Date Published: 05/25/11

The Tony Elumelu Foundation launches African Markets Internship

PROGRAMME.

Lagos; 24/05/11: The Tony Elumelu Foundation (TEF) today announced the launch of a MBA internship program designed to improve the competitiveness of innovative small and growing African businesses, while introducing some of the world’s brightest new business management talent to the growth opportunity that African markets represent.

The African Markets Internship Programme (AMIP) places students from Africa’s top business schools and students from top-tier business schools in Europe and the United States in highly structured programs at African companies.  During their assignments, the interns build actionable knowledge and help facilitate high-level decision-making to contribute to the host firms’ success.  AMIP matches the unique skills of each intern with the particular needs of each participating host business, to tackle the most pressing business issues identified by the management teams.  This includes forging business strategies, marketing new products, or developing African growth strategies.  The program is unique in bringing both African and international businesses students together, building bridges and opening horizons, for all involved. It is just one example of the Foundation’s core mission of equipping the next generation of African private sector champions for success. 

Founder Tony O. Elumelu said, “Our 10-week internship program is a win-win opportunity for both interns and African firms. It will build the institutional capacity of African-owned and operated companies, and leverages global talent to increase the firms’ competitiveness, while providing on-the-job training for interns.”

“The interns will be completely immersed in the complexities of business in Africa, which has some of the world’s most challenging and rewarding emerging markets. By bringing top talent to companies that have a need for it, this internship program brings brain gain to markets that have traditionally suffered from brain drain in the past,” he added.

The interns are scheduled to arrive June 2 in Lagos to participate in orientation exercises. They will then report to participating businesses – African owned small and growing businesses based in either Lagos, Accra, or Nairobi with annual revenues of $2 million to $10 million, and have 150-300 employees – to work as product managers, product marketing managers, financial analysts, human resource analysts or strategic business analysts for eight weeks before returning to end-of-program sessions beginning August 4 in Lagos.

AMIP interns were drawn from leading graduate business schools, including, London Business School (England), Wharton School of Business (U.S.), Yale School of Management (U.S.), IESE Business School (Spain), HEC (France), Lagos Business School (Nigeria), GIMPA (Ghana), and Strathmore Business School (Kenya), among others.

This year’s interns have an average of 4-5 years’ work experience at a prestigious employer, a strong interest in working in Africa and a preference for emerging markets.

Dr. Wiebe Boer, chief executive of the Foundation said, “The objective is to build a pipeline of high-quality interns for African businesses, increase the capacity of participating North American, European and African business schools to effect positive change and business growth in Africa’s private sector, and offer life-changing experiences to talented business school students.” 

“Our internship will also open opportunities for African companies to recruit top international and African business talent. Ultimately, the program will also help The Tony Elumelu Foundation create a diverse network of employees and employers across Africa.”

“The firms we selected not only have the capacity to host interns; they are able to offer them first-class learning experiences,” Dr. Boer said. “These companies have strong management teams; they’re open to long-term participation, and some have received international awards for business performance and visionary leadership.”

Participating firms represent a diversity of sectors in Lagos and Accra ranging from investment firms to publishing houses to food processing companies.  Host businesses in Nairobi are all from Kenya’s fast growing and highly innovative ICT sector.  The firms include the following:

·      A24 (Nairobi):  Africa's first online delivery site for material from journalists, African broadcasters and NGO's from around the Continent

·      AACE Foods (Lagos): a food production company that utilizes locally grown 

·      Alitheia Capital (Lagos): an investment and advisory firm 

·      Craft Silicon (Nairobi): a Legatum-MIT award-winning software house that provides software solutions

·      Doreo Partners (Lagos): an impact-oriented  agriculture focused Venture Capital Firm

·      Injaro Investments (Accra):impact-oriented fund manager with dealings in Anglo and Francophone West Africa

·      Kachifo Books (Lagos): An  independent Nigerian publishing house that focuses largely on contemporary African writing

·      NN24 (Lagos):  Nigerian media company that aims to bring high quality television news content to Africa and the world

·      Pamoja Media (Nairobi): an African digital marketing agency

·      PayStream Kenya (Nairobi): provides payroll and accountancy to contractors

·      Oasis Capital (Accra): a growth and venture capital fund manager

·      Verod Capital (Lagos):  an investment and financial advisory boutique focused on Nigeria and West Africa

Looking forward,  TEF plans to expand the internship to other parts of Africa with fast-growing economies.

“Working as full-fledged professionals, the students will have opportunities to make executive presentations, and help to inform decision making at the highest level,” said Efe Odeleye, the TEF Program Associate managing the inaugural program.  

The program will give interns a leg up on employment opportunities at AMIP- participating companies – positions the interns may not have had an opportunity to consider if not for the program. If the students should decide to leave Africa, their work experience on the continent will be transferable to emerging markets worldwide.

Officially launched last October, The Tony Elumelu Foundation is among the world’s largest African-funded philanthropies. It is committed to fostering Africa’s economic growth from within, by demonstrating that the African private sector can be the primary driver of Africa’s economic development.

About The Tony Elumelu Foundation: The Tony Elumelu Foundation is an African based and funded not-for-profit institution, dedicated to the promotion and celebration of excellence in business leadership and entrepreneurship across Africa. As a 21st century catalytic philanthropy, the Foundation is committed to driving the continent’s economic growth from within by proving the African private sector can itself be the primary generator of economic development.

Founded in 2010 by Tony O. Elumelu, MFR, the Foundation identifies and grooms business students, young entrepreneurs and CEOs of African corporations at various stages of their development. It seeks to use African capital and leadership to create a pipeline of entrepreneurs, while also supporting imaginative business leaders whose ideas can create sustainable employment and foster regional partnerships.