By Francis Ajuonuma
African investor and philanthropist Tony Elumelu has highlighted the 15-year track record of returns and impact created by his investment vehicle, Heirs Holdings.
Speaking at the World Government Summit in Dubai, which showcased the African investment opportunity, Elumelu stated that “while my investments span four continents, nowhere matches Africa’s ROI potential.”
He emphasised Africa’s enormous demographic potential, “60 percent of Africans are under 25, and we have the youngest, most dynamic generation globally.”
On a high-profile panel titled “The New Economic Revolution: An African Perspective,” CNN anchor Eleni Giokos interviewed Elumelu about Africa’s potential for economic growth, which is driven by a vibrant private sector and burgeoning youth demographic.
Elumelu invests in strategic sectors that offer high returns and drive Africa’s economic renaissance.
He invests according to his Africapitalism philosophy, which holds that the private sector needs to do well.
He said Africa’s power sector offers colossal opportunity, adding, “He can generate 2,000 megawatts daily, and today, we generate about 750 megawatts. Our investment transforms lives and powers industries. It creates a value chain in Africa, from natural resources to the last-mile electricity distribution.”
As Founder of the Tony Elumelu Foundation and Chair of Heirs Holdings Group, one of Africa’s largest and most diversified private investment portfolios, Elumelu shared his extensive experience navigating investment landscapes across four continents.
“I have investments on four continents, including the Gulf, a diversified investment portfolio in power, oil and gas, financial services, real estate, hospitality, and health care. Nowhere does better than Africa,” he said.
A strong advocate for Africa’s youth, Elumelu’s philanthropic efforts through The Tony Elumelu Foundation have empowered 20,000 young entrepreneurs across 54 African countries with $100m in seed funding, mentorship, and training.
These initiatives have already created over 400,000 jobs within local communities, showing the potential of entrepreneurship to drive prosperity across the continent.
Addressing common misconceptions about the challenges faced in Africa, Elumelu reframed these issues as opportunities for investment, particularly in infrastructure development. “The challenges we face are opportunities, especially infrastructure, access to electricity, power development on the continent, transportation.”
“This isn’t charity – it’s the smartest capital allocation of our lifetime. The question isn’t if but how fast you’ll join us,” he said.
The World Government Summit is an annual event in Dubai, United Arab Emirates, bringing together global leaders to discuss governance and investment opportunities. Other speakers on the panel session include H.E. David Moinina, Chief Minister of the Republic of Sierra Leone, and HE, Akinwumi Adesina, President of the African Development Bank Group, who collectively highlighted the importance of financial inclusion and strategic partnerships in advancing Africa’s development.
