By Jeffrey Stein
Dubai, UAE – Tony Elumelu, Chairman of Transcorp Group and founder of Heirs Holdings, delivered a powerful message at the 2025 Dubai Fintech Summit, urging global investors to re-evaluate their approach to Africa. Instead of relying on foreign aid, Elumelu called for a shift towards strategic, impact-driven investments that foster sustainable development and generate profitable returns. He boldly declared Africa the “growth engine of tomorrow,” challenging the investment community to treat it as such.
Elumelu, whose Heirs Holdings operates across 24 countries, including 20 in Africa, emphasized the group’s commitment to proactively investing in solutions to the continent’s challenges. “Africa does not need sympathy. We need smart capital, scalable solutions, and shared value,” he stated. “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.”
His core argument centered around the limitations of foreign aid in achieving lasting transformation. “Foreign aid won’t transform Africa. Private capital will,” Elumelu asserted. “Let’s stop talking about charity and start focusing on investments that deliver returns and development.”
He further advocated for a new era of robust public-private partnerships, highlighting the symbiotic relationship between government and the private sector. “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.”
Elumelu concluded his address by stressing the importance of equitable and transparent investments, regardless of origin. “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,” he said.
His remarks resonated strongly at the Dubai Fintech Summit, where Africa’s burgeoning economic potential and dynamic investment landscape were a key focus of discussion. Elumelu’s call to action serves as a powerful reminder for global investors to embrace a more sustainable and impactful approach to unlocking Africa’s vast potential.
