Palm Beach, Florida – February 5, 2025: Nigerian billionaire entrepreneur and philanthropist, Tony O. Elumelu, CFR, has called for a collective effort to “democratise luck” and create more opportunities for young African entrepreneurs. He made this call while delivering the keynote address at the Legacy Builders Palm Beach Conference, held at the Eau Palm Beach Resort & Spa, Florida.
Speaking on the theme “Democratising Luck”, Elumelu, the Founder of The Tony Elumelu Foundation and Chairman of Heirs Holdings, UBA Group, and Transcorp Group, shared his journey from humble beginnings to becoming one of Africa’s most influential business leaders. He emphasised that success should not be reserved for a privileged few but should be accessible to all through mentorship, funding, and the right opportunities.
Empowering African Entrepreneurs
Elumelu highlighted Africa’s rapidly growing young population, noting that the continent is home to 24 of the world’s 25 fastest-growing populations and will double in size within 25 years. He described young Africans as some of the most industrious and entrepreneurial people in the world, stressing that they hold the key to unlocking Africa’s untapped potential.
“In 2015, my wife and I committed $100 million to identify, train, and fund African entrepreneurs,” he revealed. “Since then, over 21,000 beneficiaries have received direct funding, creating 1.5 million jobs and generating $4.2 billion in revenue across Africa.”
The Tony Elumelu Foundation has also provided training for 2.5 million Africans and lifted over 2 million individuals out of poverty. To expand its impact, the foundation now collaborates with global partners like the EU, UN, Red Cross, and the IKEA Foundation.
A Personal Journey of Hard Work and Opportunity
Elumelu recounted his personal experience, beginning as a banker without a privileged background. Through resilience and strategic investments, he led the turnaround of a struggling bank, which eventually became UBA Group, one of Africa’s largest financial institutions. Today, UBA operates in 20 countries across four continents and serves over 45 million customers.
Beyond banking, his business empire spans oil and gas, power generation, real estate, healthcare, and technology. He noted that his investments in power and infrastructure are helping to address Nigeria’s energy crisis, ensuring that businesses, schools, and hospitals can function efficiently.
A Call to Action
Elumelu urged successful individuals to play a more active role in creating opportunities for others. “Africa will not rise by chance—it will rise through deliberate action. We must mentor, invest, and champion young entrepreneurs who only need a chance to succeed,” he declared.
Concluding his speech, he invited global leaders, investors, and policymakers to join the mission of creating a continent where young entrepreneurs are not paralysed by systemic barriers, but propelled forward by opportunity.
“Together, we can transform Africa one entrepreneur at a time,” he said. “Let’s democratise luck.”
Elumelu was joined at the conference by Somachi Chris-Asoluka, CEO of the Tony Elumelu Foundation, and Alexander Trotter, a fellow Trustee.
