By Bassey Udo
The establishment of the Tony Elumelu Foundation was to help in unlocking Africa’s huge untapped potential, particularly among its youth population, its Founder, Tony Elumelu, has said.
Elumelu who spoke on Wednesday at the Legacy Builders Palm Beach Conference at the Eau Palm Beach Resort & Spa Palm Beach, Florida, acknowledged the African continent as a beautiful land, not only because of its big size and vast mineral wealth, but also of its nature, despite being ravaged by poverty, strife and conflicts.
The Chairman of Heirs Holdings, UBA, and Transcorp Groups told the gathering made up of mostly global changemakers, and visionary legacy builders that as an African businessman and philanthropist his life was shaped by the commitment to mobilise available resources to advance the cause of humanity.
Elumelu, who described African youths as some of the most industrious, entrepreneurial people in the world, said this has been eloquently amplified by his life and achievement, as he came from almost nowhere to achieve a lot in his chosen field.
“The mission of my journey has come to define my life. Young people are important to me, and Africa has many more than elsewhere. I know these young African entrepreneurs can transform Africa.
“I founded the Tony Elumelu Foundation, and for the past 15 years, I have dedicated myself to a mission close to my heart: empowering African entrepreneurs,” Elumelu said.
Elumelu who delivered the keynote remarks on the topic “Democratizing Luck” said so far his Foundation has spent about $100m to empower young African entrepreneurs whom he described as “the innovators, dreamers, and builders who can transform not only their own lives, but entire economies.”
On his background, Elumelu told his audience that he started his career as a banker, before he got lucky to get a job.
“I had no silver spoon, no international education. I worked hard and when I saw an opportunity to do more, I took it.
“I led a group of investors to turn around a struggling bank and make it profitable. That opportunity led to what is the largest bank merger in sub-Saharan Africa to date, Because Africa is a continent of opportunity, I diversified,” he said.
Apart from his banking group, with presence in 20 counties in Africa and four other continents, with over 45 million customers, Elumelu said he has diversified into oil and gas, power, real estate, healthcare, technology and the hospitality industries.
He said his journey through life has been shaped by a combination of luck, opportunity, grit, and resilience, adding that he has attained his current status, because he was fortunate to be in the right place at the right time.
“I was prepared to seize the moment when luck presented itself. However, I believe luck and opportunity should not be reserved for a select few. We cannot claim to be rich when there is pervasive poverty that is evident all around us,” he said.
To extend the same opportunity to young Africans who have not been as fortunate, he said he tried to democratise luck, by investing in the next generation of African entrepreneurs.
In 2015, he said the Foundation committed $100m to identify, train and fund the businesses of African entrepreneurs over 10 years.
Today, he said 2.5 million Africans have been granted with access to training on its online portal, TEF Connect, while over 2 million individuals have been lifted out of poverty.
Also, he said the Foundation has disbursed more than $100m in direct funding to over 21,000 beneficiaries, who have created 1.5 million jobs, and generated $4.2b in revenue across Africa.
Besides, he said the Foundation’s programme have received over 300,000 applications from prospective young entrepreneurs every year and now working with international agencies, like the EU, the UN, the Red Cross.
“Our youth inspire me. They are creating jobs and eliminating poverty. Their impact is being felt in their communities and across the continent as they come up with solutions that is transforming Africa.
“My greatest fulfillment comes from the legacy we are building, the lives we are transforming, and the profound impact of what the Tony Elumelu Foundation now represents,” he said.
Regardless, he challenged young Africans with a dream to take a fair shot at realising it, drawing inspiration from the story of his personal life experience.
“Democratising luck is not just about finance—it is about knowledge-sharing, about mentorship, about building networks that support and uplift.
“We must create a continent where young entrepreneurs are not paralysed by systemic barriers, but propelled forward by opportunity. We will bring back hope.
“To those who have achieved success, I say this: We must do more. Become a mentor, an investor, a champion for those who only need a chance.
“Africa will not rise by chance—it will rise because of deliberate action, because of people who refuse to accept the status quo and choose instead to create the future we deserve,” he said.
