Chairman, Heirs Holdings and the United Bank for Africa (UBA) Group, Tony Elumelu has said Africa’s development would not be driven by aid or external prescriptions, but by empowering Africans with opportunity, dignity, and the economic tools required to succeed.
He made the remarks during an Africa and Everywhere Conversations interview, where he reflected on the origins, evolution, and future of the Tony Elumelu Foundation (TEF), the philanthropic institution he founded in 2010 to support African entrepreneurship.
Elumelu explained that the foundation was established at a pivotal moment in his life as he transitioned from executive leadership into a broader role focused on impact. Drawing from his personal experience, he said success often resulted from a combination of hard work and opportunity, noting that opportunity needed to be made accessible to more Africans.
YOU CAN ALSO READ: Serving God in the Boardroom, Paul Houghton’s Vision for Faith Based Leadership
He stated that Africa was filled with talented young people capable of achieving far more if given the chance, adding that the foundation was created to democratize access to opportunity across the continent.
Unlike traditional charitable models, Elumelu said the Tony Elumelu Foundation was designed with a business mindset from inception, placing emphasis on sustainability, execution, and measurable outcomes. Rather than distributing aid, the foundation provided selected entrepreneurs with non-refundable seed capital, structured business training, mentorship, and access to networks, enabling them to build viable enterprises that created jobs and economic value within their communities.
He noted that the foundation committed an initial $100 million to the initiative, with the objective of nurturing a new generation of African entrepreneurs capable of driving inclusive growth.
Elumelu said one of the most challenging aspects of establishing the foundation had been assembling the right leadership and institutional structure. From the outset, the organization was positioned as a professional, globally competitive institution. He revealed that the foundation recruited its first chief executive officer through an international search, selecting a former senior executive of the Rockefeller Foundation, a move he said strengthened governance and ensured independent execution.
Over time, the foundation built partnerships with global institutions including the United Nations Development Programme, the European Union, and several governments, reinforcing its credibility and expanding its reach while maintaining African ownership at its core.
Elumelu emphasized that collaboration had been central to scaling the foundation’s impact. He said partnerships across the public and private sectors helped amplify opportunities for entrepreneurs and strengthened Africa’s participation in global development conversations. He also stressed that Africa needed to be actively involved in shaping discussions on issues such as climate change, trade, digital transformation, and youth employment.
Since its launch, Elumelu said the Tony Elumelu Foundation had received hundreds of thousands of applications each year from aspiring entrepreneurs across Africa, though financial constraints meant only a fraction could be supported annually. He acknowledged this limitation and said the foundation aimed to significantly expand its reach as the businesses within Heirs Holdings continued to grow.
YOU CAN ALSO READ: Funke Akindele Opens Up on Black Tax, Self-Care, and Making of Her Latest Movie
He described the most rewarding aspect of the foundation’s work as the transformation witnessed among beneficiaries, particularly the restoration of dignity and self-confidence. Elumelu recalled encounters with young entrepreneurs across Africa and the diaspora who said the foundation had changed their lives by enabling them to support their families, create jobs, and contribute meaningfully to society.
As Africa continued to confront youth unemployment and economic uncertainty, Elumelu maintained that empowering entrepreneurs remained one of the most effective pathways to long-term stability and shared prosperity. He concluded that Africa’s development would ultimately be driven by Africans themselves, beginning with sustained investment in people, enterprise, and opportunity.
