Tony Elumelu Foundation appoints Somachi Chris-Asoluka as CEO

The Tony Elumelu Foundation (TEF), a non-profit organisation in Africa, has appointed Somachi Chris-Asoluka as its new chief executive officer (CEO).

The foundation’s board of trustees made the announcement in a statement on Monday.

The appointment which takes effect from March 1, 2023, follows the retirement of Ifeyinwa Ugochukwu, the current CEO of the organisation.

According to TEF, Chris-Asoluka joined the foundation in 2014 and served in various departments including head of research, head of policy and external relations, and most recently, as the director of partnerships and communications.

It said in the new role, 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.

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.”

Accepting the appointment, Chris-Asoluka said she was honoured to build on Ifeyinwa’s legacy.

“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,” she said.

“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.”

Meanwhile, aside from her role at TEF, Chris-Asoluka is a deputy champion of the World Economic Forum (WEF) EDISON Alliance.

Somachi graduated with the highest distinction from Saint Mary’s College of California with a BSc. in economics and minor in mathematics, and received the “Adam Smith” award given to the highest performing graduating student in economics.

She also has a master’s degree in international and development economics from Yale University.

In addition to the latest appointment, the foundation also announced the opening of applications for the 2023 Tony Foundation Entrepreneurship programme.

Interested persons can apply on tefconnect.net.