The Nation Newspaper

Tag: Elumelu

  • Elumelu hosts Nigeria Leadership Initiative associates

    Elumelu hosts Nigeria Leadership Initiative associates

    The Tony Elumelu Foundation (TEF) and the Nigeria Leadership Initiative (NLI) have hosted a discussions between select Associate Fellows of the NLI and Tony O. Elumelu, Chairman of Heirs Holdings and the United Bank for Africa (UBA) in Lagos.

    The talk, titled: ‘Leadership for high impact’ was designed to give the NLI’s Associate Fellows access to the billionaire investor and philanthropist, to ask questions and receive insights on leadership.

    “Over the course of my career, I have learned that when you achieve a certain amount of experience and a certain amount of success, it is important to reflect on what principles, practices and decisions led you to success.  When you find those key elements, it is important to pass that knowledge along, so that others may learn from your success, and also your mistakes. That is what today was about,” Elumelu said.

    Through its flagship initiative, the 10-year, $100 million Tony Elumelu Entrepreneurship Programme, The Foundation will empower the next generation of Africa’s entrepreneurs.

    The event was geared towards seeing TEF and NLI achieving this goal.

    NLI’s CEO, Dr. Yinka Oyinlola: “NLI believes that leadership is both transferable and trans-generational; the leadership dialogue with Mr. Elumelu provided an opportunity to transfer values, knowledge and experience from an accomplished leader to young, emerging and aspiring leaders.”

    Elumelu is a Senior Fellow of the NLI. Last May, he met with London-based NLI fellows at Oxford University on the sidelines of a speech he delivered there titled:  ‘Africapitalism as a catalyst for the development of Africa.

    Associate Fellow of NLI and SSA on Sustainable Development Goals to Abia State Governor Dr. Okezie Ikpeazu, Chime Asonye, speaking on the sideline of the event said: “We need to dialogue with important thought leaders and change makers who are helping to catalyse economic development and lead the way forward. Industry leaders like Tony Elumelu are helping to chart the way forward and set a development agenda for the 21st century.’’

  • Elumelu applauds passage of the ‘Electrify Africa Act’

    Elumelu applauds passage of the ‘Electrify Africa Act’

    Chairman, Heirs Holdings, UBA Plc and founder , Tony Elumelu Foundation, Tony O. Elumelu has applauded the United States (U.S.) House of Representatives for the passage of the Electrify Africa Act,  which took nearly three years trying to get the measure through both chambers of Congress.

    The Act creates a framework for a major public-private partnership between the U.S and sub-Saharan African countries to help millions of people gain access to affordable and reliable electricity.  It also codifies access to electricity in Africa as a U.S foreign policy priority, thereby preserving President Barack Obama’s Power Africa Initiative for years to come.  Launched in 2013, Power Africa is an innovative partnership to double access to electricity in sub-Saharan Africa where more than 600 million people currently lack access.

    Mr. Elumelu through his investment company, Heirs Holdings has been in the forefront of promoting Africa’s power initiatives. In 2013, Heirs Holdings, made a commitment of $2.5 billion investment in the power sector to generate 2,000 megawatts (Mw) of power, about 20 per cent of the initial Power Africa target.

  • Elumelu to discuss clean power at WEF

    Elumelu to discuss clean power at WEF

    Chairman of Heirs Holdings and founder of the Tony Elumelu Foundation, Tony Elumelu, is billed to discuss how to scale clean-energy investment to meet developing-country needs on a panel at the World Economic Forum (WEF) in Davos, Switzerland.

    Elumelu will frame his remarks and calls to action in the context of Africapitalism, the economic philosophy that embodies the private sector’s commitment to the economic transformation of Africa through long-term investments that create both economic prosperity and social wealth.

    In the panel, ‘Catalysing Clean Power,’ Elumelu would focus on private sector, governments and research institutions that hope to expand access to and reduce the cost of energy for developing countries; off-grid technologies, battery power; clean cooking methods and environmentally sustainable power generation.

