Billionaire investor and philanthropist Tony Elumelu has revealed that the Tony Elumelu Foundation (TEF) is the best investment he has ever made, despite building a vast portfolio of companies under Heirs Holdings.
This disclosure was made during a quick-fire question session on Instagram with his daughter, Oge Elumelu, according to a video clip from the interaction.
The revelation shows Elumelu’s long-held conviction that investing in African entrepreneurs delivers the most sustainable returns for the continent’s future.
Elumelu’s statement is striking given his position as chairman of Heirs Holdings, a pan-African investment group with interests spanning banking, energy, hospitality, healthcare, and technology. Rather than referencing any of these profit-oriented ventures, he pointed to the Foundation as his most meaningful and impactful investment.
What he said
During the Instagram session, Oge Elumelu asked her father what his favourite investment had been over the years. Elumelu responded without hesitation: “Investment in Tony Elumelu Foundation.”
The comment reinforces his belief that Africa’s economic challenges, particularly poverty and unemployment, are best addressed by empowering entrepreneurs with the right tools, capital, and networks.
For Elumelu, the real return on investment lies not only in financial gains but in the long-term social and economic transformation driven by successful African-owned businesses.
More context from Elumelu
Elumelu’s philanthropic work is deeply rooted in his philosophy of Africapitalism, which positions the private sector, particularly entrepreneurs, as the catalyst for Africa’s social and economic development. The idea is that long-term investments that generate both economic value and social wealth are critical to the continent’s progress.
Speaking in a snippet from the podcast Africa and Everywhere: Conversations with Oge, Elumelu reflected on leadership and execution, noting that vision alone is not enough. According to him, assembling the right people, sharing a clear vision, and executing effectively are what ultimately drive success.
He also challenged African governments to create enabling environments that allow young people to build globally competitive companies. Drawing comparisons with Apple and Microsoft, Elumelu questioned how many African entrepreneurs could realistically start businesses in garages without access to capital, infrastructure, and supportive public policies. He stressed the need for governments to provide resources and be more accountable to citizens.
What you should know
Africa has one of the world’s youngest populations, but high unemployment and limited access to capital remain major constraints. By identifying the Tony Elumelu Foundation as his best investment, Elumelu reinforces the argument that entrepreneurship is one of the most effective tools for addressing these structural challenges and unlocking broad-based economic prosperity.
The Foundation’s long-term vision over the next 10 to 15 years is to deepen its impact and help create sustainable economic prosperity across Africa. As Elumelu explained, there comes a point when financial success must translate into broader human impact. This philosophy explains why, among all his ventures, the Tony Elumelu Foundation stands out as the investment he values most.
The Tony Elumelu Foundation is Africa’s leading philanthropy focused on empowering a new generation of entrepreneurs across all 54 African countries. Its flagship initiative, the TEF Entrepreneurship Programme, was launched in 2015 to drive poverty eradication, catalyse job creation, and promote inclusive growth, with a strong emphasis on women’s economic empowerment.
Since its inception, the Foundation has provided over 2.5 million young Africans with access to business training through its digital hub, TEFConnect. It has also disbursed more than $100 million in direct seed funding to over 21,000 young African women and men. According to the Foundation, these entrepreneurs have collectively created more than 1.5 million direct and indirect jobs and generated over $4.2 billion in revenue across the continent.
