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Tag: Tony Elumelu

  • Elumelu-backed Redtech mulls $100mcash raise, transactions hit N30 trillion

    Elumelu-backed Redtech mulls $100mcash raise, transactions hit N30 trillion

    A Nigerian financial-technology company backed by Nigerian businessman, Mr Tony Elumelu, Redtech Limited, is planning to raise about $100 million cash in the next two years to expand its footprints across Africa.

    This comes as it announced processing N30 trillion ($20.6 billion) in total transactions over the 2025 financial year, over 100 per cent more than the N12 trillion achieved in 2024, placing the company among the highest-volume processors in Nigeria.

    The milestone was driven by strong growth across its payment platform, RedPay – including point of sale (PoS) network, merchant collections, and digital payment channels.

    Its Chief Executive, Mr Emmanuel Ojo, said the milestone marks a decisive shift from capability building to operating at national scale, reflecting sustained trust in Redtech’s infrastructure under high-volume conditions, alongside consistent adoption across sectors.

    “This milestone reflects trust from businesses that rely on us to collect and move money at scale, and from partners who expect reliability every single day.” We have built Redtech around durability, strong governance, and regularity alignment, so SMEs, enterprises, and regulated clients can grow on our rails without worrying about downtime or friction. With that foundation in place, we are ready to take this approach into more African markets,” he said.

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    A statement explained that the firm’s transaction volumes have been driven by a mix of SMEs, enterprise customers, and financial institutions across retail, hospitality, insurance, energy, public-sector-linked services, and banking.

    This highlights Redtech’s ability to support complex transaction flows, including batch processing, reconciliations, and always-on uptime across different sectors.

    Redtech plans to expand beyond Nigeria into 29 African countries by January 2027, building towards an Africa-wide payments capability that can support businesses operating across borders, sectors, and payment types.

    The company will then consider the Series A funding round, Mr Ojo told Bloomberg.

    The startup has so far deployed more than 30,000 point of sale devices and started a payment gateway which helps businesses move money at scale through secure, reliable, and scalable systems that reduce payment failures, downtime, and reconciliation failures while meeting the compliance needs of enterprises and regulated sectors.

  • Tony Elumelu floods Delta communities with 2,200 bags of rice, beans

    Tony Elumelu floods Delta communities with 2,200 bags of rice, beans

    Joy, cheers, and gratitude filled the air in Onicha-Uku, Aniocha North Local Government Area of Delta State, as renowned global philanthropist and Chairman of the United Bank for Africa (UBA), Dr. Tony Elumelu, once again came to the aid of his people with the distribution of 2,200 bags of food items.

    The donation—comprising 2,000 bags of rice and 200 bags of beans—was shared among communities, orphanages, and schools, bringing timely relief to hundreds of families.

     The exercise took place at Dr. Elumelu’s country home in Onicha-Uku, where beneficiaries gathered in large numbers to receive the life-sustaining items.

    Dr. Elumelu, who also chairs the Tony Elumelu Foundation (TEF) and Heirs Holdings, has made the end-of-year empowerment of his people a cherished tradition.

    For many residents, the annual gesture has become a symbol of hope, compassion, and unwavering commitment to community development.

    As bags of rice and beans exchanged hands, smiles lit up faces, and songs of appreciation echoed across the venue.

    Beneficiaries described the Elumelu family as a pillar of support whose generosity has consistently touched lives over the years.

    Receiving the items on behalf of the local government, the Chairman of Aniocha North LGA, Hon. Emma Bazim Chinye, praised the philanthropist and his wife, Dr. Awele Elumelu, for their sustained kindness.

    “I am receiving these items on behalf of my local government, particularly the three major communities of Onicha-Uku, Onicha-Ugbo, and Onicha-Olona,” he said. “Today, happiness is written boldly on the faces of our people. This is not just food; it is hope.”

    Hon. Chinye expressed profound gratitude to the Elumelus, praying for divine blessings, good health, and continued success in their endeavours.

     He also applauded other notable sons and daughters of the local government who have continued to uplift their communities through acts of generosity.

    Also lending her voice in appreciation, the Provost of the Federal Medical College, School of Nursing, Dr. Olise Mariah Ngozi, poured encomiums on the Elumelu family for their unwavering generosity.

