Tony Elumelu’s investment across Africa and Business Impact

Over the years, Tony Elumelu has traversed Africa with attendant impact, evident in his multiple investment drive across 20 African countries, including Nigeria.

Elumelu, who chairs the United Bank for Africa, has led the bank to consolidate a firm Pan-African leadership base which has seen it facilitate intra-Africa and international trade, cross-border payments and remittances, making it a preferred partner for the last-mile distribution of donor flows across the continent.

His vision in catalyzing Africa’s growth has, without a doubt, ensured the financing of key projects and business transactions capable of galvanising the economic development of Africa’s economy, thereby upscaling the standard of living of its people.

In this regard, his bank continues to replicate the interventions undertaken in some African countries, in the provision of financial support to power and energy sectors, road infrastructure, agriculture, small, medium and large enterprises, entrepreneurship, tourism and many other areas.

Aside from his position as UBA chairman, Elumelu is also the founder of Heirs Holding, an African investment company with interests in financial services, energy production, oil and gas, agriculture, real estate and hospitality; chairman at Transcorp PLC, Nigeria’s largest conglomerate; and founder of The Tony Elumelu Foundation, an organisation that seeks to catalyse entrepreneurship across Africa has consistently ensured that his business foot-print towers above his contemporaries as his recent foray into the United Arab Emirates confirms; becoming the first Nigerian bank to expand into the continent.

Speaking recently during the launch, Elumelu said, “UBA is an African bank. We operate in 20 African countries – 11 francophone countries and 9 anglophone countries – which illustrates our pan-African focus. We consider ourselves an economic powerhouse that can bring Africa together and connect us to the rest of the world through our presence in the UK, France, the US and now UBA Dubai, which will further support business between Africa and the Gulf”.

In terms of revenue, we now have a near 50/50 split between Nigeria and the rest of the world, which will continue to change as our international presence evolves.

Our main aim is to support African companies – particularly small to medium-sized enterprises (SMEs) – that want to do cross-border business and help international companies do business in the continent. We also work with governments to provide physical and social infrastructure across Africa – all activity to support and catalyze economic development.

Also, at a recent event, the bank’s Group Managing Director, Oliver Alawuba, also spoke about the bank’s enviable exploits in Africa, noting that UBA leads innovation in banking in Africa and utilizes digital solutions to support financial inclusion and business activities of individual, SMEs and corporates, highlighting that over 80% of the bank’s transactions currently are processed through digital and electronic channels, which is why the bank is the preferred financial institution in Africa today.

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