Billionaire investor and philanthropist Tony Elumelu has described the Tony Elumelu Foundation (TEF) as the best investment he has ever made, despite owning a diverse portfolio of businesses across Africa. The founder of Heirs Holdings made the statement during a candid Instagram Q&A with his daughter, Oge Elumelu, emphasizing the unmatched impact of empowering African entrepreneurs.
When asked about his favorite investment, Elumelu didn’t hesitate. “Investment in Tony Elumelu Foundation,” he replied. The comment reflects his belief that supporting African entrepreneurs generates not just financial returns, but long-term social and economic benefits for the continent. For Elumelu, success is measured in the lives transformed, not only in profits earned.
Heirs Holdings operates in banking, energy, hospitality, healthcare, and technology, yet Elumelu says none of these compare to the Foundation’s ability to create lasting change. Guided by his philosophy of Africapitalism, he champions private sector-driven growth, where entrepreneurs serve as catalysts for Africa’s social and economic development. The approach blends business success with social impact, showing that profit and purpose can go hand in hand.
During the Instagram conversation, Elumelu also shared insights on what drives success. He noted that vision alone isn’t enough: progress requires bringing together the right people, sharing a clear direction, and executing plans effectively. He further challenged African governments to do more for young entrepreneurs, stressing the need for access to capital, infrastructure, and supportive policies—resources often available in regions that birthed global tech giants.
Elumelu concluded by highlighting the broader societal benefits of entrepreneurship. Empowering innovators with funding, skills, and networks, he said, remains one of the most effective ways to tackle poverty and unemployment across Africa. By investing in people rather than just projects, the Tony Elumelu Foundation is helping to build the next generation of African business leaders—and for Elumelu, that makes it his most meaningful investment yet.
source: Dailytime