    Speaking on behalf of the management, staff, and students of the college, Dr. Ngozi described Dr. Tony Elumelu as a consistent pillar of support whose kindness has repeatedly come to their aid.

    “On behalf of the staff, students, and the entire college, we commend the Elumelus for this empowerment,” she said. “Dr. Tony Elumelu has always been our great benefactor. He has helped us many times. Whenever we reach out to him for assistance, he never hesitates to give us a helping hand. We deeply appreciate this gesture, and we will always remember him in our prayers.”

    Community members also took turns to express heartfelt gratitude. Jude Onwenna praised the donation as timely and life-changing, praying that God would continue to uplift the Elumelus for their steadfast commitment to empowering the people.

    In the same vein, Engr. Lambert Amaefule echoed the sentiments of many beneficiaries, describing the gesture as a reflection of a genuinely compassionate heart.

    “I am very happy,” he said. “Before a person can do something this great for his communities, you know the person has a good heart. I pray that God will continue to bless him and his family.”

    As voices of thanksgiving rose from different quarters, one truth stood out clearly—the Elumelu name remains synonymous with compassion, generosity, and enduring service to humanity.

  • Tony Elumelu’s example

    Tony Elumelu’s example

    There is something fascinating about the way December stamps its feet. About the way it looks like the gateway into fresh opportunities. About the way it imposes certain truths. About the way it brings back things we have been doing year-on-year.

    Each December I perform a small ritual that feels almost private. This ritual sees me scrolling through images of Lagos in its most festive mood. The state of aquatic splendour glows, its streets pulse with laughter; photographs and videos from its most glamorous gatherings fill my mobile phone’s screen. Among them are still images and audio visuals from the annual all-white Christmas party hosted by Mr. Tony Elumelu. Over the years the event has become more than a party. It has become a cultural moment, a night when business leaders, creatives and public figures briefly gather under the same lights.

    This year there will be no such photographs or videos. Elumelu and his wife, Dr Awele, have cancelled the annual gathering. The decision came as a mark of respect for Elumelu’s six workers who lost their lives in a fire at Afriland Towers in September. The news of the cancelation was shared through his social media pages, yet it carried a weight that echoed far beyond those few lines of text.

    What at first seems like a simple announcement becomes more meaningful the longer I sit with it. Elumelu is widely known across the continent as the chairman of Heirs Holdings and the United Bank for Africa. He is also the founder of the Tony Elumelu Foundation, which has become a significant force in nurturing young African entrepreneurs. His image is one of drive, influence and optimism. The man who preaches opportunity and empowerment has now chosen to pause his most visible celebration of the year. Moments like this matter, not because they are grand gestures, but because they reveal something about the values behind the public persona.

    This decision feels like a humane response to grief. A festive and lavish gathering would have clashed with the pain left behind by the tragedy. By choosing silence over celebration, Elumelu acknowledges the humanity of his staff and honours their memory. He is also reminding the city that public joy should never drown out private sorrow. There is a dignity in that choice, a quiet admission that the rhythms of a community must sometimes bend to accommodate mourning.

    There is also a broader social reading. Lagos is a city where success is often displayed in full colour. Parties, concerts and galas become the language through which prosperity is affirmed. Yet leadership sometimes calls for restraint. By cancelling the party, Elumelu is sending a message about responsibility. True leadership is not only about generating wealth or commanding influence. It is also about showing compassion and recognising when the moment demands reflection rather than revelry.

    I think often about what a party signifies. A host invites people into a space of joy. A party is an escape, a gentle suspension of the world’s troubles. But grief is an interruption that refuses to be smoothed over. It insists that we acknowledge the pain that exists alongside our celebrations. Elumelu’s decision shifts attention back to the families left behind and to the questions that still linger about safety and accountability in the city. The gesture will not mend every wound, but it offers a form of public solidarity at a time when silence can feel like abandonment.

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    Some will argue that symbolism is not enough. They will say that a cancelled party cannot replace the need for compensation, long term support and commitments to better working conditions. They will be right. Public gestures should be followed by real action. Lagos needs stronger fire safety standards, quicker emergency responses and more serious corporate responsibility. My hope is that this moment is only the beginning of broader engagement with those issues. A cancelled party can open the door to deeper conversations about how to protect workers and prevent future tragedies.

