The Nigeria Police Force has condemned the conduct of its officers captured in a viral video receiving money from a Chinese national, describing their actions as “unprofessional and unethical.”

The incident, which has sparked widespread outrage online, prompted the force headquarters to identify the officers involved and initiate disciplinary proceedings.

In a statement issued on Wednesday and signed by the Force Public Relations Officer, ACP Olumuyiwa Adejobi, the police emphasised its commitment to upholding professionalism and maintaining public trust.

The statement read, “The Nigeria Police Force has taken cognisance of a disturbing video making rounds in the media space, showing police officers receiving money from a Chinese national.

“The Force has strongly condemned the conduct exhibited by the police officers in the video, describing it as unprofessional and unethical.”

Adejobi reiterated that such behaviour runs contrary to the established ethics, standards, and core values of the Nigeria Police Force.

“The actions of the officers do not represent the established ethics, standards, and core values of the Nigeria Police Force.

“The Force has zero tolerance for such unprofessional behaviour and other forms of misconduct, which undermine public trust and confidence,” he said.

He confirmed that the officers involved in the incident have been identified and are currently undergoing disciplinary procedures.

The nature of the sanctions was not disclosed, but Adejobi assured the public that justice would be served.

In addition to addressing the misconduct, the Force warned individuals and organisations making use of police services, particularly escorts and guards.

“The Nigeria Police Force hereby cautions individuals and organisations privileged to the services of police personnel, particularly as escorts and guards or other specialised services, to desist from any act capable of degrading the integrity of its officers and bringing the Force to disrepute,” Adejobi warned.

The development comes amid the Force’s renewed efforts to rebuild public confidence and ensure accountability within its ranks.

While calling on the public to continue supporting the police in its reform agenda, Adejobi reaffirmed the agency’s dedication to transparency and professionalism, Adejobi said “We remain resolute in our commitment to discipline and service in line with international best practices.”

The disciplinary process is expected to serve as a deterrent to erring officers and reinforce the message that unethical conduct will not be tolerated in the Force.

[Punch]

In the wake of the disappearance, on Monday, of Crypto Bridge Exchange Smart-Treasures, widely known as CBEX, a digital asset platform, grief and regret have enveloped the land and understandably so. In the coming days, some will commit suicide, having watched, in some cases, entire life savings, pensions and hope for a more secured financial future evaporate like morning dew.

This latest Ponzi scheme, experts say, may have cost the victims an estimated N1.4 trillion. Such colossal sum will, no doubt, have dire consequences, including the disappearance of the sanguinity of the unfortunate investors.

The CBEX swindle, now Nigeria’s biggest Ponzi scam, when added to an estimated N300 billion lost since 2016 gives an estimated N1.7 trillion lost by Nigerians in sundry Ponzi schemes in nine years.

Because CBEX, believed to be a Chinese-owned digital trading company, with no verifiable physical presence in Nigeria, lured its hapless clients with promise of high returns, some Nigerians have uncharitably labelled them greedy people, victims of their own gluttony. Though not pronounced loudly, it is hard to miss the “it serves them right” sneer in most of the ongoing conversations.

The Economic and Financial Crimes Commission, EFCC, said that much on Wednesday when its spokesperson, Dele Oyewale, claimed that the anti-graft agency has, for the umpteenth time, warned Nigerians against falling for Ponzi schemes.

Exonerating the EFCC from blame, Oyewale said: “In March 2024, the EFCC Chairman, Mr. Ola Olukoyede, directed us to publish a list of 58 Ponzi scheme operators to warn the public. That shows we’ve been proactive. We had already been monitoring CBEX, and we’ve continuously advised Nigerians to stay away from such deceptive platforms. We have empowered, enlightened and informed the public. Nigerians must take responsibility for safeguarding their investments by verifying compliance with relevant laws.”

Weighing in on the matter same day, The Guardian newspaper, in its lead story, “Desperate Nigerians lose over N1.7tr to Ponzi schemes in nine years,” listed five ways to spot such a scam, including high returns with no risk, pressure to reinvest and recruit new investors, guaranteed return on investment, unknown owners/corporate offices and unregistered and unregulated business.

While these tips may come in handy, they are not sufficient.

