By Tarakirivoice News
Founder of the Tony Elumelu Foundation (TEF) and Chairman of Heirs Holdings, Tony O. Elumelu, has emphasized that true success and wealth should be measured not by personal financial accumulation but by one’s impact on society and contribution to shared prosperity.
Speaking during a session on CNN’s Global Perspectives on Africa with Lynn Forester de Rothschild and Eleni Giokos, Elumelu discussed the concept of Africapitalism—a philosophy he has championed for over a decade—stressing that the private sector must play a leading role in driving both economic prosperity and social transformation across the continent.
> “Success and wealth are not about what we have in our bank accounts. True success lies in how we help catalyze prosperity for all — the legacy we leave, the lives we change,” Elumelu said.
He noted that the global economy faces serious challenges such as inequality, exclusion, and environmental stress, which have made it imperative to redefine capitalism in a way that prioritizes inclusivity and sustainability.
> “Capitalism in the 21st century must be centered on community, inclusion, and shared prosperity. Together, we can create a system where doing well and doing good are one and the same,” he added.
Elumelu highlighted the impact of the Tony Elumelu Foundation as a model of Africapitalism in action. Each year, the Foundation identifies, trains, and provides non-refundable seed capital of $5,000 to between 3,000 and 5,000 young African entrepreneurs.
He explained that this approach has been catalytic — creating jobs, empowering communities, and restoring dignity — thereby fostering long-term stability and sustainable development across the continent.
> “At the Tony Elumelu Foundation, my wife and I have seen Africapitalism in action. It’s about building wealth that empowers others and investing for the greater good,” he said.
Elumelu’s message reinforces his long-standing call for a new economic order in Africa, one where entrepreneurship and private investment drive inclusive growth and social transformation.
#TOEWay #Africapitalism #InclusiveGrowth