    Another truth sits quietly in the background. December is the peak of economic activity in Lagos. Events provide income for decorators, caterers, waiters, photographers, designers and countless others who rely on the season. The absence of one major party affects circles of workers who depend on festive bookings. This tension is part of the moral reality of Lagos: joy and sorrow live side by side and every decision creates ripples. The city is always balancing celebration with survival.

    Still, the gesture carries its own kind of grace. It reminds us that leaders are also members of the communities they influence. Lagos can be an overwhelming place, constantly in motion, constantly demanding spectacle. Yet here is a moment where a man known for grand gatherings chooses stillness. He chooses to stand with the bereaved rather than dance with the celebrated. There is something deeply human about that.

    I have seen how Lagos responds to loss. Neighbours gather on verandas. Colleagues organise prayer meetings. Friends bring food without being asked. In those moments the city feels gentler. Elumelu’s choice fits into that tradition. It gives permission for the rest of us to pause, to feel, to remember. It tells us that sorrow is not an interruption of life in Lagos but a part of it.

    As I think about the images of Lagos I usually scroll through each December, I know the season will look different this year. The parties will continue in other places and other homes. The lights will still glow. But in the space where the all-white celebration once stood, there will be quiet. That quiet speaks. It speaks of lives lost, of compassion offered, and of a leader who understands that honour has as much place in its calendar as revelry. If the silence becomes a seed for accountability and care, then this absence will not be an empty one. It will be a reminder that even in a city devoted to celebration, the most powerful statement can sometimes be a moment of shared stillness.

    My final take: May the souls of those killed in the September fire continue to rest in perfect peace. May God continue to bless leaders like Elumelu who understand, perfectly well, that honouring the dead is honouring ourselves. After all, we all one day will go their way.

    For this act, Elumelu has demonstrated that he is an omoluabi!

  • Tony Elumelu’s attention to details

    Tony Elumelu’s attention to details

    Dr. Tony Onyemachi Elumelu CFR embodies compassion in both his professional and personal life. His distinctive approach to leadership sets him apart; rather than maintaining a strict hierarchical relationship with his staff, TOE views them as colleagues, treating them with dignity and respect. The Africapitalist ideology propounder is dedicated to fostering the happiness and growth of his team, a philosophy that has significantly contributed to his success as a leader.

    Recently, tragedy struck the United Bank for Africa (UBA), where several of Tony’s colleagues tragically lost their lives in a devastating fire at one of the bank’s branches on Lagos Island few months ago. Faced with this heartbreaking news, Tony was immediately affected, cutting short his previous engagements to visit the site of the incident. Rather than delegating this sensitive task to others, he felt compelled to be present, demonstrating his deep empathy for those impacted by this loss. He took the time to assess the situation firsthand and reached out to the families of the deceased, providing support during their darkest hour.

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    In light of this tragedy, Tony made a poignant decision regarding his annual end-of-year celebration known as the ‘TOE White Party.’ Traditionally a vibrant occasion that brings together friends and family, this year he announced the suspension of the event as a mark of respect for the colleagues who lost their lives in service to the bank. This gesture not only honors their memory but also reflects Tony’s belief that true leadership involves acknowledging and respecting the profound impact of such losses on the entire community.

    Many of Tony’s friends and family were awaiting the usual festivities associated with the White Party. However, Tony emphasized that this year should be a time for reflection and remembrance. By choosing to prioritize the memory of his fallen colleagues over the celebrations, he expressed a deep commitment to humanity and a strong moral compass that resonates with those around him.

    This heartfelt initiative has drawn widespread commendation from peers and observers alike, who appreciate Tony’s unwavering attention to detail and his sensitivity to the emotional health of his team. By making this difficult choice, he not only honors the memory of his colleagues but also sets a powerful example of compassion and leadership in the corporate world.

  • Transcorp group’s partnership with Elumelu’s Heirs Energies boosts power generation

    Transcorp group’s partnership with Elumelu’s Heirs Energies boosts power generation

    A consistent and increased supply of gas from Tony Elumelu’s Heirs Energies is directly enabling improved power generation at Transcorp Group’s power subsidiaries–Transcorp Power Plc and Transafam Power Limited–solidifying the Group’s capacity to deliver enhanced value.