Why? Like most things here, there is neither a pattern in the country’s Ponzi madness. Financial institutions such as banks, insurance and stock market companies, duly registered and regulated are known to have disappeared with investors funds.

Truth be told, these scams have persisted not because the victims are greedy or not discerning enough but because nobody is held accountable for such frauds. There are no consequences for bad conduct in the financial sector despite the fact of regulatory agencies such as SEC.

I know this for a fact because I am a victim. And I am a victim not because I am greedy or not discerning enough to differentiate Ponzi schemes from genuine investment channels. No! I am a victim because the line that differentiates both is too tenuous, neither firmly established nor well-defined. I am an investment enthusiast because I believe that it is as important to an individual as it is to an organisation and a state. Investment is a powerful tool for wealth accumulation and financial security. Because it helps in generating passive income, it is the primary way people save for retirement. Simply put, people invest to meet obligations in the future. I also grew up believing that the more diversified the investment portfolio, the better, hence my foray into insurance, stocks and bonds.

Three years ago, I lamented my experience in the insurance world with an article, “Industrial and General Insurance Plc. as a Ponzi scheme.”

I wrote: “Is Nigeria’s insurance industry now a glorified Ponzi scheme? This is the question concentrating the minds of investors right now… The reason is simple. When an insurance company defaults in paying the claims of clients at the maturity of a policy, it is not better than a Ponzi scheme, an unconscionable pyramid investment that lures investors solely to defraud them. An insurance firm that conjures all manner of policies to entice clients without intention of meeting obligations is a pyramid investment. Simple!”

I got paid eventually though I was shortchanged, courtesy of this article. But till date, hundreds, if not thousands of IGI clients, are yet to be paid many years after the maturity of their policies.

Right now, I am a victim of another Ponzi scheme, this time by Cashcraft Asset Management Limited.

For those who may not know, the company, a dealing member of the Nigerian Stock Exchange, which registered with the Securities and Exchange Commission, SEC, as a broker and fund manager, was incorporated in 1991 with an authorised capital of N3 billion, and shareholders’ funds of over N1.5 billion. As at the time I invested, it had physical offices all over the country, with a proclamation that: “Cashcraft is one of the leading Asset Management firms in Nigeria and is positioned to build enduring wealth for you.”

One of their products was the Personal Earning Annuity Scheme, P.E.A.S, which was designed, according to them and with the permission of SEC, to meet the long term investment needs of self-employed people, business owners and individuals both in public and private sectors.

“The scheme is a disciplined and consistent investment plan which could be used to store and create wealth for the future which makes the retirement period a season of relaxation and happy memories, and not of financial worries,” the company boasted.

The scheme, they insisted, was managed in such a way that it guaranteed gradual increase in capital and adequate securities for a client’s future needs after active working life, in addition to affording a unique opportunity to take care of dependants in the event of premature death.

“Take your destiny into your hands, subscribe to P.E.A.S plan now!! And take care of your retirement period!” they ululated.

I believed them. In September 2006, I took a 15-year PEAS Investment Plan worth N500,000. On maturity in September 2021, I was supposed to be paid N6,289,988. In December 2016, I invested another N3 million under the PEAS Education Plan for my children, with a maturity date of December 10, 2026.

When the N500,000 investment matured, Cashcraft, like IGI Insurance, refused to pay. Alarmed, I complained to the SEC management in a meeting in Lagos. They literally threw their hands in the air. I then got my lawyers to write the company not only to demand payment for the investment that has already matured but a termination of my childrens’ education policy and refund of my capital.

As I write, Cashcraft Asset Management Limited, just like CBEX, has vanished, literally, into thin air.

In September 2024, some Nigerians, fellow victims of the Cashcraft Ponzi scheme, petitioned the House of Representatives over their failed investments totaling more than N8 billion. The group, in the petition sponsored by a member representing Awka North/South Federal Constituency of Anambra State,  Professor Obiageli Lilian Orogbu, demanded the intervention of NASS to help it recover the trapped funds.

Unfortunately, almost eight months thence, that has not happened. The 9,326 hapless Nigerians, including my humble self, scammed by this soulless company of their hard-earn money are yet to get justice even as the promoters of the Ponzi scheme live large with their stolen wealth.

