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, recognizes the activism, innovation, and achievement of the world’s most influential inpiduals.
Elumelu, who is one of only four Africans on the 2020 list, is recognized 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 the 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 license 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.
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, catalyzing economic growth, driving poverty eradication, and ensuring job creation across all 54 African countries.
Since its inception, the foundation has funded just under 10,000 entrepreneurs and created a digital ecosystem of over one million as part of its ten years, 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.
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