Africapitalism and Philanthropy of Tony Elumelu
African businessman and philanthropist Tony Elumelu promotes Africapitalism and philanthropy for Africans.
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| Tony Elumelu |
About Tony Elumelu and Africapitalism
Tony Elumelu, born March 22, 1963, is one of Africa’s most influential business leaders and philanthropists. He attended Harvard's school of business and became Nigeria's King of banking at age 34.
Elumelu was CEO and general managing director of the United Bank for Africa group but left in 2010. While there he made history, paving the way in which banks operate in Africa.
Beyond banking, he decided to set up an investment firm that would boost Africa socially. Founded in 2010, the Tony Elumelu Foundation is an African funded philanthropic organization that supports entrepreneurship in Africa.
Elumelu is the founder and leading advocate of the Africapitalism movement, an economic viewpoint that hinges on the belief that Africa’s private sector can and must play a leading role in the continent’s development.
What is Africapitalism?
Africapitalism is a term coined by Elumelu in 1997 hinges on seven core principles, long-term investments, strategic sectors, development dividends, value-added growth, regional connectivity, multi-generational development, and shared purpose.
The philosophy calls on Africa’s private sector to invest long-term in key sectors that have to create both economic prosperity as well as social affluence simultaneously. Investments make money but also touch African society to increase access to electricity, invest in agricultural and engage productively in healthcare. Financial returns as well as having a social impact is at the heart of Africapitalism.
Africapitalism means doing well as well as doing good. Banking entrepreneur Tony Elumelu is credited with bringing banking to the everyday African population. He provided access to Africans so they could have a bank account, transfer money when they pleased through mobile banking, gain interest, and take out loans. Nigerian banker and philanthropist Tony Elumelu in August 2017, donated $500,000 to Sierra Leone to help alleviate the suffering of people affected by flood and mudslide in the country.
Elumelu made the donation to Sierra Leonean President Ernest Bai Koroma during a visit to the West African country. Along with former Nigerian President Olusegun Obasanjo, Elumelu visited survivors at the Connaught Hospital, the principal adult referral hospital in Freetown, the country’s capital.
Elumelu 2017 Mudslide relief efforts in Sierra Leone
Elumelu called on other wealthy individuals and organizations around the world to support relief efforts in Sierra Leone.
The Nigerian philanthropist also called the attention of international media to the Freetown floods and bemoaned the fact that the world’s major news organizations have not given significant media attention to the crisis.
More than 3,000 people lost their homes in a devastating mudslide in Sierra Leone, which killed at least 499 people, with more than 600 missing. There is still no precise figure for the total number of victims. Three years ago, Elumelu donated about $300,000 towards Ebola containment and relief across Sierra Leone, Guinea and Liberia.
In 2010, the Tony Elumelu Foundation was founded according to his website to spur our continent’s development through entrepreneurship and competitiveness.
The Tony Elumelu Foundation is the philanthropic arm of Heirs Holdings, an African investment firm believing that the private sector holds the key to unlocking Africa’s economic potential. Tony Elumelu Foundation desires to empower a generation of successful for-profit entrepreneurs who drive Africa’s economic and social transformation.
Scaling the Tony Elumelu Foundation (TEF)
20,000+ entrepreneurs funded across all 54 African countries since program inception
100M+ disbursed in direct funding to African startups and small businesses
Focus on youth empowerment - Over 70% of beneficiaries under age 35
Heirs Holdings & Transcorp Expansion
Strategic investments in key sectors: financial services, energy, hospitality, healthcare
Digital transformation push across portfolio companies
Pan-African expansion of banking and financial services operations
Africapitalism in Action
Continued advocacy for private sector-led development across global forums (UN, World Economic Forum, AU)
Focus on gender equality - Significant percentage of TEF beneficiaries are women entrepreneurs
Climate entrepreneurship - Growing emphasis on green businesses and sustainable ventures
Key 2024-2025 Initiatives
TEF Entrepreneurship Programme - Annual cycle identifying and funding new cohorts
Digital empowerment programs for African youth
Partnerships with international organizations to scale impact
Focus on fragile states - Ensuring entrepreneurship reaches conflict-affected regions
Recent Recognition & Influence
Global leadership voice on African development and entrepreneurship
Regular speaker at major international economic forums
Bridge builder between African entrepreneurs and global capital
Thought leadership on post-pandemic economic recovery in Africa
Signature Philosophy in Practice
Elumelu continues to operationalize his Africapitalism vision - the belief that Africa's private sector must drive the continent's economic transformation through long-term investments that generate both economic prosperity and social wealth.
His work demonstrates that philanthropy and profit aren't mutually exclusive - strategic business investments can create sustainable development impact across Africa.
"We're proving that when you invest in African entrepreneurs, you're investing in Africa's future." - Tony Elumelu's ongoing mission statement.
"The future we all want for ourselves is one of our own making."
"As an entrepreneur myself, I understand what it feels like to yearn for a lifeline, to hope for a big break, to look forward to enjoying some luck."
"All lives whether on the African continent or elsewhere are the same and should attract the same media attention and human sympathy."
"In 2015, I heralded the 'Decade of the African Entrepreneur' by committing $100 million to the TEF Entrepreneurship Programme - the first of its kind and scale in Africa. Since then, our alumni across all 54 African countries have begun growing businesses and improving lives, contributing to 18,000+ African entrepreneurs and over $100 million US dollars disbursed."
"Africapitalism means we cannot leave the business of development up to our governments, donor countries, and philanthropic organizations alone. The private sector must be involved in the business of development."
