How We Are Making Luck Available To All – Tony Elumelu Shares Plan Unlocking Africa’s Potential

One of Africa’s leading investors and philanthropists, Tony Elumelu, has shared an inspiring strategy on how he is democratizing luck—and transforming Africa in the process.

The founder of the Tony Elumelu Foundation (TEF) and Chairman of industry leaders such as Heirs Holdings Group, UBA Group, and Transcorp Group is at the forefront of the campaign for a better Africa.

“My journey has been shaped by a combination of luck, as well as opportunity, grit, and resilience… However, I believe luck and opportunity should not be reserved for a select few,” the proponent of the economic principle of Africapitalism— which positions that the private sector, and most importantly, entrepreneurs, are the catalysts for the social and economic development of Africa—disclosed.

The master entrepreneur provided insight into how opportunities are being extended to young Africans by democratizing luck through TEF.

“In 2015, we (along with his wife, Awele) committed USD 100 million to identify, train, and fund the businesses of African entrepreneurs over 10 years.

“Today, we have granted 2.5 million Africans access to training on TEFConnect, our online portal, and lifted over 2 million individuals out of poverty. We have also disbursed more than USD 100 million in direct funding to over 21,000 beneficiaries, who have created 1.5 million jobs and generated USD 4.2 billion in revenue across the continent,” the chairman of the financial services group servicing over 45 million customers globally, United Bank for Africa (UBA), disclosed at the Legacy Builders Palm Beach Conference, which held at the Eau Palm Beach Resort & Spa, Palm Beach, Florida, between Tuesday, February 4, and Wednesday, February 5, 2025.

Highlighting his strong faith in the power of collaboration and the resulting gains, the champion of shared prosperity across Africa further revealed, “We also learned that we can’t do it just by ourselves – our programme receives over 300,000+ applications a year. So, we now work with the EU, the UN, the Red Cross – and with family foundations. We launched a programme with the Ikea Foundation – they use our execution ability, and we amplify the good.”

Emphasizing that “Democratizing luck is not just about finance—it is about knowledge-sharing, mentorship, and building networks that support and uplift,” the force behind the success stories of one of Nigeria’s largest conglomerates, Transcorp Group, with commanding footprints across different sectors including power and hospitality, stressed the need for an African continent “where young entrepreneurs are not paralyzed by systemic barriers but propelled forward by opportunity.”

He backed his position with statistics, revealing that Africans—specifically young Africans—are some of the most industrious, entrepreneurial people in the world. “Africa’s population is currently 1.5 billion – it will double in 25 years. The median age is 19 – in Latin America, it’s 31, in Asia and the United States, 38. Africa is home to 24 of the world’s 25 fastest-growing populations. My country, Nigeria, will, according to The Economist, overtake the US as the world’s third most populous country by 2050.”

Highlighting that “My greatest fulfillment comes from the legacy we are building, the lives we are transforming, and the profound impact of what the Tony Elumelu Foundation now represents,” the changemaker pointed out, “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.”

He went on to give a call to action to attendees at the Legacy Builders Palm Beach Conference, declaring, “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 democratize luck, and we will create a future where every African can dream—and achieve.”

The face of the unceasing campaign for a prosperous Africa spoke on the theme “Democratizing Luck” at the gathering of high-net-worth individuals with global and far-reaching influence.