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LAGOS, Nigeria – The Tony Elumelu Foundation (TEF) has announced the appointment of former
prime ministers, CEOs, investment bankers and philanthropists, from around the world into its advisory
board. The cross-section of distinguished global leaders, who represent the pinnacle of success in the
public, private and non-profit sectors, will convene at Heirs Place, Lagos, Nigeria this month to formulate
the strategy and guide the growth and development of The Tony Elumelu Foundation, a catalytic
philanthropy that is emerging as an African leader in impact investing.
Because of the Foundation’s status as a pioneering African philanthropic institution, this inaugural
meeting of the Foundation’s advisory board is expected to have broad implications for the future
of philanthropy and development in Africa because the board will hatch out a set of bold recommendations
likely to change how development takes place across the continent.
The Foundation also announced the appointment of a Founding Patron, Michael Porter, a world-renowned
strategist and professor at Harvard University.
The Foundation’s Advisory Board consists of the following members:
• Runa Alam, Chief Executive Officer of Development Partners International and Non-Executive
Board member of United Bank for Africa (UBA), who has a quarter-century of investment banking,
emerging market management and private equity experience.
• H.E. Shaukat Aziz, the Prime Minister of Pakistan from 2004 to 2007, who was named “Prime
Minister of the Year” by the prestigious Euromoney and Bankers magazine. He was former Executive
Vice President of Citigroup.
• Teresa Clark, Founder and CEO of Africa.com, who formerly served as a Managing Director in the
investment banking division of Goldman Sachs & Co.
• Dr. Luisa Dias Diogo, who served as Prime Minister of Mozambique from 2004 to 2010 and who
played a key role in transforming the economy of that country.
• Stewart J. Paperin, Executive Vice President of the Open Society Foundations and President of
the Soros Economic Development Fund, one of the world’s largest and most innovative social investment
funds.
• Henrik Skovby, founding Global Managing Partner of Dalberg, a renowned strategy consulting
firm, with offices on five continents, that is primarily focused on economic development.
“This gathering is an important step for Africa and for the Foundation because of the caliber of people on
the board will be using a new lens to gauge the potential for African economic development. By helping
the Foundation establish new paradigms for giving, board members are acting as the architects of a new
era. They view this continent holistically, not as an assemblage of disparate regions – a viewpoint that
informs our mission as a Pan-African organization” said Tony O. Elumelu, Founder TEF.
Philanthropists globally are keeping tabs on moves by the Foundation because it has emerged as the
African champion of impact investing, an approach that, unlike traditional grant-making, uses for-profit
methods to solve intractable social and environmental problems.
Board recommendations could set the stage for a new, and much more active chapter in investing across
Africa, one that would essentially blur lines traditionally separating charitable giving from private
investing. Foundation successes could touch off a slew of major investments in African infrastructure by
others.
The Tony Elumelu Foundation was officially launched in October. As a 21st century catalytic
philanthropy, it is committed to driving Africa’s economic growth from within by proving that the African
private sector can generate economic development. Mr. Elumelu said the Foundation seeks to use
African capital and leadership to create a pipeline of entrepreneurs, support imaginative business leaders
whose ideas can create jobs, foster regional partnerships and bring
life-altering financial services to a wide range of consumers across the continent.
The Advisory Board meeting comes a few months after the appointment of the Foundation’s Chief
Executive, Dr. Wiebe Boer, former Associate Director of the Rockefeller Foundation. “I am excited and
grateful about the willingness of each member of this exceptionally distinguished group to join the Board
and help us chart a new course for African philanthropy,” Dr. Boer said. “Their willingness is a
reflection of capacity to operate in the global arena.”
Dr. Boer described the Foundation as unique on the continent. What sets the Foundation apart, he said,
is that several of the major players in the philanthropic space are internationally funded, and
they involve very few indigenous African funders. The Tony Elumelu Foundation, however, is African-
based and uses African capital to drive transformations that reach across international borders.
In addition, unlike most philanthropies, the Foundation sees grants as a last resort and believes impact
investing is a much more sustainable means of capitalization because of the entrepreneurial rigour that
comes with requiring a financial return. Proceeds from an eventual
exit from the investment on the part of the Foundation will be put back into the endowment of the
Foundation for additional impact investments and other Foundation activities.
The Foundation has emerged as the African champion of impact investing, an approach that, unlike grant-
making, uses for-profit methods to solve intractable social and environmental problems. The
Foundation’s first impact investment deal was signed earlier this month with Mtanga Farms Limited of
Tanzania. The deal will touch the everyday lives of hundreds of thousands of low income people in rural
Tanzania, improving farmers’ access to inputs and technology, creating infrastructure for farmers to bring
their products to markets and contributing to the development of the Southern Tanzanian Highlands, one
of the most promising untapped areas of agriculture production in East Africa.
