The Nation Newspaper

Tag: Tony Elumelu

  • Tony Elumelu-backed entrepreneurs generate $4.2b revenue

    Tony Elumelu-backed entrepreneurs generate $4.2b revenue

    • Creates more than 1.5m jobs in 10 years

    Entrepreneurs supported by the Tony Elumelu Foundation (TEF) have generated over $4.2 billion in revenue across Africa and created more than 1.5 million jobs since the foundation launched its flagship entrepreneurship programme in 2015.

    The impact of this initiative has extended to lifting over 2 million Africans out of poverty, making it one of the continent’s most significant privately-led economic empowerment programmes.

    Founder of the Foundation and Chairman of Heirs Holdings, Tony Elumelu, disclosed these figures during the unveiling of the 2025 cohort of the TEF Entrepreneurship Programme held in Abuja at the weekend. Addressing attendees at the event, Elumelu noted that Africa’s progress in the 21st century rests not on external aid but on investment — particularly investment in infrastructure and the youth population.

     “In the 21st century, what Africa needs is not aid. What Africa needs is investment. Investment in infrastructure and investment in our young ones,” Elumelu stated. Reflecting on the rationale behind the Foundation’s work, he remarked that supporting entrepreneurship is born out of a deep realisation that inaction could jeopardise the future of the continent, including that of those already considered successful.

    Elumelu explained that supporting young African entrepreneurs is not just an act of generosity but a strategic necessity. “If we don’t do this, nobody will. And this is very essential. If we don’t do this, we are creating problems for our so-called successful people and our children and grandchildren,” he said, noting that the long-term prosperity and stability of the continent depend on broad-based economic opportunities.

    Read Also: Top five countries offering best salaries, visa pathways for STEM professionals in 2025

    He encouraged aspiring entrepreneurs who had not yet benefited from TEF’s support to remain resilient and continue to pursue their goals. According to him, while the Foundation may not reach everyone directly, other stakeholders across Africa are increasingly stepping in to extend similar support in their localities.

    After the unveiling ceremony, Somachi Chris-Asoluka, CEO of the Tony Elumelu Foundation, addressed the press, revealing that an additional 3,000 young African entrepreneurs from 52 African countries will receive $15 million in funding under the 2025 cohort.

    She explained that these 3,000 individuals were selected from over 200,000 applications submitted to the Foundation.

    Chris-Asoluka stated that the Foundation has been funded by Tony Elumelu since 2015, with each selected entrepreneur receiving a $5,000 seed capital grant. “This $5,000 is not a loan. It is not equity. It’s not a stake in their business. It is a grant. It is non-returnable. We don’t expect it back,” she stated, adding that over $100 million of Elumelu’s personal wealth has been disbursed through the programme since its inception.

    She acknowledged the growing interest from local and international partners in joining TEF’s mission to empower more entrepreneurs across Africa. “With our founder’s commitment, we can do 1,000 a year, because we receive over 200,000 applications. Like-minded partners from across Africa and the world have come to us to work together so that we can fund more than 1,000 every year and give more economic opportunity to young Africans,” she said.

    Going forward, she said the Foundation is committed to deepening its engagement with young African entrepreneurs and working alongside partners to scale the initiative even further.

    To ensure the effectiveness and integrity of the programme, the Foundation has established a comprehensive monitoring and evaluation system. Entrepreneurs are monitored six months after receiving seed funding to assess the progress of their businesses according to the plans submitted during the application process. Follow-ups continue after one year, two years, and quarterly thereafter. The Foundation conducts field visits, reviews financial records, and engages with the entrepreneurs’ staff and customers to validate reported outcomes.

    Chris-Asoluka explained that this monitoring process enabled the Foundation to accurately account for the jobs created and revenue generated by the entrepreneurs. “It is through this intensive monitoring and evaluation that we know that our entrepreneurs have created over 1.5 million jobs across the continent and generated over $4.2 billion in revenue,” she said.

    Selection into the TEF Entrepreneurship Programme is anchored by Ernst & Young, which assesses applications using five criteria: feasibility of the idea, potential for scalability, evidence of market research, financial literacy, and demonstration of leadership or entrepreneurial skills. Chris-Asoluka said while applicants are not expected to excel in all criteria, these factors help identify innovative and impactful business ideas.

