Tony Elumelu Foundation Commits $100m to African Entrepreneurs

The Chairman of Heirs Holdings, Mr. Tony Elumelu, will this Monday commit $100 million to launch the Tony Elumelu Foundation (TEF) entrepreneurship programme.

The launch, which would take place in Lagos, is expected to be the flagship entrepreneurship programme of the TEF.

The programme aims to create 10,000 businesses across 54 countries in Africa. These are businesses that can generate 1,000,000 new jobs and contribute at least $10 billion in annual revenue to the African economy.

“Entrepreneurship is the cornerstone of African development and I firmly believe that there is nothing I have accomplished that other young people can’t replicate. Thus, I am determined to ensure the next generations of entrepreneurs are empowered to turn their entrepreneurial aspirations into real and sustainable businesses that will drive economic growth and job creation,” Elumelu was quoted to

Elumelu back as UBA chairman

The Board of United Bank for Africa Plc, UBA, yesterday named Mr. Tony O. Elumelu, CON, as Chairman to succeed Ambassador Joe Keshi. Mr. Elumelu until this new appointment is Chairman/CEO of Heirs Holdings, the pan-African proprietary investment company, founded by him in 2010.

Elumelu retired as Group Managing Director/CEO of UBA in 2010, following the introduction by the Central Bank of Nigeria of 10-year tenure limits for bank CEOs.

He had served as CEO of the UBA Group for 13 years, where he was responsible for the creation of today’s UBA, a financial services institution providing services to more than 10 million customers, across the continent and in London, Paris and New York.