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NAIROBI, Kenya (August 12, 2011) – Tony O. Elumelu, MFR, Chairman of
Heirs Holdings and Founder of The Tony Elumelu Foundation (TEF), has called
on entrepreneurs and business leaders in the continent to embrace the concept
of Africapitalism. Speaking at several engagements in Kenya during the week,
Elumelu stated the much needed growth and development of Africa can best be
achieved though Africapitalism - a private sector commitment to the economic
transformation of Africa through investments that generate economic and social
wealth. He argued that the growth and improved economic wellbeing of Africans
can only be achieved by the private sector stating that the public sector cannot
bring about development but concentrate on providing the enabling environment
for businesses to flourish.
This was the focus of his address titled “Building a Pan-African Business”
at the Strathmore Business School, East Africa’s pre-eminent management
school. Speaking before a capacity crowd of business leaders, entrepreneurs,
young professionals and business students at the auditorium of Strathmore
University, Elumelu drew on his extensive experience from building the United
Bank for Africa from a single country bank to a pan-African financial services
giant operating in 20 African countries, including Kenya, Tanzania and Uganda
from the East African region and Europe, the Middle East and the United
States. According to him UBA has impacted positively on Africa and if five
similar companies like UBA can emerge every year Africa will be better for it.
“Kenya is brimming with talent and innovation as well as hope for the future,
and African business and political leaders have an abiding responsibility to
learn from one another if we are to establish successful trade relationships and
build world-class economies,” Elumelu said. “It’s critically important for Africans
to work with Africans if they are to solve Africa’s most pressing problems. Also,
companies in Nigeria and Kenya have the potential to compete with
multinationals if they are willing to capitalize on their knowledge of local and
regional markets.”
He said he would like to see lessons from “Silicon Savannah,” Kenya’s
booming information and communications technology (ICT) sector, to spur
further innovations in Nigeria’s ICT industry. The now famous M-PESA mobile
money platform in Kenya has spread across the continent, including Nigeria,
where U-Mo, a mobile money system has been launched.
Recognizing Kenya’s place as East Africa’s business hub, TEF included Kenya
in the Foundation’s initiative to create a talent pipeline of business talent for
Africa’s fast growing companies. Nairobi served as one of three host cities –
and the first outside of West Africa – for the African Markets Internship
Programme (AMIP), the Foundation’s innovative internship programme for MBA
students from top business schools both in Africa and abroad. Strathmore is
one of the Foundation’s partner schools and their students will join the
internship program in 2012.
Elumelu is no stranger to Kenya. Under his leadership in 2009, United Bank for
Africa Plc launched operations in Kenya and the East African region.
Dr. Wiebe Boer, CEO of TEF, has deep familiarity with Kenya as well. “I lived in
Kenya for three years before returning to Nigeria to work with Mr. Elumelu to
build Africa’s pre-eminent philanthropic institution,” he said. “There was so
much I learned in Kenya that I was able to call upon in my work in Nigeria, and
now I am excited to see Mr. Elumelu coming this way to talk to Kenya’s
business and entrepreneurial elite about lessons Kenya can learn from his
success in Nigeria and across the continent. These are the kinds of inter-
regional interactions that will transform Africa from within.”
Among such interactions are TEF’s and Heir Holdings’s investment in Mtanga
Farms, a farming operation at the heart of Tanzania’s national initiative to
combat food insecurity. The deal recognizes East Africa’s advanced farming
operations, something West African agricultural businesses can learn from. It
also marks the first time an Africa-based philanthropy has engaged in impact
investing, an approach that, unlike traditional grant making, uses for-profit
methods to solve intractable social and environmental problems.
“With 12 million people facing famine in the Horn of Africa, the private sector
must work harder to solve East Africa’s food security – by investing more funds
in production and distribution networks and opening access to finance,” Boer
said.
After his Strathmore engagement, Elumelu attended a UBA Directors’ annual
training session involving directors from UBA country operations across East &
Southern Africa where he delivered a lecture on ‘Formulating Strategic
Business Direction’. He retired as Group CEO of UBA in August 2010.
To conclude his daylong visit, Elumelu was joined by private/public sector
business leaders from across East Africa including Kenya’s Vice President, H.
E. Kalonzo Musyoka, Honourable Peter Kenneth, Assistant Minister of State
for Planning, National Development and Vision 2030, Stella Kilonzo, the CEO of
the Capital Markets Authority, and Linus Gitahi, Group CEO of Nation Media
Group. The reception was hosted by UBA Kenya and also included an array of
dignitaries from the business, development and public sector communities.
The regional IT sector was particularly well represented and included Tanzania’s
Ali Mufuruki of Infotech and Nick Hughes of Signal Point Partners who played a
leading role in the development and deployment of M-PESA.
“The outlook for Kenya’s economy as a regional powerhouse is promising. By
identifying opportunities to link Kenyan businesses with Nigerian markets, and
vice versa, we can make great progress in African driven economic
transformation” Elumelu noted.
For more information about The Tony Elumelu Foundation, please visit
www.tonyelumelufoundation.org.
