African Entrepreneur, Backed by IFC Private Equity, Wins Award from Ernst & Young

Onajite Okoloko, CEO of Notore Chemical Industry Limited, which produces low-cost fertilizer to boost crop yields and is backed through an IFC Private Equity Fund, has been named Emerging Entrepreneur of the Year in the West African region by Ernst & Young. 

The winners were determined by their contribution to the economic development of their country and selected by public vote and an independent panel of judges.Commenting on his win at the awards ceremony in Lagos, Jite Okoloko said, "With this award, the whole workforce at Notore has been recognized for our goal of increasing crop yields to guarantee food security in Africa, while also encouraging skills acquisition and creating jobs. Today, we are producing about 90 percent of the fertilizer in Sub-Saharan Africa and we hope to expand our business further."

IFC is backing Notore through the private equity fund Emerging Capital Partners Africa to which it committed $25 million in 2010. ECP itself has just been presented with the Gold Award for Best Emerging Countries Private Equity Fund 2011 at a ceremony hosted by Private Equity Exchange in Paris last month. The award recognized ECP for outstanding performance in terms of returns and exits over the last three years and track record over the last 10 years.

Congratulating the winners of both awards, IFC Financial Markets Director for Africa, Latin America and the Caribbean Dolika Banda said, “By investing in funds, IFC is able to support SMEs that it would not be able to reach otherwise and these awards show that IFC is selecting the right partners to bring about maximum development impact. 

Since 2007 over half the private equity funds supported by IFC have been in IDA countries and 65 percent of the companies we supported have been SMEs, many of which employ significant numbers of women.

From IFC