Elumelu to Co-Chair New Africa Summit as Eighth Edition of Saudi Arabia’s Investment Summit Begins Tuesday

Festus Akanbi

All is set for the eighth edition of the Future Investment Initiative (FII) slated for Tuesday, October 29 in Riyadh, Saudi Arabia, where the Chairman of Heirs Holdings and United Bank for Africa (UBA), Tony Elumelu, will join some of the world’s most influential leaders to shape discussions at the global event.
A statement from the organisers disclosed that Elumelu, who is also the Founder of The Tony Elumelu Foundation (TEF), will co-chair the New African Summit, themed “Infinite Horizons”, where these leaders will demonstrate how investment can serve as a catalyst for a prosperous and sustainable future, pushing the boundaries of what is possible for humanity.

At the discussion where Africa will take centre stage, Elumelu is expected to bring to bear his perspective as both a business leader and catalytic philanthropist by shaping the discussions at FII.
According to the statement, Elumelu, one of the most prominent voices on Africa’s transformation agenda, will advocate for entrepreneurship and investing in youth as the means to accelerate Africa’s economic growth and development.

“He will draw insights from the impact and unique model of the Tony Elumelu Foundation, the leading philanthropy empowering a new generation of African entrepreneurs, driving poverty eradication and job creation across Africa.
“On October 29, Mr. Elumelu will join other global business leaders, in the Opening Plenary panel, titled “Board of Changemakers: Banking & Investment,” to discuss whether visionary leaders create new economic systems that embrace innovation,” the statement said.

It added that the forum will see the presence of other senior Heirs Holdings executives like the President and Group CEO of Transcorp Group, one of Africa’s leading, listed companies, with strategic investments in the power, hospitality, and energy sectors, driven by its mission to improve lives and transform Africa, Owen Omogiafo, who will join other global female leaders in the energy sector at the HERizon Summit to discuss how women can power sustainable supply chains.

Others include the CEO of Heirs Energies, Osa Igiehon, who will share insights on energy transition and security at his session focused on powering Africa’s future through green investments.
Heirs Energies has made a significant impact in Nigeria, driving energy self-sufficiency, through rapid expansion in oil and gas production and building energy value chains, contributing to HH’s integrated energy strategy.

The list of experts includes the Deputy Managing Director, of United Bank for Africa Group,  Muyiwa Akinyemi, who will join a roundtable session, leveraging his perspective drawn from his career with Africa’s global bank.

The statement said the UBA Group’s presence in the GCC is pivotal in fostering stronger economic ties between Africa and the Gulf, reflecting a commitment to cross-border investment and sustainable growth.
“The Tony Elumelu Foundation will also host a plenary session on the sidelines of FII, focused on youth entrepreneurship and its critical role in creating shared prosperity on the continent,” the statement added.

As the advocate of Africapitalism, Mr. Elumelu has long championed entrepreneurship as key to accelerating economic growth across Africa, leveraging his presence at FII to highlight the continent’s vast investment opportunities.
Elumelu was quoted as saying “The relationship between Africa and the Gulf has evolved to be a thriving economic partnership, driving growth across both regions. “I am proud to co-chair the New Africa Summit at FII, where we will explore mutually beneficial investment opportunities between Africa and the Gulf and highlight the key role entrepreneurship plays in transforming visions into ventures. Together, Africa and the Gulf are building a legacy of shared prosperity for a better tomorrow.”

 Elumelu, whom Time magazine recognised as one of the world’s most influential people in 2020, is one of Africa’s most respected entrepreneurs, businessmen, and philanthropists.

He serves as Chairman of the family-owned leading investment company, Heirs Holdings, and of UBA, a global bank with a presence across four continents, originating from sub-Saharan Africa. Named one of the 50 wealthiest Africans by Forbes, Elumelu has given $100 million of his fortune to 20,000 entrepreneurs across 54 African countries through the Tony Elumelu Foundation (TEF), whose Founder he is.