    The ‘Catalysing Clean Power’ panel, would also include Akinwumi Ayodeji Adesina, President of the African Development Bank (AfDB), Takehiko Nakao, President of the Asian Development Bank (ABD) and Francesco Starace, CEO and General Manager of Enel Group, an Italian manufacturer and distributor of electricity and gas.

  • Elumelu entrepreneurship portal application opens

    Budding entrepreneurs across Africa can now apply to join the second yearly Tony Elumelu Entrepreneurship Programme (TEEP) for start-up businesses based in Africa.

    The Tony Elumelu Entrepreneurship Programme application portal opens for entries today, January 1, 2016 and will accept applications until Midnight WAT in March last year.  To apply, entrepreneurs must complete the online application form on the web portal here

    Successful applicants who complete the programme will receive the local currency equivalent of Naira 850,000 as non-returnable seed capital, and are eligible for a further N850,000 in the form of either debt or equity, depending on business need and other criteria.

    Selected entrepreneurs will join the 1,000 Tony Elumelu Entrepreneurs, from 51 countries, who formed the inaugural 2015 cycle of the programme and have thus far, received considerable benefits from their participation.

    Tony O. Elumelu’s passion for promoting entrepreneurship on the continent as well as providing support for the creative Arts industry received global commendation last week when he was honoured in New York and South Africa.

    In New York, he was named as the “Africa Business Leader of the Year” at the eighth annual Ai CEO Investment Summit and awards that took place at Thomson Reuters on the eve of the UN General Assembly.

    On the other side of the globe in South Africa, he was given a special award as the Honorary counsel for the African movie academy in recognition of his support for the African creative industry, at the African Movie Academy Awards (AMAA) held at Mandela Bay, Port Elizabeth, South Africa on Saturday, September 26, last year.

    This is the second time Elumelu is winning the “Africa Business Leader of the Year” award, which he first won in 2006 as the Group Managing Director/CEO of UBA Plc.

    He emerged winner this year from a strong nominee list of notable business leaders in the continent including James Mwangi, CEO Equity Bank, Kenya; Aliko Dangote, Chairman, Dangote Group;  Brian Joffe, CEO, Bidvest Group, South Africa; Strive Masiyiwa, Chairman and Founder Econet; Patrice Motsepe, Founder and Chairman of African Rainbow Minerals, South Africa;  Christo Wiese, South Africa’s retail tycoon and owner of Shoprite; Chris Kirubi, Chairman of Centum Investment Company Limited, Kenya; Reginald Mengi, Executive Chairman and owner IPP Limited, Tanzania and Sudhir Ruparelia, Chairman, Ruparelia Group, Uganda.

  • Buhari, Jonathan, Elumelu, Umunna among 100 most influential Africans

    Buhari, Jonathan, Elumelu, Umunna among 100 most influential Africans

    President Muhammadu Buhari and ex-President Goodlcuk Jonathan top the list of ‘100 most influential Africans of 2015’ by New African magazine.

    Also on the list is Chairman, Board of Directors, United Bank for Africa (UBA) Plc, Mr. Tony Elumelu and African Development Bank (AfDB) President Akinwunmi Adesina.

    The list “presents Africa’s definitive power list and profiles the continent’s top game changers in eight different fields: Politics (22); Public Office (4); Arts and Culture (21); Business (21); Civil Society (11); Technology (9); Media (7); and Sports (5).

    President Buhari and former President Jonathan are listed for the significant roles they played in the 2015 elections.

    Other Nigerians recognised include the former UN Special Adviser on Post Development Planning, Amina J Mohammed, Nigerian United Kingdom MP and Chuka Umunna and World Bank Vice President and Treasurer Ms Arunmah Oteh

    Amina Mohammed is the Minister of Environment. Before her appointment, she was Special Adviser on Post-2015 Development Planning at the United Nations where she contributed to the shaping of the new 2030 Agenda for Sustainable Development across three years of complex negotiations and the most inclusive consultation process in the history of the United Nations, her vision and voice helping to bring people together, enlist new partners to the cause and reach global consensus on the Sustainable Development Goals.

