Game Changers Africa: A profile of Tony Elumelu, Chairman of Heirs Holdings, UBA and Transcorp (Video)

Game Changers Africa: Tony Elumelu, Chairman, Transcorp, UBA and Heirs Holdings
Former Nigerian banker turned philanthropist & entrepreneur, Tony Elumelu, is profiled. Elumelu made his fortune by acquiring an ailing Nigerian bank and turning it into the pan-African United Bank for Africa (UBA). By the time Elumelu stepped down as CEO of UBA in 2010, UBA had a market capitalization of $2B; more than $12B in assets; 10,000 employees; and 7 miliion customers.

After leaving the banking world, Elumelu set up a private investment firm, Heirs Holdings. Today, he has a clear goal to change the lives of 10 million people in the next 10 years through “Africapitalism”, a term which he coined.

According to Heirs Holdings, Africapitalism is: “The private sector’s commitment to Africa’s development through long-term investment in strategic sectors of the economy that create economic prosperity and social wealth. It is a call-to-action for Africans to take primary responsibility for our own development and for non-Africans to evolve their thinking about how best to channel their efforts and investments in the region.”

Elumelu recently rejoined UBA as Chairman.

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