Kayode Tokede
Founder of The Tony Elumelu Foundation (TEF), Mr. Tony Elumelu, said the organisation had lifted over two million individuals out of poverty in Africa.
Elumelu disclosed that 2.5 million Africans had accessed training through TEFConnect, an online portal.
The chairman of Heirs Holdings Group made the assertions in his keynote remarks at the Legacy Builders Palm Beach Conference, with theme, “Democratising Luck”, in United States of America (USA).
He stated that TEF had disbursed more than $100 million in direct funding to over 21,000 beneficiaries, who had created 1.5 million jobs, and generated $4.2 billion in revenue across the continent.
According to Elumelu, young entrepreneurs have the potential to transform the continent. He stressed that in 2015 his foundation committed $100 million to identify, train, and fund the businesses of African entrepreneurs over 10 years.
“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,” he added.
Elumelu, who is also Chairman of United Bank for Africa Plc (UBA), said he led a group of investors to turnaround a struggling bank and make it profitable.
He revealed, “That opportunity led to what is the largest bank merger in sub-Saharan Africa to date. 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.”
Elumelu said his journey in life had been shaped by a combination of luck, opportunity, grit, and resilience.
He stated, “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?”
Elumelu said the youth in Africa inspired him, as they created jobs and eliminated poverty. He said their impact was being felt in their communities and across the continent as they came up with solutions that were transforming Africa.
He said, “My greatest fulfilment comes from the legacy we are building, the lives we are transforming, and the profound impact of what The Tony Elumelu Foundation now represents. However, there is still more to be done. Every young African with a dream should have a fair shot at realising it.
“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.
“To those who have achieved success, I say this: we must do more. Become a mentor, an investor, a champion for those who only need a chance. 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.
“I am not interested in looking backwards – I don’t look at historic causes of our problems – but at the current solutions.
“I invite each of you to explore how you can be part of our mission to drive meaningful and sustainable impact. Together, we can transform the African continent, one entrepreneur at a time.
“Join us as we democratise luck, and we will create a future where every African can dream—and achieve.”
