Tony Elumelu Says His Foundation Is His Best Investment

Billionaire investor and philanthropist Tony Elumelu has said the Tony Elumelu Foundation (TEF) is the best investment he has ever made, despite owning a wide range of businesses across Africa.

Elumelu made the remark during a quick question session on Instagram with his daughter, Oge Elumelu, in a video clip shared from their interaction. When asked about his favourite investment over the years, the chairman of Heirs Holdings replied, “Investment in Tony Elumelu Foundation.”

The comment reflects Elumelu’s long-standing belief that supporting African entrepreneurs delivers the most meaningful and lasting returns for the continent.

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Heirs Holdings has interests in banking, energy, hospitality, healthcare, and technology, but Elumelu said the Foundation stands out for its impact beyond financial profit.

Elumelu’s philanthropic work is guided by his philosophy of Africapitalism, which promotes the private sector, especially entrepreneurs, as the driving force of Africa’s social and economic development.

The idea centres on long-term investments that create both economic value and social wealth.

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Speaking in a snippet from the podcast Africa and Everywhere: Conversations with Oge, Elumelu said vision alone is not enough for success.

According to him, progress depends on bringing together the right people, sharing a clear vision, and executing plans effectively.

He also challenged African governments to do more to support young entrepreneurs. Comparing Africa to countries where global companies like Apple and Microsoft emerged, Elumelu questioned how African innovators could succeed without access to capital, infrastructure, and supportive public policies. He stressed that governments must create enabling environments and be more accountable to citizens.

Elumelu said empowering entrepreneurs with funding, skills, and networks remains one of the most effective ways to tackle poverty and unemployment across Africa.