Nigerian Billionaire Tony Elumelu Shares Why He Diversified Into Oil And Gas, Others
- Nigerian billionaire, Tony Elumelu has shared the reasons he diversified from banking into other sectors like oil and gas
- The billionaire shared also that his success journey has been a combination of luck, grit and taking opportunities that came
- The Tony Elumelu Foundation is making this opportunity accessible to African entrepreneurs through the annual trainings and funding
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Legit.ng journalist Ruth Okwumbu-Imafidon has over a decade of experience in business reporting across digital and mainstream media.
Nigerian billionaire, and chairman of the United Bank for Africa (UBA) Group Tony Elumelu, has shared his reasons for diversifying into the oil and gas sector.
Elumelu shared this at the Legacy Builders Palm Beach Conference held in Florida, United States, on the theme: “Democratising Luck”.
He observed that Africa is a continent of opportunity, and Nigeria has huge resources to plug into this opportunity but power remains a challenge to be surmounted.
Source: Getty Images
Elumelu said his business group acquired one of the top 3 electricity distribution companies in Nigeria, to change that narrative, and contribute to addressing core business challenges.
Elumelu explains why he diversified
The UBA Group chairman also explained why he spread his portfolio from banking to include power, healthcare, real estate, technology and others, the NATION reports.
He said that Africa’s population is about 1.5 billion and is projected to double by 2050. The continent also has 24 out of the world's 25 fastest-growing populations, with median age of 19 years.
These young people, Elumelu noted, are the reason for the Tony Elumelu Foundation.
He said;
“I founded the Tony Elumelu Foundation, and for the past 15 years, I have dedicated myself to a mission close to my heart: empowering African entrepreneurs. I have spent $100 million to empower African entrepreneurs because of that belief that entrepreneurs hold the key to unlocking Africa’s untapped potential”
Democratizing luck to African entrepreneurs
Elumelu noted that his growth journey had been a function of luck and his ability to seize opportunities when they came. He said;
“I was lucky to get a job. I had no silver spoon, no international education. I worked hard and when I saw an opportunity to do more, I took it. I led a group of investors to turn around a struggling bank and make it profitable. That opportunity led to what is the largest bank merger in sub-Saharan Africa to date”.
The Tony Elumelu Foundation is the channel for democratizing luck so that other young Africans also get a chance to break out the cycle of poverty.
Since 2015, the foundation has invested over $100 milion into training and funding African entrepreneurs. Another 2.5 million African entrepreneurs have also received access to training through the online platform – TEFConnect.
Over 21,000 beneficiaries have also received $100 million direct funding, resulting in at least 1.5 million jobs across Africa, and generating $4.2 billion in revenue.
TEF still receiving applications
In related news, the Tony Elumelu Foundation is encouraging youths to take a chance and apply for the 2025 TEF Entrepreneurship Program.
Applications remain open till March 1, 2025, and successful applicants will receive world-class entrepreneurship training, and seed funding for their businesses.
Elumelu noted that he also started from nowhere but decided to push his luck with hard work to get to where he is today.
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Source: Legit.ng
