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Tag: Elumelu

  • How to retain investors, by Elumelu

    How to retain investors, by Elumelu

    Eliminating bureaucracy in the public sector and easing the process of doing business will promote, attract and retain willing investment partners in the country, the Chairman, Heirs Holdings, Tony O. Elumelu,  has said.

    He spoke yesterday at the 2017 National Insurance Conference tagged: “Nigeria Open for Business” organised by the Insurance Industry Consultative Council (IICC), at Transcorp Hilton, Abuja.

    Elumelu, who praised the Buhari-Osinbajo administration for their efforts so far in stabilising the economy, said more work was required to transform Nigeria into a country capable of attracting the right investments.

    He lamented that bureaucracy remained a major challenge that needs to be tackled with a sense of urgency to curb excessive losses.

    He  said delays in the public sector led to a negative return on investment that forced his investment company, Heirs Holdings, to suspend its pursuit of  insurance license despite meeting the eligibility requirement and capitalisation benchmark.

    “This bureaucracy is a cause for concern and if not tackled, will discourage otherwise willing investors from within and outside the country,” he said.

     

  • Elumelu to African leaders: leave a legacy

    Elumelu to African leaders: leave a legacy

    The  chairman of the Tony Elumelu foundation, has urged african leaders to leave a legacy for posterity.

    Elumelu, who is also the chairman  of Heirs Holdings, and Founder of the Tony Elumelu Foundation,   spoke at the world economic forum inDurban, south Africa.

    Heurged policymakers to leave a legacy, since they will not be here “here forever.

    He said: ”You must improve the business terrain to deal decisively with issues of joblessness and poverty. The environment is stifling, entrepreneurs provide their own water, their own transport, their own electricity, how are they going to succeed? ”

    He spoke alongside other panellists including Winne Byanyima, Executive Director, Oxfam; Lindiwe Mazibuko, Former Leader of the Opposition, Parliament of South Africa; and Rich Lesser, Global CEO/President Boston Consulting Group (BCG), emphasising that “SMEs – not big corporates – grow economies.”

    Elumelu, who also chairs the board of Transcorp Plc with investments in power, oil and gas and hospitality, stressed the looming threat of widespread joblessness, labelling it the “greatest challenge for the continent”. His solution is straightforward-entrepreneurship development. Illustrating the power of entrepreneurship to transform economies, Elumelu recounted his own experience supporting entrepreneurs from 54 African countries.

    Through the Tony Elumelu Foundation’s $100million commitment to African entrepreneurs in 2015, 3000 small businesses across Africa have been empowered so far, and Elumelu described their success stories with pride. “We have seen first-hand how SMEs create a multiplier effect where more youths are gainfully employed through the jobs created. To transform Africa, we must make doing business easy for them,” he said.

    As important as the private sector is, Elumelu and his co-panellists reiterated that the private sector alone cannot achieve much without the critical role government must play. For Elumelu, it is all about legacy: “If our political leaders embrace legacy and it guides them, they will fix Africa.”

  • Elumelu: developing Africa is our collective responsibility

    Elumelu: developing Africa is our collective responsibility

    United Bank for Africa (UBA) Chairman and Founder of The Tony Elumelu Foundation,  Tony Elumelu, has urged governments across Africa to unite on the implementation of policies.

    Speaking at the World Pension Summit ‘Africa Special’ and Africa Pension Awards in Abuja, Mr. Elumelu said such collaboration will help the continent overcome its current economic challenges.

    He told his audience – participants across the continent including diplomatic corps, captains of industry and top government functionaries – on Tuesday night:  “For us to take Africa out of its current economic situation, we need to have all hands on deck; the executive, legislature alongside international partners and the private sector. All of us have to work together and stop blaming each other.

     “While the executive arm should do more, other arms like the legislature should play their own role by reviewing extant laws that are no longer supportive of the current developmental trajectory of the continent.”

    The banker also challenged African governments to take deliberate measures to support entrepreneurship.

    Elumelu said: “Africa’s large population is also Africa’s greatest opportunity but this demographic dividend can easily become our doom if not well engaged. We must deliberately empower our youth through entrepreneurship so that they can create jobs and eradicate poverty.

    “At a time like this, we need to infuse hope in the people and change the narrative of Africa rising, to a risen Africa.”

     Commending the role of pension administrators in savings mobilisation, Elumelu noted that the continent  needs domestic and international capital to fund its  infrastructural deficit.

    “If we don’t fix this, entrepreneurship will not thrive and economic transformation will be an illusion”, he said.

     Also speaking, a former National Planning Minster,  Sanusi Daggash, urged the extension of the pension system to accommodate the informal sector.

    He stressed the need for the government to take bold steps, by improving public finance management.

  • Elumelu named Africa Investor ‘Person of the Year’

    Chairman of Heirs Holdings, Tony Elumelu has extolled stakeholders in the public and private sectors committed to improving access to power in Africa.

    He spoke while receiving the ‘Person of the Year’ award at the Africa Investor CEO Institutional Investment Summit hosted alongside the United Nations General Assembly in New York.