    Dr Owen Omogiafo, President and Group Chief Executive Officer of Transcorp, confirmed the pivotal role of Heirs Energies at the conglomerate’s Investor and Analyst Conference held on Tuesday, to discuss the Group’s impressive Q3 2025 results. 

    During the conference, she stated Transcorp Power and Transafam Power will remain focused on increasing generating capacity in the fourth quarter, with the former, Transcorp Power, targeting “750 megawatts of available capacity.”

    “The average for the year will be 620 when you average from January to December 31. Of that 620, we target to generate 528 megawatts on average, with a peak generation of 590. As of Q3, we’re already at 424, and we are on track to achieve what we set out to do,” she highlighted.

    “For Trans-Afam, we have successfully relocated four turbines from Afam to Ughelli, and we are finalising all the electrical connections. They’ve all been successfully tied to the grid, and one continues to operate, but we’re going to conclude the remaining three. And this week, push on with that generation.”

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    In the mix is the provider of the critical gas to power the turbines, Heirs Energies. Dr Owen said, “Heirs Energies has improved their gas, having brought back to life a gas well which is now providing supplies to the turbines that we have left in Afam as well as Ughelli”.

    This assured gas supply from Heirs Energies has empowered Transcorp Group’s two power subsidiaries to set ambitious generation targets for the remainder of the year. Transcorp Power is targeting 750 megawatts of available capacity by year-end, while Transafam Power is targeting 378 megawatts. This enhanced operational capacity positions Transcorp Group to contribute more significantly to the national grid and create sustained value for its shareholders.

    The Group recorded a 39% year-on-year increase in revenue, rising from ₦297.7 billion in Q3 2024 to ₦413.4 billion in Q3 2025. Profit Before Tax (PBT) grew by 18%, closing at ₦124.5 billion, compared to ₦105.5 billion in the same period last year. 

    Transnational Corporation Plc (Transcorp Group) is one of Africa’s leading, listed conglomerates, with strategic investments in the power, hospitality, and energy sectors, driven by its mission to improve lives and transform Africa. 

    Transcorp’s power businesses, Transcorp Power Plc and Transafam Power, provide over 20% of Nigeria’s installed power capacity. Transcorp is committed to developing Nigeria’s domestic energy value chain through its investments in OPL281. The Group’s hospitality business, Transcorp Hotels Plc, owns the iconic Transcorp Hilton Abuja, Nigeria’s flagship hospitality destination and Nigeria’s largest event venue, the Transcorp Centre Abuja.

  • Archbishop of New York, Elumelu to receive Appeal of Conscience Award

    Archbishop of New York, Elumelu to receive Appeal of Conscience Award

    Cardinal Timothy Dolan, Archbishop of New York and Tony Elumelu, Chairman of Heirs Holdings, will be receiving Appeal of Conscience Award at 60th Annual Gala in New York.

    The Appeal of Conscience Foundation announced that both awardees   will be honored with the Appeal of Conscience Award at the foundation’s Annual Gala, taking place on September 29, 2025, at the Waldorf Astoria in New York City.

    The Appeal of Conscience Foundation, founded by Rabbi Arthur Schneier in 1965, is an interfaith coalition of business, religious, and diplomatic leaders that advocates for peace, religious liberty, and respect the other. The Appeal of Conscience Award is presented to public figures who exemplify enlightened leadership and uphold the principle that “a crime committed in the name of religion is the greatest crime against religion.”

    “My Dear Friend, Cardinal Timothy Dolan, endowed with wisdom, vision, and compassion, has earned the trust and respect of people and communities both in New York and throughout the Nation,” said Rabbi Arthur Schneier.

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    “He embodies the biblical commandment ‘Love thy neighbor as thyself,’ practicing what he preaches and uplifting all who know him, exuding confidence and hope for a brighter future. We have bonded throughout the years through our shared commitment to religious freedom and advancing interreligious cooperation and peaceful coexistence. Cardinal Dolan is a steadfast leader in our fractured world, inspiring people of all faiths to seek unity over division. He is a blessing in our midst, well-deserving of appreciation for his valuable contribution to the work of the Appeal of Conscience Foundation.”

    Cardinal Dolan has long been a prominent voice in promoting religious freedom, human dignity, and cross-cultural cooperation. His decades of service, both within the Catholic Church and in broader society, have made him a respected global advocate for conscience-driven leadership.

