Tony Elumelu Highlights How Afreximbank Exemplifies Africapitalism

Tony Elumelu says the success and legacy of Afreximbank demonstrate the power of Africapitalism in transforming the African continent.

The entrepreneur and philanthropist, who is Chairman of Heirs Holdings, made the remarks during the 32nd anniversary celebration of the pan-African bank in Abuja.

Africapitalism is a development approach championed by Elumelu which positions the private sector, and most importantly entrepreneurs, as the catalyst for the social and economic development of Africa.

Describing the anniversary as a significant milestone, Elumelu said the event underscored the impact of Afreximbank in shaping trade on the continent and transforming lives through visionary capital deployment and public-private collaboration.

He noted that the celebration, hosted at the 5,000-capacity Transcorp Event Centre in Abuja, symbolised African excellence and reinforced the continent’s pursuit of prosperity and self-reliance.

“I was there to support Afrexim – and salute the impact and legacy of retiring President Professor Benedict Oramah,” Elumelu said.

During a fireside chat themed “Decades of Delivering on a Shared Aspiration: The Transformational Collaboration between Afreximbank and African Multinational Corporations and Banks,” Elumelu said he shared his personal experience and philosophy rooted in Africapitalism.

He emphasised the importance of partnerships between African institutions and private sector players, noting that such collaboration has the power to deliver long-term prosperity.

“As an investor active in 20 African countries, from experience. Because I have seen firsthand what happens when institutions like Afreximbank and responsible African businesses work together. The results are powerful and transformational,” he said.

Elumelu highlighted the landmark $2.5 billion acquisition of strategic oil assets from Shell as one of the most pivotal partnerships in his journey, made possible with Afreximbank’s support. The transaction led to the establishment of Heirs Energies and the creation of Africa’s largest integrated energy platform.

“With their backing, our acquisition in the energy sector, through Heirs Energies, did not just empower us as investors, it empowered Nigeria’s oil industry, creating jobs, and strengthening national capacity,” he said.

He described the deal as Africapitalism in action, where African capital and African institutions come together to industrialise the continent and drive economic growth.

He also stressed the centrality of electricity and infrastructure to Africa’s development, noting that without reliable power, sectors like trade, healthcare, education, and digital inclusion cannot thrive.

“At Transcorp, we are one of Nigeria’s largest power providers. We cannot develop Africa without reliable electricity. Power is the foundation of everything,” he said.

“While the world is racing toward AI and the Fourth Industrial Revolution, we are held back by the basics – electricity, broadband access, and digital infrastructure. We must fix these foundational issues if we are serious about development.”

He noted that investing in critical sectors like power is not always easy, but necessary—another principle of Africapitalism.

Elumelu also spoke on the importance of capital, trust, and responsibility in Africa’s development. He said capital must be matched with accountability and execution.

“When financial institutions take a chance on you, you must honour your obligations, repay your loans, and deliver on your promise, not just to your shareholders, but to your community,” he said.

He called for greater empowerment of development banks like Afreximbank to support African entrepreneurs, while urging the entrepreneurs themselves to act with excellence, discipline, and integrity.

Highlighting the work of the Tony Elumelu Foundation, he said over 24,000 young entrepreneurs across all 54 African countries have been empowered, creating more than 400,000 jobs.

“Why do we do this? Because we believe that poverty anywhere is a threat to all of us everywhere,” he said.

He called for more deliberate efforts to bring Africa’s youth and women into the economic mainstream, stressing the importance of creating access and opportunity for the next generation.

“We must not climb and take the ladder away. We must deliberately and consistently create access and open doors, so that the next generation can thrive.”

Elumelu concluded by commending Professor Benedict Oramah for his leadership and vision during his tenure at Afreximbank.

“None of this would be possible without visionary African leadership,” he said. “He has shown that African-led institutions can deliver global impact, and his legacy will continue to inspire.”

He said the story of Afreximbank over the past three decades reflects what is possible when African institutions and entrepreneurs work together with clarity of purpose and commitment to the continent.