    Adesina is Nigeria’s former Minister of Agriculture. Umunna is recognised for the significant positive recognition he has brought Nigerians in the UK while Arumah Oteh is recognised for her elevation to one of the most significant positions at the World Bank.

    Omar Ben Yedder, Group Publisher, of the New African said the list of “100 Most Influential Africans” celebrates the “men, women and organisations that have shaped our beloved continent, the trail blazers, influencers and the rising stars who are redefining Africa’s future in the various spheres in which they operate.”

    Explaining the selection of Elumelu as one of the most influential Africans, he said “In this increasingly global and interconnected world, we need champions; those game changers who are making a difference, changing perceptions and shaping our definition of what is possible. This is why it is our honour to recognise you as one “New African’s 100 most influential Africans 2015. We are so proud of everything you have accomplished.”

    Elumelu is also the Founder and Chairman of Heirs Holdings, a privately held investment firm, with interests in the power, Oil and Gas, financial services and hospitality sectors across Africa. He is Chairman of Transcorp, Nigeria’s largest listed conglomerate; and Seadrill Nigeria Limited.

    In 2010, Mr. Elumelu created the Tony Elumelu Foundation, which champions African entrepreneurship. In January 2015 the foundation launched the $100 million Tony Elumelu Entrepreneurship Programme to seed and support 10,000 African entrepreneurs over the next decade. The programme represents Tony’s personal commitment to the economic philosophy of “Africapitalism”, a development model he propagated, that sees the African private sector as the catalyst in ensuring Africa’s sustainable social and economic development.?

    The 2015 cycle of Tony Elumelu Entrepreneurship Programme (TEEP) resulted in the selection of 1,000 entrepreneurs from 51 African countries and territories for business training, active mentoring, networking and seed capital funding for their start-up business ideas. The TEEP entrepreneurs represented a diversity of sectors, ranging from agriculture to education to energy, fashion and ICT, emphasising Africa’s potential. The TEEP initiative has been recognised as one of the most impactful developmental initiatives on the African continent.

  • Elumelu seeks privatisation of power transmission segment

    Elumelu seeks privatisation of power transmission segment

    •‘Adopt sustainable development goals’

    HEIRS Holdings’ Chairman Tony Elumelu has advocated the privatisation of the transmission arm of the power sector.

    He said as presently constituted, the transmission segment would be unable to deliver power to meet the expectation of Nigerians.

    Elumelu, who spoke with a group of journalists at the just concluded World Bank Group/International Monetary Fund meetings in Lima, Peru, said his experience as an investor in the power sector had not been encouraging.

    “My experience in the power sector is not very good. My target was to do 2,500 megawatts. But I have slowed down because of so many reasons,” citing, among other reasons, the tariff, which, he said, “is not cost effective”.

    His explanation: “If they increase cost of gas, what they pay me in return is not adjusted; it remains the same. The exchange rate is another issue because our earnings do not reflect the adjustments to the changes in the exchange rate regimes,” stressing that these unresolved issues “are killing the sector”.

    Elumelu advocated the ceding of the transmission segment to the private sector.

    But he said if that option seemed remote and inappropriate at the moment, then commercialising it would be a better alternative than the existing arrangement.

    His words: “I will support its privatisation, or in the alternative, commercialise it because the way it is now, the transmission lines will not help us achieve our goals of adequate power supply.

    “Even today, my power plant has the capacity to generate more than we are generating, but they will tell you to reduce your capacity,” he said, wondering why a country in “dire need of electricity” will ask generating entities to reduce capacity.

    He, however, hoped that the Muhammadu Buhari administration would improve transmission capacity, the same way, in his opinion, “that gas supply has improved”.

    Elumelu, who has vast interests spanning power generation, hospitality, banking and an advocate of Africapitalism, an acronym for a brand of African capitalism, said his appearance at the IMF/World Bank meetings was to promote Sustainable Development Goals (SDGs), aimed at lifting the African continent from poverty.

    Actualising the SDGs, he said, would require sustained investments of close to $170 trillion globally.