    Moreover, the Foundation seeks entrepreneurs whose businesses go beyond profit to contribute meaningfully to at least one of the United Nations Sustainable Development Goals (SDGs). The Foundation funds startups and businesses less than five years old, filling a critical gap where access to venture capital, bank loans, or even family and friends’ support is often unattainable.

     “People ask us, why are you looking for idea-stage and very small businesses? Because nobody else will fund them. If not the TEF, they will not receive VC funding. They will not receive funding from banks. They will not receive funding from friends and family because they don’t have. So the TEF is entirely focused on this idea-stage businesses and businesses under five years because if we don’t intervene, they will never start their businesses,” she said.

    With the 2025 cohort underway, the Foundation restated its ongoing commitment to economic empowerment, job creation, and poverty reduction through sustained support for entrepreneurship across Africa.

  • Tony Elumelu: How wealthy economist impacted young entrepreneurs with over $100m in 10 years

    Tony Elumelu: How wealthy economist impacted young entrepreneurs with over $100m in 10 years

    For a decade, Nigerian economist and banker, Anthony Onyemaechi Elumelu CFR has devoted over $100m to impacting the dreams of young entrepreneurs in Nigeria and across Africa. The billionaire investor and businessman with hands in several pies, including energy, oil and gas, hospitality, insurance and banking, has made an impeccable impact on young Nigerian entrepreneurs that it might be hard for many to catch up with. This is because he doesn’t seem like he will stop anytime soon. 

    In 2015, the man, who adores youths and loves to be referred to as TOE, launched the Tony Elumelu Foundation Entrepreneurship Programme. This singular effort has gone ahead to impact 2.5million young Africans with access to training on its digital hub, TEFConnect and disbursed over $100 million in direct funding to 2o,172 African women and men, who have collectively created over 1.5 million direct and indirect jobs.

    “In 2015, Awele and I made a commitment to empower 10,000 African entrepreneurs, over 10 years, through the Tony Elumelu Foundation Entrepreneurship Programme,” Elumelu said as the programme marked its 10th year in 2024.

    “I recall vividly that full room, as I shared my dreams of changing the lives of young Africans. I remembered the chances and opportunities that I had, the luck that made fundamental changes to my career and success.  I wanted to pay back and create impact – impact at scale, impact commensurate with the needs of our continent.”

    Read Also: Young Nigerians in politics (4)

    Elumelu went on to explain why he embarked on the journey with his team as well as why he believes so much in every Nigerian and African youth.

    He said: “This journey began with a vision to democratise luck and transform lives across Africa. It began long ago, when someone gave me that hand up, that foot in the door, that transformed me and is transforming others. Reaching entrepreneurs from all African countries, our Programme embodies TEF’s commitment to inclusivity and diversity. What started as a commitment to fund 10,000 entrepreneurs over a decade, quickly surpassed expectations, empowering double that – over 20,000 entrepreneurs in 10 years.”

    On February 12, 2025, Elumelu, on behalf of the initiative, signed a $6million strategic partnership agreement with the UAE Office of Development Affairs and Khalifa Bin Zayed Al Nahyan Foundation (an affiliate of Erth Zayed) to provide business training, mentorship, access to networks, and non-refundable $5,000 seed capital, to an additional 1,000 young African entrepreneurs.

    He said: “Empowering entrepreneurs is not just a moral imperative, but also a strategic investment in Africa’s future. By providing the necessary access to capital, mentorship, and resources, we are unlocking the potential of Africa’s entrepreneurial talent, eradicating poverty, driving self-reliance, and paving the way for inclusive growth and prosperity on the continent.

    “This partnership between the Tony Elumelu Foundation and the Khalifa Bin Zayed Al Nahyan Foundation not only reflects our shared vision of empowering Africa’s next generation of business leaders, but will also create a ripple effect of economic transformation across the continent.”

    ‘TEF’s impact goes beyond financial support’

    For the youth-loving businessman, the TEF programme for young entrepreneurs goes beyond investing in a non-refundable grant of $5000 to beneficiaries and cohorts.

    He explained that all the cohorts of the initiative have received not only funding, but mentoring, and capacity-building support from the Foundation.

    According to Elumelu: “$100,000,000, plus training, mentoring, and networking has reached young African entrepreneurs, who have, in turn, created over 400,000 direct and indirect jobs, contributing significantly to Africa’s economic growth and development.”

