Palm Beach, Florida – February 5, 2025
At the Legacy Builders Palm Beach Conference, renowned entrepreneur and philanthropist Tony O. Elumelu, CFR delivered a powerful keynote address on a mission that has defined his life’s work: Democratising Luck.
Speaking to a room filled with global business leaders, investors, and changemakers, Elumelu passionately called for collective action to unlock Africa’s economic potential by empowering its young entrepreneurs.
From Humble Beginnings to Global Impact
Reflecting on his own journey, Elumelu shared his story of rising from modest beginnings to becoming a business titan. “I came from almost nowhere and have achieved a lot,” he said.
Now, as Chairman of Heirs Holdings, UBA Group, and Transcorp Group, and Founder of The Tony Elumelu Foundation (TEF), he is committed to ensuring that others have access to the same opportunities that propelled him forward.
“Africa’s greatest asset is its youth,” he said, citing the continent’s rapidly growing population of 1.5 billion people, with a median age of just 19. “They are some of the most industrious and entrepreneurial people in the world,” he said, making the case that supporting young African entrepreneurs is not charity, but smart investment.
A $100 Million Commitment to Africa’s Future
Elumelu’s belief in entrepreneurship as the key to Africa’s transformation led him to establish The Tony Elumelu Foundation, which has invested $100 million to support over 21,000 entrepreneurs across Africa since 2015. He shared the foundation’s impact thus:
- 2.5 million Africans trained through TEFConnect, its online portal.
- Over 2 million individuals lifted out of poverty.
- More than 1.5 million jobs created.
- Beneficiaries generating $4.2 billion in revenue across the continent.
“Our youth inspire me,” he said. “They are creating jobs and eliminating poverty. Their impact is being felt in their communities and across the continent.”
A Call to Action: Scaling Impact Together
Despite the foundation’s success, Elumelu acknowledged that the demand for support far exceeds what one organization can provide.
“We receive over 300,000 applications a year,” he said, highlighting the urgent need for collaboration. TEF now partners with global institutions like the EU, UN, Red Cross, and the IKEA Foundation, working together to scale impact and amplify opportunities.
He urged successful individuals and organizations to step up: “We must do more. Become a mentor, an investor, a champion for those who only need a chance.”
Building a Legacy of Opportunity
For Elumelu, “democratising luck” is about more than just capital—it’s about knowledge-sharing, mentorship, and creating networks that uplift emerging entrepreneurs. Drawing inspiration from his mother, a hardworking entrepreneur who ran a small restaurant, he underscored how access to capital and mentorship can determine whether a business thrives or fails.
He closed with a powerful message: “Africa will not rise by chance—it will rise because of deliberate action. Together, we can transform the African continent, one entrepreneur at a time.”
With global leaders in the room, his challenge was clear: Join the movement. Invest in Africa’s future. Help democratise luck.
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