As Orogbu told her colleagues last year, Cashcraft Asset Management Limited is duly licensed by the Nigerian Stock Exchange, NSE. So, Nigerians who invested with them are not financial illiterates. It is not their fault that the company went rogue. They are also entitled to protection as citizens. It, therefore, behoves the Nigerian state to ensure that Cashcraft fulfills its obligations to them.

On the face value, the amended Investment and Securities Act, ISA, 2025, which was signed into law in March by President Bola Tinubu is a step in the right direction because it is not only a sweeping reform aimed at strengthening investor protection and tightening oversight of Nigeria’s capital market, it explicitly criminalises the operation and promotion of Ponzi schemes, empowering the SEC to prosecute offenders with penalties of up to 10 years in prison.

But while the amended Act is a significant step forward, legislation alone is not enough to stem the wave of financial scams. Enforcement is the elephant in the room. It is good that the EFCC has assured CBEX investors of getting back their funds even when CBEX is a foreign company that operated online without legal status in Nigeria. The anti-graft agency should also make the same commitment to victims of Cashcraft Asset Management Limited because both companies are two of a kind, agents of financial darkness in the Ponzi netherworld.

Carlo Ancelotti accepted Real Madrid may look to replace him as coach after Arsenal knocked out the Champions League holders in the quarter-finals on Wednesday.

The Italian oversaw a 2-1 home defeat with the Gunners progressing 5-1 on aggregate to the semi-finals.

Real Madrid suffered their 12th defeat of the season, by contrast to just two across the whole of the previous campaign.

“It could be that the club decide to change (coach), it could be this year — or the next when my contract expires, there’s no problem,” Ancelotti told reporters.

“The day that I leave here I can only thank the club.

“It could be tomorrow, in 10 days, in a month or a year, but all I can do will be to thank the club — if my contract’s up or not, I don’t care.”

Madrid have been linked with Bayer Leverkusen coach Xabi Alonso, who played for Los Blancos, and former Liverpool boss Jurgen Klopp.

Ancelotti said his team were still in the fight for La Liga, the Copa del Rey and the Club World Cup this summer.

“The team gave everything in terms of attitude, but we weren’t able to do it,” said Ancelotti after the Arsenal defeat.

“To be honest Arsenal defended very well, we found it hard to find space, in terms of intensity we were better but it was not enough.”

Nigeria and South Africa have signed a memorandum of understanding (MoU) to boost cooperation in the mining sector.

The agreement was reached during a bilateral meeting between Dele Alake, minister of solid minerals development, and Gwede Mantashe, South Africa’s minister of mineral resources and energy, held in Abuja.

The MoU, which outlines key areas of collaboration along with implementation timelines, is part of efforts to solidify the partnership established through the Nigeria–South Africa Bi-National Commission, inaugurated by President Bola Tinubu and Cyril Ramaphosa, president of South Africa.

Key highlights of the MoU include capacity building in geological applications using unmanned aerial vehicles (UAVs), utilisation of multi- and hyperspectral remote sensing technologies for mineral exploration and geological mapping.

Others include sharing of geo-scientific data on strategic minerals through the Nigeria Geological Survey Agency (NGSA), training on mineral processing and value addition, capacity building on elemental fingerprint technology using LA-ICP-MS, and exploration of agro and energy minerals in Nigeria.

According to a statement by Segun Tomori, special assistant on media to the minister, Alake described the engagement as a milestone in deepening bilateral relations, especially in the mining sector.

Reflecting on the historical ties between the two countries, the minister acknowledged the longstanding diplomatic and economic cooperation rooted in mutual respect and a shared vision for Africa’s development.

‘THE PARTNERSHIP WILL CREATE JOBS’

Alake said working together in the mining sector presents significant opportunities for driving industrialisation, creating jobs, and fostering sustainable growth throughout the continent.

“The memorandum of understanding in geology, mining, and mineral processing signed today will serve as a cornerstone for facilitating knowledge and technology transfer, investment promotion, capacity building, regional integration, and value addition,” Alake said.

He underscored Nigeria’s renewed commitment to advancing its mining industry, noting that South Africa stands to gain from Nigeria’s extensive mineral resources, just as Nigeria can leverage South Africa’s mining expertise.

The synergy, the minister said, would open doors to investment, skills development, and economic diversification.

