Lagos, Nigeria, 11 December 2012 — The Tony Elumelu Foundation and AllWorld Network Inc. (co-founded by The Tony Elumelu Foundation Founding Patron Professor Michael Porter of the Harvard Business School) today announced that the Nigeria Fast Growth 50 Company Ranking (Nigeria50), a pioneering effort to showcase and rank the most innovative and dynamic fast-growth private companies in Nigeria, has extended its application deadline until 31 December 2012. Nigeria50 will also host a highly-publicized event in early 2013 to showcase the winning entrepreneurs.
To date, over 100 Nigerian companies have started the submission process and eleven organisations have joined as nominating partners, including: Fate Foundation, The Nigerian-American Chamber of Commerce, The Nigeria Employers Consultative Association, The Lagos Chamber of Commerce & Industry, Jobberman, Leap Africa,the Lagos Business School, Enterprise Development Centre, United Bank for Africa Plc., the Delegation of German Industry and Commerce in Nigeria, and the Small and Medium Enterprises Development Agency of Nigeria.
The Nigeria50 application process is open to private companies in Nigeria that have been able to grow revenues by 100% or more in the past 3 years. To be eligible for the Nigeria50 ranking, prospective companies are expected to meet the following criteria:
Minimum 3-year audited operating history with revenues/turnover of at least N80 million/$500,000 as of 2011 Be an independent, private, non-listed, for-profit corporation, partnership or proprietorship. The company can be an independently incorporated subsidiary of a wider group, with a defined stand-alone business line Cannot be a non-profit, holding company, franchise, bank or utility Must have its primary location in Nigeria The company must not be 51% or more owned by a publicly traded company or from the public sector Smaller and younger companies can qualify as "Start-Ups to Watch" using the same application
Similar criteria were used to develop other AllWorld entrepreneurial databases, including the Arabia 500, which will host the AllWorld Summit in Dubai on 12 December. Tony Elumelu, C.O.N., the founder of The Tony Elumelu Foundation, will be delivering a keynote addressentitled "Africa's Entrepreneurial Century", focusing on the role of the private sector in Africa's economic transformation.
The Nigeria50 Awards event and summit scheduled for early 2013 will be hosted by The Tony Elumelu Foundation and AllWorld, with Professor Michael Porter participating in the Nigeria summit as the keynote speaker as well as through conducting strategy sessions with the winners. The event will be attended by hundreds of business leaders and influencers from Nigeria and the region, and will feature panel discussions and networking, including the African launch of Xchange, through which AllWorld will match the winning companies with the 3+ winners best positioned to help them meet their growth goals.
"AllWorld is very excited by the terrific response we have received from companies applying for the Nigeria50," explains Deirdre M. Coyle, Jr., co-CEO and co-founder of AllWorld Network. "The Nigeria50 will show the country and the world that Nigeria is open for business. The model is simple - find growth entrepreneurs, credential them, put them on the global radar, and markets will come to them. We call this "Visibility Economics" and we believe it is the 21st century way to move the world for job growth and progress."
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"The Nigeria50 will shine a unique spotlight on the pipeline of fast-growing businesses led by Nigerian entrepreneurs and business leaders, who are driving Nigeria's economic transformation," says Tony O. Elumelu, CON, Founder, The Tony Elumelu Foundation and Chairman, Heirs Holdings.
Entrepreneurs can apply to the Nigeria Fast Growth 50 list by visiting www.allworldlive.com. The application process comes at no financial cost.
The deadline for applications has now been extended until 31 December 2012.
