Tony Elumelu, Chairman of Heirs Holdings, UBA, and Transcorp Groups, emphasized the transformative potential of Artificial Intelligence (AI), innovation, and strategic partnerships in unlocking Africa’s socio-economic growth. Speaking at the graduation lecture for the Executive Intelligence Management Course (EIMC) 17 at the National Institute for Security Studies in Bwari, Abuja, Elumelu outlined how embracing emerging technologies could foster inclusive growth, drive sustainable development, and harness the continent’s immense potential.
Elumelu discussed how emerging technologies such as AI, biotechnology, and renewable energy are powerful catalysts for socio-economic development, not mere tools of convenience. He praised the role of the Nigerian armed forces in reducing oil theft, highlighting a reduction from 97% to less than 10% due to collaborative efforts with technological innovations.
Describing the intersection of technology and security, Elumelu acknowledged the challenges brought by technological advancements, including their role in reshaping warfare and increasing threats from adversaries. However, he emphasized that technology is democratizing access to opportunities, bridging gaps that have historically hindered Africa’s progress.
He stated, “Imagine a child in a remote village accessing world-class education through online platforms. Imagine healthcare reaching underserved areas through telemedicine. These are not mere dreams; they are becoming realities.” Elumelu called for investment in digital literacy and infrastructure to ensure that no African is left behind in the digital revolution.
Elumelu also highlighted the potential of emerging technologies to drive Africa’s future, describing it as a “call to action.” He emphasized that the armed forces play a crucial role in ensuring security and stability, which are foundational to building a prosperous, tech-driven future for Africa.
In his address, Elumelu also outlined the impact of the Tony Elumelu Foundation (TEF) in nurturing young African entrepreneurs, with over 20,000 individuals funded and mentored by the foundation. He pointed out how technology has transformed TEF’s operations, making it possible for over 1.5 million African entrepreneurs to access training and networking opportunities via the TEF Connect platform. The foundation also advocates for Africapitalism, promoting the idea that the African private sector can drive transformative change across the continent.
He further discussed the role of technology in economic empowerment and job creation, with e-commerce platforms enabling small and medium enterprises to compete globally, and mobile banking bringing millions into the formal economy. He also praised UBA’s efforts in offering financial services to the underserved and highlighted the bank’s contributions to regional trade and development across 24 countries.
Elumelu stressed the importance of regional partnerships and collaborations, such as those within the African Continental Free Trade Area (AfCFTA), and called for further engagement with global tech giants, venture capitalists, and academia to create an ecosystem where innovation can thrive.
Reflecting on the importance of security in economic development, Elumelu called for a power ecosystem that supports investment and economic growth, emphasizing that the country cannot industrialize without a robust power infrastructure.
Meanwhile, UBA Group Managing Director, Mr. Oliver Alawuba, revealed plans for the bank to expand operations to Saudi Arabia and other African nations in 2025, further strengthening UBA’s footprint in the global financial market.
Elumelu also praised the retirees at UBA’s send-off dinner for their dedication, acknowledging their critical contributions to the bank’s success and its continued growth across Africa and globally. He reiterated the importance of strong leadership, expressing gratitude for the selflessness and commitment of the bank’s retirees.