    Speaking on his firm insistence on gender equality, Elumelu noted that male and female young Nigerians -cum- Africans have benefitted from the programme. “46% of our beneficiaries are women, reiterating our commitment to gender inclusion and equity. We have launched green programmes and targeted fragile states, reached those most exposed to climate change, migration, and extremism.”

    Beyond entrepreneurship

    Beyond entrepreneurship, Elumelu has also impacted on youths in the entertainment and creative sector. Constantly identifying with progenitors of Afrobeats and African sounds, Elumelu and his team have continued to engage youths in the industry and collaborate while contributing to the growth of the industry.

    In music, he’s known to have engaged Wizkid for UBA at some points and also engaged services of Davido and Flavour at different times amongst others. His annual end-of-the-year parties are synonymous with performances from some of the notable youth leaders in the creative industry.

    In furtherance, Elumelu and his created the RedTV to cater for the youthful minds and create content that are youth oriented while still developing some other forms that include screenwriting with grants running to thousands of Dollars. In 2022, the team created the Tony Elumelu Storytellers Fund, which is awarded to content creators in two categories: Media and Arts. Creatives get award grants worth between $500 and $2000 to each selected participant.

    Some of the recipients

    Ogola Kange, from Nigeria, is a 2015 recipient. She said: “The TEF program and the seed grant in 2015 was the real basis of my Entrepreneurship resilience and success today. That first application, the 12 weeks learning, and the boot camp are the things that I have built upon over the years, modifying and improving the business plan till what it is today.”

    Maliki Sankaré, from Mali is a 2021 recipient. He said: “We want to create several jobs in the agricultural sector by 2030, especially for the youth in rural areas, to reduce rural exodus.”

    A 2018 recipient from Cameroon, Angele expressed gratitude to the initiative for the six-week business management training which helped her develop a comprehensive business plan, set realistic business goals and work hard to achieve the set goals.

    Nora Chaynane and 2020 recipient has made a mark on the Morocco business landscape after her experience with the initiative. On her part through her business, Shine Space,Chaynane offers opportunities to students to prepare early and acquire technical and interpersonal skills, beyond what the schools provide, to guide students in finding the right career path and meet the demands of today’s world of work.

    How Elumelu has fared in impacting Nigerian and African youths in a decade

    • Gender Percentage:

    Female (45%), Male (55%)

    • Top 10 sectors Funded:

    Agriculture (33%); Education & Training (6%); ICT (8%); Healthcare (4%); Commercial\Retail (6%); Food & Beverages (4%); Fashion (7%); Manufacturing (7%); Energy/ Power Generation (3%)

    • Beneficiaries from 54 countries across Africa

    Nigeria: 7587, Mali: 3004, Uganda: 974, Benin: 799, Kenya: 782, Cameroon: 689, Chad: 596, Rwanda: 532, Burkina Faso: 370, Tanzania: 367, Ghana: 364, Zambia:335, Democratic Republic of The Congo: 344, Mauritania: 334, Niger: 322, South Africa: 251, Malawi: 243, Zimbabwe: 200, Botswana: 182, Madagascar: 158, Burundi: 144, Cote D’ivoire: 144, Ethiopia: 130, Togo: 111, Liberia: 99, Congo: 90, Sierra Leone: 87, Guinea-Bissau: 86, Senegal: 79, Guinea: 78, Gabon: 72, Namibia: 62, South Sudan: 61, Swaziland: 61, Mozambique: 52, Comoros: 40, Gambia: 44, Angola: 36, Lesotho: 34, Cape Verde: 34, Sao Tome And Principe: 29, Central African Republic: 24, Mauritius: 23, Tunisia: 23, Morocco: 22, Equatorial Guinea: 18, Algeria: 18, Egypt: 16, Djibouti: 14, Eritrea: 13, Somalia: 10, Seychelles: 10, Libya: 5, Sudan: 4

  • Tony Elumelu calls for increased oil production to boost Nigeria’s economy

    Tony Elumelu calls for increased oil production to boost Nigeria’s economy

    Tony Elumelu, founder of Heirs Energies, has harped on the need for Nigeria to increase its oil production to generate revenue for economic diversification.

    Speaking at the Heirs Energies leadership forum in Abuja, Elumelu stated the importance of investing in the oil and gas sector to support industrial growth and ensure energy security.

    “We cannot industrialize Africa, especially Nigeria, without improving access to energy and electricity,” Elumelu said.

