Nigerian Billionaire Tony Elumelu’s Vision For a Wealthier Black Community
Nigerian billionaire and philanthropist Tony Elumelu has designed an entrepreneurship program that will expend $100 million dollars in financial assistance to black entrepreneurs residing in the United States and in Africa.
More About Tony Elumelu
Elumelu is founder and chairman of Heirs Holdings, UBA Group Plc, Seadrill Nigeria Ltd and Transcorp Plc – Nigeria’s largest listed conglomerate. The corporation’s main function is managing investments in financial services, power generation, oil, gas, agribusiness, hospitality and real estate.
In 2014, he co-hosted a Washington DC summit where close to 100 African and African-American business leaders were in attendance. The summit’s aim was to ensure that there was improvement in the financial well-being of of Africans and African Americans, and to create opportunities for advancement for attendees.
The Tony Elumelu Foundation
Elumelu established the Tony Elumelu Foundation to assist 10,000 entrepreneurs in creating 10,000 startups over the course of the next ten years, which will in turn generate employment and wealth for the black community. Ultimately, he wants to forge a solid partnership between the network of black entrepreneurs in Africa and America.
He stated, “I set up the foundation to tackle some of the problems African entrepreneurs face, as entrepreneurship is my passion. I would also like to encourage more of Africa’s high-net-worth individuals to give and support their passions in an institutional manner. It is my belief that home-grown African philanthropy should be setting the agenda for the continent’s development.”
How the Foundation Plans to Accomplish this Partnership
The major goal of the Tony Elumelu Foundation is to identify, grow and create:
Identify 10,000 African startups and African entrepreneurs with ideas that have the potential to succeed
Grow the businesses through business skills training, mentoring, access to seed capital funding, information and membership in our Africa-wide alumni network
Create businesses that can generate at least 1,000,000 new jobs and contribute at least $10 billion in revenues across Africa over 10 years.
For additional details about the Tony Elumelu Foundation, visit the foundation’s website, and watch the video below.
By: Danielle Dixon
Follow her on Twitter: @tooprettydani