Foundations in 2012: Success breeds success

By The Africa Report

Posted on Thursday, 8 December 2011 10:58

The year 2012 may be a bumper year for charitable foundations in Africa.

Nigerian banking magnate Tony Elumelu set one up in 2010. So did Mike Adenuga, Nigeria’s telecoms impresario, in 2009.

But what will they do?

Mo Ibrahim has a foundation with clear goals, a leadership prize and focus on governance. Elumelu says he will focus on business leadership.

The Nigerian businessman is linking up with Tony Blair’s Africa Governance Initiative, which has raised eyebrows by bidding for UK government contracts for the Department for International Development.

Mike Adenuga’s foundation also has mentoring young business people as its focus, with future plans to set up an entrepreneurship centre in a Nigerian university.

Perhaps the model is the US, where robber barons Carnegie, Mellon and Rockefeller transformed their monopoly money into foundations that ultimately bore progressive fruit.

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