In response, Mantashe acknowledged that South Africa, where mining is a key pillar of the economy, could benefit from Nigeria’s revitalised interest in the sector.

He noted that his visit was intended to refine the agreements reached under the Bi-National Commission and strengthen cooperation on joint projects with Nigeria’s ministry of solid minerals development.

The ministry said both ministers committed to sustained engagement and collaboration to boost intra-African trade and deliver on the actionable steps outlined in the MoU.

“They expressed confidence that this renewed partnership would significantly enhance the mining sectors of both countries,” the ministry added.

The MoU signing was attended by Shuaibu Audu, minister of steel development; Mary Ogbe, permanent secretary of the ministry of solid minerals development; Chris Isokpunwu, permanent secretary of the ministry of steel development; alongside senior officials from both solid minerals and steel development ministries and members of the South African delegation led by Mantashe.

[TheCable]

The pain from the death of my friend lingers. It weighs me down. I hardly sleep through the night with a headache.

I am thinking of the meaninglessness of life, of human mortality, and the inevitability of death that ‘will come, when it will come’.

I wake early. My heart is pounding with grief. I head to the airport for my early morning flight to Abuja.

What happens next is fortuitous, a divine script. At the airport, I am allocated seat number 1C. We soon start to board. I take my front row seat. Others follow.

Then he embarks. His small retinue of aides indicate his status. He is wearing a simple traditional Igbo attire - a red cap on a red Isiagu and white trousers. This is not a small man. I recognize him immediately.

His seat is 1A, right next to mine.

I salute him. The broad smile on his face is no more than his usual dispensation of courtesies to everyone around him. He is a very friendly political leader. He takes the seat next to me.

I don’t waste any time at all.

‘Accept my sincere condolences, Your Excellency’.

He looks at me with some measure of surprise. Obviously, he does not know what I am talking about. It also confirms he does not recognize me.

‘The passage of Christian Chukwu’, I guide him. ‘I am Segun Odegbami’.

It adds up quickly in his head.

‘Ah, the Mathematical’. Recognition comes and lights up his face.

‘Thank you very much’, he says. ‘What a sad situation to lose one of the greatest heroes of this country, a legendary football player’.

He talks more about Christian Chukwu glowingly. He promises to support a befitting burial by the country for the born-leader and illustrious patriot. He recalls that Chairman Chukwu led a great generation of players in Rangers FC, IICC, Bendel Insurance and others, teams that played a big role in uniting the country in the years following the Civil War.

I tell him about Chukwu’s role, through his exemplary leadership of both Rangers International and the Green Eagles, of helping to heal the wounds inflicted on the psyche of Nigerians by the Nigerian Civil War.

Then he surprises me. He goes back in time to rekindle the magic of radio commentating: ‘Mathematical. He dribbles one, he dribbles two, he sprints down the touch line, he passes to Chukwu, he moves, oh, oh , oh……’.

He is actually running a commentary of an imaginary football match. Some of the passengers by our seats enjoy his sonorous rumbling voice, mimicking late Ernest Okonkwo.

He is obviously very happy to meet me. He says more than once as we settle down to a conversation that covers several subjects. It is as if we are long-separated friends running out on time to catch up.

We race through different subject matters until the plane taxis and lifts off into the darkening and pregnant clouds of Lagos at this time of the year.

Our conversation is like between two friends that have not seen each other for a long time, racing to catch up on things.

We talk about Christian Chukwu’s sad passage; his invitation to ex-Rangers players to the State House in Awka after he became governor; his support for the welfare of the Rangers players, a monthly stipend contributed by some of the South-East zone Governors. He desires that the stipend in increased. He tells me about his relationship with football. It is the only addiction he has.

He tells me he once cancelled an international trip whilst in transit in order to watch the Spanish El Classico on television between Real Madrid FC and FC Barca. Like me, he is a supporter of FC Barcelona. Up Barca!!

In his youth, he played football against his father’s wish, an old scar on his cheek-bone evidence of his defiance to play football on street pebbles.

He talks a little about his foray into politics, about Onitsha market and its poor reputation, plus the re-modeling of the city. There are steps to be taken to repair the image of the biggest public market in the whole of West Africa.