    “Tony Elumelu stands as a beacon of ethical entrepreneurship and visionary leadership,” said Rabbi Schneier. “Business can be a powerful force for peace, stability, and human dignity. His commitment to uplifting others is a living example of conscience in action.”

    As Chairman of Heirs Holdings, investing across financial services, power, resources, healthcare, real estate and hospitality, Chairman of United Bank for Africa Group, Africa’s Global Bank and the Founder of the Tony Elumelu Foundation (TEF), Elumelu has championed youth entrepreneurship, financial inclusion, and African-led development through his philosophy of “Africapitalism”, the idea that the private sector must play a central role in driving social and economic progress.

    Through his enduring $100 million-plus commitment, the Tony Elumelu Foundation’s Entrepreneurship Program has selected and funded over 24,000 African entrepreneurs across all 54 African countries. Initiatives including the BeGreen Africa program have further expanded this impact, equipping 1,600 innovative green businesses with the skills and support to advance environmental sustainability, drive climate action, and create jobs for Africa’s youth.

    Elumelu’s family-owned investment Group, Heirs Holdings, recently released a 15-Year Impact Report which highlights how the Group’s CSR activities have positively impacted over 500,000 people, reflecting its steadfast commitment to improving lives and transforming the African continent.

    “I am deeply honored and humbled to accept the Appeal of Conscience Award, especially from my dear friend and brother in faith, Rabbi Arthur Schneier. For decades, Rabbi Schneier has stood as a beacon of moral clarity, interfaith dialogue, and courageous advocacy for human rights and religious freedom,” said Cardinal Dolan. “To receive this recognition from the Appeal of Conscience Foundation is both moving and profoundly meaningful. Our shared commitment to peace, mutual respect, and the sacred value of every human life binds us across faith lines and inspires me daily in my ministry. May our united voices for justice and understanding continue to echo in a world so deeply in need of both.”

    “To be honored by the Appeal of Conscience Foundation is to be reminded that leadership is about service,” said Tony Elumelu. “This recognition strengthens my resolve to continue empowering the next generation and building bridges of hope and prosperity across the globe. I accept it on behalf of all those who embody Africapitalism, working tirelessly to create opportunities and build a better future for all.”

    The gala will be chaired by Brian Moynihan, Chair and CEO of Bank of America.

    “The Appeal of Conscience Foundation, headed by Rabbi Schneier, has chosen to honor Cardinal Dolan and Tony Elumelu because they personify moral leadership and global responsibility that ACF stands for,” said Moynihan. “Their works in faith, community, and economic empowerment remind us that progress and conscience go hand in hand. As a past recipient of this honor, I am proud to support the Appeal of Conscience in elevating those who build bridges of understanding and lead with courage and compassion.”

    The ACF has recognized prominent business leaders with the Appeal of Conscience Award including: Bernard Arnault, Mary Barra, Marta Batmasian, Barbara Bush, Michael Bloomberg, Albert Bourla, Archbishop Elpidophoros, Robert Iger, Muhtar Kent, Coretta Scott King, Robert Kraft, Brian Moynihan, Virginia Rometty, Stephen A. Schwarzman, Masayoshi Son, Paul Volcker, Timotheus Höttges, Stephen M. Ross, Susan Wojcicki, and Dr. Rong Yiren.

    Founded in 1965 by Rabbi Arthur Schneier, the Appeal of Conscience Foundation (ACF) has worked worldwide on behalf of religious freedom and human rights. This interfaith coalition of business and religious leaders remains at the forefront of promoting mutual understanding and interreligious cooperation, standing against voices that spread bias, hatred, and division.

  • Tony Elumelu’s philanthropy gesture roars

    Tony Elumelu’s philanthropy gesture roars

    It is without doubts that at 62, Dr. Anthony Onyemachi Elumelu affectionately known as ‘TOE’ by friends and associates has reached a phase in life where his focus transcends personal ambition.

     The astute business mogul is deeply committed to fostering the growth and success of those around him. In over a decade, Elumelu and his wife, Dr Awele, have dedicated their lives to uplifting others, particularly young African entrepreneurs, while putting smiles on several faces.

    Through mentorship and initiatives aimed at wealth and job creation, the couple have championed African sustainability.

