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Tony O. Elumelu

Chairman, UBA Group

Tony O. Elumelu is one of Africa’s leading investors and philanthropists. He is the Founder and Chairman of Heirs Holdings, his family owned investment company committed to improving lives and transforming Africa, through long-term investments in strategic sectors of the African economy including financial services, hospitality, power, energy, technology and healthcare. Tony is the Chairman of pan-African financial services group, the United Bank for Africa (UBA), which operates in 20 countries in Africa, the United Kingdom France, and is the only African bank with a commercial deposit taking presence in the United States. UBA provides corporate, commercial, SME and consumer banking services to more than 21 million customers globally. He also chairs Nigeria’s largest quoted conglomerate, Transcorp Plc whose subsidiaries include Transcorp Power, one of the largest generators of electricity in Nigeria and Transcorp Hotels Plc, Nigeria’s foremost hospitality brand. He is the Founder and Chairman of Trans-Niger Oil & Gas Limited (TNOG), an upstream oil and gas company which owns and operates Nigeria’s OML17, (with 2P reserves of 1.3 billion barrels of oil equivalent) and committed to creating resource based added value on the African continent. Tony is the most prominent champion of entrepreneurship in Africa. In 2010, he created The Tony Elumelu Foundation (TEF), the pan-African philanthropy empowering a new generation of African entrepreneurs, catalysing economic growth, driving poverty eradication and ensuring job creation across all 54 African countries. Since inception, the Foundation has funded just under 10,000 entrepreneurs and created a digital ecosystem of over one million Africans as part of its ten year, US$100m commitment through its flagship Entrepreneurship Programme. Self-funded, the Foundation is increasingly sharing its unique ability to identify, train, mentor and fund young entrepreneurs across Africa, with institutions such as the United Nations Development Programme, the International Committee of the Red Cross and other global development agencies. His businesses and Foundation are inspired by Tony’s economic philosophy of Africapitalism, which positions the private sector, and most importantly entrepreneurs, as the catalyst for the social and economic development of the African continent. Tony sits on a number of public and social sector boards including the Global Advisory Council of the Harvard Kennedy School’s Centre for Public Leadership, World Economic Forum Community of Chairmen and the Global Board of UNICEF’s Generation Unlimited. He was named in the 2020 Time100 Most Influential People in the World, recognised for his business leadership and economic empowerment of young Africans.

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