I ask him how he is able to run the State without borrowing a Kobo. That’s easy. He has prioritized his assignment to essential projects and has cut down on all waste.

He answers all my questions.

I am in his lecture-space.

He radiates confidence and happiness. His records of performance in almost 4 years will speak for him at the polls in his re-election bid.

The sound of the engines takes over. We go silent. By the time the plane gets to maximum height and starts to cruise comfortably, we are both taking a nap.

Abuja.

We resume our conversation as our plane lands in Abuja. Christian Chukwu is on our mind again. He led the Eagles at a glorious era in Nigeria, the 1970s and parts of the 1980s. He sees those years as half-filled, rather half-empty of opportunities to make Nigeria the greatest Black Nation on earth.

There is work to be done. Our responsibility is not to change the world but to play our parts in making a difference.

The only question he asks me is:’what do you do now?’.

I tell him - a little bit of this, a little bit of that.

I tell him about my only official portfolio is as Head of the Sports and Diplomacy Unit of the Nigeria Institute of International Affairs. I tell him about the ‘Wall of Fame’ and Allen Onyema’s role in that endeavour that makes me an Air Peace Ambassador.

We both wonder why we have never met before when we have several mutual friends.

We exchange numbers.

We take a picture as the plane stops finally.

We walk together from the plane to the arrival hall of the Airport where we part ways and promise to keep in touch.

Through all of this time he is greeting everyone around, sharing a few words here and there with even total strangers, a smile on his face always. He is a great man.

It is a great personal privilege and invaluable experience to have shared an entire 60 minutes, or so, with the former Governor of the Central Bank, and current Governor of Anambra State, PROFESSOR Chukwuma Soludo.

As I drive into Abuja, I am thinking.

3 members of the 1980 team have died in the past 3 months - Moses Effiong, Charles Bassey and ‘Chairman’ Christian Chukwu!

May they find absolutely peace with the Creator of the Universe! Amen.

Dr. Olusegun Odegbami, MON, OLY, AFNIIA, FNIS

Several persons are feared dead following another deadly attack on Emichi village in Otukpo Local Government Area of Benue State.

DAILY POST gathered that the attackers stormed the community around 2:00 pm on Wednesday, shooting indiscriminately at residents.

It was learnt that terrified residents fled for safety as no security personnel were on ground to intervene at the time of the attack.

The incident is coming barely 24 hours after 11 persons were gruesomely killed in Otobi-Akpa by suspected herdsmen.

More details to follow…

[DailyPost]

The Sultan of Sokoto, Alhaji Muhammadu Abubakar III, has declared social media a “terrorist organisation” during a speech on Wednesday, urging security agencies to address its dangers.

In the remarks, captured in a video posted by News Central, the prominent Nigerian traditional leader criticised the platform for spreading false narratives that can destabilise society.

“What happened has happened. You cannot come and be doing social media because that is one terrorist organisation.

“Social media is a terrorist organisation. What they do; somebody will sit down in his comfort zone and formulate stories, and you will discover that it is not true,” the Sultan stated.

The Sultan’s call for action emphasizes the need to curb misinformation, which he believes is easily spread by individuals crafting deceptive stories online.

“So, social media is a terrorist organisation that we must deal with. Security agencies must deal with this terrorist organisation called social media,” he reiterated.

[Punch]

Following his recent investment drive in the United Kingdom, Osun State Governor Ademola Adeleke disclosed that his administration has secured a hundred million dollars in investment from British investors.

In a statement issued by his spokesperson, Olawale Rasheed and made available to reporters in Osogbo on Wednesday, the signing of the Memorandum of Understanding, which was witnessed by the UK Prime Minister’s trade envoy, Hon Florence Eshalomi, covers investments in different areas including agriculture, water, tourism and free trade zone.

The trip also yielded a partnership deal with the British Museum on cultural tourism, focusing on Osun’s cultural assets.

“Contrary to the fake news and doctored video from members of the opposition, the state governor successfully and flawlessly addressed four major high-profile meetings, which include the landmark trade meeting in the House of Commons; the address at the Nigerian-British Chamber of Commerce trade mission; the cultural tourism engagement at the British Museum; and the investment briefing with a select group of investors.

