.As company spends $100m to empower over 21,000 youths
As part of its determination to address poverty in Africa, the Chairman of Heirs Holdings Group, Tony Elumelu has disclosed that the Group disbursed USD100 million to 21,000 African youths to fund their businesses.
The initiative has created no fewer than 1.5 million jobs, and generated $4.2 billion in revenue across the continent.
The Founder of Tony Elumelu Foundation, TEF also said 2.5 million Africans have been granted access to training on TEFConnect, the Foundation’s online portal, which according to him has lifted over 2 million individuals out of poverty.
Elumelu made the disclosure while delivering his keynote remarks at the Legacy Builders Palm Beach Conference, Eau Palm Beach Resort & Spa, Palm Beach, Florida, United States, noting that the Foundation made such huge philanthropy because of the belief that entrepreneurs hold the key to unlocking Africa’s untapped potential.
Speaking on the Theme: ‘Democratising Luck…,’ the Chairman who confessed that his journey had been shaped by a combination of luck, added that resilience and determination should not be undermined.
The Chairman said, “It is a profound honour to stand before you today, sharing not only my journey, but the mission that has come to define my life.
“Africa’s population is currently 1.5 bn – it will double in 25 years. The median age is 19 – in Latin America it’s 31 – in Asia and the US 38
“Africa is home to 24 of the world’s 25 fastest-growing populations
“My country Nigeria will, according to the Economist, overtake the US, as the world’s third most populous country by 2050.
“I founded the Tony Elumelu Foundation, and for the past 15 years, I have dedicated myself to a mission close to my heart: empowering African entrepreneurs.
“I have spent USD100m. Because of that belief that entrepreneurs hold the key to unlocking Africa’s untapped potential. They are the innovators, the dreamers, and the builders who can transform not only their own lives but entire economies.
“I started out my career as a banker. I was lucky to get a job. I had no silver spoon, no international education.
“I worked hard and when I saw an opportunity to do more, I took it.
“I led a group of investors to turn around a struggling bank and make it profitable. That opportunity led to what is the largest bank merger in sub-Saharan Africa to date.”
The chairman added, “Our banking group now is in 20 countries in Africa, it is on four continents – we are the only African bank regulated to take deposits in the US. We bank over 45 million customers. Because Africa is a continent of opportunity, I diversified.
“My Group is one of the largest oil producers in Nigeria – we are one of the largest power producers – we have acquired one of the top three electricity distribution companies in Nigeria. We also invest in and manage real estate, healthcare and technology.
“We are doing well – but also, we are doing good. Nigeria has huge resources and effectively no power – we are changing that – it means not just businesses, but schools and hospitals are beginning to function.
“If you come to our federal capital – you will stay in Transcorp Hilton – our flagship hotel – again we have invested over USD130m making it world class destination – for leaders – for business – for families. But also, as a gateway to investment in Africa.
“But my journey has been shaped by a combination of luck, as well as opportunity, grit, and resilience.
“I am where I am today because I was fortunate to be in the right place at the right time — I was prepared to seize the moment when luck presented itself.
“However, I believe luck and opportunity should not be reserved for a select few. We cannot claim to be rich when there is pervasive poverty that is evident all around us.
“This belief has always been guided by a question that fuels my purpose: How do I extend the same opportunity I had to young Africans who have not been as fortunate? How can I democratise luck?
He therefore disclosed, “This question inspired my wife and I to invest in the next generation of African entrepreneurs.
“In 2015, we committed that USD100million to identify, train and fund the businesses of African entrepreneurs over 10 years.
“Today, we have granted 2.5 million Africans with access to training on TEFConnect, our online portal, and lifted over 2 million individuals out of poverty.
“We have also disbursed more than USD100 million in direct funding to over 21,000 beneficiaries, who have created 1.5 million jobs, and generated USD4.2 billion in revenue across the continent.
“We also learnt; we can’t do it just by ourselves – our programme receives over 300,000+ applications a year. So, we now work with the EU, the UN, the Red Cross – and with family foundations, we launched a programme with the Ikea Foundation – they use our execution ability – we amplify the good.”
Speaking on the creativity of African youths, he noted, “Their impact is being felt in their communities and across the continent as they come up with solutions that is transforming Africa.
“My greatest fulfillment comes from the legacy we are building, the lives we are transforming, and the profound impact of what the Tony Elumelu Foundation now represents,” he stated.
However, Elumelu added, “Democratising luck is not just about finance—it is about knowledge-sharing, about mentorship, about building networks that support and uplift.
“We must create a continent where young entrepreneurs are not paralysed by systemic barriers, but propelled forward by opportunity. We will bring back hope.
“Africa will not rise by chance—it will rise because of deliberate action, because of people who refuse to accept the status quo and choose instead to create the future we deserve.”
He therefore advised the African youths to explore ways to be part of Elumelu Foundation mission to drive meaningful and sustainable impact.
