Africa must shift from dialogue to decisive action if it intends to unlock its full potential, Chairman of Heirs Holdings and United Bank for Africa (UBA), Tony Elumelu, declared at the African Association of Accountants General (AAAG) Annual Conference in Ghana.
Speaking to the continent’s top financial stewards, Elumelu emphasised that Africa is not merely a continent of potential but “a continent of urgency,” stressing that the structural transformation Africans seek will only happen through bold reforms, strong institutions, and an unshakeable partnership between the public and private sectors.
Elumelu, who addressed the gathering as an entrepreneur and champion of Africapitalism — his philosophy advocating private-sector–led African development — challenged governments to build the trust required to unlock investment.
He noted that while Africa faces an estimated $100 billion yearly infrastructure deficit, the continent simultaneously controls more than $4 trillion in sovereign and pension funds, alongside over $100 billion in annual diaspora remittances.
“Our problem is not money; it is trust,” he said. “Trust built through predictability, transparency, and partnership.”
Elumelu told the Accountants General that they hold the levers of stability and confidence needed to attract long-term investment. Predictable policies, transparent systems, and accountability, he noted, are essential for mobilising capital for development.
Drawing from his business experience, Elumelu highlighted how long-term African investments have transformed millions of lives.
At UBA Group, he said, the bank has grown from a national institution into a global financial powerhouse serving over 50 million customers, employing more than 40,000 people, and expanding across Africa, Europe, the U.S., and the Gulf.
He also referenced Transcorp Group’s bold entry into the power sector, noting that the conglomerate now generates 15% of Nigeria’s electricity, proving that African investment can solve African problems.
On youth empowerment, he spotlighted the impact of the Tony Elumelu Foundation (TEF), which has provided $100 million in seed capital to 24,000 entrepreneurs across all 54 African countries, including 330 beneficiaries from Ghana. These entrepreneurs, he said, have collectively created over 1.5 million jobs and generated over $4.2 billion in revenue.
“Africapitalism is the private sector taking responsibility for Africa’s development,” Elumelu stated. “Not an Africa built by charity, but one built by its own ideas, its own entrepreneurs, and its own systems.”
He stressed, however, that sustainable transformation requires strong governmental partnership — rooted in trust, accountability, and shared prosperity.
“The Africa of tomorrow will be built by partnerships — state and private sectors, Africans and global investors,” Elumelu concluded. “Let’s build Africa’s future together.”
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