Young Tanzanian Enrepreneur wins USD 5000 in Statoil's Heroes of Tomorrow Business Competition

DAR ES SALAAM, Tanzania - Dec. 8, 2014 - PRLog -- Statoil Tanzania has announced and awarded the winner of the Heroes of Tomorrow Business competition on Thursday 4^th December 2014, the competition which has successfully been conducted with the aim of promoting entrepreneurship among the youth in Mtwara region.

Mr. Nassibu Hamimu Lilumba emerged as the overall winner of the Heroes of Tomorrow business competition after submitting a compelling business idea which was later developed into a full business plan that was defended before the Jury members. The winner was awarded Tanzania shillings equivalent of US Dollars five thousands (USD 5000) during an event that was held at Hyatt Regency in Dar Es Salaam.

The business plan which focuses on professionally managed BodaBoda Services Company in Mtwara emerged as the overall best business plan based on the criteria which among other things considered the market opportunity, distinctive competence of the business plan owner, management capability, financial understanding and investment potential.

Sosthenes Njelekela, Zawadi Yusuph Washaru, Vivian Charles and Ali Hassan were announced and awarded as finalists to the competition. Each finalist took home, Tanzania shillings equivalent of US Dollars one thousand.

The Heroes of Tomorrow competition attracted more than 500 entries from the youth with ideas ranging from agriculture, animal husbandry, poultry farming, Information Technology, small industries and other service oriented businesses. While some of these entries were submitted individually there are some which were submitted as a group.

The top 40 submissions participated on Entrepreneurship training to learn about developing and running a successful business and how they could develop further their business ideas into business plans.The business plans submitted went through further screening and top ten business plans were submitted to a Jury who came up with top five business ideas.The top five business plan owners had to defend their plans in front of the jury members who later decided the overall winner.

The jury of five members was led by Ms. Victoria Tunu Chale, Co-founder, Director and Managing Consultant for People Dynamics Tanzania Ltd and included Engineer, Andrew Mnzava who is a professional member of Tanzania Renewable Energy Association, Mr. Mosses Nkanda, Founder and Managing Director of Mnazi Bay Consulting Ltd in Mtwara and Mr. Justine Lusasi Assistant Lecturer from Stella Maris University who have been instrumental in providing mentorship to the participants also through the use of the Heroes of Tomorrow Lab located at the Stella Maris University.

“We are delighted to have found the overall winner of this exciting competition. We have been encouraged by the overwhelming participation of Mtwara youth to this competition. We believe in supporting entrepreneurship spirit among the youth, we will be able to promote development in the Mtwara Region,” Statoil Country Manager, Øystein Michelsen.

-ENDS-

About Statoil:

Statoil is an international energy company with operations in 35 countries. In 2007 Statoil signed a production sharing agreement (PSA) for Block 2 with Tanzania Petroleum Development Corporation (TPDC).  Statoil Tanzania AS is the operator with 65% working interest with ExxonMobil Exploration and Production Limited as a partner with 35% interest.

Since 2012 Statoil and its partner have made significant discoveries in Block 2, which covers an area of approximately 5,500 square kilometres and lies in water depths between 1,500 to 3,000 metres. The discoveries have proved 20 Tcf of in-place volumes and mark an important step towards a possible natural gas development in Tanzania.

Statoil is headquartered in Norway with approx. 22,000 employees worldwide, and is listed on the New York and Oslo stock exchanges.