“Africa Can’t Wait: Tony Elumelu Blasts Leaders — ‘The Time for Talk Is Over!’”
By Passman Akpos
At the African Association of Accountants General (AAAG) Annual Conference in Ghana, global business leader and philanthropist Tony O. Elumelu delivered a searing call to action, urging Africa’s public and private sectors to abandon rhetoric and embrace decisive, united action to transform the continent.
Speaking to the continent’s top financial stewards, Elumelu declared that Africa’s challenge is no longer access to capital but a crisis of trust and predictability.
> “Africa is not just a continent of potential; Africa is a continent of urgency. The time for talk is over; this is the moment for action,” he said.
Elumelu, Founder of the Tony Elumelu Foundation and Chairman of UBA Group and Transcorp Group, emphasized that Africa holds over $4 trillion in pension and sovereign wealth funds, and attracts more than $100 billion in annual diaspora remittances — enough to close the continent’s $100 billion yearly infrastructure gap, if trust, transparency, and stability are guaranteed.
“Our Problem Is Not Money — It Is Trust”
Addressing the Accountants General — whom he described as “Africa’s financial stewards” — Elumelu argued that their work is central to unlocking widespread investment and accelerating economic growth.
> “Trust is built through predictability, transparency, and partnership,” he noted. “If government delivers that predictability and support for long-term investment, Africa will be transformed.”
Africapitalism in Practice
Elumelu used his own business journey to illustrate the transformative power of long-term African investment.
UBA Group, which he acquired two decades ago, has grown from a Nigerian bank to a global powerhouse serving over 50 million customers across Africa, Europe, America, and the Gulf — and has created more than 40,000 direct jobs.
Transcorp Group ventured into power generation when others hesitated; today, the conglomerate produces 15% of Nigeria’s electricity, proving that African companies can thrive in sectors considered high-risk.
Through the Tony Elumelu Foundation, Elumelu has committed over $100 million in non-refundable seed capital, empowering 24,000 young African entrepreneurs across all 54 countries.
In Ghana alone, 330 beneficiaries have created thousands of jobs and contributed to the more than 1.5 million jobs and $4.2 billion in revenue generated collectively by the Foundation’s entrepreneurs.
“Not Charity — Responsibility”
Elumelu reiterated that Africapitalism is not about handouts but about African-led solutions:
> “Africapitalism is the private sector taking responsibility for Africa’s development — a continent built by its own ideas, its own entrepreneurs, its own systems.”
However, he stressed that this vision is only achievable through genuine collaboration with African governments.
A Future Built on Trust, Transparency, and Shared Prosperity
He urged a new model of partnership that unites governments, private investors, and global partners:
> “The Africa of tomorrow will be built by partnerships — state and private sectors, Africans and global investors — with trust as foundation, transparency as non-negotiable, and equity and shared prosperity as our goal.”
Elumelu ended with a rallying call to leaders across the continent:
> “Let’s build Africa’s future together.”
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