    Elumelu’s philanthropic gestures ring so loud to those that have benefitted from his large heart yet so silent because he rarely makes noise nor talks about it. Elumelu’s generosity and commitment to philanthropy are well-documented, making his life a fascinating narrative of success and resilience. Recently, the Chairman of United Bank for Africa (UBA), Heirs Group, Tony Elumelu Foundation, and Transcorp, donated a staggering sum of N25 billion to a worthy cause. Not because he is so wealthy to throw funds around but simply because he has consistently matched his words with his doings. In this case, the donation was in support of the Produce for Lagos Programme, an initiative of the Lagos Food Systems Infrastructure Company.

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    The programme is expected to enhance food security and promote economic development in the state. Reacting to the donation, the successful business mogul noted that his decision was fueled by the future.

    He noted that in a few years’ time, the initiative will help face the challenge of joblessness of our young ones. The forward thinking Elumelu also told his business associates that he believes that joblessness is a great problem of the young people and for an individual, who is passionate about the young people and their future, he has decided to support the initiative to ensure they aren’t jobless in the nearest future with adequate arable lands available. He also urged all stakeholders to collaborate and bring the vision to life, describing it as the people’s initiative.

  • Gabonese President honours Elumelu

    Gabonese President honours Elumelu

    The President of the Republic of Gabon, General Brice Clotaire Oligui Nguema, has conferred the Commander in the National Order of Gabonese Merit honour on the Group Chairman, United Bank for Africa (UBA) Plc and Founder of the Tony Elumelu Foundation, Tony Elumelu.

    The distinguished award recognises Elumelu’s enduring contribution to Africa’s economic development, particularly his impact on youth entrepreneurship and infrastructure growth in Gabon and across the continent.

    Speaking at the presidential palace while presenting the recognition in Libreville on Monday, Nguema, who was on Saturday sworn in as the newly elected President of the oil-rich country, praised Elumelu’s commitment to inclusive and sustainable development in Africa, adding that ‘Tony Elumelu is not only a visionary entrepreneur but also a committed friend of our nation Gabon.

    Through his Foundation and the UBA Group, he has consistently shown that investing in Africa is not just good business – it is the key to our shared future. Today, we honour a man whose actions continue to empower young Africans and inspire nations.”

    While acknowledging the recognition, Elumelu, who has made several high-level visits to Gabon in recent months, expressed deep gratitude for the recognition and reaffirmed his commitment to supporting the country’s development agenda:

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    “I am truly humbled by this honour. It is a reflection not just of my personal journey, but of a shared belief – that African-led solutions, African entrepreneurs, and African institutions will shape the future of this continent. Gabon holds enormous potential, and I am proud that the Tony Elumelu Foundation and UBA Group can play a role in unlocking it,” Elumelu said.

    “This is more than a medal – it is a reminder of what we can achieve together as Africans,” Elumelu stated adding that, “At UBA and the Tony Elumelu Foundation, we remain committed to building bridges, not just between nations, but between ambition and opportunity.”

    The recognition comes at a crucial time for Gabon, as the country accelerates its economic recovery and prioritises inclusive growth under the new leadership.

    Elumelu’s engagement focuses on two key pillars of Infrastructure financing which is essential for long-term economic transformation and Youth entrepreneurship, championed through the Tony Elumelu Foundation, which offers training, mentorship, and $5,000 in non-refundable seed capital to young Gabonese and African entrepreneurs each year.

    The award also highlights the strengthening of financial partnership between Gabon and the UBA, which has a strong presence across the continent and is a key driver of financial inclusion and development.

    Elumelu is the Founder and Chairman of Heirs Holdings, his family owned investment company committed to improving lives and transforming Africa, through long-term investments in strategic sectors of the African economy, including financial services, hospitality, power, energy, technology and healthcare.

    He is the Chairman of pan-African financial services group, the United Bank for Africa (UBA), which operates in 20 countries across Africa, the United Kingdom, France, the UAE and is the only African bank with a commercial deposit taking presence in the United States. UBA provides corporate, commercial, SME and consumer banking services to more than 35 million customers globally. He also chairs Nigeria’s largest quoted conglomerate, Transcorp whose subsidiaries include Transcorp Power, one of the leading producers of electricity in Nigeria and Transcorp Hotels Plc, Nigeria’s foremost hospitality brand.

