Chairman, United Bank for Africa (UBA) Group, Tony Elumelu has disclosed why he diversified from banking sector to oil & gas, power, healthcare, technology among other sectors of the economy.
Speaking at the Legacy Builders Palm Beach Conference held in Florida, United States, on the theme: “Democratising Luck” he said Africa remains a continent of opportunity.
He disclosed that Africa’s population is currently 1.5 billion, and is expected to double in 25 years
Elumelu said: “The median age is 19 – in Latin America it’s 31 – in Asia and the United States 38years. Africa is home to 24 of the world’s 25 fastest-growing populations. Nigeria will, according to the Economist, overtake the US, as the world’s third most populous country by 2050”.
He disclosed that young people are important to him and Africa has many of such young people than elsewhere.
He expressed confidence that African entrepreneurs will transform the continent’s economic landscape.
“I founded the Tony Elumelu Foundation, and for the past 15 years, I have dedicated myself to a mission close to my heart: empowering African entrepreneurs. I have spent $100 million to empower African entrepreneurs because of that belief that entrepreneurs hold the key to unlocking Africa’s untapped potential,” he said.
He said that entrepreneurs are the innovators, the dreamers, and the builders who can transform not only their own lives but entire economies.
Speaking on his background, Elumelu disclosed that he started out his 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,” he said.
He said that UBA Group is now is in 20 counties in Africa, four continents and remains the only African bank regulated to take deposits in the US. We bank over 45 million customers.
“My Group is one of the largest oil producers in Nigeria – we are one of the largest power producers – we have acquired one of the top 3 electricity distribution companies in Nigeria. We also invest in and manage real estate, healthcare and technology,” he said.
“We are doing well – but also, we are doing good. Nigeria has huge resources and effectively no power – we are changing that – it means not just businesses, but schools and hospitals are beginning to function,” he added.
“If you come to our federal capital – you will stay in Transcorp Hilton – our flagship hotel – again we have invested over $130 million making it world class destination – for leaders – for business – for families. But also, as a gateway to investment in Africa”.
Elumelu said his life journey has been shaped by a combination of luck, as well as opportunity, grit, and resilience.
“I am where I am today because I was fortunate to be in the right place at the right time — I was prepared to seize the moment when luck presented itself. However, I believe luck and opportunity should not be reserved for a select few. We cannot claim to be rich when there is pervasive poverty that is evident all around us,” he said.
Elumelu said he wants to extend the same opportunity he had to young Africans who have not been as fortunate.
“This inspired my wife and I to invest in the next generation of African entrepreneurs. In 2015, we committed that $100 million to identify, train and fund the businesses of African entrepreneurs over 10 years. Today, we have granted 2.5 million Africans with access to training on TEFConnect, our online portal, and lifted over 2 million individuals out of poverty,” he said.
“We have also disbursed more than $100 million in direct funding to over 21,000 beneficiaries, who have created 1.5 million jobs, and generated $4.2 billion in revenue across the continent. We also learnt; we can’t do it just by ourselves – our programme receives over 300,000+ applications a year. So, we now work with the EU, the UN, the Red Cross – and with family foundations,” he said.
He said: “My greatest fulfillment comes from the legacy we are building, the lives we are transforming, and the profound impact of what the Tony Elumelu Foundation now represents.”
Credit: thenationonlineng.net
