Tony Elumelu calls his Foundation his most valuable investment
Billionaire investor and philanthropist Tony Elumelu has said that the Tony Elumelu Foundation (TEF) represents the most rewarding investment he has ever made, even surpassing the numerous businesses he has built under Heirs Holdings.
Elumelu made the remark during a light-hearted rapid-fire session on Instagram with his daughter, Oge Elumelu, as captured in a short video clip from the interaction.
The comment highlights his long-standing belief that backing African entrepreneurs offers the most enduring returns for the continent’s development.
Despite chairing Heirs Holdings—a pan-African investment group with interests in banking, energy, hospitality, healthcare and technology—Elumelu did not point to any of these commercial ventures. Instead, he identified the Foundation as his most impactful investment.
What he said
When asked by Oge Elumelu to name his favourite investment over the years, Elumelu replied simply and confidently: “Investment in Tony Elumelu Foundation.”
The response underscores his conviction that Africa’s major challenges, including unemployment and poverty, can be most effectively tackled by equipping entrepreneurs with capital, skills and access to networks.
For Elumelu, the true measure of return extends beyond profit to the long-term social and economic change driven by successful, African-owned enterprises.
More insight from Elumelu
Elumelu’s philanthropic efforts are guided by his Africapitalism philosophy, which views the private sector—and entrepreneurs in particular—as the engine of Africa’s economic transformation. The approach advocates long-term investments that generate both financial returns and social value.
In a recent episode of the podcast Africa and Everywhere: Conversations with Oge, Elumelu reflected on leadership, stressing that vision alone is insufficient without the right people and strong execution. He also urged African governments to create environments that enable young people to build globally competitive companies.
Comparing Africa’s startup ecosystem with those that produced companies like Apple and Microsoft, Elumelu questioned how many African entrepreneurs can realistically start businesses without access to funding, infrastructure and supportive policies. He called on governments to be more responsive and accountable in providing these essentials.
What you should know
With one of the world’s youngest populations, Africa continues to face high unemployment and limited access to capital. By naming the Tony Elumelu Foundation as his most important investment, Elumelu reinforces the idea that entrepreneurship is a powerful tool for tackling these structural issues and driving inclusive growth.
Looking ahead, the Foundation aims to deepen its impact over the next 10 to 15 years by helping to build sustainable economic prosperity across the continent. Elumelu has often noted that there comes a stage when financial success must translate into meaningful human impact—an outlook that explains why the Foundation stands out among all his ventures.
The Tony Elumelu Foundation is Africa’s leading philanthropy dedicated to empowering a new generation of entrepreneurs across all 54 African countries. Since launching its flagship TEF Entrepreneurship Programme in 2015, the Foundation has provided business training to more than 2.5 million young Africans via its digital platform, TEFConnect, and disbursed over $100 million in seed funding to more than 21,000 entrepreneurs. According to the Foundation, these beneficiaries have created over 1.5 million jobs and generated more than $4.2 billion in revenue across Africa.
