Legatum, a private international investment group and Omidyar Network, a philanthropic investment firm, announced the selection recently. All companies selected must have a minimum annual turnover of $1m and a maximum of $10m for at least 3 years consecutively.
A record 3,300 companies from 48 African countries submitted entries to compete for the grand Prize of $100,000 and six other prizes of $50,000 each, including the Coca-Cola Prize for an Outstanding Woman Entrepreneur, which holds on December 8, in Nairobi.
"The Africa Awards celebrate business excellence within Africa, helping to build a strong network of African entrepreneurs, and our 10 finalists demonstrate the breadth and depth of entrepreneurial talent across the continent today," said Alan McCormick, Managing Director of Legatum.
Founded in 2005, the Chocolate City music group has recorded major milestones through its multi award-winning stars like M.I, Jesse Jagz, Ice Prince, Brymo, Dj Caise among others. Recently, it won the Record label of the Year at the City People Awards 2011, while its founder/CEO Audu Maikori, won the Entertainment Executive of the Year award at the Nigerian Entertainment Awards (NEA) ceremony which was held in New York in September 2011. Other awards include the global award for the International Young Music Entrepreneurship award (IYMEY) in 2007 by the British Council. Chocolate City is the only entertainment company that made the top 10 shortlist placing the company as one of the biggest entertainment brands in Africa.
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