At legacy builders confab in US: Tony Elumelu drums global action to empower African entrepreneurs.

The renowned entrepreneur and philanthropist, made the appeal for the umpteenth time, at the Legacy Builders Palm Beach Conference in Eau Palm Beach Resort & Spa Palm Beach, Florida, United States of America, on February 5, 2025. 

In a powerful keynote address delivered at the gathering on the theme: “Democratising Luck”, Tony Elumelu was categorical that “Africa will not rise by chance” but by “deliberate action, because of people who refuse to accept the status quo and choose instead to create the future we deserve”. 

Tony Elumelu, who is also the Chairman of Heirs Holdings Group and Transcorp Group, challenged changemakers, and visionary legacy builders to “create a continent where young entrepreneurs are not paralysed by systemic barriers, but propelled forward by opportunity”. 

This, he said, will “bring back hope”. He challenged those who have achieved success, “do more” by becoming “a mentor, an investor, a champion for those who only need a chance”. 

Tony Elumelu told the gathering that “democratising luck is not just about finance” but about “knowledge-sharing, mentorship, building networks that support and uplift”.

He challenged all and sundry not to backwards and dwell on the historic causes of the continent’s problems, but instead explore avenues that can drive solutions.

“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,” Tony Elumelu stated. 

He said by joining his dream through The Tony Elumelu Foundation, and that of others in democratising luck, change makers “will create a future where every African can dream and achieve”.

Committed to propelling young people to success 

Sharing lessons from his inspiring life journey from humble beginnings, Tony Elumelu reaffirmed his commitment to ensuring that others have access to the same opportunities that propelled him to becoming a global business titan. 

“I founded the Tony Elumelu Foundation, and for the past 15 years, I have dedicated myself to a mission close to my heart: empowering African entrepreneurs,” he said, revealing that he has spent USD 100 million so far because of the strong conviction that “entrepreneurs hold the key to unlocking Africa’s untapped potential”. 

“They are the innovators, the dreamers, and the builders who can transform not only their own lives but entire economies,” he stated, noting that his success story today is a blend of “luck, opportunity, grit, and resilience”

“I am where I am today because I was fortunate to be in the right place at the right time. I was prepared to seize the moment when luck presented itself. However, I believe luck and opportunity should not be reserved for a select few. We cannot claim to be rich when there is pervasive poverty that is evident all around us,” he told the gathering. 

The belief, he said, has always been guided by a question that fuels his dream of extending the same opportunity he had to young Africans who have not been as fortunate as he was. 

“This question inspired my wife and I to invest in the next generation of African entrepreneurs. In 2015, we committed that USD100 million to identify, train and fund the businesses of African entrepreneurs over 10 years. 

“Today, we have granted 2.5 million Africans with access to training on TEFConnect, our online portal, and lifted over two million individuals out of poverty. We have also disbursed more than USD100 million in direct funding to over 21,000 beneficiaries, who have created 1.5 million jobs, and generated USD4.2 billion in revenue across the continent,” he detailed. 

Tony Elumelu further revealed that the programme has partnered with European Union, the United Nations, the Red Cross, and with family foundations and others to reach out and empower the over 300,000 youth who apply annually. 

Youth as source of inspiration 

Tony Elumelu said the Continent’s youthful population is a source of inspiration as they are creating jobs and eliminating poverty. 

“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 US 38. Africa is home to 24 of the world's 25 fastest-growing populations…young people are important to me, and Africa has more; many more than elsewhere. I know these entrepreneurs, these young Africans who can transform Africa,” he said. 

The entrepreneur said the impact of youth is being felt in their communities and across the continent as they come up with solutions that is transforming Africa.

“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,” he said, while noting that there is still more to be done. 

“Every young African with a dream should have a fair shot at realising it. I often think back to my childhood,” he stated, while flashing back on how he watched his mother, a hardworking entrepreneur, build a small business with sheer determination. 

“She ran a restaurant, and I helped her out, learning the fundamentals of business, not from a classroom but from her unwavering resilience and resourcefulness. I saw first-hand how access to capital and mentorship could mean the difference between a thriving business and one that never gets off the ground,” he told the investors and changemakers.

This article was first published in The Guardian Post issue No:3362 of Friday February 7, 2025