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Tony Elumelu makes TIME’s World 100 Most Influential People 2020

The founder of Tony Elumelu Foundation (TEF), Mr. Tony Elumelu has been named in the “TIME 100” list of the 100 Most Influential People in the World for the year 2020.

The list was released on Wednesday, September 23 by the globally renowned news media TIME Magazine.

Reacting to the recognition in a statement published on its website, the Foundation expressed delight.

It noted that Mr. Elumelu is just one of only four Africans on the list to be so recognised.

TEF Chief Executive Officer, Ifeyinwa Ugochukwu, in an email to ElombahNews, also noted that the timely recognition precedes the Foundation’s 10th year anniversary slated for November this year.

“The recognition,” she said, “is in honour of his commitment to empowering a new generation of African entrepreneurs, catalysing economic growth, driving poverty eradication and ensuring job creation across all 54 African countries, through his work at the Tony Elumelu Foundation.

“On behalf of our Advisory Board, staff, our 9,360 beneficiaries, and all well-wishers, we congratulate our Founder, Tony Elumelu, as well as all other laureates on this well-deserved honour,” she added.

See the statement on the recognition below:

TIME has named Tony O. Elumelu, one of Africa’s leading investors and philanthropists, in the 2020 TIME100, the annual list of the 100 most influential people in the world.

The list, now in its seventeenth year, recognises the activism, innovation, and achievement of the world’s most influential individuals.

Mr Elumelu, who is one of only four Africans on the 2020 list, is recognised for his track record of business turnaround and value creation, and economic empowerment of young Africans.

Tony Elumelu is the Founder and Chairman of Heirs Holdings, his family owned investment company, committed to improving lives and transforming Africa, through long-term investments in strategic sectors of the African economy, including financial services, hospitality, power, energy, technology and healthcare.

He is also the Chairman of pan-African financial services group, the United Bank for Africa (UBA), which operates in 20 countries in Africa, the United Kingdom, France, and is the only African bank with a commercial deposit taking licence in the United States.

He also chairs Nigeria’s largest quoted conglomerate, Transcorp, whose subsidiaries include Transcorp Power, one of the leading generators of electricity in Nigeria and Transcorp Hotels Plc, Nigeria’s foremost hospitality brand.

Mr Elumelu is the most prominent champion of entrepreneurship in Africa. In 2010, he created The Tony Elumelu Foundation (TEF), the philanthropy empowering a new generation of African entrepreneurs, catalysing economic growth, driving poverty eradication and ensuring job creation across all 54 African countries.

Since inception, the Foundation has funded just under 10,000 entrepreneurs and created a digital ecosystem of over one million as part of its ten year, US$100m commitment through the TEF Entrepreneurship Programme.

Self-funded, the Foundation is increasingly sharing its unique ability to identify, train, mentor and fund young entrepreneurs across Africa, with institutions such as the UNDP, the ICRC and leading European development agencies.

Heirs Holdings, which serves as a corporate role model for African businesses, and the Tony Elumelu Foundation will both celebrate 10 years of impact in November.

Their mission continues to be inspired by Mr Elumelu’s economic philosophy of Africapitalism, which positions the private sector, and most importantly entrepreneurs, as the catalyst for the social and economic development of the continent.

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