In line with its objective of raising future leaders and entrepreneurs, the Leo Stan Ekeh Foundation has committed N1.5 billion YUBOSS, an entrepreneurship and wealth creation scheme set up by pioneer composite retail chain Yudala with support from Access Bank and Airtel.
A statement from the Foundation reveals that the official unveiling of the YUBOSS scheme by the Honourable Minister of Labour and Productivity, Senator Chris Ngige is scheduled to hold at the Sheraton Hotel, Abuja Nigeria, 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.
Explaining the modalities for disbursement, Head of Wealth Creation Department of the Foundation, Ibukun Toluwase, said an interest free sum of N500m will be disbursed to qualified agents of Yudala in the first 12 months and those who perform exceptionally well, will benefit from an additional investment of N10m 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.
According to her, “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.”
She further explained that 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 harped.
Mrs. Toluwase further disclosed that the special funding, which is focused on supporting practical entrepreneurs for a period of four years, will help qualified persons to effortlessly pay for products and services. “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.”
The YUBOSS scheme is structured to see members rise through the ranks and ultimately become part-owners of a Yudala franchise store when they achieve platinum status.
The statement from the Foundation noted that this is a spiritual commitment of the Founder who, despite having companies in three continents, is a firm believer that Nigeria created the foundations for his little success in business.