The Chairman of the United Bank for Africa (UBA), Mr. Tony Elumelu, has emerged Daily Times of Nigeria (DTN) Man of the Year.
Elumelu clinched the honour after thorough evaluation of his contributions to the global economy from the African perspective. He dwarfed other top business moguls across Africa in his entrepreneurship developmental strides.
Elumelu, the Africapitalist and founder, Heirs Holdings, has continued to impact Africa and the global economy through many fronts, the latest of which is the nurturing, mentorship and empowerment of 1000 youthful African entrepreneurs every year, thereby demonstrating his philosophy of shared approach to African development.
He had earlier reminded all that shared approach to Africa’s development remains the only course to realizing sustainable political stability, economic development, and fiscal prosperity across the continent.
Elumelu, is a global financial leader and chairman of a Pan-African financial institution with operations in 19 African countries and three global financial centres; London, Paris and New York
The philanthropist founded Toney Elumelu Foundation (TEF), to take global and Africa’s economic development to a higher altitude by identifying, empowering and nurturing youthful entrepreneurial geniuses across the continent and beyond.
TEF is Africa’s leading philanthropic organisation committed to fishing out budding entrepreneurial ingenuities across the continent as the elixir for sustainable socio-economic growth in Africa.
Supported by the TEF, Tony Elumelu Entrepreneurship Programme (TEEP), ensures that 1,000 entrepreneurs selected from across Africa receive funding and mentorship every year, since 2014.
TEEP with a $100 million mutual fund solely contributed by the philanthropist was launched in December 2014, with a target of collectively creating one million new jobs that can guarantee US$10 billion added revenues in the process.
The foundation has a 10-year, US$100 million commitment to training, mentoring and funding 10,000 African entrepreneurs.
The first round of 1,000 youthful entrepreneurs’ beneficiaries of the TEF was announced in 2015. The success of 2015 Tony Elumelu Entrepreneurs reflects the impact of the Programme, including, Momar Mass-Taal in Agriculture, Gambia who turned his $5,000 seed capital into $1.2 million in revenue.
Bukhary Kibonajoro of Tanzania Education & Training sector who used the mentorship and training to launch his business, create 34 new jobs and provide growth services for more than 100 local business in 12 months.
Also, Nigerian Chioma Okonu of Waste Management sector has created ancillary revenue streams for more than 6,000 households, created 40 jobs and generates over $50,000 in profit.
TEEP announced the selection of 1,000 entrepreneurs for the second round of the programme in March, with Nigerians dominating the selection as 589 entrepreneurs from the country are set to join the programme.
Mr. Elumelu is spreading the knowledge that his economic philosophy of ‘Africapitalism’ provides a blueprint to stimulating economic growth in Africa as a whole, adding that African unity should be about shared challenges and experiences, shared ideas and goals, and bonds of blood and trade.
“I believe that shared prosperity can only be achieved when the government and private sector work in shared purpose to advance the economic and social development of nations and the continent,.” he said at Tunisia 2020, a recent event attended by delegations from the United Nations, Germany, Canada, France, Qatar and Algeria, among others.