    He first acknowledged the staff and management of Transcorp Power, the biggest producer of thermal energy in Nigeria, providing about 18 per cent of national output. “In accepting this award, I want to dedicate it to Transcorp Power staff, who remain committed to realising our dream of improving access to electricity in Nigeria and making our vision of a well-lit, fully powered Nigeria come true.”

    Transcorp Power has supported U.S. President Obama’s Power Africa initiative with a $2.5billion commitment. He thanked the broader coalition of investors in the African power sector as he urged other institutional investors to consider long-term opportunities on the continent. “I, also dedicate this to all stakeholders working hard to improve access to power in Africa. I call on others to please join us in this journey to powering Africa out of poverty.”

    He emphasised that to ensure a different type of growth trajectory for Africa – one that does not rely exclusively on the export of primary commodities –  there must be reliable, accessible, affordable power to support industrialisation. “Industrialisation must occur on a massive scale for our countries to be powered out of chronic dependency on commodities. We must power Africa’s next phase of development, by targeting and prioritising growth of our manufacturing, industries and services. And power is the fulcrum that will make this happen,” he said.

    Elumelu revealed that while there is an abundance of private capital available to be deployed to develop the African power sector, government must play its part in attracting these investments. He explained: “While there is huge private capital – local and global – seeking investment destinations, as we know, global private capital goes to where it is most welcome.”

  • Africa needs U.S. for mutually beneficial trade, investment, says Elumelu

    Africa needs U.S. for mutually beneficial trade, investment, says Elumelu

    Chairman of United Bank of Africa (UBA) Mr. Tony Elumelu at the weekend canvassed more United States engagement in Africa “through mutually beneficial trade and investment. ”

    Elumelu spoke in Delaware, the United States, as the Keynote Speaker at the US Senator Chris Coons’ Opportunity Africa Conference 2016.

    He urged Presidential candidates Donald Trump and Hillary Clinton not to change the US-Africa Policy. “What they need is to be expanded and scaled up.  In other words, we need more U.S.”

    Elumelu said: “That is exactly what I, and 200 other US and African political and business leaders including President Obama and over 30 African Presidents, will be discussing next week at the US-Africa Business Forum in New York- how to strengthen mutually beneficial economic ties between the African and American peoples.”

     Elumelu’s theme is entrepreneurship. One of Africa’s leading entrepreneurs; he is dedicating time and money, to create a new generation of African business women and men, committing $100m of his own money. According to Elumelu, “If we give our people the economic tools to thrive, living standards increase, the political challenges that Africa faces can be tackled and fundamental positive change can be assured. Heý called on the next US President to work in Shared Purpose with Africans on implementing innovative solutions to the complex but surmountable challenges in Africa.

     He also challenged the American electorate that “So when you meet, write, call and email your political candidates and representatives and the elected President in November, tell them that when it comes to Africa, you want “More. And by “More”, I mean more engagement, more positively impactful policies and more development and commercial investment in Africa.”

    Elumelu added: “I am an unashamed optimist and I believe that working together, in Shared Purpose, which is what Africapitalism is about,  we can help usher in economic transformation that will ensure Africa is  a critical player in the 21st century global economy.

  • Elumelu urges pupils on entrepreneurship

    Elumelu urges pupils on entrepreneurship

    Chairman of UBA Plc Mr Tony Elumelu has advised pupils to give early consideration to entrepreneurship so as to prepare themselves for gainful employment after leaving school.

    He spoke to pupils of Loyola Jesuit Memorial College, Port Harcourt, the Rivers State at the weekend.

    The Jesuit Memorial College (JCM) was set up to honour the memory of the 60 students of Loyola Jesuit School in Abuja that lost their lives in a plane crash in Port Harcourt on December 10, 2005.

    Elumelu said: “I was once a student, and in my time, things out there were even rougher than they are now. But the education and training I received in my youth helped me a long way. In the same way, I urged the students not to take their quality education for granted.

    “Your education, training and discipline will help you in the long-run just as it helped me in my own life.”

    He explained that it was his belief that the younger generation can address Africa’s development challenges and catapult the continent into being a strong player in the international community that led him to commit $100 million to identify, train and fund 10,000 African businesses, over the next 10 years.

    Responding to a question by one of the students on how to balance being financially successful with family life, Elumelu maintained that it is impossible to create sustainable wealth without balance and stability in the home.

    Dame Aleruchi Cookey-Gam, a former Rivers Attorney-General commended the Tony Elumelu Foundation, being promoted by Mr. Elumelu, and its impact on the lives of our young people.

  • Elumelu urges entrepreneurs on mentorship

    Elumelu urges entrepreneurs on mentorship

    The Chairman of Heirs Holdings, Mr Tony Elumelu has urged entrepreneurs to mentor young Nigerians in order to bridge the expertise and capacity gap between both sides.

