Nigerian businessman Tony Elumelu calls for investment in African healthcare innovation

Nigerian business leader Tony Elumelu, chairman of United Bank for Africa (UBA) Group and founder of The Tony Elumelu Foundation (TEF), urged global leaders to prioritize investments in health research and technology for Africa at the Abu Dhabi Health Forum on Monday.

Elumelu, a prominent voice on African development and chairman of diversified conglomerate Transcorp Group, emphasized innovation’s role in driving better health outcomes across the continent.

He highlighted TEF’s commitment to the sector, having funded 700 healthcare entrepreneurs, with a near-even gender split (49-percent male, 51-percent female). These empowered entrepreneurs, he noted, are making a significant impact on African healthcare delivery.

Elumelu: Big pharma must invest in Africa’s healthcare future

“While early-stage entrepreneurs are crucial,” Elumelu said, “big pharma also has a role to play. To ensure a sustainable health future for all, we need a reformed patent system that incentivizes innovation while promoting global health equity. This includes incentivizing partnerships on R&D for diseases prevalent in lower-income countries, and encouraging big pharma to invest in R&D and manufacturing facilities in developing nations. Leveraging global trade is key to achieving this.”

Elumelu stressed the importance of cross-sector collaboration to address challenges like unreliable power supply, a major hurdle for African healthcare. “Around 40 percent of African healthcare facilities lack reliable power,” he said. “This hinders vaccine storage and patient care. We need the global renewable energy sector, including thermal and hydro, to address this deficiency and unlock Africa’s health potential.”

Elumelu cements legacy, guiding UBA to pan-African powerhouse

Tony Elumelu has solidified his position as a titan of African commerce, transforming UBA Group from a domestic bank into a continental powerhouse. Under his leadership since 2005, UBA has expanded its footprint across 24 countries in four continents, including key markets like the UK, United States, France, and the UAE.

Elumelu’s vision propelled UBA to become the second-largest lender by assets in Nigeria, Africa’s most populous nation. As of March 31, 2024, UBA boasts total assets of N25.37 trillion ($18.25 billion) and retained earnings exceeding N1 trillion, rising from N919.87 billion ($660.6 million) to N1.055 trillion ($757.1 million).

In March, Transcorp Power, the energy division of Elumelu’s Transcorp Group, debuted on the Nigerian Exchange. While currently ranked sixth with a market capitalization of N2.8 trillion ($1.86 billion), its potential for growth remains significant.

Investing in Africa’s next generation of entrepreneurs

Elumelu’s dedication to fostering entrepreneurship extends beyond corporate success. The Tony Elumelu Foundation (TEF), launched in 2015, has empowered more than 20,000 young African entrepreneurs from various backgrounds.

Surpassing its initial goal of supporting 10,000 entrepreneurs over a decade with a $100 million pledge, TEF has demonstrably exceeded expectations. Through TEF, Elumelu earlier this year provided more than $5 million in non-refundable seed capital to over 1,000 aspiring business leaders across Africa.