By Tony Elemelu
Africa came to Abuja this week, hosted by the Transcorp Hilton, Abuja, to mark a significant milestone: 32 years of Afreximbank, a pan-African institution that has shaped trade on the continent, and transformed lives through visionary capital deployment and strong public-private collaboration.
When I say only Africans will build Africa, Afrexim leads in so many ways.
This historical gathering took place at our 5,000-capacity Transcorp Event Centre, one of the largest event venues on the continent – a statement of African excellence – an affirmation of Transcorp Hotel’s role as a leading host of Africa’s most influential gatherings and reinforces our collective vision for a more prosperous, self-reliant continent.
I was there to support Afrexim – and salute the impact and legacy of retiring President Professor Benedict Oramah.
At the event, I spoke at a fireside chat, on the theme: “Decades of Delivering on a Shared Aspiration: The Transformational Collaboration between Afreximbank and African Multinational Corporations and Banks.”
I shared a message rooted in my personal philosophy and the ethos that drive all we do at Heirs Holdings. I shared my experience of Afrexim’s impressive legacy, as well as the kind of partnerships and leadership Africa needs to deliver lasting prosperity.
As an investor active in 20 African countries, from experience. Because I have seen firsthand what happens when institutions like Afreximbank and responsible African businesses work together. The results are powerful and transformational.
Afreximbank + Africapitalism = Impact
One of the most pivotal partnerships in my journey was supported by Afreximbank.
With their backing, our acquisition in the energy sector, through Heirs Energies, did not just empower us as investors, it empowered Nigeria’s oil industry, creating jobs, and strengthening national capacity.
I led a $2.5 billion acquisition bid for strategic oil assets from Shell. It was one of the largest transfers of resource assets to indigenous capital. The deal birthed Heirs Energie, it created Africa’s largest integrated energy platform. Afreximbank was there for us. They shared the vision.
That is Africapitalism in action.
This is the kind of intentional collaboration we need; banks like Afreximbank enabling African private sector actors to industrialise our continent, create employment, and fuel long-term economic growth.
Electricity, Infrastructure & the Fourth Industrial Revolution
The Heirs Energies deal was catalytic because it brought African resources into African value chains. At Transcorp, we are one of Nigeria’s largest power providers. We cannot develop Africa without reliable electricity. Power is the foundation of everything: trade, healthcare, education, and digital inclusion. While the world is racing toward AI and the Fourth Industrial Revolution, we are held back by the basics, electricity, broadband access, and digital infrastructure. We must fix these foundational issues if we are serious about development.
Africapitalism is also about investing in critical sectors like power, not because it is easy, but because it is necessary.
Capital, Trust, and Responsibility
I say this often: the most important foundation for development is capital. But it is not just about receiving funds. When financial institutions take a chance on you, you must honour your obligations, repay your loans, and deliver on your promise, not just to your shareholders, but to your community.
Development banks like Afreximbank must be empowered to support even more African entrepreneurs. And entrepreneurs, when given the opportunity, must execute with excellence, discipline, and integrity.
At the Tony Elumelu Foundation, we have empowered over 24,000 young entrepreneurs across all 54 African countries. These changemakers have gone on to create over 400,000 jobs.
Why do we do this? Because we believe that poverty anywhere is a threat to all of us everywhere.
To build Africa’s future, we need to prioritise our youth and women, bringing them into the economic mainstream. We must not climb and take the ladder away. We must deliberately and consistently create access and open doors, so that the next generation can thrive.
Inspiring Leadership
None of this would be possible without visionary African leadership. I commend Professor Benedict Oramah, whose tenure at Afreximbank has been marked by courage, clarity, and deep commitment to the continent.
He has shown that African-led institutions can deliver global impact, and his legacy will continue to inspire.