The philosophy of “Africapitalism” has guided Tony Elumelu’s (AMP 166, 2004) business career. The chairman of United Bank of Africa coined the term to describe the type of community-focused investments made by Heirs Holdings, where he is now chairman. Among many other project, Heirs Holdings has made significant investments in Nigeria’s energy infrastructure. “It is helping hospitals; it’s helping homes; it’s helping enterprise,” he says.

Elumelu is passing this philosophy on to the next generation through the Tony Elumelu Foundation’s TEF Entrepreneurship Programme. Established in 2014 with a $100 million endowment, the program has pledge support for 10,000 young African entrepreneurs over 10 years. Participants receive training, mentorship, networking, and $5,000 in seed funding, among other benefits. More than 4,000 entrepreneurs have participated in the program.

This work is not charity, Elumelu stresses. It is an investment. He believes that these entrepreneurs can create at least 1 million jobs in Africa and contribute at least $10 billion in revenue. “The legacy I want to leave behind is to have more Tony Elumelus across Africa,” he says. “Entrepreneurship can alleviate poverty on the continent and create employment for our people.”

(Published July 2019)

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