Was it difficult to retire from UBA?
When I retired from the bank, it was the right time to move on and start building something new. I felt ready for a change, and Heirs Holdings and the Tony Elumelu Foundation were established as a springboard for the next stage of my life.
The impact we’ve had on our community over the last five years is humbling and has been well beyond initial expectations. None of this would have happened if I hadn’t embarked on that new professional journey.
How do you convince rich Africans to invest in their own continent?
First, by leading by example. Like I always say, I was schooled in Africa and built my business in Africa and achieved success there. It is my hope that my life, business and philanthropic endeavors will encourage others to do the same.
Also, it is important to demystify the claim that all business opportunities in Africa are unwholesome or belong to unscrupulous individuals. We can do this, especially with the help of the press, by providing more visibility to legitimate businesses that are engaged in impactful activities on the continent. The more these businesses are made known, the more attractive these investment opportunities may seem to reluctant rich Africans who have not yet stepped up to the plate.
Finally, through the research and advocacy arm of my foundation, I’m appealing to governments and policymakers to improve the legal and regulatory framework for businesses. Without an enabling environment, it is difficult for businesses to thrive. This is a huge deterrent to potential investors.
Is capitalism the only force able to promote African development and prosperity?
Africapitalism is not the only way Africa can develop and prosper, but I believe it is the best, most expedient and most meaningful way for us to reach our greatest potential.
The key role of African governments is to enable the private sector and to create the right environment for a new crop of entrepreneurs to emerge. The primary aim of Africapitalism is to make a profit, with the notion that as you make a profit you are also making an impact on society.
What is your next challenge in life?
Both Heirs Holdings Group and the Tony Elumelu Foundation are entering the next stage of their existence. Our challenge now is
to get these enterprises through this important phase and ensure that the value we have been able to generate so far continues to grow and be amplified and sustained.
Going forward, our group of companies intends to play a more active role in industrial and infrastructure development across the continent. Through our strategic investments in the energy, agriculture, real estate and financial services sectors, we believe we are uniquely positioned to make a meaningful and sustainable impact. For example, in the 3 years since Transcorp Power, a group company, acquired the Ughelli power plant in Nigeria, we have increased power generation by over 525%. In the coming years, our goal is to generate at least 25% of Nigeria’s power output. Given the deficit in Nigeria’s power supply, it is easy to see how much of a difference we are making through our investments in these critical sectors.
My next challenge, in a nutshell, is to scale these investments to an unprecedented level, one never seen before on our continents.
“Put simply, Africapitalism is a call to action for businesses to do business in a new way. I call it doing well (economic profits) and doing good (social prosperity).”
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