Nigerian billionaire, and chairman of the United Bank for Africa (UBA) Group Tony Elumelu, has shared his reasons for diversifying into the oil and gas sector.
Elumelu shared this at the Legacy Builders Palm Beach Conference held in Florida, United States, on the theme: “Democratising Luck”.
He observed that Africa is a continent of opportunity, and Nigeria has huge resources to plug into this opportunity but power remains a challenge to be surmounted.
Elumelu said his business group acquired one of the top 3 electricity distribution companies in Nigeria, to change that narrative, and contribute to addressing core business challenges.
The UBA Group chairman also explained why he spread his portfolio from banking to include power, healthcare, real estate, technology and others, the NATION reports.
He said that Africa’s population is about 1.5 billion and is projected to double by 2050. The continent also has 24 out of the world’s 25 fastest-growing populations, with median age of 19 years.
These young people, Elumelu noted, are the reason for the Tony Elumelu Foundation.
He said;
Elumelu noted that his growth journey had been a function of luck and his ability to seize opportunities when they came. He said;
The Tony Elumelu Foundation is the channel for democratizing luck so that other young Africans also get a chance to break out the cycle of poverty.
Since 2015, the foundation has invested over $100 milion into training and funding African entrepreneurs. Another 2.5 million African entrepreneurs have also received access to training through the online platform – TEFConnect.
Over 21,000 beneficiaries have also received $100 million direct funding, resulting in at least 1.5 million jobs across Africa, and generating $4.2 billion in revenue.
TEF still receiving applications
In related news, the Tony Elumelu Foundation is encouraging youths to take a chance and apply for the 2025 TEF Entrepreneurship Program.
Applications remain open till March 1, 2025, and successful applicants will receive world-class entrepreneurship training, and seed funding for their businesses.
Elumelu noted that he also started from nowhere but decided to push his luck with hard work to get to where he is today.
Source: TimesNow.com.ng
