Business
Tony Elumelu Highlights Next-Level Plan To Develop Africa On AFC Day
building pathways to prosperity through various platforms
One of Africa’s leading investors, Tony Elumelu, has emphasized a next-level plan to develop the continent through the Africa Finance Corporation (AFC).
AFC is a pan-African multilateral development financial institution established in 2007 by sovereign African states to provide pragmatic solutions to the continent’s infrastructure deficit and challenging operating environment. Elumelu is one of its founding fathers.
The philanthropist, renowned for his unwavering commitment to empowering the next generation and his deep belief in Africa’s potential, urged AFC to “continue to identify projects and catalyze those that have scale, impact, and relevance for Africa.”
As a champion of entrepreneurship across Africa, building pathways to prosperity through various platforms—especially the Tony Elumelu Foundation (TEF)—Elumelu shared these remarks during the Africa Finance Corporation Day held in London.
Launched in 2015, the Tony Elumelu Foundation Entrepreneurship Programme has lifted about 2 million Africans out of poverty, provided an estimated 2.5 million young people with access to training via TEFConnect, and disbursed more than $100 million in direct funding to thousands of African entrepreneurs. These businesses are estimated to have created over 1.5 million direct and indirect jobs and contributed roughly $4.2 billion in revenue to the continent’s economy.
Emphasizing the importance of scalable projects with measurable impact amid a fast-changing world, Elumelu reiterated his longstanding belief that “no one but us will develop Africa.” He acknowledged AFC’s efforts, stating the institution is “actually helping,” at the conference themed “AFC as a Gateway to Global-Africa Trade and Investment”, held on April 28, 2025.
“The rating for AFC improved significantly, and I am sure you and your team are not resting,” the Chairman of United Bank for Africa (UBA)—the financial powerhouse that recently declared a N3.2 trillion gross profit and completed a N251 billion oversubscribed rights issue—commended the corporation’s leadership under Samaila Zubairu, President and Chief Executive Officer, and Ireti Samuel-Ogbu, Chair of the Board of Directors.
Reinforcing his vote of confidence, Elumelu added, “I feel accomplished with what you guys are doing,” while spotlighting the corporation’s role in bridging Africa’s infrastructure investment gap through the provision of debt and equity financing, project development, and technical and financial advisory services.
“As the Chairman of Transcorp Group, one of our key investments was in the power sector. We know that access to electricity is critical for Africa’s development and transformation. We invested in that space, but we needed support. AFC supported us— I think the first time it was about $120 million. I’m happy to say we’ve paid it back fully, but more importantly, that support was critical at the time. Thank you very much. But we need more of such support for the private sector in Africa, especially in times like these (global economic challenges).
“When we decided to enter the energy space, we did a $1.1 billion transaction, and again, AFC supported us—I believe it was about $150 million, which is being well serviced today,” the prominent advocate for entrepreneurship shared.
Transcorp Group, which recorded revenue of N143.7 billion in Q1 2025, is one of Nigeria’s largest listed conglomerates, with investments spanning the Power, Hospitality, and Energy sectors.
Elumelu rounded off his remarks at the AFC Day with an insight into his dream for the corporation—that when stakeholders gather in 10 years, it will be to celebrate even greater achievements.