    Tony is the most prominent champion of entrepreneurship in Africa. In 2010, he created The Tony Elumelu Foundation (TEF), the leading philanthropy, empowering a new generation of African entrepreneurs, catalysing economic growth, driving poverty eradication and driving job creation across all 54 African  countries. Since inception, the Foundation’s flagship programme has identified and catalysed 18,500 entrepreneurs and created a digital ecosystem of over one million Africans, as part of a 10-year $100m commitment to fund,  mentor and train young Africans.

    Tony’s businesses and the Foundation are inspired by his economic philosophy of Africapitalism, which positions the private sector, and most importantly entrepreneurs, as the catalyst for the social and economic development of the African continent.

    In 2020, in recognition of his business leadership and economic empowerment of young African entrepreneurs, Tony was named in the TIME100 Most Influential People in the World, and recognised with Belgium’s oldest royal order.

  • UBA plans second rights issue to complete N500bn capital raise

    UBA plans second rights issue to complete N500bn capital raise

    …As shareholders approve N102bn dividend

    The United Bank for Africa (UBA) has announced plans to embark on a second Rights Issue in the third quarter of 2025 to raise N249 billion, completing the N500 billion required by the Central Bank of Nigeria (CBN) for bank recapitalisation.

    Speaking at the bank’s 63rd Annual General Meeting (AGM) held in Abuja at the weekend, UBA Group Chairman, Tony Elumelu, said the second Rights Issue would serve the best interests of existing shareholders.

    He noted that the final phase of the capital raise would be completed ahead of the CBN’s March 2026 deadline. Proceeds from the exercise will be directed towards investment in digital technologies and business expansion, strengthening UBA’s 75-year track record.

    Speaking to the earlier Rights Issue, Elumelu said it closed in December 2024 with 6.84 billion ordinary shares of 50 kobo each offered to existing shareholders at N35 per share. The offering was oversubscribed by N11.6 billion, and the full amount of N251 billion raised has been verified and approved by the CBN.

    Elumelu assured shareholders that UBA would continue to prioritise their investments by opting for a Rights Issue rather than a public offering, a decision aimed at protecting the value created over decades.

    According to him, “If we were selfish, we would do a public offering. But then someone comes in with N370 billion and owns part of N3.3 trillion that you all have built. That’s not fair.”

    He encouraged shareholders to reinvest dividends through the upcoming Rights Issue, preserving ownership and wealth within the shareholder community.

    At the AGM, shareholders approved a final dividend payout of N102 billion for the 2024 financial year.

    Elumelu announced that UBA delivered a gross revenue of N3.19 trillion and a profit after tax of N767 billion in 2024. He described UBA as a prudent institution committed to reinvestment and sustainable growth rather than focusing on short-term profit distribution.

    “When we declare profit, we don’t end everything and share everything now. We reinvest for the long term,” Elumelu said, adding that this strategy has boosted UBA’s shareholders’ fund to N3.3 trillion, compared to a paid-up capital of N116 billion.

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    He further noted that total deposits grew by 42 percent to N24.65 trillion, up from N17.36 trillion in 2023. The loan book expanded by 35 percent to N7.51 trillion, while total assets closed at N30.32 trillion, and shareholders’ funds rose to N3.42 trillion.

    “These figures reflect the daily effort of our staff, who continue to deliver practical financial solutions across Africa and globally. UBA is supporting consumers, businesses, and governments with secure payments, credit access, and efficient disbursements,” he said.

    The Board had earlier proposed a final dividend of N3.00 per share, bringing the total dividend for the 2024 financial year to N5.00 per share, following an earlier interim dividend of N2.00 per share.

    Group Managing Director/CEO, Oliver Alawuba, said UBA’s gross earnings grew by 53.6 percent year-on-year to N3.19 trillion, while Net Interest Income rose by 116.4 percent to N1.53 trillion — the highest in the bank’s history.

    He attributed the earnings growth to an expanded loan portfolio, improved net interest margins, and increased fees and commissions supported by the bank’s digital banking drive across its markets. UBA also maintained cost discipline, closing the cost-to-income ratio at 49.6 percent, while retaining strong asset quality with a Non-Performing Loan (NPL) ratio of 5.58 percent.

    Looking ahead, Alawuba outlined strategic priorities that include accelerating digital transformation through AI and advanced analytics, expanding into new markets, enhancing customer experience, improving financial inclusion via agency banking, and driving sustainability initiatives.

