Tony O. Elumelu
Tony O. Elumelu is an economist by training, a serial entrepreneur, and philanthropist.
He is the Founder and Chairman of Heirs Holdings Ltd, an African proprietary investment company, with interests in power, oil and gas, financial services, hospitality, real estate and healthcare, present in twenty African countries.
Tony is known for his significant contribution to entrepreneurship in Africa. In 2010, he created The Tony Elumelu Foundation, which has committed $100m in a 10-year programme to fund, mentor and train 10,000 African entrepreneurs. The Foundation’s mission is inspired by Tony’s economic philosophy of Africapitalism, which positions the private sector as the key enabler of economic and social wealth creation in Africa.
He sits on numerous public and social sector boards, including the global advisory board of the United Nations Sustainable Energy for All Initiative (SE4ALL), USAID’s Private Capital Group Partners Forum (PCG), and is Co-Chair of the Aspen Institute’s Global Food Security Working Group.
Tony serves on the international advisory board of the Washington DC based think tank the Wilson Center and is a member of the Global Advisory Council of the Harvard Kennedy School’s Centre for Public Leadership. He is also a member of the World Economic Forum Community of Chairmen.
Africapitalism asks private sector businesses to make investment decisions that will increase economic and social wealth. In other words, the commercial activities led by these companies should create value for stakeholders and the economy, and foster development in the communities in which they operate.
Africapitalism promotes the belief that businesses should aim to make profit responsibly, investing in sectors that have the greatest potential to create positive social transformation that enhances overall quality of life .
Africapitalism puts the private sector at the center of economic progress, building full value chains that benefit the local economy and advance national development. It means the private sector working with governments and other stakeholders to build sustainable economies and contribute to the lasting development of the African continent.