Tony Elumelu: Champion of Philanthropy and Social Impact.
Tony Elumelu
If there is anything the African continent needs the most, it is economic empowerment for individuals, communities and social groups. But for half a century, Africa found itself at a dead-end; even the IMF/World Bank-prescribed panaceas had failed the continent, just as governments have failed spectacularly to lift their countries out of poverty.
Enter Tony Elumelu, Nigerian economist and entrepreneur, and an ardent propounder of Africapitalism, the development theory whose main tenet is the belief that the private sector holds the key to unlocking Africa’s
On a personal level, Elumelu, CON, is a successful banker, and a successful entrepreneur. As the Chairman of the United Bank for Africa (UBA)―the pan-African financial services group which operates in 20 countries in Africa, the United Kingdom and France―Elumelu is one of the titans of the financial market in Africa. Aside from chairing Transcorp, Nigeria’s largest quoted conglomerate, he has a track record of business turnaround and value creation through Heirs Holdings, the family-owned investment company he founded and chairs.
On a personal level, Elumelu, CON, is a successful banker, and a successful entrepreneur. As the Chairman of the United Bank for Africa (UBA)―the pan-African financial services group which operates in 20 countries in Africa, the United Kingdom and France―Elumelu is one of the titans of the financial market in Africa. Aside from chairing Transcorp, Nigeria’s largest quoted conglomerate, he has a track record of business turnaround and value creation through Heirs Holdings, the family-owned investment company he founded and chairs.
He could, if he chose to, live comfortably in his cocoon, assured of a life of opulence and influence and insulated from the problems of the common man. Were he to choose the well-travelled route of a motivational speaker, many would pay premium fees to have him on stages to hear him speak and he could have written lots of bestselling books, and probably become an egg-head at one of the few prized global economic think tanks.
Social Impact.
But Elumelu, 59, did something more far-reaching. He established the Tony Elumelu Foundation, TEF, which gave him the leverage to walk his talk. And for 12 years now, he has been taking giant strides in his effort to empower new entrepreneurs every year with $5, 000 seed grants.
Elumelu, a TIME 100 Alumnus, has so far changed the lives of thousands of Africans with his TEF programmes that have empowered 15,847 young Africans across 54 countries and supported 1.2 million through TEFConnect, the digital network for African entrepreneurs.
What is most striking is how Elumelu has brought a human angle to the process.
Social Impact.
But Elumelu, 59, did something more far-reaching. He established the Tony Elumelu Foundation, TEF, which gave him the leverage to walk his talk. And for 12 years now, he has been taking giant strides in his effort to empower new entrepreneurs every year with $5, 000 seed grants.
Elumelu, a TIME 100 Alumnus, has so far changed the lives of thousands of Africans with his TEF programmes that have empowered 15,847 young Africans across 54 countries and supported 1.2 million through TEFConnect, the digital network for African entrepreneurs.
What is most striking is how Elumelu has brought a human angle to the process.
His motivation―“As an entrepreneur myself, I understand what it feels like to yearn for a lifeline, to hope for a ‘big break’, to look forward to enjoying some luck”―showed the uncommon empathy and passion driving him to help young Africans break the jinx of poverty through sustainable entrepreneurship.
Over the years, his economic philosophy of Africapitalism―which positions the private sector, and most importantly entrepreneurs, as a catalyst for the social and economic development of the continent through long-term investments, as well as entrepreneurship and regional connectivity―has been taking root and has become the driver of the new economic order on the continent.
Importantly, Elumelu has forged a name for himself as the champion of entrepreneurship in Africa through TEF, his self-funded foundation that has been described as Africa’s equivalent of global leading bodies such as UNDP and the ICRC.
Twelve years ago, he set out with a $100 million “war chest” to identify, train, mentor and fund 10, 000 entrepreneurs in 10 years. Back then, it was a lofty ambition indeed. Now, it is “mission accomplished.”
Over the years, his economic philosophy of Africapitalism―which positions the private sector, and most importantly entrepreneurs, as a catalyst for the social and economic development of the continent through long-term investments, as well as entrepreneurship and regional connectivity―has been taking root and has become the driver of the new economic order on the continent.
Importantly, Elumelu has forged a name for himself as the champion of entrepreneurship in Africa through TEF, his self-funded foundation that has been described as Africa’s equivalent of global leading bodies such as UNDP and the ICRC.
Twelve years ago, he set out with a $100 million “war chest” to identify, train, mentor and fund 10, 000 entrepreneurs in 10 years. Back then, it was a lofty ambition indeed. Now, it is “mission accomplished.”
His selfless, sustained effort has earned him global recognition as an investor extraordinaire, a philanthropist par excellence, a juggernaut of an entrepreneur, and above all, Africa’s biggest catalyst of economic development
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