- By Bamidele Johnson, A Lagos-based public Commentator
Tony Elumelu has managed to make entrepreneurship feel like a comic book story.
With his signature red tie, an Instagram-worthy smile, and a flair for turning everyday people into entrepreneurs, Elumelu isn’t your regular tycoon who simply invests in stocks and sits on Boards.
He is investing in vibes, vision, and the kind of raw, unfiltered drive powering the dreams of Africa’s youth.
The typical billionaire gives the everyday chaos of youthful ambition a swerve, preferring boardrooms and buyouts. But Elumelu? He seems to relish being in the thick of it—suit on, sleeves rolled up, surrounded by young people pitching everything from cassava processing startups to drone-powered agriculture systems. He’s as comfortable in a Lagos tech hub as he is walking through remote farming communities in Uganda. His engagement isn’t symbolic—it’s strategic.
He’s got licit claims to being addressed as the fairy godfather of African entrepreneurship. In place of the wand that fairies carry, he’s got capital. In tonnes, that is.
In 2015, Elumelu launched the Tony Elumelu Foundation (TEF) with a bold, unprecedented $100 million commitment to empower 10,000 African entrepreneurs over ten years. Since then, the programme has trained over 1.5 million young Africans across all 54 countries on its digital platform and provided non-refundable seed capital of $5,000 each to over 18,000 entrepreneurs. The target of 10,000 was met early.
While most billionaires go shopping for private jets, Elumelu is shopping in rural Kenya, Northern Nigeria, and the backstreets of Accra, looking not for real estate, but for real people with real ideas. People who need just one yes to change everything.
Through the TEF Entrepreneurship Programme, aspiring entrepreneurs apply for world-class training, business mentorship, and startup capital. That $5k might seem modest in Silicon Valley, but in youth entrepreneur currency across Africa, it’s pure gold dust. For many, it’s the lifeline between being stuck with an idea and running a functioning business with customers, products, and employees.
It is not just the cash, though. TEF offers structure, credibility, and mentorship, elements young African founders often lack access to. Participants receive business training from accomplished experts, opportunities for pan-continent networking, and a megaphone for their ventures through the Foundation’s high-viz platforms. Add in the Elumelu name, and suddenly your LinkedIn profile is sparking double-takes.
Elumelu is not just nurturing business; he’s nurturing belief, the type that convinces a dressmaker in Yaounde or a solar tech guy in Kaduna that he or she has just as much shot at the big time as the holder of an MBA from a top-tier business school.
He coined the term “Africapitalism”, a philosophy that argues that the private sector, especially entrepreneurs, must lead Africa’s development. And with over 400,000 direct and indirect jobs created through the TEF programme so far, the results are verifiable.
In a continent where youth unemployment and underemployment remain major hurdles, Elumelu is handing out more than cheques. He’s handing out opportunities in bunches. In doing so, he’s rewriting the script of what it means to be a billionaire in Africa: not one who watches from afar, but one who steps in, leans close and invites people to join him to build something extraordinary, giving a middle finger to unemployment.
Hardly surprising. United Bank for Africa, it’s safe to say, is made in Elumelu’s image. Like Elumelu, UBA isn’t just banking on the big fish. It has its arms wide open for the side hustlers and daring doers powering Africa’s SME scene. Those building empires out of their garages or transforming cassava into cash, UBA wants in on the action.
First up in the bank’s entrepreneur-friendly toolbox is the Working Capital Loan, a financial jumpstart with muscle. Whether you need N1 million or N50 million to patch up cash flow gaps or fuel your next big move, UBA’s got you. Want your funds fast and flexible? Go the overdraft route. Want structure and a clear plan? The term loan is your best option. And ladies, UBA sees you. There are sweetened interest rates for women-led businesses because equity isn’t optional.
If you need machinery or a delivery van, the Asset Finance Loan offers you anywhere from N4 million to N50 million to buy the tools your business needs to thrive. With repayment terms stretching up to three years, this one’s built for sustainability, not stress.
Elumelu’s and UBA’s feats have not gone without notice and recognition. Just recently, the President of the Republic of Gabon, His Excellency, Brice Oligui Nguema, conferred the nation’s honours – the Commander in the National Order of Gabonese Merit – on Elumelu. The distinguished award recognises Elumelu’s enduring contribution to Africa’s economic development, particularly his impact on youth entrepreneurship and infrastructure growth in Gabon and across the continent, using TEF and UBA as vehicles.
“I am truly humbled by this honour. It is a reflection not just of my personal journey, but of a shared belief – that African-led solutions, African entrepreneurs, and African institutions will shape the future of this continent. Gabon holds enormous potential, and I am proud that the Tony Elumelu Foundation and UBA Group can play a role in unlocking it,” Elumelu said.
“This is more than a medal, it is a reminder of what we can achieve together as Africans,” Elumelu stated. “At UBA and the Tony Elumelu Foundation, we remain committed to building bridges, not just between nations, but between ambition and opportunity,” Elumelu was quoted while responding during the event.
In the same vein, the International Monetary Fund (IMF) appointed Elumelu to the Advisory Council on Entrepreneurship and Growth.
This appointment, made by IMF Managing Director Kristalina Georgieva, highlights his influence as Africa’s leading advocate of entrepreneurship and his role in promoting Africapitalism. The council, which includes global business leaders, policymakers, and academics, is tasked with identifying and addressing regulatory barriers to entrepreneurship.