    He added that the figures should not scare governments from taking action, saying all that would be required was for governments to create an enabling environment that should attract investors, who would be the providers of the required funds in the form of investments.

    “Accomplishing the SDGs is estimated to cost $170 trillion, which is 15 per cent of the Global Gross Domestic Product. But what is important is to see these estimates as investment opportunities. They should not be rationalised as costs. So, instead of Africans looking for money to fund it, countries should create an environment that will attract investment capital to fund it. That way, you are able to achieve the goals, without necessarily putting in so much money at the individual country level,” Elumelu said.

    He stressed the need for the SDGs to be met, saying the broad objectives set out in the programme, including job creation, among others, “are important to us in Africa for the exit of poverty”.

    “We don’t need anybody to tell us. We know that these are very important for us in Africa,” he stated.

  • Elumelu calls for an end to energy poverty

    Elumelu calls for an end to energy poverty

    “Providing access to electricity for schools, hospitals, businesses and industries is the single most impactiful intervention that can be made to transform the continent.  It has tremendous implications for job creation, health, food security, education, technological advancement and overall economic development,”

    African businessman and philanthropist Tony Elumelu who is the Chairman of Heirs Holdings and Founder of the Tony Elumelu Foundation joined African economic and political leaders  in Abidjan to call for an end to energy poverty on the continent. The leaders came together in Abidjan under the umbrella of the African Energy Leaders Group (AELG).   The AELG was launched during the 2015 World Economic Forum in Davos, Switzerland. The group brings together political and business leaders at the highest level to drive the reforms and investment needed to end energy poverty and to ensure sustainable fuel supplies on the continent.

    Elumelu is a founding partner and Co-chair of the AELG. Providing access for all Africans to reliable, affordable energy services and efficient appliances by 2030 is a key goal of AELG. The AELG objective of ensuring universal access to modern energy is in line with those of the United Nations Sustainable Energy for All (SE4All) initiative run by the UN Secretary General’s Special Representative Kandeh Yumkella, one of the champions of the AELG. Mr. Elumelu pledged to support the work of AELG.

    “I am making a pledge to provide $150,000 over the next three years to support the operations of the AELG secretariat,” he said.  “I want to call on the governments of the member states of the ECOWAS region, and AELG members and partners to also step up with significant multi-year commitments to sustain the organization.”

    In 2013,  Elumelu committed to investing $2.5 billion in the power sector in Africa through President Obama’s Power Africa Initiative.     _UBA Foundation sponsors Empretec training for youth corps members.

  • Why businesses fail in Africa, by Elumelu

    Nigeria has lost businesses worth billions of dollars to board room squabbles, financial malpractices and other corporate governance issues in the past two decades, the Chairman, Heirs Holdings  Limited, Tony Elumelu has said.

    He spoke at the Institute of Directors (IoD) Fourth Presidential Biennial Conference with the theme: ‘’Building a global conglomerate on corporate governance issues: Challenges and benefits in a developing economy’’.

    He said businesses established and funded by Nigerians have gone down the drain because their owners failed to introduce and implement sound corporate governance frameworks.

    He said this has resulted in the death of many companies, as well as loss of huge capital funds.

    He said General Electric(GE) was able to grow its market capitalisation to $234billion in May this year because it put  sound corporate governance policies in place, adding that only few businesses in Nigeria outlived their owners.

    He explained that family businesses die with their owners because there was no good succession plans in place.

    He said: “In Nigeria and Africa in particular, we have not been able to grow our businesses to outlive us unlike what happened to General Electric, a United States – bases power conglomerate. There was nothing like succession programmes, zero tolerance for contraventions, compliance to capital market rules, integrity of the directors and other issues.’’

    Elumelu said Transcorp would have long been dead, if not for its management that fashioned  out policies to put the company on track.

    “When Heirs Nigeria Limited took over Transcorp Hilton, we discovered unsecured shares of between 3 and 3.5 millions. This aside the 99 cases the company was battling with.

