Nations Development Programme, the International Committee of the Red Cross, the United States Government through 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 together with concentrating on feminine empowerment and progress in fragile states.
Somachi, who joined the Foundation in 2014, has served because the Foundation’s Head of Research, Head of Policy and External Relations, and most lately because the Director of Partnerships and Communications. In her new position as CEO, Somachi will leverage her experience, expertise and community to offer strategic management in consolidating and deepening the Foundation’s work of remodeling Africa by way of entrepreneurship.
Speaking on the appointment, Tony O. Elumelu, CFR said: “This is a crucial time for the Foundation and Africa. Our work is ever extra necessary, and our platform is demonstrating our means to really catalyse change. We are more and more working with companions, to enlarge our influence. Somachi’s expertise in partnership growth can be significantly related. Somachi, as Director of Partnerships & Communications, has demonstrated robust management, dedication, and strategic considering, in delivering the Foundation’s mission to rework Africa. She is the proper candidate to construct on Ifeyinwa Ugochukwu’s impactful contribution.
“On behalf of the Board, I also thank Ifeyinwa, for her considerable achievements, significant sacrifice and commitment to building and empowering the next generation of African business leaders. The Foundation, since inception, has been led by a succession of dynamic and diverse CEOs, who have each brought passion, commitment, and innovation. As the tenure of Ifeyinwa draws to a close, I look back on the last five years and pay tribute to the impact she has made, first as Director of Partnerships, and later as the Chief Executive Officer.”
In response, Ifeyinwa mentioned: “Over the last five years, the Tony Elumelu Foundation has significantly expanded its mission to empower African Entrepreneurs across all 54 African Countries. In particular, the Foundation has grown its partnership capability, opening its platform and process to third parties, who share in our commitment to growing the African entrepreneurial ecosystem, and transforming Africa by empowering entrepreneurs. As CEO, it has been my profound joy to lead the dynamic team to empower the next generation of young people whose ideas are transforming Africa.”
Accepting her appointment, Somachi mentioned: “I am honoured to be appointed to lead the Foundation, particularly at a time when we will be launching a new Coalition for African Entrepreneurship. This Coalition will bring together global and African partners to significantly increase the impact created by TEF’s unique platform for identifying, mentoring, training and funding young African entrepreneurs. I look forward to working with the team, our partners, and all stakeholders to achieve our common goal of a strong, confident, self-reliant Africa. I am honoured to build on Ifeyinwa’s legacy and launch the Tony Elumelu Foundation into its next phase of impact.”
Somachi graduated Summa Cum Laude from Saint Mary’s College of California with a BSc. in Economics and minor in Mathematics, and acquired the “Adam Smith” award given to the very best performing graduating pupil in Economics. She additionally has a Master’s Degree in International and Development Economics from Yale University. She is a Deputy Champion of the World Economic Forum (WEF) EDISON Alliance.
Applications for the 2023 Tony Foundation Entrepreneurship Programme are actually open. Apply now on tefconnect.web.