The deal was made jointly by two partner institutions: The Tony Elumelu Foundation and Heirs Holdings,
an African investment company with a long term investment horizon. Both the Foundation and Heirs
Holdings are headed by Mr. Elumelu, who is the former CEO of United Bank for Africa, one of Africa’s
leading financial services institutions. The bank, the Foundation and Heirs Holdings are all based in
Nigeria, where some of the continent’s most innovative financial deals have been consummated in the last
decade. More and more African banks have begun to reach across the continent, challenging and
competing with global banking powers.
Contact:
Jenika P. Mukoro
Director, Marketing & Corporate Communications
jenika.mukoro@tonyelumelufoundation.org
About The Tony Elumelu Foundation
The Tony Elumelu Foundation seeks to contribute to the economic transformation of the African
continent through fostering Africa’s business and entrepreneurial leadership. It is focused on building and
engaging the African private sector to take the lead in driving Africa’s equitable economic transformation.
Prior to establishing the Foundation, Tony O. Elumelu led United Bank for Africa, one of Africa’s leading
financial services groups, through its transformation from a single-country focused bank to a diversified
business, operating across Africa and the world.
prime ministers, CEOs, investment bankers and philanthropists, from around the world into its advisory
board. The cross-section of distinguished global leaders, who represent the pinnacle of success in the
public, private and non-profit sectors, will convene at Heirs Place, Lagos, Nigeria this month to formulate
the strategy and guide the growth and development of The Tony Elumelu Foundation, a catalytic
philanthropy that is emerging as an African leader in impact investing.
Because of the Foundation’s status as a pioneering African philanthropic institution, this inaugural
meeting of the Foundation’s advisory board is expected to have broad implications for the future
of philanthropy and development in Africa because the board will hatch out a set of bold recommendations
likely to change how development takes place across the continent.
The Foundation also announced the appointment of a Founding Patron, Michael Porter, a world-renowned
strategist and professor at Harvard University.
The Foundation’s Advisory Board consists of the following members:
• Runa Alam, Chief Executive Officer of Development Partners International and Non-Executive
Board member of United Bank for Africa (UBA), who has a quarter-century of investment banking,
emerging market management and private equity experience.
• H.E. Shaukat Aziz, the Prime Minister of Pakistan from 2004 to 2007, who was named “Prime
Minister of the Year” by the prestigious Euromoney and Bankers magazine. He was former Executive
Vice President of Citigroup.
• Teresa Clark, Founder and CEO of Africa.com, who formerly served as a Managing Director in the
investment banking division of Goldman Sachs & Co.
• Dr. Luisa Dias Diogo, who served as Prime Minister of Mozambique from 2004 to 2010 and who
played a key role in transforming the economy of that country.
• Stewart J. Paperin, Executive Vice President of the Open Society Foundations and President of
the Soros Economic Development Fund, one of the world’s largest and most innovative social investment
funds.
• Henrik Skovby, founding Global Managing Partner of Dalberg, a renowned strategy consulting
firm, with offices on five continents, that is primarily focused on economic development.
“This gathering is an important step for Africa and for the Foundation because of the caliber of people on
the board will be using a new lens to gauge the potential for African economic development. By helping
the Foundation establish new paradigms for giving, board members are acting as the architects of a new
era. They view this continent holistically, not as an assemblage of disparate regions – a viewpoint that
informs our mission as a Pan-African organization” said Tony O. Elumelu, Founder TEF.
Philanthropists globally are keeping tabs on moves by the Foundation because it has emerged as the
African champion of impact investing, an approach that, unlike traditional grant-making, uses for-profit
methods to solve intractable social and environmental problems.
Board recommendations could set the stage for a new, and much more active chapter in investing across
Africa, one that would essentially blur lines traditionally separating charitable giving from private
investing. Foundation successes could touch off a slew of major investments in African infrastructure by
others.
The Tony Elumelu Foundation was officially launched in October. As a 21st century catalytic
philanthropy, it is committed to driving Africa’s economic growth from within by proving that the African
private sector can generate economic development. Mr. Elumelu said the Foundation seeks to use
African capital and leadership to create a pipeline of entrepreneurs, support imaginative business leaders
whose ideas can create jobs, foster regional partnerships and bring
life-altering financial services to a wide range of consumers across the continent.
The Advisory Board meeting comes a few months after the appointment of the Foundation’s Chief
Executive, Dr. Wiebe Boer, former Associate Director of the Rockefeller Foundation. “I am excited and
grateful about the willingness of each member of this exceptionally distinguished group to join the Board
and help us chart a new course for African philanthropy,” Dr. Boer said. “Their willingness is a
reflection of capacity to operate in the global arena.”
Dr. Boer described the Foundation as unique on the continent. What sets the Foundation apart, he said,
is that several of the major players in the philanthropic space are internationally funded, and
they involve very few indigenous African funders. The Tony Elumelu Foundation, however, is African-
based and uses African capital to drive transformations that reach across international borders.
In addition, unlike most philanthropies, the Foundation sees grants as a last resort and believes impact
investing is a much more sustainable means of capitalization because of the entrepreneurial rigour that
comes with requiring a financial return. Proceeds from an eventual
exit from the investment on the part of the Foundation will be put back into the endowment of the
Foundation for additional impact investments and other Foundation activities.