    “We remain focused on operational efficiency, innovation, and putting our customers at the centre of everything we do. Our growth model is designed to withstand economic challenges while continuing to deliver value,” he said.

  • Elumelu seeks bold action to fix power

    Elumelu seeks bold action to fix power

    The Chairman of Transnational Corporation Plc (Transcorp), Mr. Tony Elumelu, has called on key stakeholders within the Federal Government to act decisively in implementing President Bola Tinubu’s vision for the power sector, warning that fear and hesitation are stalling progress.

    Speaking with journalists in Abuja yesterday after the company’s 19th Annual General Meeting (AGM), Elumelu expressed deep concern that while President Tinubu has shown commitment to reforming Nigeria’s electricity sector, critical actors within the system are reluctant to drive the necessary changes.

    He identified the Federal Government’s unpaid debts to power generation companies (GenCos) as a major stumbling block to meaningful progress.

    Elumelu disclosed that Transcorp Power, the electricity generation arm of the Transcorp Group, is currently owed over $400 million—equivalent to about N600 billion. He argued that settling these debts is crucial to unlocking the sector’s potential and aligning with the President’s ambitious Renewed Hope Agenda, which aims to reposition Nigeria’s economy towards $1 trillion growth.

    “We believe that to fix Nigeria, we must fix power. And we are great supporters of President Tinubu’s Renewed Hope Agenda. We know that to grow a $1 trillion economy, electricity must be fixed. That is not the case today.

    “The President gave a directive last year that all impediments to the power sector should be removed. But I am afraid to say that critical people who should help bring the President’s vision to life are afraid to do so. May I use this opportunity to call on them to help translate this innovative idea to action,” he said.

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    He stressed the urgency of addressing Nigeria’s energy access issues, noting that citizens deserve improved power supply and that Transcorp, along with other private sector players, is ready to play its part if financial obligations are honoured.

    “Nigerians need improvement in access to electricity. The power sector is heavily owed. Transcorp alone is owed over $400 million, which is over N600 billion. We want this paid so that we can help actualize the President’s vision for improving electricity supply to Nigeria,” Elumelu stated.

    Beyond the power sector, he provided insights into the performance of Transcorp’s business units. He noted that Transcorp Hotels, Transcorp Power, and Transcorp Energy have all continued to deliver strong value, with plans to list additional subsidiaries in the future, including the Abuja Electricity Distribution Company (AEDC), which is currently managed by the group.

    He said: “We have Transcorp Hotels—it’s working well. We also have Transcorp Power, which is managed by AEDC, and then Transcorp Energy. Transcorp is doing so well. We create value for shareholders.”

    Elumelu disclosed that the combined market capitalization of Transcorp’s listed companies now exceeds $3 billion, or approximately N4.5 trillion, excluding unlisted entities such as AEDC and Transcorp Energy. He extended an invitation to the investing public to participate in the Transcorp growth story.

    “When we took over this company in 2011, the market cap of Transcorp was less than $2 billion. Today, the group market cap is over N4.5 trillion. Since 2004, when we took over the company, we have consistently paid dividends to shareholders. We just declared N1 of dividends for 2024, and 2025 will definitely be better than 2024,” he said.

    On the financial front, the conglomerate posted gross earnings of N408 billion as of December 31, 2024—an increase of 107 percent from N197 billion in 2023. Profit Before Tax soared by 132 percent to N136.7 billion, up from N58.8 billion in 2023, while Profit After Tax surged 188 per cent to N94.1 billion, from N32.6 billion the previous year.

    The Group’s total assets rose by 42 percent to N751.6 billion by year-end 2024, up from N529.9 billion in 2023. Shareholders’ funds also grew significantly, increasing by 45 percent to N271.7 billion from N187.3 billion in December 2023.

    Following this strong financial showing, the Board of Directors recommended a full dividend of N1 per share. This includes an interim dividend of 40 kobo per share paid on August 7, 2024, and a final dividend of 60 kobo per share to be disbursed later in the year.

    Elumelu concluded with a message of optimism and commitment to transformation: “We are doing what we are expected to do—transforming companies and businesses and creating more value for shareholders. We want more Nigerians and investors to be part of this journey.”