Tony Elumelu Foundation announces New CEO

Tony Elumelu Foundation announces New CEO
Somachi Chris-Asoluka

Tony Elumelu Foundation, a leading philantropic organisation empowering young African entrepreneurs from all 54 African countries, has announced the appointment of Somachi Chris-Asoluka as Chief Executive Officer (CEO), following the retirement of current CEO, Ifeyinwa Ugochukwu.

In a statement issued by the foundation, it stated that the appointment would take effect from March 1, 2023.

Somachi, who joined the Foundation in 2014, has served as its Head of Research, Head of Policy and External Relations, and most recently as Director of Partnerships and Communications.

In her new role as CEO, Somachi is expected to leverage her expertise, experience and network to provide strategic leadership in consolidating and deepening the Foundation’s work of transforming Africa through entrepreneurship.

Speaking on the appointment, Tony Elumelu, 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.”

He noted that her experience in partnership development would be particularly relevant.

“Chris-Asoluka as director of partnerships & communications had demonstrated strong leadership, commitment, and strategic thinking, in delivering the Foundation’s mission to transform Africa. She is the perfect candidate to build on Ugochukwu’s impactful contribution,” he said.

Elumelu added, “On behalf of the board, I also thank Ugochukwu, 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.”

He added, “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.”

Speaking, Ifeyinwa said, “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.”


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