Tony Elumelu: Poverty anywhere is a threat to everyone

Tony Elumelu, chairman of Heirs Holdings, says poverty anywhere is a threat to everyone.

Elumelu spoke on Wednesday during a media parley to celebrate the 14th anniversary of the Heirs Holdings Group.

He urged everyone to unite in building a stronger country and a transformed Africa.

According to the chairman, the work of the Tony Elumelu Foundation which has supported 20,000 African entrepreneurs demonstrates the impact that can be achieved through commitment and collaboration.

“What we do at the Tony Elumelu Foundation family is supporting young entrepreneurs, supporting Nigerian entrepreneurs of which out of the over 20,000 lives we have touched, at least 50 percent are from Nigeria,” Elumelu said.

“We do this not out of the abundance of wealth but because to us, it is important that we think beyond ourselves. We think beyond our family. We think about a future where there is prosperity.

“We do what we do through the $100 million committed into the foundation because we believe that poverty anywhere is a threat to all of us. We must build together.

“More importantly, we believe that what counts is not in the naira or dollar we have in our bank accounts but how we use that to prosper and to help humanity.”

In December 2023, the World Bank said Nigeria’s poverty rate rose from 40 percent in 2018 to 46 percent last year, as the number of poor people increased from 79 million to 104 million.

Reflecting on his journey, Elumelu said the regulatory policy limiting bank chief executive officers (CEOs) to a 10-year tenure led to the establishment of Heirs Holdings.

He also spoke on the importance of resilience, encouraging young entrepreneurs to persevere by turning their fears into hope when confronted with challenges.

“When one door closes, another opens. 14 years ago, I woke up to a regulatory policy that CEOs of banks who have done 10 years plus must step aside. This journey started from there,” he said.

“What I preach and share with young entrepreneurs is that when things seem bad, do not give up. Persevere, be resilient. Convert your fear to hope and convert your hope to ambition and make things happen.”

Elumelu urged everyone to stay dedicated to enhancing lives and making a positive impact on society.