Tony Elumelu to Champion Africa’s Growth and Gulf Investment at Saudi’s FII New Africa Summit

Nigerian business magnate and philanthropist Tony Elumelu will co-chair the New Africa Summit at the eighth edition of Saudi Arabia’s Future Investment Initiative (FII), slated to run from October 29 in Riyadh. As Chairman of Heirs Holdings and United Bank for Africa (UBA) and founder of the Tony Elumelu Foundation (TEF), Elumelu’s presence underscores Africa’s emerging role in global investment conversations.

This year’s FII theme, “Infinite Horizons,” will spotlight Africa, with Elumelu joining world leaders in the Opening Plenary, “Board of Changemakers: Banking & Investment,” where he’ll discuss the influence of visionary leadership in fostering innovative economic systems. He will also engage in a fireside chat on the “Landscape of African Entrepreneurship,” advocating for youth investment as a pathway to economic development and highlighting UBA’s expanding Gulf footprint.

Elumelu’s presence signals a deeper alliance between Africa and the Gulf, championing mutual investment opportunities that bolster growth across both regions. “The relationship between Africa and the Gulf has evolved to be a thriving economic partnership,” said Elumelu. “At FII, we’ll explore mutually beneficial investment opportunities and showcase how entrepreneurship transforms visions into ventures.”

Notable Heirs Holdings executives will also contribute insights: Transcorp Group CEO Owen Omogiafo will address sustainable supply chains at the HERizon Summit, while Heirs Energies CEO Osa Igiehon will discuss Africa’s green energy potential. UBA’s Deputy Managing Director Muyiwa Akinyemi will highlight the bank’s role in bridging Africa and the Gulf.

The Tony Elumelu Foundation will further the conversation, hosting a session on youth entrepreneurship as a lever for prosperity on the continent.

Elumelu’s advocacy for Africapitalism—a philosophy blending profit with positive social impact—aims to drive economic change in Africa through entrepreneurship, spotlighting vast investment potential in a continent increasingly positioned as a critical player on the global stage.