    He disclosed that Heirs Energies acquired OML 17 from Shell about four years ago and currently produces over 53,000 barrels of oil per day, making it one of Nigeria’s leading indigenous oil and gas producers.

    Elumelu noted that under former President Muhammadu Buhari, Nigeria’s oil production fell below one million barrels per day.

    However, he acknowledged the improvement under President Bola Tinubu’s administration, with production now at 1.8 million barrels daily. Still, Elumelu believes the country should aim for over two million barrels per day to generate the revenue needed to diversify the economy and develop the nation.

    Addressing challenges in the power sector, Elumelu pointed out that gas supply constraints are limiting electricity generation. He noted that Transcorp, one of Nigeria’s power-generating companies with a capacity of 2,000 megawatts, faces challenges due to insufficient gas supply. To address this, Heirs Energies plans to increase gas production alongside oil production.

    Read Also: Nigeria makes progress towards exiting FATF grey list

    Elumelu revealed that Heirs Energies is expanding its oil production capacity to reach 100,000 barrels per day in the coming years. “Even though 53,000 barrels is not enough, we are working on increasing production. With the support of policymakers and collaboration within the industry, we are confident that we can achieve this goal,” he said.

    Elumelu expressed optimism that the company can meet its targets with the incentives and executive orders introduced by President Tinubu’s administration, which have brought significant changes to Nigeria’s oil and gas sector.

    Speaking at the forum, Osa Igiehon, CEO of Heirs Energies, noted positive shifts in the oil and gas industry, including Nigeria’s production of 1.7 million barrels per day in January 2025. He argued that with recent divestments, indigenous companies now control over 50 to 60 per cent of Nigeria’s oil production, signalling a shift toward local ownership and growth.

    “As indigenous companies take on a larger share of production, we must embrace the challenge and deliver results for the Nigerian people,” Igiehon said, stressing the company’s commitment to accelerating growth in the industry.

  • On Tony Elumelu’s powerful start

    On Tony Elumelu’s powerful start

    After a remarkable performance in 2024, Dr Tony Onyemachi Elumelu (CFR) is ushering in 2025 with an impactful announcement. This groundbreaking multi-million-dollar partnership reflects his unwavering commitment to innovation and progress.

    Known for his relentless drive and visionary leadership, Elumelu is not just setting ambitious goals, he is also actively laying the groundwork for even greater success in the year ahead.

    Read Also: Enenche encourages Nigerians to keep hope alive at Lagos Crusade

    For 2025, Elumelu has pledged $500 thousand to bolster peace and security initiatives throughout Africa. This generous donation underscores his dedication to fostering stability and harmony in a region often beset by conflict. By prioritizing these vital issues, Elumelu aims to create a conducive environment for economic development and empowerment, further solidifying his legacy as a leader committed to the betterment of society. This impressive pledge was made at the 38th ordinary session of the African Union in Addis Ababa. In the same vein, he recently announced the signing of a $6 million partnership of his ‘Tony Elumelu Foundation’ with the UAE Office of Development Affairs and the Khalifa Bin Zayed Al Nahyan Foundation to empower 1,000 African entrepreneurs, providing them with $5,000 in seed capital, comprehensive business training, mentorship, and access to invaluable networks.

    This partnership not only highlights our steadfast dedication to promoting entrepreneurship throughout Africa, but also marks a significant strengthening of the relationship between African nations and the Gulf Cooperation Council (GCC) region.

  • Elumelu calls for increased oil production to boost Nigeria’s economy

    Elumelu calls for increased oil production to boost Nigeria’s economy

    Tony Elumelu, founder of Heirs Energies, has harped on the need for Nigeria to increase its oil production to generate revenue for economic diversification.

    Speaking at the Heirs Energies leadership forum in Abuja, Elumelu stated the importance of investing in the oil and gas sector to support industrial growth and ensure energy security.

    “We cannot industrialize Africa, especially Nigeria, without improving access to energy and electricity,” Elumelu said. He disclosed that Heirs Energies acquired OML 17 from Shell about four years ago and currently produces over 53,000 barrels of oil per day, making it one of Nigeria’s leading indigenous oil and gas producers.

    Elumelu noted that under former President Muhammadu Buhari, Nigeria’s oil production fell below one million barrels per day. However, he acknowledged the improvement under President Bola Tinubu’s administration, with production now at 1.8 million barrels daily. Still, Elumelu believes the country should aim for over two million barrels per day to generate the revenue needed to diversify the economy and develop the nation.

