“You Can’t Get Kind Of Gains On Investments Africa Offers Anywhere Else In The World” – Tony Elumelu Takes Message To Global Leaders At UNGA

One of Africa’s leading investors and philanthropists, Tony Elumelu, has taken a bold message to the 79th United Nations General Assembly (UNGA).

“There is nowhere else in the world where you can reap from the kind of investments that Africa offers, where ambition can be realized, and lives can be changed” is the central theme of his message, advocating for entrepreneurship as a catalyst for African transformation, Africa’s equitable energy transition, and catalyzing an African renaissance – bringing together people, passion, and potentials, serving as a vital counter to the challenges of insecurity, unemployment, fanaticism, and illegal migration on the continent.

The prominent investor will “be convening and joining global leaders in a series of high-profile meetings” at the event, which runs from Tuesday, September 24, 2024, to Saturday, September 28, 2024, in the United States of America (USA).

The champion of entrepreneurship, who has been on an unrelenting global campaign for shared prosperity in Africa, will use the opportunity provided by the latest edition of the United Nations Assembly to present the continent’s challenges on a global stage and seek innovative solutions.

Some of these fundamental issues include over 60% of Africans lacking access to electricity, persistent gender inequality, and the large percentage of youth — more than 60% of the continent’s population — who are unemployed or underemployed, among other significant challenges.

Elumelu’s efforts in previous editions of the assembly have addressed the issues afflicting Africa as part of a broader objective of achieving the Sustainable Development Goals (SDGs). These efforts have resulted in partnerships such as the BEGREEN initiative, in collaboration with UNICEF Generation Unlimited, the IKEA Foundation, the Dutch Government, and the Tony Elumelu Foundation; with the UN Capital Development Fund (UNCDF) and the U.S. Agency for International Development (USAID).

He will continue to make the case for Africa by engaging multiple audiences of global leaders across various platforms at the latest gathering of world leaders.

Among the forums where the chairman of the pan-African financial services group — catering to the needs of 45 million customers across 20 African countries, as well as the United Kingdom, United States of America, France, and the United Arab Emirates (UAE) — United Bank for Africa (UBA), will interact with a global audience is the Clinton Global Initiative. Here, he will participate in a roundtable discussion with former President of the United States, Bill Clinton, and a select group of global leaders.

Another key event is the UBA Networking Gala, which will highlight investment opportunities on the continent, bringing Africans and those interested in Africa together while showcasing the bank’s pivotal role as a financial intermediary between Africa and the world. The Gala is expected to convene prominent leaders from across four continents, in commemoration of UBA Group’s 75th anniversary and the Bank’s 40 years of operations in the United States.

Also included is the TEF-World Food Programme High-Level Session, where the proponent of Africapitalism — an economic principle that positions the private sector, and most importantly entrepreneurs, as the catalyst for social and economic development of the African continent — will join the Executive Director of the World Food Programme, Cindy McCain, in an exclusive event co-hosted by The World Food Programme and The Tony Elumelu Foundation.

TEF, the Tony Elumelu Foundation, is the leading African philanthropy that has disbursed over $100 million and provided funding, mentoring, and capacity-building support to more than 20,000 young entrepreneurs across Africa, creating over 400,000 direct and indirect jobs.

Elumelu will address the global audience, armed with the results of his other undertakings, such as Heirs Holdings, his family-owned investment company committed to improving lives and transforming Africa.

Under Elumelu’s leadership as Chairman, Heirs Holdings is advancing equitable energy transition in Africa through an integrated energy strategy, led by its investee companies in the sector: Transcorp Group and Heirs Energies.

Listed on the list of the successes of the company is Transcorp’s significant strides in the power sector, with over $1.5 billion invested since 2013. It operates three power-generating plants—Transcorp Power Plc, Afam III Fast Power Ltd, and Afam Power Plc—boasting a combined installed capacity of about 2,000 MW, accounting for 15% of Nigeria’s total generating capacity.

Transcorp, as the only locally-owned and managed power plants in Nigeria, generates approximately 10% of the country’s electricity and supplies around 30% of the Republic of Benin’s electricity through the West African Power Pool.

Recently, Transcorp has expanded further across the value chain, investing in Abuja Electricity Distribution Plc, covering over 130,000 sq/km in Northern Nigeria, while directly employing over 5,000 Nigerians.

The group’s integrated energy company in Nigeria’s Niger Delta, Heirs Energies, is the sole operator of OML 17.

“It manages an estimated 5% of Nigeria’s oil and domestic gas production, currently producing 45,000 barrels of oil equivalent per day and about 50MMscf/d volume of gas per day.

Its operations supply gas to key power plants, ensuring energy sufficiency and delivering value across the energy chain.”

Information about Elumelu’s plan at the 79th UNGA are sourced from sharing on his personal blog, tonyelumelu.com.