Tony Elumelu Pushes For More Women CEOs

Chairman of Heirs Holdings, Tony Elumelu, has challenged African business leaders to appoint more women to top corporate positions, insisting that greater female representation is essential for economic competitiveness and sustainable growth.

Elumelu, who spoke at the 25th annual conference of the Women in Management, Business and Public Service (WIMBIZ) in Lagos, said organisations must move beyond conversations about gender inclusion and demonstrate commitment through appointments, access to capital and opportunities for women to lead.

He declared, “Women’s economic leadership is not a concession to fairness. It is a requirement for competitiveness.”

Making a case for greater female participation in corporate leadership, Elumelu showcased the women occupying chairmanship and chief executive positions across businesses within the Heirs Holdings Group.

The master entrepreneur said eight women currently serve as chairs and chief executives across the group’s investments in financial services, investment management, hospitality, real estate and entrepreneurship development.

Among them are his wife, Dr Awele Elumelu, who chairs Avon HMO, Avon Medical, Heirs Insurance Brokers, Transcorp Hotels Plc and Heirs Energies, as well as Dr Fumbi Chima, Chair of Heirs Technologies; Agatha Obiekwugo, Chair of Afriland Properties Plc; and Foluke Abdulrazaq, Vice-Chair of Transnational Corporation Plc.

Others include Owen Omogiafo, President and Group Chief Executive Officer of Transcorp; Uzo Oshogwe, Managing Director of Transcorp Hotels; Somachi Chris-Asoluka, Chief Executive Officer of the Tony Elumelu Foundation; Catherine Nwosu, Managing Director of Africa Prudential Plc; and Dr Odiri Ogini, Managing Director of United Capital Asset Management.

The leading investor said the appointments were based on competence rather than gender, adding, “I did not do it for a headline. I did it because they were the best people for the jobs.”

He challenged other corporate leaders to examine their leadership structures and remove barriers preventing qualified women from advancing.

“If I can do it in power, in hospitality, in banking, in insurance, in healthcare, and in oil and gas, so can others?” he asked.

The businessman also highlighted the contribution of the Tony Elumelu Foundation, which he said had deployed more than $120m in seed capital to 24,633 entrepreneurs across all 54 African countries over 15 years.

Women account for 48 per cent of the beneficiaries, while the entrepreneurs have collectively created more than 1.5 million jobs and generated over $4.2bn in revenue, according to him.

He said the figures demonstrated the economic benefits of expanding access to opportunities, particularly for women and young entrepreneurs.

Elumelu, who advocates Africapitalism, a philosophy promoting private-sector investment in Africa’s economic and social development, urged women not to wait for permission to pursue leadership positions or build businesses.

The philanthropist also called on WIMBIZ and the wider business community to sustain efforts to improve women’s access to leadership and economic opportunities.
“Advocacy got women into the room. Capital will get them to the head of the table,” he said.