The Foundation has emerged as the African champion of impact investing, an approach that, unlike grant-
making, uses for-profit methods to solve intractable social and environmental problems. The
Foundation’s first impact investment deal was signed earlier this month with Mtanga Farms Limited of
Tanzania. The deal will touch the everyday lives of hundreds of thousands of low income people in rural
Tanzania, improving farmers’ access to inputs and technology, creating infrastructure for farmers to bring
their products to markets and contributing to the development of the Southern Tanzanian Highlands, one
of the most promising untapped areas of agriculture production in East Africa.
The deal was made jointly by two partner institutions: The Tony Elumelu Foundation and Heirs Holdings,
an African investment company with a long term investment horizon. Both the Foundation and Heirs
Holdings are headed by Mr. Elumelu, who is the former CEO of United Bank for Africa, one of Africa’s
leading financial services institutions. The bank, the Foundation and Heirs Holdings are all based in
Nigeria, where some of the continent’s most innovative financial deals have been consummated in the last
decade. More and more African banks have begun to reach across the continent, challenging and
competing with global banking powers.
Contact:
Jenika P. Mukoro
Director, Marketing & Corporate Communications
jenika.mukoro@tonyelumelufoundation.org
About The Tony Elumelu Foundation
The Tony Elumelu Foundation seeks to contribute to the economic transformation of the African
continent through fostering Africa’s business and entrepreneurial leadership. It is focused on building and
engaging the African private sector to take the lead in driving Africa’s equitable economic transformation.
Prior to establishing the Foundation, Tony O. Elumelu led United Bank for Africa, one of Africa’s leading
financial services groups, through its transformation from a single-country focused bank to a diversified
business, operating across Africa and the world.
African Examiner | April 18, 2011
Global leaders, notable philanthropists appointed advisory board
members of the Tony Elumelu Foundation
members of the Tony Elumelu Foundation
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*Board meets in Lagos this month
*On the Agenda: Launching a “New Era in African Philanthropy”
*On the Agenda: Launching a “New Era in African Philanthropy”
___________________________________________________________________________________
Iniruo Wills from Port Harcourt said on,
Monday, April 18, 2011 3:47 AM (EST)
From Tony Elumelu's antecedents and meteoric rise to the pinacle of banking in Nigeria and
Africa, the explosive vision of the Tony Elumelu Foundation and the 'big bang' inaugural
activities between the Foundation and its sister organization, Heirs Holdings, need not
come as a surprise. Still, it is extremely reassuring to see that out of Africa is coming an
initiative that, ab initio, obviously looks beyond incrementalism and romanticism in its
approach to lifting Africa out of its disappointing legacy. Regarding Tony as an individual, I
believe this eloquently marks his transformation from banker non pareil to development
economist, entrepreneur to social entrepreneur, and from a mere corporate executive to a
visionary African leader. I say thumbs up to originality, to inspiration, and to impact!
From Tony Elumelu's antecedents and meteoric rise to the pinacle of banking in Nigeria and
Africa, the explosive vision of the Tony Elumelu Foundation and the 'big bang' inaugural
activities between the Foundation and its sister organization, Heirs Holdings, need not
come as a surprise. Still, it is extremely reassuring to see that out of Africa is coming an
initiative that, ab initio, obviously looks beyond incrementalism and romanticism in its
approach to lifting Africa out of its disappointing legacy. Regarding Tony as an individual, I
believe this eloquently marks his transformation from banker non pareil to development
economist, entrepreneur to social entrepreneur, and from a mere corporate executive to a
visionary African leader. I say thumbs up to originality, to inspiration, and to impact!
Monday, April 18, 2011 3:47 AM (EST)
From Tony Elumelu's antecedents and meteoric rise to the pinacle of banking in Nigeria and
Africa, the explosive vision of the Tony Elumelu Foundation and the 'big bang' inaugural
activities between the Foundation and its sister organization, Heirs Holdings, need not
come as a surprise. Still, it is extremely reassuring to see that out of Africa is coming an
initiative that, ab initio, obviously looks beyond incrementalism and romanticism in its
approach to lifting Africa out of its disappointing legacy. Regarding Tony as an individual, I
believe this eloquently marks his transformation from banker non pareil to development
economist, entrepreneur to social entrepreneur, and from a mere corporate executive to a
visionary African leader. I say thumbs up to originality, to inspiration, and to impact!
From Tony Elumelu's antecedents and meteoric rise to the pinacle of banking in Nigeria and
Africa, the explosive vision of the Tony Elumelu Foundation and the 'big bang' inaugural
activities between the Foundation and its sister organization, Heirs Holdings, need not
come as a surprise. Still, it is extremely reassuring to see that out of Africa is coming an
initiative that, ab initio, obviously looks beyond incrementalism and romanticism in its
approach to lifting Africa out of its disappointing legacy. Regarding Tony as an individual, I
believe this eloquently marks his transformation from banker non pareil to development
economist, entrepreneur to social entrepreneur, and from a mere corporate executive to a
visionary African leader. I say thumbs up to originality, to inspiration, and to impact!