Why I Spent $100m On African Entrepreneurs In 15 Years – Tony Elumelu
African business leader and philanthropist, Tony Elumelu has revealed reasons for his One Hundred Million US Dollars ($100m) investment in African Entrepreneurs over the last 15 years.
The passionate believer in the continent of Africa maintains that uplifting African entrepreneurs remain a thing he holds closely to his heart and that he was always ready to provide the needed support because they “hold the key to unlocking Africa’s untapped potential.”
The chairman of Heirs Holdings Group, United Bank for Africa ( UBA Group), and Transcorp Group who founded the Tony Elumelu Foundation – his philanthropic initiative – in 2010, disclosed this during “Legacy Builders Palm Beach Conference” at Eau Palm Beach Resort & Spa Palm Beach, Florida, United States of America.
The conference was held between February 4th and 5th, 2025, with Mr. Elumelu dissecting the topic “DEMOCRATISING LUCK” before his fellow changemakers, eminent guests, and visionary legacy builders.
Delivering his keynote remarks, the proponent of Africapitalism philosophy who has funded over 21,000 business owners across Africa through his philanthropic initiative said: “I have dedicated myself to a mission close to my heart: empowering African entrepreneurs. I have spent USD100m… because of that belief that entrepreneurs hold the key to unlocking Africa’s untapped potential.”
“They are the innovators, the dreamers, and the builders who can transform not only their own lives but entire economies”, the serial investor who chairs one of the largest banking conglomerates in Africa added.
Speaking on the success story of UBA and how he started as a banker who later on led a group of investors to transform a struggling bank into a profitable entity said:
“I started out my career as a banker. I was lucky to get a job. I had no silver spoon, no international education. I worked hard and when I saw an opportunity to do more, I took it.
“I led a group of investors to turn around a struggling bank and make it profitable. That opportunity led to what is the largest bank merger in sub-Saharan Africa to date.
“Our banking group now is in 20 counties in Africa, it is on four continents – we are the only African bank regulated to take deposits in the US. We bank over 45 million customers.”
