“It’s Unpatriotic To Make Wealth In Africa And Store It Abroad,” Says Tony Elumelu

“It’s Unpatriotic To Make Wealth In Africa And Store It Abroad,” Says Tony Elumelu

Tony Elumelu, Chairman of Heirs Holdings and other fortune companies, has called on African investors to retain and reinvest their wealth within the continent, describing the act of moving capital abroad as unpatriotic and detrimental to Africa’s long-term development.

Speaking at the 2025 Abuja Business and Investment Summit, Elumelu said the continent’s growth depends on the commitment of its own entrepreneurs and investors to believe in Africa’s potential and take deliberate steps to build sustainable prosperity from within.

“There is risk everywhere, but in Africa, the returns are higher and the impact is deeper,” he said, and added “When you create one job in Africa, it is equivalent to a hundred elsewhere, because here, every opportunity transforms a family and every success inspires a generation.”

Elumelu, whose Heirs Holdings Group has made significant investments across key sectors, said the company’s activities in Abuja reflect the power of purposeful investment.

He cited the transformation of the Transcorp Hilton Abuja from an aging landmark into one of Africa’s leading hotels, describing it as a symbol of local excellence driven by African enterprise.

The philanthropist is the Chairman of the conglomerate that just posted a N279.7billion revenue growth and declared an interim dividend of N4.064 billion.

The leading investor also highlighted the recent launch of the Transcorp Event Centre, a 5,000-capacity ultra-modern facility designed to position Abuja as a business and tourism hub for the continent at the high-profile event.

“In Abuja alone, we have executed and delivered,” he said, further disclosed “Through Transcorp, we transformed the Hilton into a world-class hotel and expanded our hospitality footprint with the new event centre, which is already attracting global conferences and summits.”

Elumelu equally mentioned Heirs Holdings’ investment in the Abuja Electricity Distribution Company (AEDC), which he said underscores the Group’s belief that reliable power supply is central to economic productivity and social progress.

“Through AEDC, we are improving access to power because electricity drives hospitals, schools, and businesses. Without power, there is no development,” he said.

Across the Group, he noted, over 7,000 Nigerians are employed within the Federal Capital Territory, a figure he described as “dignity restored and potential unlocked.” He added that beyond corporate investment, the Tony Elumelu Foundation (TEF) continues to empower young Africans through seed capital and mentorship, having supported over 24,000 entrepreneurs across the continent, including 641 in Abuja who each received $5,000 in non-refundable funding.

Elumelu said these investments demonstrate his belief in Africapitalism — the philosophy that Africa’s private sector must lead the continent’s transformation by investing long-term in critical sectors that create both economic and social wealth. He urged African investors to emulate this approach, saying Africa’s progress would not be dictated by boardrooms in London, New York, or Beijing, but by Africans who believe in Africa.

“How can we expect others to believe in Africa if we do not?” he asked. “It is an unpatriotic act to make wealth here and store it elsewhere. We must make money, yes, but we must also build economies.”

Elumelu said public and private sectors must work together to establish a new social contract that promotes stability, ethical investment, and shared prosperity. “Predictable regulation builds investor confidence. Policy consistency attracts long-term capital. Trust is the currency of investment,” he said.

He rounded-off by reaffirming his conviction that Africa’s future will be shaped by Africans who choose progress over pessimism, declaring that “Building economies, investing in society — this must be the new African business ethos.” And included, “When investors succeed, nations succeed. And when many prosper, peace endures.”

Elumelu is also the Chairman of UBA, one of the continent’s largest employers and a financial powerhouse with operations in 20 African countries and international financial centres in London, Paris, Dubai, and New York, has been instrumental in deepening access to financial services across Africa.