    Elumelu, who was guest speaker at the Learning Event of Entrepreneurs Organisation in Abuja, urged EO members to be a link and constantly pursue the motivation of young ones by nurturing them to be successful entrepreneurs.

    Represented by Mrs Abimbola Adebakin, Chief Operating Officer of Tony Elumelu Foundation, he said he believed that Nigerian entrepreneurs could achieve his own feat of becoming a bank branch manager at age 26 and owning a bank at 32.

    He further said his Foundation was committed to training and raising entrepreneurs.

    On his part, EO’s Global Chairman, Gilberto Crombe encouraged the Nigerian chapters to ensure the full integration of the entire African continent in the organisation, urging members to be committed to its ideals so as to bring other entrepreneurs onboard and work together for the progress of the organisation.  “If we want to go far, we must go together,” he said.

    This, he said, they could do by raising other chapters in Nigeria and extending their reach to other West African countries.

    The facilitator of the workshop, Mr Jamie Douraghy, who is Chairman of EO’s Global Growth Task Team,  who spoke Discover Your Why, dwelled on the need for each entrepreneur to identify his or her reason for success in any desired endeavour.

    He itemised ‘Nine Why’s’ which he said entrepreneur required to achieve their goals. These included: “Contribute, Trust, Make Sense and Better Way.” Others were: “Right way, Challenge, Master, Clarity and Simplify.”

    In his remarks, Mr Raymond Hurt, who represented James F. Entwistle, the United States Ambassador to Nigeria, said the United States was ready to work with the EO in enhancing the business climate in Nigeria. He stated that proper coordination of EO members would assist the nation in the actualisation of the African Growth and Opportunity Act (AGOA).

    Five entrepreneurs were presented with awards of recognition for their selfless service to the growth of the organisation.

    EO was founded in 1987 and now has 157 chapters in 51 countries. It is a global business network of over 12,000 leading entrepreneurs and serves as a catalyst that enables leading entrepreneurs learn, grow, and go on to transform the world.

    The global thought leadership group on entrepreneurship, EO plays an integral role in businesses, industries and the lives of leading entrepreneurs across the world.

     

  • Elumelu adds another feather

    The list of the ‘big boys’ on the Nigerian business scene would be incomplete without a mention of Tony Elumelu. Not only is he the Chairman of Heirs Holdings, he is a visionary entrepreneur and philanthropist who owns a controlling interest in Transcop, a publicly owned Nigerian conglomerate with interests in hospitality, agriculture, oil production and power generation.

    Elumelu reached another milestone when the Ivorian National Council of Employers, General Confederation of Enterprises of Côte d’Ivoire (CGECI) presented him with its 2016 CGECI Lifetime Achievement Award on April 21, in Abidjan, Côte d’Ivoire. It was a formal presentation that acknowledged and honoured Elumelu’s leadership and key role as an African business champion.

    The event was attended by more than 3,000 delegates across Africa, including top government officials, business leaders, established and aspiring entrepreneurs. In his keynote speech, Elumelu advocated collaboration between the private and public sectors to create value in the global competitive business landscape.

    He noted that SMEs are the backbone of any economy anywhere in the world.

    It is yet another feat for Elumelu who plans to dominate the Nigerian business sector.

  • Elumelu gets lifetime achievement award

    Elumelu gets lifetime achievement award

    The Ivorian National Council of Employers, General Confederation of Enterprises of Côte d’Ivoire (CGECI) presented African businessman and investor, Tony Elumelu, with its 2016 CGECI Lifetime Achievement Award on April 21, in Abidjan, Côte d’Ivoire.

    The formal presentation was to honour Elumelu on his leadership and key role as an African business champion. The event was attended by over three thousand delegates across Africa, including top government officials, business leaders, established and aspiring entrepreneurs.

    Addressing guests at the event, Elumelu, who is Chairman of Heirs Holdings, UBA Plc and Transcorp Plc, delivered a keynote speech where he advocated for the collaboration of the private and public sectors to create value in the global competitive business landscape.

    He said SMEs are the backbone of any economy anywhere in the world.

     

  • Elumelu to speak at US varsities

    Elumelu to speak at US varsities

    Chairman of Heirs Holdings and United Bank for Africa,  Tony Elumelu, is to speak on development strategies for Africa with the academia, thought leaders and students in  Harvard and Columbia universities.

    The event would be a keynote address at this year’s edition of the annual Harvard International Development Conference (HIDC) in Cambridge Massachusetts on April second. The conference with Pathways to Progress as its theme, is organised by the Kennedy School of Government at Harvard University, to explore and evaluate cases of success in development.

    Later that day, Elumelu will engage with Columbia University in New York and deliver another keynote address on connecting Africa through internal solutions for development.

    Expectedly, Elumelu would share ideas on the promotion of entrepreneurship development and his economic philosophy of Africapitalism which encourages long term private sector investments in strategic sectors of the economy that create economic prosperity and social wealth.

    Other speakers expected at the conferences, include Dr. Donald Kaberuka, former President of the African Development Bank (AfDB) and other respected scholars and business leaders from across the globe.