Tony Elumelu: “Africa Is a Continent of Urgency — The Time for Action Is Now”
Tony Elumelu has called for immediate, collective action to drive Africa’s development, declaring that the continent has moved beyond the stage of potential and into one of urgency.
Speaking at the African Association of Accountants General (AAAG) Annual Conference in Ghana, Elumelu emphasized the principles of Africapitalism — his belief that Africa’s transformation must be powered by a strong partnership between the private and public sectors.
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He highlighted the paradox facing the continent: despite an annual infrastructure gap of $100 billion, Africa holds more than $4 trillion in pension and sovereign wealth funds, and receives over $100 billion annually in diaspora remittances. “Our problem is not money, it is trust,” he said. “Trust built through predictability, transparency, and partnership.”
Elumelu told the Accountants General — the continent’s financial gatekeepers — that they possess the influence to unlock investment and strengthen the foundations of long-term economic prosperity. “If governments deliver predictability, infrastructure, and support for long-term investment, Africa will be transformed.”
He pointed to his track record at UBA and Transcorp as examples of what long-term, Africa-focused investments can achieve. UBA has grown from a national bank into a global institution serving over 50 million customers across Africa, Europe, America, and the Gulf—creating more than 40,000 direct jobs.
Transcorp, he noted, invested in Nigeria’s power sector despite widespread doubt. Today, the company generates 15% of the country’s electricity.
Through the Tony Elumelu Foundation, he has empowered 24,000 young entrepreneurs across all 54 African countries with over $100 million in non-refundable seed capital. Of these, 330 are from Ghana. Collectively, these entrepreneurs have created over 1.5 million jobs and generated $4.2 billion in revenue.
Elumelu reiterated that Africapitalism is about Africans taking responsibility for their own development — turning ideas into enterprises and building systems that endure. But he stressed that none of this can happen without effective governance.
“The Africa of tomorrow will be built by partnerships — between governments and the private sector, Africans and global investors — anchored on trust, transparency, and shared prosperity,” he said.
“Let’s build Africa’s future together.”
Tony Elumelu: “Africa Is a Continent of Urgency — The Time for Action Is Now”