Elizabeth Chukwuma
Tony Elumelu, a multi-billionaire business mogul, appears to have taken advantage of the invitation to the African Caucus meeting of the World Bank /IMF, in Bagui, Republic of Congo to speak out.
Elumelu, who is the Chairman of UBA plc, a Pan African Bank and several other Blue chip Companies in Nigeria including the Transcorp Group, with investments that spread to other African countries and other parts of the world, was said to have told the global community in Bangui, that the World Bank/IMF, and other multilateral financial institutions dominated by appointed officials from the European Union, EU, United Kingdom, UK and the North American country of the United States , US,, officials, ‘’ have not always served African interests , ensured that Africa voice is heard and delivered for Africa’’.
The UBA plc Chairman, who was said to have delivered the keynote address titled: Resilient Infrastructure, Human Capital, and Green Assets, which was the theme of this year’s meeting. Putting on the garb of an investor, he had alluded to the fact that ‘’We live in highly volatile, complex world where the rules-based order has been challenged ‘’to amplify Africa’s voice and shape a development path that reflects the Continent’s unique needs and aspirations’’.
The Nigerian born multi-billionaire business mogul was said to have sounded it loud and clear at the gathering of the Caucus of the World Bank/IMF, in the Republic of Congo Capital city of Bangui that Africa which has solutions to so many world problems like world’s demographic crisis, just as the Continent’s mineral resources voice must be heard.
He may have alluded the various mineral resources in the African Continent gold, uranium, manganese, cobalt, lithium, phosphate , diamond, oil and gas which power ‘’the extraordinary technological changes being experienced the world -over’’, and indication that Africa is feeds the world, confirming what Capt. Ibrahim Traore, interim President of Burkina Faso, and arrow head of the Alliance for Sahel States, AEs had repeatedly said that ‘’ Africa is feeding the world’’.
The Pan African Bank Chairman, who could not hide his feelings had said that African problems could only be solved on African terms to benefit the people ‘’based on true value creation on the African Continent and partnerships of equality and mutual respect’’ as being canvassed by the 21-member countries BRICs currency that had been unveiled to replace the US dollar in concluding international transactions and securing foreign loans and payment of interests.
The African philanthropist, was said to have made the gathering of the World Bank/ IMF, caucus meeting in Bangui to understand that the 54 African countries including the Nigerian Government will do better in the provision of basic infrastructural facilities like roads, portable water, health care facilities and schools, to the next generation if the voice of the people of the African Continent is to be truly heard in the Community of nations. He has a word of advice to the African countries’ leaders ‘’to step up the Continent’s shared priorities ‘’ if Africa is to thrive’’.
His major worry was the infrastructural gap between the African countries and the developed economies. He was emphatic that the infrastructural gap is so worrisome as the roads to the seaports , power to internet connectivity, in the various African countries that have rich mineral resources used in the advanced economies still’’ lag behind’’.
He was said to have told participants at the World Bank/ IMF, gathering in the Central African country that the African countries Leaders, who regularly gather in Addisababa, Capital of Ethiopia and Headquarters of the African Union, AU, cannot unlock the growth and prosperity of the people of the Continent deserve without addressing the infrastructural gaps headlong.
Giving his business experience that had helped him to turn UBA, Transcorp Group, and Heirs Holdings into formidable Organizations that compete with multinational Companies from the US, France, Germany, UK and Russia, may have informed why he has proffered three solutions to bridge the gap which includes strengthening the African countries fiscal capacity, drive efficiency and unlock innovative financing by inviting and enabling the private sector to co-lead in the Continent’s infrastructure development.
This is in addition to powering Africa’s future as energy access still remains the biggest carrier to the Continent’s progress. At present in most of the African countries including Nigeria, which is the most populous, ‘’up to 70% of the people lack electricity supply. This is because the country generates less than 7,000 MW of power for over 200,000 people.
The situation is worse in the Sahel States of Burkina Faso, Niger and Mali, described as very poor by President Emmanuel Macron, of France which had colonized the three Sahel States which uranium was mined by the French Companies, exported and used to provided uninterruptable power supply in France and other European countries including the UK but has no stable electricity supply.
Given an insider information as a successful investor in the African Continent, he had declared that if the African Continent is to be industrialized, create job opportunities for the teeming unemployed youths, and participate meaningfully in the global AI revolution, the African countries Leaders must ‘’invest aggressively in renewable energy to cleaner gas-based solutions’’. He had said that that there would be a rub off effect on the African economy if the Nigeria could generate 100MW from its power sector as the story would be different.
. He may have shocked the participants at the caucus of the WorldBank/IMF meeting in Bagui when he disclosed that ‘’no industrial revolution can happen in the African Continent without reliable electricity. This may have informed why he had said that the African Leaders must prioritize on energy, insisting that ‘’without power there can be no progress’’.
Drawing instances from his investments in Transcorp Group and Heirs Energy, he had said the companies are working round the clock to overcome these challenges, generating power, exporting it through West African Power Poll and using gas from its oil operations, to power the plants. Describing it as Africanism in action, he had said that the private capital is solving public challenges in Nigeria.
Hear him: Africanism is the belief that the African private sector must take the lead in driving economic development which is about long-term investments in key sectors of the African economy that create both economic returns and social impact.
This is evident going by the economic returns of the Elumelu Foundation which was said to have empowered over 24,000 young African entrepreneurs with and non-refundable seed capital of USD 5,000 each, trained 1.5 million youths and catalyzed 1,2 million jobs. He noted ‘’the empowered entrepreneurs across the 54 African countries are creating jobs, building businesses and changing lives of the people’’
As a member of the IMF, Advisory Council, on Entrepreneurs and Growth, Elumelu, the Nigerian multi-billionaire investor had said that their emphasis has been on job creation as a path to lasting growth. He was said to have applauded Ajay Banga, the World Bank President’s vision 300 initiative ambitious goal to connect 300 million Africans to power supply.
