TOE at Havard and Columbia

Last weekend, I delivered keynote addresses at student-led events at Harvard and Columbia universities. Earlier that week, I had asked all of you to share your thoughts on what issues my presentations should address. Your comments revealed deep intellect and insight, and I was more than happy to incorporate most of your feedback.

1. My own experience with market disruption: In 1997 some of us came together and acquired a distressed financial institution and turned it around. We set out with 3 strategic intents 1. Turn the bank around 2. Become a leader in the continent and; 3. Expand globally. Today we have achieved all. UBA is operating in 19 countries in Africa and are in 3 global centres; London, Paris and here in NY. The bank employs 25,000 people, funds crucial infrastructure projects, and provides a means of financial security and savings for millions of customers. What started in 1997 has grown exponentially, creating wealth for us and a variety of stakeholders. The lesson here is that there was an overriding drive and need to invest long term in a key sector – financial services – to drive the economy. A core objective of ours was to help to democratize banking by creating access to financial services for all – including those previously marginalized. No one but us will develop Africa – it is this belief that is driving a lot of the initiatives that my team and I are involved in.
2. Importance of jobs in Africa: Today’s demographic dividend in Africa can quickly become a demographic doom if we don’t do something about it. We cannot talk about all-inclusive development in Africa without discussing job creation and keeping our young people engaged. Governments can’t create jobs, even when the intent is there. SMEs create jobs; they are the engines of growth. It behoves all of us to solve the unemployment issue on the continent. The Tony Elumelu Entrepreneurship Programme is our own way to drive the transformation of our continent by empowering the next generation of the continent’s entrepreneurs. In my view, Africapitalism and supporting entrepreneurship will lead to inclusive growth and sustainable development. The tenets of Africapitalism are based on African solutions to African challenges. Like I always say, poverty anywhere is a threat to humanity everywhere.
3. On building a competitive business: As an entrepreneur, you must first define your target market – You cannot be everything to everyone. Then, you must work hard to deliver an exceptional service/product. Respect only comes from sustained performance. While one can create perceptions, in the long run if it is not matched by results and exceptional performance, this respect is lost. Remember that you can’t become the best or the biggest overnight. Put milestones. Commit to them.
4. Importance of agriculture to the African economy: 30% of beneficiaries of the Tony Elumelu Entrepreneurship are in agriculture. For two consecutive years (since inception in 2015), Agriculture has been the most popular of the sectors in the programme. Agriculture has a leading place in the foundation as we realize the potential it holds – currently employs nearly 70% of all Africans – in transforming our continent. This is why we have carried out extensive research in this sector to produce a report titled “Unleashing Africa’s Agricultural Entrepreneurs”, which will be launched next month at the World Economic Forum Africa in Rwanda.
5. My focus on philanthropy: If we had time I would tell you the story, but we don’t have much time. In a nutshell, at a certain point in one’s life you have to think about legacy. No one cares about how much money you have in your bank account. Instead, we should care about impact and long term investments. We should care about legacy. Successful Africans are realizing that no one will develop Africa but us. However, 21st century philanthropy should be done in a way that does not perpetuate a culture of dependency.
6. Why we choose the breadth vs depth model with TEEP: It is correct that we currently face so many issues on the continent. Where we are at the moment is akin to being at ground zero. We realized that we needed to act on a large scale. The Tony Elumelu Programme (TEEP) identifies, funds, trains, mentors and networks 10,000 entrepreneurs over the next decade. But what is 1000 to 10 million African youth? It doesn’t scratch the surface. The $10,000 available via TEEP helps the entrepreneur to prove his/her concept and raise it to a level that it becomes attractive to other investors. It is our intention to give these African entrepreneurs the tools to allow them prove their concept.

Selfie time with the amazing students of Columbia University