“In the end, a total of $100 million investment deals were made with a group of investors who attended the signing of the investment facilitation MOU in the presence of UK Prime Minister’s trade envoy, Hon Florence Eshalomi. The investment areas include agriculture, water, tourism and free trade zones.

“An investment collaboration framework with the Nigerian-British Chamber of Commerce and Industry was agreed upon during the chamber’s trade mission. Alongside the Osun State Chamber of Commerce and Industry, the relationship is to create a tripartite working framework among the binational chamber, the State government and the UK Chamber of Commerce and Industry.

“A partnership deal with the British Museum on cultural tourism focusing on Osun cultural assets and confirmed a huge link between the museum and Ile Ife, the cradle of the Yoruba nation.

“A new framework relationship between the British Museum and the state government on digitization of cultural assets.

“Multiple hosting and briefing of Osun indigenes on state of governance at home with two full days of feedback and brainstorming on governance ideas”, the statement added.

Vanguard News

One Nigerian businessman whose life exemplifies hard work, enthusiasm and resilience, is Mr. Tony Onyemaechi Elumelu CFR, fondly called TOE by friends and colleagues. Chairman of UBA Plc and Heirs Holdings, Elumelu sits on boards of several other conglomerates too numerous to mention.

Born on March 22, 1963, to parents from Onicha Ukwu in Aniocha North Local Government Area of Delta State, young Tony Onyemaechi had a modest upbringing but never looked back once he came of age.  At 62 he is not just a celebration of age but a celebration of purpose, persistence, and Pan-African impact.

Elumelu has proven that to build Africa’s future, we don’t need to look west—we need to look within. His journey is not just one of financial success, but of purposeful impact—a legacy that transcends numbers and speaks to the heart of a continent striving to overcome decades of stagnation and poverty.

As he marks another year, we look beyond his fortune to the deeper imprint he continues to leave: a legacy that breathes hope. At 62, Elumelu could have retired to enjoy the blessings that Almighty God has endowed him with but his passion and compassion for the African youth have been the adrenaline driving him.

He had earned the accolades: Forbes lists, global awards, honorary doctorates. But for him, legacy isn’t something you write in a will. It’s something you leave in people.

Tony Elumelu’s tenure as Group Managing Director of United Bank for Africa (UBA) Plc, from 2005 to 2010, marked a transformational period that redefined the bank’s identity and elevated it to a Pan-African powerhouse.

Following the strategic merger between Standard Trust Bank (where Elumelu had served as CEO), and UBA in 2005, he led the combined entity with a bold vision: to build a world-class financial institution that would serve not just Nigeria, but the entire African continent and beyond.

Under his leadership UBA expanded from a single-country operation to a pan-African bank, establishing subsidiaries in over 20 African countries, as well as operations in New York, London, and Paris. The bank also introduced innovative digital banking platforms, improved customer experience, and modernized operations, setting new industry standards. UBA’s balance sheet and profitability saw consistent growth, and it became one of the largest and most respected banks in Africa.

This feat led to his recognition in 2008, as African Banker of the Year by the African Banker Awards. This award honored his transformational leadership at UBA, his role in championing cross-border banking in Africa, and his contributions to building a truly pan-African financial institution.

His win highlighted UBA’s growth under his stewardship and solidified his status as one of the most influential banking executives on the continent. Elumelu also championed strong corporate governance and transparency, which significantly boosted investor and public confidence.

He positioned UBA as a partner for development, aligning financial services with broader economic and social transformation across Africa. By the time he stepped down as GMD/CEO in 2010 due to the Central Bank of Nigeria's new policy,  Tony Elumelu had not only transformed UBA into a truly global bank, but had also laid a foundation of innovation, sustainability, and inclusive growth that continues to shape its legacy today.

His guiding philosophy—Africapitalism—defines this vision. Coined and championed by him, Africapitalism is the belief that the private sector, especially entrepreneurs, must play a central role in the development of the African continent. It argues that long-term investments in strategic sectors will not only yield profits but also create jobs, foster stability, and build inclusive prosperity.

At 62, Elumelu stands as a towering figure in the landscape of African entrepreneurship, finance, and philanthropy. A name that resonates across boardrooms, government halls, and startup hubs from Lagos to Accra, to Nairobi to Johannesburg,  Elumelu has become more than just a successful businessman—he is a symbol of what is possible on the continent.

