Chairman of the United Bank for Africa, Tony Elumelu, has been named in the 2020 TIME100, the annual list of the 100 most influential people in the world.
The list, now in its seventeenth year, recognizes the activism, innovation, and achievement of the world’s most influential individuals.
Tony Elumelu is the Founder and Chairman of Heirs Holdings, his family-owned investment company, committed to improving lives and transforming Africa, through long-term investments in strategic sectors of the African economy, including financial services, hospitality, power, energy and healthcare.
He is also the Chairman of the pan-African financial services group, the United Bank for Africa, UBA which operates in 20 countries in Africa, the United Kingdom, France, and is the only African bank with a commercial deposit-taking license in the United States. He also chairs Nigeria’s largest quoted conglomerate, Transcorp, whose subsidiaries include Transcorp Power, one of the leading generators of electricity in Nigeria, and Transcorp Hotels Plc, Nigeria’s foremost hospitality brand.
Mr Elumelu is the most prominent champion of entrepreneurship in Africa. In 2010, he created The Tony Elumalu Foundation, TEF, the pan-African philanthropy empowering a new generation of African entrepreneurs, catalysing economic growth, driving poverty eradication and ensuring job creation across all 54 African countries.
In a short address attached to Elemelu’s nomination, president of Dangote Industries Ltd, Aliko Dangote, said, “He (Elumelu) is a leading proponent of “Africapitalism,” a belief that Africa’s private sector can and must play a leading role in the continent’s development through long-term investments, as well as entrepreneurship and regional connectivity.
“After deepening the financial market in Africa, he has found an equally important niche: giving a voice of hope to millions of youths across Africa. Having come so far, Tony still forges on, striking a fine balance between personal satisfaction and societal impact.”