Tony Elumelu, the Chairman of the United Bank of Africa and founder of the Tony Elumelu Foundation, has disclosed that his significant investment of multi-million dollars in youth empowerment aims to equalise opportunities for young individuals.
Speaking at the Annual General Conference of the Nigerian Bar Association, Elumelu clarified the intention behind his philanthropic efforts.
He stated, “When my wife and I committed USD100m to help democratise luck and empower our youth through The Tony Elumelu Foundation, giving annual non-refundable grants of USD5k seed capital to each beneficiary, now received by over 18,000 young Africans, it was not out of an abundance of wealth. Rather it was our own contribution in spreading prosperity and making the world a better and safer place for all.”
Elumelu explained the implications of poverty, adding that the ultimate panacea for insecurity and extremism is prosperity.
“This is why all of us must think of legacy and play our role and part now, that we can, to urgently support our young ones to become economically engaged, else we are doomed,” he added.
Also in his remarks, he said it was time for the country to invest in empowering young people, women, and the power sector.
“Nations that prioritise their young go far – it is no coincidence that an America that created Harvard and Stanford, also produced Amazon, Microsoft, and Google – we need the same focus on our young, their futures, and ambitions.
Let us invest in our women. When a woman succeeds, families and communities are lifted out of poverty. I am a product of a hardworking woman who greatly influenced, supported, and groomed me. It is no surprise that in my businesses, women lead and flourish,” said the philanthropist.
On investment in the power sector, he urged the government to create regulatory structures that reward success and encourage a sustainable and robust power supply.
“Is it not ironic that a country with abundant gas resources cannot optimally operate its power plants due to lack of gas! I have seen the beginnings of what we can do. Let me give you an example: The TransAfam Power Plant that belongs to Transcorp Group Has an installed capacity of 1000 megawatts. The Federal Government of Nigeria made a significant investment to acquire 240 megawatts fast power turbines from General Electric (GE),” Elumelu noted.
While tasking the audience on nation-building, he urged an unwavering determination, guided by the principles of unity, inclusivity, and progress.
“Let our pursuit of nation-building be characterised by unwavering determination, empathy, and the commitment to create a legacy of progress, unity, and hope for generations to come,” he concluded.
