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People

Tony Elumelu

Nigerian Billionaire, Tony O. Elumelu
ony O. Elumelu is an entrepreneur over 7 million customers in 19 African which is the private sector’s commitment
Tand a philanthropist. The chairman countries. to Africa’s development through long-
of Heirs Holdings, United Bank for In 2010, he commenced full-time term investment in strategic sectors
Africa Plc and Transcorp Nigeria Plc. operations at Heirs Holdings and of the economy that drive economic
Tony O. Elumelu is a visionary founded The Tony Elumelu Foundation, prosperity and social wealth.
entrepreneur and a philanthropist. an Africa-based and African-funded
Born, raised and educated in Africa, philanthropic organization focused on Today, UBA operates in 19 African
Mr. Elumelu has been responsible for supporting entrepreneurs in Africa by countries, as well as New York, London
creating businesses across the continent, enhancing the competitiveness of the and Paris. Mr. Elumelu is the author and
in sectors critical to Africa’s economic private sector. leading proponent of “Africapitalism,” an
development. In 2015, the Foundation launched the economic philosophy which advocates
In 2010, he founded Heirs Holdings, TEF Entrepreneurship Programme, for the private sector’s commitment
an African investment holding a $100 million commitment by Tony to Africa’s development through long-
company, with investments in financial Elumelu to empower 10,000 African term investment in strategic sectors
services, power generation, oil and gas, entrepreneurs over 10 years. Building of the economy, that drive economic
agribusiness, real estate and hospitality. on the Programme’s success and its prosperity and social wealth.
In the same year, he established the unique ability to identify, mentor and In 2003, the federal government of
Tony Elumelu Foundation, an Africa- fund entrepreneurs across Africa, the Nigeria conferred the honor of Member
based and African-funded philanthropy, Foundation is increasingly sharing its of the Federal Republic on Mr. Elumelu
dedicated to catalyzing entrepreneurship robust delivery platform and working and in 2012 he was named a Commander
across Africa. He is Chairman of Heirs in partnership with institutions such of the Order of the Niger for his service
Holdings, UBA Group Plc, Seadrill as United Nations Development in promoting private enterprise. He
Nigeria Ltd and Transcorp Plc — Programme, the African Development sits on the Presidential Agricultural
Nigeria’s largest listed conglomerate. Bank, the International Committee of Transformation Implementation
The Tony Elumelu Foundation is the the Red Cross, GIZ, and United Bank Council and serves as Co-Chair of the
leading champion of entrepreneurship for Africa Plc, to create meaningful and Aspen Institute Dialogue Series on
in Africa. Our objective is to empower permanent impact across Africa. Global Food Security. He was recognized
women and men across our continent, He serves as a member of the USAID’s as one of “Africa’s 20 Most Powerful
catalysing economic growth, driving Private Capital Group for Africa People in 2012” by Forbes Magazine.
poverty eradication and ensuring job Partners Forum. He sits on the Nigerian
creation. We believe the private sector’s President’s Agricultural Transformation He played a leading role in the formation
role is critical for Africa’s development Implementation Council and serves of the National Competitiveness Council
and that the private sector must create as Co-Chair of the Aspen Institute of Nigeria and now serves as its Vice
both social and economic wealth. Dialogue Series on Global Food Security. Chairman. He chairs the Ministerial
In his early career, he made a name for He played a leading role in the formation Committee to establish world-class
himself by turning the nearly bankrupt of the National Competitiveness hospitals and diagnostic centers across
Standard Trust Bank into a top-five Council of Nigeria and serves as its vice Nigeria, and the Presidential Jobs Board,
player in Nigeria. In 2005 he led the chairman. He is also a member of the engineered to create 3 million jobs in one
largest merger in the banking sector in Global Advisory Board of the United year. He presently serves as a member of
sub-Saharan Africa, acquiring United Nations Sustainable Energy for All the Global Advisory Board of the United
Bank for Africa (UBA). In five years, he Initiative (SE4ALL). Nations Sustainable Energy for All
transformed it from a single-country He is the author and leading proponent of Initiative (SE4ALL) and USAID’s Private
bank to a pan-African institution with the philosophy he calls “Africapitalism,” Capital Group for Africa Partners
Forum.

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