At the esteemed Legacy Builders Palm Beach Conference, held at the luxurious Eau Palm Beach Resort & Spa, Tony O. Elumelu, CFR, Founder of The Tony Elumelu Foundation and Chairman of Heirs Holdings Group, UBA Group, and Transcorp Group, captivated the audience with his keynote remarks on the theme, “Democratising Luck.”
In an influential and inspiring speech, Elumelu shared his journey, his mission, and his vision for Africa.
Tony Elumelu’s story is one of grit, resilience, and seizing opportunities.
“I came from almost nowhere and have achieved a lot,” he boldly stated.
Born without a silver spoon or an international education, Elumelu’s path to success was anything but, ordinary.
Raised in Jos, Nigeria, he experienced firsthand the challenges that come with limited resources. However, his determination and work ethic set him apart from an early age.
Elumelu began his career as a banker, working tirelessly and grabbing opportunities as they presented themselves.
He recounted his early days in banking, where he led a group of investors to turn around a struggling bank, making it profitable. This achievement led to the largest bank merger in sub-Saharan Africa to date.
Today, Elumelu’s banking group operates in 20 countries across four continents, serving over 45 million customers.
“We are the only African bank regulated to take deposits in the US,” he proudly shared.
His journey was not without obstacles. Elumelu faced skepticism and doubt from those who believed that success was reserved for a privileged few.
However, his unwavering belief in his vision and his relentless pursuit of excellence propelled him forward.
“Success is not about where you start, but how you finish,” he emphasized.
Elumelu’s story serves as a powerful reminder that with determination, hard work, and a bit of luck, anyone can achieve greatness.
Elumelu’s speech focused on his deep commitment to Africa, particularly its youth.
“Africa’s population is currently 1.5 billion, and it will double in 25 years,” he noted. With a median age of 19, Africa is home to some of the most industrious and entrepreneurial young people in the world.
Elumelu believes that these young entrepreneurs hold the key to unlocking Africa’s untapped potential.
In 2015, Elumelu and his wife committed USD 100 million to identify, train, and fund African entrepreneurs through The Tony Elumelu Foundation.
Over the past 15 years, the foundation has granted access to training to 2.5 million Africans, lifted over 2 million individuals out of poverty, and disbursed more than USD $100 million in direct funding to over 21,000 beneficiaries.
These efforts have created 1.5 million jobs and generated USD $4.2 billion in revenue across the continent.
Elumelu shared heartwarming stories of some of the beneficiaries of The Tony Elumelu Foundation.
He spoke of a young woman from Kenya who, with the foundation’s support, started a successful agribusiness that now employs dozens of people in her community.
He also highlighted the story of a tech entrepreneur from Nigeria whose innovative app has transformed the way people access healthcare services in rural areas.
“These are the stories that inspire me and give me hope for the future of Africa,” Elumelu said with pride.
The theme of Elumelu’s speech, “Democratising Luck,” resonated deeply with the audience.
He emphasised that 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 declared.
Elumelu’s mission is to extend the same opportunities he had to young Africans who have not been as fortunate.
Elumelu’s vision goes beyond financial support. He highlighted the importance of knowledge-sharing, mentorship, and building networks that support and uplift young entrepreneurs. “Democratising luck is not just about finance, it is about knowledge-sharing, about mentorship, about building networks that support and uplift,” he explained.
He recounted the early days of his foundation, where he personally mentored young entrepreneurs, sharing his experiences and guiding them through the challenges of starting and growing a business.
“Mentorship is a powerful tool for empowering the next generation,” he asserted. Elumelu’s hands-on approach to mentorship has created a ripple effect, inspiring many successful entrepreneurs to pay it forward and mentor others in their communities.
Reflecting on his journey, Elumelu shared a personal anecdote from his childhood.
He watched his mother, a hardworking entrepreneur, build a small business with sheer determination. She ran a restaurant, and young Tony helped her out, learning the fundamentals of business from her resilience and resourcefulness.
This experience left a lasting impression on him and shaped his approach to empowering others.
Elumelu’s greatest fulfillment comes from the legacy he is building through The Tony Elumelu Foundation.
“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.
The foundation’s work is creating jobs, eliminating poverty, and transforming communities across Africa.
He shared a touching story of a young entrepreneur from Ghana who, with the foundation’s support, developed a clean energy solution that has brought electricity to remote villages.
“Seeing the smiles on the faces of children who can now study at night and the relief of parents who can power their businesses is the true measure of our success,” Elumelu remarked.
Elumelu’s speech concluded with a call to action for those who have achieved success.
“To those who have achieved success, I say this: We must do more,” he urged.
He encouraged successful individuals to become mentors, investors, and champions for those who only need a chance.
“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 asserted.
He emphasised the importance of collaboration and partnership in driving sustainable development in Africa.
“No one can do it alone. We need to work together, across sectors and borders, to create an ecosystem that supports and nurtures entrepreneurship,” he said.
Elumelu called on governments, private sector players, and development organisations to join forces in creating an enabling environment for young entrepreneurs to thrive.
Elumelu’s message is one of hope, empowerment, and collective action.
He invited the audience to join him in the mission to drive meaningful and sustainable impact.
“Together, we can transform the African continent, one entrepreneur at a time,” he declared.
Tony Elumelu’s keynote remarks at the Legacy Builders Palm Beach Conference left a lasting impression on the audience.
His journey from humble beginnings to becoming a leading business magnate and philanthropist is a testament to the power of grit, resilience, and seizing opportunities. Through The Tony Elumelu Foundation, he is democratising luck and empowering the next generation of African entrepreneurs.
His vision for Africa is one of hope, opportunity, and transformation, a vision that he is actively bringing to life, one entrepreneur at a time.
Elumelu’s speech serves as a powerful reminder that success is not defined by one’s starting point but by the determination to overcome challenges and create opportunities.
His commitment to empowering young Africans and his dedication to creating a more inclusive and prosperous continent are inspiring.
As he continues to champion the cause of entrepreneurship and drive meaningful change, Tony Elumelu’s legacy will undoubtedly leave an indelible mark on Africa and beyond.
