Mkpoikana Udoma
Port Harcourt — Chairman of Transcorp Group and founder of Heirs Holdings, Tony Elumelu, has called on global investors to look beyond charity and direct smart, impact-driven capital towards Africa, describing the continent as “the growth engine of tomorrow.”
Speaking at the 2025 Dubai Fintech Summit, Elumelu challenged the global investment community to shift focus from foreign aid to strategic investments that yield both returns and sustainable development.
Elumelu, whose investment group operates in 24 countries, 20 in Africa and four in Dubai, Paris, London, and the United States, emphasised that Heirs Holdings is not just highlighting Africa’s challenges but actively investing in solutions.
“Africa does not need sympathy. We need smart capital, scalable solutions, and shared value. Africa is the growth engine of tomorrow, let’s treat it like one.
“At Heirs Holdings, we have invested significantly in the electricity generation sector so that we can collectively power our continent, create jobs for our young ones, and ensure our women are inclusively involved in the economic development of our continent,” he said.
Highlighting the critical role of the private sector in Africa’s transformation, Elumelu said foreign aid alone would not deliver the change the continent needs.
“Foreign aid won’t transform Africa. Private capital will. Let’s stop talking about charity and start focusing on investments that deliver returns and development,” he asserted.
He called for a new era of bold public-private partnerships, stressing that the private sector is not a competitor to government but a collaborator.
Elumelu added: “Governments alone can’t fix Africa. We need bold public-private partnerships. When the public sector creates the right environment, the private sector will build the future. The private sector is not a rival to government, it is a partner.”
He concluded by underscoring the importance of fair and transparent investments, regardless of where the capital originates.
“It doesn’t matter if capital comes from the West, China, or the Gulf. What matters are fair returns, lasting impact, and mutual prosperity. That is smart investment,” Elumelu said.
His remarks came as part of a high-level session at the #DubaiFintechSummit, where Africa’s economic potential and investment landscape were in sharp focus.
