Tony Elumelu: Champion of African Development Honored in International Edition

The President of Gabon, General Brice Clotaire Oligui Nguema, bestowed upon the Group Chairman of UBA Plc and founder of the Tony Elumelu Foundation, Mr. Tony Elumelu, one of the country’s highest honors: membership in the National Order of Gabonese Merit as a Commander.

This prestigious accolade acknowledges Elumelu’s significant contributions to Africa’s economic progress, notably his influence on fostering youth entrepreneurship and enhancing infrastructure in Gabon as well as throughout the rest of the continent.

At the presidential palace during an event held in Libreville on Monday, Nguema, who had been inaugurated as the recently elected president of the oil-rich nation on Saturday, commended Elumelu for his dedication to inclusive and sustainable growth across Africa. He further stated that “Tony Elumelu isn’t merely a forward-thinking businessman; he is also a dedicated ally of our country, Gabon.” Thanks to his Foundation and through the UBA Group, Elumelu persistently demonstrated that backing African initiatives wasn’t solely profitable—it was crucial for shaping our collective destiny. We celebrate today a person whose efforts continually uplift young Africans and motivate entire countries.”

Although recognizing the accolade, Elumelu, who has undertaken numerous high-level trips to Gabon over the past few months, conveyed profound thankfulness for this acknowledgment and restated his dedication to backing the nation’s growth initiatives.

“I feel deeply honored by this recognition. This accolade reflects more than just my individual path; it embodies a collective conviction—that African-driven initiatives, business leaders, and organizations will define the future of our continent. Gabon possesses tremendous promise, and I am thrilled that both the Tony Elumelu Foundation and UBA Group have an opportunity to contribute to realizing its full potential,” stated Elumelu.

This goes beyond a mere medal—it serves as a testament to our collective achievements as Africans,” said Elumelu, further emphasizing, “At UBA and the Tony Elumelu Foundation, we stay dedicated to constructing bridges—not only among countries but also linking aspirations with opportunities.

This acknowledgment arrives at a vital moment for Gabon, as the nation speeds up its economic recuperation and emphasizes inclusive development under fresh leadership.

Elumelu’s involvement centers around two crucial areas: infrastructure funding, vital for sustained economic growth, and youth entrepreneurship, led via the Tony Elumelu Foundation. This initiative provides annual support including training, mentoring, and an initial grant of $5,000 in non-repayable startup funds to aspiring young entrepreneurs across Gabon and Africa.

This accolade underscores the enhanced financial collaboration between Gabon and UBA, known for its extensive footprint throughout Africa and its pivotal role in promoting financial inclusion and advancement.

Elumelu founded and leads Heirs Holdings, a family-owned investment firm dedicated to enhancing livelihoods and reshaping Africa. The organization focuses on substantial investments in key segments of the continent’s economy such as financial services, hospitality, power, energy, technology, and healthcare.

He serves as the Chairman of the pan-African financial services conglomerate, UBA (United Bank for Africa), which has a footprint in 20 countries throughout Africa, the UK, France, the UAE, making it the sole African bank with retail deposits operations in the US.

UBA offers corporate, commercial, SME, and consumer banking services to over 35 million clients worldwide. Additionally, he leads Nigeria’s biggest publicly traded conglomerate, Transcorp, which includes subsidiaries such as Transcorp Power, a prominent player in Nigerian power production, and Transcorp Hotels Plc, a leading hospitality brand in Nigeria.

Tony stands out as the foremost advocate for entrepreneurship in Africa. He established The Tony Elumelu Foundation (TEF) in 2010, which has become the premier charitable organization dedicated to nurturing a fresh wave of African business leaders. This initiative aims to stimulate economic progress, reduce poverty, and generate employment opportunities throughout all 54 nations on the continent.

From the beginning, the Foundation’s main initiative has supported and spurred on 18,500 entrepreneurs and fostered a digital community comprising more than one million Africans. This effort is part of their decade-long pledge worth $100 million aimed at financing, guiding, and educating young individuals across Africa.

Tony’s ventures and the Foundation draw inspiration from his economic ideology known as Africapitalism. This concept emphasizes that the private sector, particularly entrepreneurs, plays a pivotal role in driving both social and economic progress across Africa.

In 2020, Tony was acknowledged for his business acumen and efforts in economically empowering young African entrepreneurs when he was included in the TIME100 list of the most influential people globally. He also received Belgium’s oldest and highest royal distinction for this achievement.

Provided by SyndiGate Media Inc.

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