Business & Philanthropy Climate Forum



Tony O. Elumelu, C.F.R. Tony O. Elumelu is an African leading investor and philanthropist. He is the Founder and Chairman of Heirs Holdings, his family owned investment company committed to improving lives and transforming Africa, through longterm 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 across Africa, the United Kingdom, France, the UAE 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 35 million customers globally. He also chairs Nigeria’s largest quoted conglomerate, Transcorp whose subsidiaries include Transcorp Power, one of the leading producers of electricity in Nigeria and Transcorp Hotels Plc, Nigeria’s foremost hospitality brand. Tony is the most prominent champion of entrepreneurship in Africa. In 2010, he created The Tony Elumelu Foundation (TEF), the leading philanthropy empowering a new generation of African entrepreneurs, catalysing economic growth, driving poverty eradication and driving job creation across all 54 African countries. Since inception, the Foundation’s flagship programme has identified and catalysed 18,500 entrepreneurs and created a digital ecosystem of over one million Africans, as part of a ten-year US$100m commitment to fund, mentor and train young Africans. Tony’s businesses and the Foundation are inspired by his 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. In 2020, in recognition of his business leadership and economic empowerment of young African entrepreneurs, Tony was named in the TIME100 Most 3 Influential People in the World, and recognised with Belgium’s oldest and highest royal order.

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