His life’s work is a masterclass in purpose-driven leadership, and his mission is clear: to catalyze Africa’s economic transformation by empowering its entrepreneurs.

For Elumelu, success is not merely a personal triumph but a foreshadowing of a deeper vision. It isn’t just about profit. It is about people. It is about potential.

Perhaps the most transformative expression of Elumelu’s commitment to Africa is the Tony Elumelu Foundation (TEF). Launched in 2010, TEF has committed over $100 million to empower 10,000 African entrepreneurs over 10 years. As of 2025, it has already impacted thousands across 54 African countries, offering funding, training, and mentorship that many describe as life-changing.

These entrepreneurs are not just statistics; they are stories of transformation. Farmers in Malawi leveraging agri-tech; female founders in Ghana breaking into fintech; healthcare startups in Rwanda improving lives through innovation. Each story is a testament to Elumelu’s belief that Africa’s future lies in the hands of its people—not foreign aid, but local ideas and bold execution.

Entrepreneurs supported by the Tony Elumelu Foundation have generated over $4.2 billion in revenue across Africa and created more than 1.5 million jobs since the Foundation launched its flagship entrepreneurship programme in 2015.The impact of this initiative has extended to lifting over two million Africans out of poverty, making it one of the continent’s most significant privately-led economic empowerment programmes.

At 62, Tony Elumelu’s wealth and influence are undeniable. But what makes his legacy profound is not the size of his empire, but the scale of his impact. His life is a message that Africans can lead, build, and transform—on their own terms.

He has shown that philanthropy and capitalism are not mutually exclusive, and that profits and purpose can coexist. He has redefined success—not as personal gain, but as collective progress. As Tony Elumelu enters his 63rd year, the continent stands at a pivotal moment. With the largest youth population in the world, Africa holds immense untapped potential. But it also faces serious challenges—unemployment, inequality, and infrastructure gaps.

Elumelu’s work reminds us that the solutions are already here—in Africa’s young minds, waiting to be activated. If one man’s vision can ignite thousands of businesses, imagine what a continent of empowered, well-supported entrepreneurs could do. Elemelu is a firm believer that in the 21st century, what Africa needs is not aid but investment in infrastructure and investment in in the youths.  He was once quoted to have said: “supporting entrepreneurship is born out of a deep realisation that inaction could jeopardise the future of the continent, including that of those already considered successful”.

At 62, Tony O. Elumelu is more than a billionaire businessman—he is a movement. His name has become synonymous with transformational leadership, youth empowerment, and the bold reimagining of Africa’s economic narrative. While his wealth is substantial, it is his legacy beyond wealth that truly defines him.

In a world often obsessed with financial figures, Elumelu has redefined what it means to be successful. For him, it’s not about how much you have in your bank account—but how many lives you’ve touched, how many futures you’ve shaped, and how deeply you’ve inspired a continent to believe in itself. But what truly sets Elumelu apart is his commitment to using his influence to shift mindsets. He has made it fashionable to care, to give and to build.

Unlike many of his peers on the global billionaire stage, Elumelu’s wealth has always been tethered to purpose. He has consistently emphasized that profit without impact is hollow. Whether sitting on panels with world leaders or walking through rural communities, his message remains the same: Africa’s future is in the hands of its people, not in aids. As he celebrates another birthday, Elumelu’s legacy can be measured not just in years or dollar signs, but in hope restored, in jobs created and in ideas funded.

Among young Africans are those who now believe that they don’t have to leave the continent to live out their dreams. He represents the rare kind of leader who doesn’t just build companies—he builds people.

Tony Elumelu’s journey is far from over. As Africa navigates the complexities of a global economy, rising youth populations, and evolving digital landscapes, his voice and vision are needed more than ever. And if his past is any indication, the years ahead won’t just be about expanding empires—they’ll be about deepening impact.

Tony Elumelu is not defined by his fortune—but by the future he is helping shape. His wealth may open doors, but it is his wisdom, his will, and his unwavering belief in Africa that make him truly wealthy. His is a legacy not just of success—but of significance.

Kalu Okoronkwo, a former staff of UBA plc writes from Lagos Nigeria and can be reached via kalu.okoronkwo@gmail.com