    Read Also: I will no longer look for trouble – Portable 

    Addressing challenges in the power sector, Elumelu pointed out that gas supply constraints are limiting electricity generation. He noted that Transcorp, one of Nigeria’s power-generating companies with a capacity of 2,000 megawatts, faces challenges due to insufficient gas supply. To address this, Heirs Energies plans to increase gas production alongside oil production.

    Elumelu revealed that Heirs Energies is expanding its oil production capacity to reach 100,000 barrels per day in the coming years. “Even though 53,000 barrels is not enough, we are working on increasing production. With the support of policymakers and collaboration within the industry, we are confident that we can achieve this goal,” he said.

    Heexpressed optimism that the company can meet its targets with the incentives and executive orders introduced by President Tinubu’s administration, which have brought significant changes to Nigeria’s oil and gas sector.

    Speaking at the forum, Osa Igiehon, CEO of Heirs Energies, noted positive shifts in the oil and gas industry, including Nigeria’s production of 1.7 million barrels per day in January 2025. He argued that with recent divestments, Indigenous companies now control over 50 to 60 percent of Nigeria’s oil production, signalling a shift toward local ownership and growth.

    “As indigenous companies take on a larger share of production, we must embrace the challenge and deliver results for the Nigerian people,” Igiehon said, stressing the company’s commitment to accelerating growth in the industry.

  • Elumelu woos global investors to Africa with higher returns

    Elumelu woos global investors to Africa with higher returns

    African investor and philanthropist, Tony Elumelu, has told global investors to invest in Africa which delivers unmatched returns on investment.

    Elumelu spoke at theWorld Government Summit, Dubai, where he showcased the African investment opportunity.

    He highlighted the 15-year track record of returns and impact created by his investment vehicle, Heirs Holdings.

    An investor globally and across Africa, in multiple sectors, Elumelu stated that “while my investments span four continents, nowhere matches Africa’s ROI potential”.

    Elumelu emphasised Africa’s enormous demographic potential stating that “60 per cent of Africans are under 25, we have the youngest, most dynamic generation globally.”

    On a high-profile panel titled “The New Economic Revolution: An African Perspective,” moderated by CNN anchor Eleni Giokos, Elumelu spoke of Africa’s potential for economic growth, driven by a vibrant private sector and burgeoning youth demographic.

    Elumelu invests in strategic sectors that offer high returns but also drive Africa’s economic renaissance. He invests according to his Africapitalism philosophy, on the basis that the private sector needs to do good, and well. Africa’s power sector offers a huge opportunity: “HH has the capacity to generate 2,000 megawatts of electricity daily, and today, we generate about 750 megawatts. Our investment transforms lives and powers industries. It creates a value chain, in Africa, from natural resources to last mile distribution of electricity.”

    As Founder of the Tony Elumelu Foundation and Chair of Heirs Holdings Group — one of Africa’s largest and most diversified private investment portfolios —Elumelu shared his extensive experience in navigating investment landscapes across four continents. “I have investments on four continents, including the Gulf, a diversified investment portfolio in power, oil and gas, financial services, real estate, hospitality, and health care. Nowhere does better than Africa”.

    A strong advocate for Africa’s youth, Elumelu’s philanthropic efforts through The Tony Elumelu Foundation, have empowered 20,000 young entrepreneurs across 54 African countries, with $100 million in seed funding, mentorship, and training. These initiatives have already resulted in the creation of over 400,000 jobs within local communities, showing the potential of entrepreneurship in driving prosperity across the continent.

    Read Also: The artist as Nigeria’s true architect

    Addressing common misconceptions about the challenges faced in Africa, Elumelu reframed these issues as opportunities for investment, particularly in infrastructure development. “The challenges we face are opportunities, especially infrastructure, access to electricity, power development on the continent, transportation”.

    Elumelu concluded: “This isn’t charity – it’s the smartest capital allocation of our lifetime. The question isn’t if, but how fast you’ll join us.”

    The World Government Summit is an annual event in Dubai, United Arab Emirates, bringing together global leaders to discuss governance and investment opportunities. Other speakers on the panel session include H.E. David Moinina, Chief Minister of the Republic of Sierra Leone, and H.E. Akinwumi Adesina, President of the African Development Bank Group, who collectively highlighted the importance of financial inclusion and strategic partnerships in advancing Africa’s development.

