The new CEO will take office on 1 March 2023 and replaces the former CEO, Ifeyinwa Ugochukwu, who has retired, the Foundation said.
In her new role, the Foundation explained, Chris-Asoluka will leverage her expertise, experience and network to provide strategic leadership in consolidating and deepening the company’s work of transforming Africa through entrepreneurship.
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. Applications for the 2023 Tony Foundation Entrepreneurship Programme are now open.
Accepting the appointment, Chris-Asoluka said: “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”.
Speaking on the appointment, Tony Elumelu, founder of TEF said: “This is 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 and 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. 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.”
A leading figure of the Foundation
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. As the Head of Policy and External Relations for the Tony Elumelu Foundation, she conducted the data gathering, analysis, and methodology review for all research publications of the Foundation and oversaw the Foundation’s advocacy initiatives – case studies, workshops, roundtables, symposiums, etc. She also managed all external engagements and relationships for the Foundation and its Founder, Tony Elumelu CON.
Somachi graduated Summa Cum Laude from Saint Mary’s College of California and received the “Adam Smith” award given to the best performing student in Economics. She also has a Master’s Degree in International and Development Economics from Yale University.
Prior to joining the Foundation, Somachi worked with the Corporate Governance and Finance division of Phillips Consulting Limited and she served as a research assistant at the Lagos Business School in 2013 and has interned as a columnist with BusinessDay newspaper.
She is a member of the Financial Women’s Association, San Francisco, the Omicron Delta Epsilon (National Economics Honor Society, USA) and a fellow of the Moremi Initiative for Women’s Leadership in Africa – a programme that annually identifies and engages the top 25 most promising young women leaders on the continent.