    “To reposition the company, we made a resolution that we want to run the company in a different way. Zero tolerance policy was put in place and other issues. Today, the organisation is better for it. This is evident by the Most Compliance Institution the company  received from the management of the Nigerian Stock Exchange (NSE) in 2014,” he said

    Also, the outgoing chairman of the institute, Mrs Eniola Fadayomi, urged the private and public institutions to adhere to the best practice’s of corporate governance, arguing that a company that worth its onions should  not be found wanting on  issues  to corporate governsnce

  • Elumelu foundation appoints chief executive

    Elumelu foundation appoints chief executive

    The Board of Trustees of the Tony Elumelu Foundation has announced the appointment of Prof. Reid E. Whitlock as its chief executive.

    Prof. Whitlock’s appointment followed Dr. Wiebe Boer’s movement as director of Strategy at Heirs Holdings, Mr. Elumelu’s pan-African proprietary investment company.

    Dr. Boer was the foundation’s inaugural chief executive.

    The foundation – which was founded in 2010 by entrepreneur and philanthropist Tony O. Elumelu – is Africa’s leading advocate for entrepreneurship.

    It was responsible for programmes designed to ensure that entrepreneurs and entrepreneurship become the primary driver of Africa’s economic growth and social transformation.

    Prof. Whitlock brings 30 years of experience to the foundation as a business school rector, diplomat, entrepreneur, strategy consultant and adviser to leaders in Africa, Asia and the Middle East on economic development.

    He received his PhD and law degree from the Fletcher School of Law and Diplomacy at Tufts University.

    He also holds a Master of Business Administration from Harvard Business School and is a cum laude graduate of Princeton University.

    Commenting on Prof. Whitlock’s appointment, the foundation’s founding patron, Professor Michael Porter said: “Tony’s commitment to African entrepreneurship is unshakeable and I salute his appointment of Prof. Whitlock as the CEO of his foundation.”

  • Elumelu’s Heirs Holdings invest in American tech firm

    Heirs Holdings, a Lagos-based African proprietary investment company, has provided start-up soft funding to Wonderloop Incorporated, a California-based technological firm.  Heirs Holdings is owned by former United Bank for Africa (UBA) group managing director, Mr Tony Elumelu. Wonderloop is based in Mountain View, California and will launch fully in 2015.

    The seed funding will support the development and expansion of Wonderloop’s custom video-profile platform. It will also enable the Silicon Valley start-up to conduct experimentation and prototype development to accelerate the global adoption of the video platform. The investment will be disbursed as a convertible loan directly to Wonderloop.

    Wonderloop is the world’s first video-profile identity platform. The cutting edge iPhone app will revolutionize the way people connect through short 10 to 15 second video-profiles, creating real-world connections on mobile devices. The video-profile replaces the static images and bios on traditional social networks and provides users with more accurate impressions of users.

    Commenting on the investment, chairman, Heirs Holdings, Mr. Tony Elumelu, described Wonderloop as a high-potential firm which should be supported to achieve its aims.

    “I am excited about Wonderloop’s vision of giving everyone in the world an opportunity to be seen through this dynamic cutting edge video-profile system,” Elumelu said.

    According to him, Heirs Holdings will bring its experience investing in American technological firms to bear on the development of Africa’s equivalent of the Silicon Valley.

    “We see this as an investment in a high potential tech start-up, similar to what we did previously with Planet Labs. These are the kinds of investments that create a simpler and more connected world.  We want to bring lessons learnt from our investments in the Silicon Valley tech space to the African tech entrepreneurs we are grooming,” Elumelu said.

    Founder, Wonderloop Inc, Hanna Aase, said the firm’s video-profile platform will impact profoundly on social and economic interactions.

    “If we can meet each person in the world with a click of a button, it changes the way we connect, hire, invest and give. We do introductions for the people we know, but what if we could replicate that experience with everyone in the world? If we can see anyone, anywhere in the world, we will feel we have met and can be comfortable hiring, investing, giving and more, virtually,” Aase said.

    Aase created the Wonderloop app after being inspired by Oprah’s mission of connecting and giving to people all around the world and wanted to bring it to the mobile space. Her goal is to give everyone the power to meet life-changing people using the integrated search engine.