Victor EzejaChairman, UBA Group, Tony Elumelu, has stated that the quest to create access to opportunities and empower African entrepreneurs led him to establish the Tony Elumelu Foundation 15 years ago.
Elumelu, who spoke at Legacy Builders Palm Beach Conference, held at the Eau Palm Beach Resort & Spa in Florida, on 4-5 February 2025, highlighted how his success journey was shaped by a combination of luck, opportunity, grit and resilience.
Join our WhatsApp ChannelSpeaking on the theme: “Democratising Luck,” the billionaire investor, who is also chairman of Heirs Holdings and Transcorp Group, said “I am where I am today because I was fortunate to be in the right place at the right time” and “was prepared to seize the moment when luck presented itself.”
He however said he believes that it is not sustainable to have luck and opportunity reserved for a select few who become rich in the midst of “pervasive poverty.”
This belief, Elumelu said, fueled his desire to find ways of extending the same opportunity he had to young Africans who have not been as fortunate as him, as a way of democratising luck.
Elumelu revealed that the quest inspired him and his wife to invest in the next generation of African entrepreneurs, leading to the founding of the Tony Elumelu Foundation in 2015.
The Foundation, according to him, committed $100 million into the project in 2015, to “identify, train and fund the businesses of African entrepreneurs over 10 years.”
He disclosed that as of today, TEF has granted 2.5 million Africans access to training on TEFConnect, the foundation’s online portal, and lifted over two million individuals out of poverty.
“We have also disbursed more than US$100 million in direct funding to over 21,000 beneficiaries, who have created 1.5 million jobs, and generated US$4.2 billion in revenue across the continent,” Elumelu further stated.
He said their empowerment programme receives over 300,000 applications every year, adding that the foundation now works with the European Union, the United Nations, the Red Cross and family foundations.
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While stating that African youth inspire him by their creativity, hard work and entrepreneurial spirit, Elumelu commended them for creating jobs, adding that their impacts are being felt across the continent “as they come up with solutions that are transforming Africa.”
While stating that his greatest fulfillment comes from the legacy the Tony Elumelu Foundation is building which is about transforming lives, Elumelu, however, pointed out that there is still more to be done.
According to him, every young African with a noble dream should be given fair chances of realising it.
Reflecting on his childhood and how he assisted his mother in her restaurant business, Elumelu noted that the opportunity enabled him to learn the fundamentals of business not from a formal classroom “but from her (mother) unwavering resilience and resourcefulness.”
“I saw first-hand how access to capital and mentorship could mean the difference between a thriving business and one that never gets off the ground. That lesson never left me.”
Speaking further on the theme, he emphasised that democratising luck is not just about financing but also entails knowledge-sharing, mentorship, and building networks that support and uplift people.
“We must create a continent where young entrepreneurs are not paralysed by systemic barriers, but propelled forward by opportunity. We will bring back hope.”
He urged those who have achieved success and are in the business of empowering people to do more.
“Become a mentor, an investor, a champion for those who only need a chance,” he admonished, adding that “Africa will not rise by chance” but through “deliberate actions of people who refuse to accept the status quo and choose instead to create the future we deserve.”
Victor Ezeja is a passionate journalist with six years of experience writing on economy, politics and energy. He holds a Masters degree in Mass Communication.