  • Tamuno, Elumelu, others listed as top 100 real estate players

    Tamuno, Elumelu, others listed as top 100 real estate players

    THE GMD of Abuja Investment Company Limited, Amb. Maureen Tamuno Ph.D. has been listed among top 100 leaders to watch in Nigeria’s real estate industry in 2025.

    Tamuno was unveiled by the Housing Development Advocacy Network (HDAN), Nigeria’s leading pioneer nonprofit and research organization committed to advancing affordable housing.

    Tamuno, had previously served Nigeria’s High Commissioner to Jamaica, Belize, Haiti and Dominican Republic has a Doctorate in Strategic Marketing and Consumer Behaviour.

    She is also a dynamic professional with a global perspective and she continues to influence and shape business and development strategies, leveraging her wealth of experience to drive transformative growth in both corporate and personal spheres.

    Read Also: Tony Elumelu Foundation opens applications for entrepreneurship schemes

    Others that are listed on the list include Chairman and Founder of Heir Holdings, Mr. Tony Elumelu, Pastor Mathew Asimolowo, Founder and Chairman BUA Group, Abdulsamad Rabiu, CEO Lekki Gardens, Richard Nyong, Chairman Adron Homes and Properties; Aare Emmanuel Adetola-King, Former Managing Director Family Homes Funds, Femi Adewole, among several others.

    This initiative aims to spotlight key players across real estate, building technology, cement, and building materials manufacturing sectors who are poised to significantly impact housing delivery in the new year.

    According to Festus Adebayo, Executive Director of HDAN, the selection was based on a critical appraisal of their performances in the past year with a report by its first specialized television station, Housing TV Africa, channel 149 on StarTimes.

  • Family donates to orphans, community

    Family donates to orphans, community

    Hundreds of children sheltered in three orphanage homes in Lagos have received succour from the family of business mogul, Tony Elumelu, in donations.

    The homes included Hearts of Gold Children’s Hospice in Surulere, where Dr. Awele Elumelu, chair of Avon Healthcare, gave N10 million and assorted food items.

    She said the donation was to cater to the orphanages’ rent, medical bills, and others to take that burden off  the founders.

    Dr. Elumelu, who played and interacted with the children, said  philanthropy was not just about providing resources but also ensuring a difference in lives of people.

    Besides N10 million given to each home, the family provided 33 cartons of Indomie noodles, 20 bags of rice, 20 bags of beans, 10 bags of sugar, 10 cartons of milk and 10 cartons of Milo.

    She also said the donations would be extended to seven others outside Lagos, noting the gesture had been tailored to ensure  needs of each beneficiary home were met.

    Coming at a time the hospice was struggling with limited resources to cater to  needs of the children, especially surgical emergencies, the foundation could not contain its joy.

    Read Also: Simi, Adekunle Gold mark sixth wedding anniversary

    Founder of the hospice, Mrs. Laja Adedoyin, described the donation as the largest  received by the home.

    She noted that in Nigeria  where food and healthcare was a struggle for many, having enough food for children was like having all.

    Explaining the selection process and planning, UBA’s Group Head of Marketing and Corporate Communications, Alero Ladipo, said: “We conducted surveys to understand specific needs of each home. Beyond food items, the N10 million for each orphanage is intended to address medical needs, rent, and others such as diapers for the children.”

    In addition to donations in Lagos, the family gave to their community in Onicha Uku, Delta State, 1,800 bags of rice during the Yuletide.

  • Wizkid, Davido, Burna Boy perform at Tony Elumelu’s ‘All White party’

    Wizkid, Davido, Burna Boy perform at Tony Elumelu’s ‘All White party’

    Tony Elumelu’s All-White extravaganza in Lagos transformed into a glittering celebration, drawing major celebrities and influential figures from across Nigeria and beyond.

    The event featured electrifying performances by music superstars Wizkid, Davido, Burna Boy, and Flavour, keeping the crowd energized throughout the night.

    Dignitaries in attendance included Lagos State Governor Babajide Sanwo-Olu, Ogun State Governor Dapo Abiodun, BUA Cement founder Abdul Samad Rabiu, football star Victor Osimhen, and comedian Bovi.

    Read Also: Skales wonders why Wizkid dislike for him

    The star-studded party also welcomed renowned guests such as Samuel Eto’o, Mercy Eke, Kaffy Dancer, Beauty Tukura, Sharon Ooja, and Mr. Macaroni, among others, making it a night to remember.

