The President of Gabon, General Brice Clotaire Oligui Nguema, has bestowed upon him the country’s distinguished national honors: the rank of Commander in the National Order of Gabonese Merit. This honor was awarded to Mr. Tony Elumelu, the Group Chairman of UBA Plc and the founder of the Tony Elumelu Foundation.
This prestigious accolade acknowledges Elumelu’s lasting contributions to Africa’s economic progress, notably his influence on fostering youth entrepreneurship and enhancing infrastructural expansion in Gabon as well as throughout the rest of the continent.
At the presidential palace during an event held in Libreville on Monday, Nguema—who had been inaugurated as the freshly elected president of the oil-abundant nation just two days prior—commended Elumelu for his dedication to comprehensive and enduring growth across Africa. He stated, “Tony Elumelu isn’t merely a forward-thinking businessman; he is a steadfast ally of our country, Gabon.” The speaker highlighted how through both the Tony Elumelu Foundation and the UBA Group, Mr. Elumelu persistently demonstrated that channeling resources into Africa yields more than commercial success—it paves the way toward a collective prosperity. On this day, they celebrated a person whose initiatives continually uplift African youth and motivate countries around the continent.
Elumelu, despite appreciating the acknowledgment, conveyed profound thankfulness for the honor he received. Having undertaken numerous top-tier trips to Gabon over the past few months, he restated his dedication to aiding the nation’s progress initiatives.
“I feel deeply honored by this recognition. This accolade reflects more than just my perorangan path; it embodies a collective conviction—that African-driven initiatives, business leaders, and organizations will define the trajectory of our continent’s future. Gabon possesses immense promise, and I am thrilled that both the Tony Elumelu Foundation and UBA Group have an opportunity to contribute towards realizing its full potential,” stated Elumelu.
This goes beyond a mere medal—it’s a testament to our collective potential as Africans,” Elumelu said, further noting that “at UBA and the Tony Elumelu Foundation, we stay dedicated to constructing bridges—not only among countries but also between aspirations and opportunities.
This acknowledgment arrives at a vital moment for Gabon, as the nation speeds up its economic recuperation and emphasizes inclusive development under fresh leadership.
Elumelu’s involvement centers around two crucial areas: infrastructure funding, vital for sustained economic growth, and youth entrepreneurship, spearheaded via the Tony Elumelu Foundation. This organization provides annual support including training, mentoring, and an initial grant of $5,000 in non-returnable startup funds to aspiring young entrepreneurs from Gabon and across Africa.
This accolade underscores the enhanced financial collaboration between Gabon and UBA, an institution with a robust footprint throughout Africa, playing a pivotal role in promoting financial inclusivity and economic growth.
Elumelu founded and leads Heirs Holdings, a family-owned investment firm dedicated to enhancing livelihoods and reshaping Africa. The organization focuses on substantial investments across key economic areas in Africa such as financial services, hospitality, power, energy, technology, and healthcare.
He serves as the Chairman of the pan-African financial services entity, United Bank for Africa (UBA), operating in 20 nations throughout Africa, the UK, France, the UAE, and stands uniquely as the sole African bank with commercial deposit-taking operations in the United States.
UBA offers corporate, commercial, SME, and consumer banking services to over 35 million clients worldwide. Additionally, he leads Nigeria’s biggest publicly traded conglomerate, Transcorp, which includes subsidiaries such as Transcorp Power, a key player in Nigerian power production, and Transcorp Hotels Plc, the country’s premier hotel chain.
Tony stands out as the foremost advocate for entrepreneurship in Africa. He established The Tony Elumelu Foundation (TEF) in 2010, which has become the premier charitable organization dedicated to nurturing a fresh cohort of African business leaders. This initiative aims at stimulating economic expansion, reducing poverty, and generating employment opportunities throughout all 54 nations on the continent.
From the beginning, the Foundation’s main initiative has recognized and spurred the growth of 18,500 entrepreneurs and developed a digital community comprising more than one million Africans. This effort is part of their decade-long pledge worth $100 million aimed at financing, guiding, and educating young people across Africa.
Tony’s ventures and the Foundation draw inspiration from his economic ideology known as Africapitalism. This concept emphasizes that the private sector, particularly business leaders and entrepreneurs, play a crucial role in driving the social and economic advancement of Africa.
In 2020, Tony received acknowledgment for his role in fostering business leadership and empowering young African entrepreneurs when he was included in the TIME100 list of the world’s most influential people. Additionally, he was honored with one of Belgium’s oldest and most prestigious royal distinctions.
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