Entrepreneurship development gets N1.5b support from foundation

The Leo Stan Ekeh Foundation, which focuses on promotion of 21st century knowledge through quality education, practical entrepreneurship, healthy living and enhanced lifestyle has committed N1.5 billion to support YUBOSS – an entrepreneurship and wealth creation scheme set up by pioneer composite retail chain Yudala supported by Access Bank and Airtel.

The official unveiling of the YUBOSS scheme by the Minister of Labour and Productivity, Senator Chris Ngige, is scheduled for today at the Sheraton Hotel Abuja, as part of activities at the Yudala Zero Gravity Contemporary Music Concert which will feature leading artistes such as Phyno, Naeto C, Cynthia Morgan and David Grey, among others.

YUBOSS is a platform powered by Yudala for hard working Nigerian youths with the right business mindset and creative energy to become their own bosses and certified billionaires in the near future without being indebted to any bank.

YUBOSS members are entitled to attractive commissions and credit facilities as well as a wide range of benefits including business mentorship sessions and capacity-building workshops. The scheme is structured to see members rise through the ranks and ultimately become the part-owner of a Yudala franchise store when they achieve platinum status.

According to the Head of Wealth Creation department of the Foundation, Mrs. Ibukun Toluwase, the sum of N500 million will be disbursed to qualified agents of Yudala in the first 12 months interest free and those who perform exceptionally well, will benefit from an additional investment of N10 million each, interest free for at least two years before repaying the capital. The Foundation’s strategy is to partner indirectly with practical entrepreneurs who will not rely on banks to create billions, especially in this period when our banks are very reluctant to lend.

“The aim is to use a successful platform such as Yudala Online and Offline retail stores located nationwide to build up quality entrepreneurs who can create, defend and sustain wealth even during disruptive periods such as the one we are passing through at the moment. All qualified YUBOSS members will be fully documented, trained and mentored by Mr. Ekeh himself. Already, we have installed digital infrastructure like Video Conferencing and other smart devices in major cities like Abuja, Port Harcourt, Imo and Lagos, among others to make online interaction live. We intend to achieve this in all state capitals for easier mentoring.

“With these in place, the interactions with these YUBOSS agents will take place once a month, irrespective of Mr. Ekeh’s location in the world. He will also engage physically with the agents every six months. The strategy is to create future strategic disruptive entrepreneurs who will become versatile in technology products, essential commodities and other lifestyle products in the country. This is the ambition of the Leo Stan Ekeh Foundation which has in the past 20 years quietly invested in quality education for youths, employment generation, strategic funding and support for informed but handicapped businesses and churches, among others,” she said.

Toluwase disclosed that the special funding, which is focused on supporting practical entrepreneurs for a period of four years will help qualified persons effortlessly pay for products and services and it is our hope that within this period of four years, a good percentage of them will be rated as quality citizens of Nigeria. Like you know, we are not just trying to throw hard-earned money away. It is the desire of the founder to possibly grow one quality entrepreneur in each of the 774 Local Government areas that make up Nigeria. But you have to earn it to be qualified.”