  • We’ve greater vision behind UBA’s N239.4b rights issue, says Elumelu

    We’ve greater vision behind UBA’s N239.4b rights issue, says Elumelu

    • Shareholders, MSMEs, Africa, others to benefit

    Group Chairman, United Bank for Africa (UBA) Plc, Mr. Tony Elumelu, has said the ongoing rights issue would enable the pan-African banking group to drive organic expansion and business growth within and outside Nigeria in continuation of its long-term strategy as Africa’s leading financial institution.

    UBA is raising N239.4 billion in new equity funds by offering 6.84 billion ordinary shares of 50 kobo each to existing shareholders at N35 per share. The rights issue is pre-allotted on the basis of one new ordinary share of 50 kobo each to every five ordinary shares held as at November 05, 2024. The rights issue is scheduled to close on December 24, 2024.

    Outlining the strategic rationale behind the rights issue, Elumelu said the primary objective of the new capital raising was to strengthen the bank’s position as a pan-African banking industry leader and a highly rewarding institution for all stakeholders.

    He said the group would invest the net proceeds in additional digital technologies and business expansions that will strengthen the bank’s seven and half decades of impressive performance.

    Read Also: Children malnutrition: FG moves to reverse Nigeria’s top global, continental ranking

    He said the group decided on the rights issue to ensure that shareholders continue to derive undiluted benefits from a stronger, more innovative and resilient pan-African banking group.

    He added that while the rights issue would enable the bank to meet the new capital requirements stipulated by the Central Bank of Nigeria (CBN), the net proceeds would put the bank in a better stead to expand lending to small and medium enterprises (SMEs).

    He outlined that the bank would make substantial additional investments in technologies to consolidate its reputation as a cutting-edge financial services group and deliver more robust customer experience.

    According to him, new investments in information and communication technology (ICT) would further strengthen the group’s digitization and operational efficiency, thus fostering improving oordination and synchronisation amongst the various entities and delivering improved service delivery and customer satisfaction.

    He said the rights issue would enable the bank to drive organic expansion and business growth within and outside Nigeria, while strengthening its international operations. UBA recently signed agreement to commence full banking operations in France.

    According to him, with presence in key global financial hubs including United Kingdom (UK), United States of America (USA), France and United Arab Emirates (UAE), the bank would deepen its global operations by investing more in these global markets and further extend its global reach.

    He noted that with African subsidiaries contributing more than 50 per cent of the group’s overall performance, the bank would also make additional investments in existing African operations while exploring new opportunities. UBA currently has operations in 19 African countries outside of Nigeria.

    Elumelu, noted for his Africapitalism philosophy, pointed out that the bank’s expansion plan is driven by its commitment to developing African businesses.

    Elumelu’s Africapitalism focuses on unearthing Africa’s economic development through the continent’s private sector. It espouses a benign investment philosophy that seeks both social and economic returns.

    According to him, UBA is not only expanding its geographical reach, but also playing a strategic and pivotal role in the economic transformation of Africa as a continent.

    Elumelu reiterated the bank’s long-term strategy of becoming the undisputed leading and dominant financial services institution in Africa, with greater emphasis on Nigeria.

    UBA had delivered 375 per cent capital gains to investors in nearly five years, outperforming the average returns at the Nigerian stock market and the entire financial services sector. The bank also holds the distinction of highest dividend payout by any bank and one of the three highest yields in the entire stock market with its interim dividend payout of N2 per share.

    Retail shareholders have already expressed supports for the ongoing rights issue, citing the bank’s historical financial performance and investors’ friendly disposition.

    As part of its future plans, UBA seeks to strengthen collaboration and partnership with telecommunication companies and financial technology companies (fintechs) to drive technology-enabled initiatives across Africa that will improve intra-trade, remittances, and payments across Africa.

    By so doing, the bank will provide the enabling environment to empower businesses, enhance cross-border transactions, and drive regional economic growth and integration.

    This will position the bank to become the undisputed leading and dominant financial services institution in Africa supporting regional development, growth and prosperity.

    The bank also plans to broaden its payment capabilities to enable it to transform the way merchants collect payments by offering solutions that offer seamless, secure and user-friendly ways of managing and consummating transactions.

    This will also entail optimising partnerships with FinTechs to drive digital transformation, achieve broader banking penetration, and grow revenues from transaction banking and remittance activities.