Contact:
JeNika P. Mukoro
Director, Marketing & Corporate Communications
jenika.mukoro@tonyelumelufoundation.org
Heirs Holdings and Founder of The Tony Elumelu Foundation (TEF), has called
on entrepreneurs and business leaders in the continent to embrace the concept
of Africapitalism. Speaking at several engagements in Kenya during the week,
Elumelu stated the much needed growth and development of Africa can best be
achieved though Africapitalism - a private sector commitment to the economic
transformation of Africa through investments that generate economic and social
wealth. He argued that the growth and improved economic wellbeing of Africans
can only be achieved by the private sector stating that the public sector cannot
bring about development but concentrate on providing the enabling environment
for businesses to flourish.
This was the focus of his address titled “Building a Pan-African Business”
at the Strathmore Business School, East Africa’s pre-eminent management
school. Speaking before a capacity crowd of business leaders, entrepreneurs,
young professionals and business students at the auditorium of Strathmore
University, Elumelu drew on his extensive experience from building the United
Bank for Africa from a single country bank to a pan-African financial services
giant operating in 20 African countries, including Kenya, Tanzania and Uganda
from the East African region and Europe, the Middle East and the United
States. According to him UBA has impacted positively on Africa and if five
similar companies like UBA can emerge every year Africa will be better for it.
“Kenya is brimming with talent and innovation as well as hope for the future,
and African business and political leaders have an abiding responsibility to
learn from one another if we are to establish successful trade relationships and
build world-class economies,” Elumelu said. “It’s critically important for Africans
to work with Africans if they are to solve Africa’s most pressing problems. Also,
companies in Nigeria and Kenya have the potential to compete with
multinationals if they are willing to capitalize on their knowledge of local and
regional markets.”
He said he would like to see lessons from “Silicon Savannah,” Kenya’s
booming information and communications technology (ICT) sector, to spur
further innovations in Nigeria’s ICT industry. The now famous M-PESA mobile
money platform in Kenya has spread across the continent, including Nigeria,
where U-Mo, a mobile money system has been launched.
Recognizing Kenya’s place as East Africa’s business hub, TEF included Kenya
in the Foundation’s initiative to create a talent pipeline of business talent for
Africa’s fast growing companies. Nairobi served as one of three host cities –
and the first outside of West Africa – for the African Markets Internship
Programme (AMIP), the Foundation’s innovative internship programme for MBA
students from top business schools both in Africa and abroad. Strathmore is
one of the Foundation’s partner schools and their students will join the
internship program in 2012.
Elumelu is no stranger to Kenya. Under his leadership in 2009, United Bank for
Africa Plc launched operations in Kenya and the East African region.
Dr. Wiebe Boer, CEO of TEF, has deep familiarity with Kenya as well. “I lived in
Kenya for three years before returning to Nigeria to work with Mr. Elumelu to
build Africa’s pre-eminent philanthropic institution,” he said. “There was so
much I learned in Kenya that I was able to call upon in my work in Nigeria, and
now I am excited to see Mr. Elumelu coming this way to talk to Kenya’s
business and entrepreneurial elite about lessons Kenya can learn from his
success in Nigeria and across the continent. These are the kinds of inter-
regional interactions that will transform Africa from within.”
Among such interactions are TEF’s and Heir Holdings’s investment in Mtanga
Farms, a farming operation at the heart of Tanzania’s national initiative to
combat food insecurity. The deal recognizes East Africa’s advanced farming
operations, something West African agricultural businesses can learn from. It
also marks the first time an Africa-based philanthropy has engaged in impact
investing, an approach that, unlike traditional grant making, uses for-profit
methods to solve intractable social and environmental problems.
“With 12 million people facing famine in the Horn of Africa, the private sector
must work harder to solve East Africa’s food security – by investing more funds
in production and distribution networks and opening access to finance,” Boer
said.
After his Strathmore engagement, Elumelu attended a UBA Directors’ annual
training session involving directors from UBA country operations across East &
Southern Africa where he delivered a lecture on ‘Formulating Strategic
Business Direction’. He retired as Group CEO of UBA in August 2010.
To conclude his daylong visit, Elumelu was joined by private/public sector
business leaders from across East Africa including Kenya’s Vice President, H.
E. Kalonzo Musyoka, Honourable Peter Kenneth, Assistant Minister of State
for Planning, National Development and Vision 2030, Stella Kilonzo, the CEO of
the Capital Markets Authority, and Linus Gitahi, Group CEO of Nation Media
Group. The reception was hosted by UBA Kenya and also included an array of
dignitaries from the business, development and public sector communities.
The regional IT sector was particularly well represented and included Tanzania’s
Ali Mufuruki of Infotech and Nick Hughes of Signal Point Partners who played a
leading role in the development and deployment of M-PESA.
“The outlook for Kenya’s economy as a regional powerhouse is promising. By
identifying opportunities to link Kenyan businesses with Nigerian markets, and
vice versa, we can make great progress in African driven economic
transformation” Elumelu noted.
For more information about The Tony Elumelu Foundation, please visit
www.tonyelumelufoundation.org.
Contact:
JeNika P. Mukoro
Director, Marketing & Corporate Communications
jenika.mukoro@tonyelumelufoundation.org
By African Examiner, Baltimore
Saturday, August 13, 2011
Saturday, August 13, 2011
TONY ELUMELU MEETS KENYAN BUSINESS LEADERS,
PROPAGATES THE CONCEPT OF AFRICAPITALISM
PROPAGATES THE CONCEPT OF AFRICAPITALISM
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