Chairman of UBA Group, Tony Elumelu, has called for improved governance and transparency across Africa to unlock sustainable development and attract foreign investment.
Speaking at the Norwegian–African Business Summit, Elumelu emphasized that Africa’s transformation depends on creating an enabling environment for investors.
“Why is Africa not the preferred destination? To me, it is governance, to a large extent,” Elumelu stated.
He urged African governments to prioritize reforms that foster inclusivity and fairness, noting that investor confidence is closely tied to the quality of governance.
“Create the right operating environment, improve governance standards, and people will come to invest in your environment,” he added.
Transparency and Inclusivity
Elumelu stressed that transparency in governance is essential for long-term progress. He warned against systems that favor a select few, arguing that such practices deter investment and hinder inclusive growth.
“And when we have more transparency in governance, when we create an operating environment that is all-inclusive, when we create an environment that does not confer undue advantage or benefit to some, to the exclusion of others, then you begin to attract investment,” he said. “And then you get to genuinely talk about transforming Africa in a sustainable fashion.”
Early leadership lessons
In a separate reflection shared in August via his official X handle, Elumelu recounted his early leadership experience as a bank branch manager at just 27 years old. Appointed by HRM Ebitimi Banigo during a period of rapid transformation in Nigeria’s banking sector, Elumelu led a branch of the emerging AllStates Trust Bank.
Despite initial skepticism surrounding his age, Elumelu embraced the challenge, describing it as a pivotal moment in his career. The experience, he said, instilled three enduring lessons that continue to shape his leadership philosophy and commitment to youth empowerment.
What you should know
Elumelu emphasized that leadership is not defined by age but by capability, vision, and discipline. At 27, he proved that with a hunger to learn, a commitment to results, and the ability to execute, young professionals can lead effectively.
- Elumelu explained that it’s not about doing everything yourself—it’s about empowering others, setting direction, and providing clarity. Gaining perspective early helped him understand the importance of delegation, strategic thinking, and team development.
- This insight emphasized the value of emotional intelligence and systems thinking in effective leadership.
