Tony Elumelu Says Trust, Not Money, Is Africa’s Main Problem
Respected businessman and philanthropist, Tony Elumelu, has identified trust, not money, as a key element missing as the continent’s political and business leaders continue to strive for a prosperous continent.
“Our problem is not money, it is trust. Trust built through predictability, transparency, and partnership,” Mr Elumelu Asserted.
The chairman of multiple African conglomerates – UBA Group, Transcorp Group, Heirs Holdings, and more – made the comments at the African Association of Accountants General (AAAG) Annual Conference in Ghana.
According to information made available by the proponent of Africapitalism on his social media handle, the conference afforded him the opportunity to reiterate his conviction that “the private sector, forging a strong collaboration with the public sector, must play a key role in Africa’s transformation.”
Despite the fact that the continent faces a $100 billion annual infrastructure deficit, Mr. Elumelu insists that Africa is blessed with the required funds that will lead it to the promised land.
He went on to point out “over $4 trillion in pension and sovereign funds, and diaspora remittances exceeding $100 billion” as the game changer.
Mr Elumelu’s post is reproduced below…
Africa is not just a continent of potential, Africa is a continent of urgency. The time for talk is over; this is the moment for action.
At the African Association of Accountants General – AAAG Annual Conference in Ghana, I spoke not just as an entrepreneur, but as a firm believer in Africa’s potential shaped by Africapitalism: my conviction that the private sector, forging a strong collaboration with the public sector, must play a key role in Africa’s transformation.
Africa faces a $100 billion annual infrastructure gap, yet we are a continent awash with capital — over $4 trillion in pension and sovereign funds, and diaspora remittances exceeding $100 billion. Our problem is not money, it is trust. Trust built through predictability, transparency, and partnership.
The Accountants General present – Africa’s financial stewards – hold the key to unlocking investment and building the foundations for prosperity. If government delivers that predictability, infrastructure, and support for long-term investment, Africa will be transformed.
My journey at UBA and Transcorp proves it: when you believe in Africa and invest for the long term, you change millions of lives. That is Africapitalism in practice.
UBA Group went from a national bank to a global bank, serving over 50 million customers across Africa, Europe, America, and the Gulf creating over 40,000 jobs directly – many more through the catalytic impact of mass financial services inclusion.
At Transcorp Group, we invested in the power generation sector when others said it was too risky. Today, we produce 15% of Nigeria’s power.
Through the Tony Elumelu Foundation, we have backed 24,000 young entrepreneurs across all 54 African countries, with more than $100 million in non-refundable seed capital. 330 of them are from Ghana, where I was speaking. They have collectively created over 1.5 million jobs and generated over $4.2 billion in revenue.
Africapitalism is the private sector taking responsibility for Africa’s development. Not an Africa built by charity, but a continent built by its own ideas, its own entrepreneurs, and its own systems. But none of this happens without the government as an effective partner.
The Africa of tomorrow will be built by partnerships, state and private sectors, Africans and global investors — with trust as foundation, transparency as non-negotiable, and equity and shared prosperity as our goal.
Let’s build Africa’s future together.
