Nigerian tycoon Tony Elumelu to co-chair New Africa Summit at Saudi Arabia’s Future Investment Initiative

Oluwatosin Racheal Alabi -
Key Points
  • Nigerian tycoon Tony Elumelu will co-chair the New Africa Summit at Saudi Arabia’s Future Investment Initiative (FII), bringing African entrepreneurship to the global stage.
  • Elumelu, through the Tony Elumelu Foundation, has empowered 20,000 African entrepreneurs with $100 million, championing job creation and poverty reduction across Africa.
  • At FII, Elumelu will join global leaders in discussing innovative economic systems and investment opportunities that strengthen Africa-Gulf ties and drive shared prosperity.

Tony Elumelu, Nigerian entrepreneur, philanthropist, and chairman of the United Bank for Africa (UBA), is set to co-chair the New Africa Summit at the 8th Future Investment Initiative (FII) in Riyadh, Saudi Arabia. Themed “Infinite Horizons,” this year’s FII gathers global leaders to discuss how strategic investments can foster sustainable prosperity worldwide.

As a prominent proponent of African entrepreneurship, Elumelu brings a unique vision, spotlighting African business potential and the region’s investment opportunities, which contribute to both regional and global growth. Elumelu’s leadership extends beyond banking; under his guidance, UBA has achieved financial milestones, with comprehensive income rising from N886.81 billion ($540.22 million) to N1.63 trillion ($995.50 million). The bank has also seen significant growth in assets, from N20.65 trillion ($12.38 billion) to N31.80 trillion ($19.37 billion), establishing itself as a powerhouse in African banking.

Tony Elumelu’s vision for African entrepreneurship

Elumelu, the founder of the Tony Elumelu Foundation (TEF), will speak on “The Landscape of African Entrepreneurship,” highlighting African youth-led enterprises’ transformative role. TEF has provided over $100 million to support 20,000 entrepreneurs across 54 African nations, focusing on job creation and poverty reduction. This aligns with Elumelu’s Africapitalism philosophy, emphasizing the private sector’s role in Africa’s economic advancement.

Strengthening Africa-Gulf ties

On Oct. 29, Elumelu will join global business leaders in a plenary titled “Board of Changemakers: Banking & Investment,” exploring visionary economic systems with executives from Heirs Holdings, UBA, and others. Reflecting on Africa’s relationship with the Gulf, Elumelu remarked, “Co-chairing the New Africa Summit allows us to explore mutually beneficial investments that showcase Africa’s role in a shared, prosperous future.”