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EU’s Investment In Africa Not Felt Due To Over-Reliance On Government — Tony Elumelu

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The chairman of Heirs Holdings and the United Bank of Africa (UBA), Tony Elumelu, claims that an excessive reliance on the government is the reason why the European Union’s (EU) investment in Africa is not being felt.

Elumelu discussed his conversations with EU Commissioner for International Partnerships Jutta Urpilainen on Thursday in a series of posts on X, formerly known as Twitter.

The businessman from Nigeria claimed that “a faulty intervention mechanism and too much reliance on governments” are the reasons why the union’s investment in Africa is not being felt.

“I have criticised outdated development models, and championed the need to economically empower our young,” he said.

“I also know we Africans must eliminate any sense of entitlement, our own development barriers, and in line with my philosophy of Africapitalism, work collaboratively, our governments, private sector, development partners, and international institutions, to create real change.

“Africa is a thriving continent, with 60% of its population under 35. This is an immense opportunity for growth, innovation, and sustainability; but first, we must define how we all contribute towards building the Africa we want to see.

“And the EU must regard Africa as an equal partner as we progress on this renewed journey.

“We feel the frustrations of the past, but the past cannot provide the way forward. We need to discuss what we do going forward by looking at the problems that have led to all of these and find solutions.

“My interest is creating new generations of entrepreneurs, who anchor communities, do well, and crucially do good, are responsible.

“Let’s also ask the EU, why if the EU is investing significantly in Africa, is it not being felt? We can’t keep doing the same thing over and over and expecting a different outcome.

“Our people don’t feel the full extent of the EU’s commitment, because of a faulty intervention mechanism.

“There is too much reliance on governments. Is the government the best channel to distribute these resources? I think not. Frankly, too many hands intervene.

“The devastating impact of climate change and the acute unemployment ravaging our young, call for solutions that prioritise our young Africans.

“And we must not just speak to our young, but listen to them. Channel their creative energies, their drive, their entrepreneurship. I see successes every day – I need to see many more. Collaboration is key.’

Speaking further, Elumelu, also the founder of the Tony Elumelu Foundation, said intervention models that prioritise the youths, ensure delivery to the last mile, and guarantee the intended beneficiaries are the true recipients, should be replicated and scaled.

He also said collaboration with the private sector provides a more effective means of creating economic empowerment and employment.

“Working with local partners with the expertise, track record, knowhow, networks, and insight to ensure that scarce resources are channelled directly to the vulnerable communities in need,” he said.

“Let’s get the money to those who can best deploy it. Let’s measure impact, the impact of young entrepreneurs, SMEs, women, green entrepreneurs.”

The entrepreneur also said a more targeted approach would create economic prosperity,jobs, help SMEs, and bring more women into economic activity.

BIG STORY

Defection: ‘We’ll Fully Accommodate You,’ APC Welcomes Governor Eno

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The All Progressives Congress (APC) National Working Committee has welcomed the defection of Akwa Ibom State Governor, Umo Eno, fErom the Peoples Democratic Party (PDP), expressing satisfaction with his decision.

The party described Eno’s move as a well-considered choice that would promote further development in Akwa Ibom and benefit its residents.

In a statement issued Friday on X by the party’s National Publicity Secretary, Felix Morka, and titled APC Welcomes Akwa Ibom State Governor, Umo Eno, Into Party, the APC gave the governor assurance of full support and integration.

The statement read, “The National Working Committee of All Progressives Congress (APC) under the leadership of His Dr. Abdullahi Umar Ganduje is delighted at the news of the Governor of Akwa Ibom state, Umo Eno’s decision to join our great Party.

“We are confident that his thoughtful decision will inure to the greater progress of Akwa Ibom state and people.

“Our great party assures the governor of its fullest cooperation and accommodation in the APC family, as we continue to grow the Party and work together towards the full realisation of the Renewed Hope Agenda of President Bola Ahmed Tinubu, for the good and benefit of all Nigerians.”

Eno officially left the PDP and joined the APC on Friday.

He explained that his move to the APC was to enable him to fully back the economic initiatives of President Bola Tinubu.

“We are not joining the APC from a position of weakness, we are joining the APC from a position of strength,” he added.

Eno’s switch came just a few weeks after Delta State Governor, Sheriff Oborevwori, also left the PDP for the APC.

Two weeks earlier, Eno had directed his commissioners and appointees to either follow him into the APC or step down from their roles.

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Eid al-Adha: Speaker Obasa Calls For Compassion For The Needy, Urges Nigerians To Unite As One

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The Speaker of the Lagos State House of Assembly, Rt. Hon. (Dr) Mudashiru Obasa has emphasised the importance of compassion and charity towards the less fortunate in society.

The Speaker said this in a heartfelt message marking the celebration of Eid al-Adha, which was released to the public ahead of the festival by his Chief Press Secretary, Dave Agboola.

Speaker Obasa highlighted the essence of Eid al-Adha, which commemorates the willingness of Prophet Ibrahim (Abraham) to sacrifice his son as an act of obedience to God. He drew parallels between this spirit of sacrifice and the modern-day necessity of aiding the disadvantaged. “As we celebrate this significant occasion,” he noted, “let us remember those who are less fortunate. Compassion should be at the core of our hearts, motivating us to support the needy among us.”

He called on residents of Lagos State, especially the Muslim ummah, to extend their hands in kindness and participate in charitable acts, whether through donations, food distribution, or other forms of assistance to those facing hardships. “I encourage everyone to open their hearts and contribute to the welfare of others. It is through our collective efforts that we can alleviate suffering and build a more inclusive society,” he stated.

In the sallah message, Obasa stressed the need for individuals to embody the spirit of sacrifice in their daily lives, not only during festive periods but throughout the year. He reminded the public that sharing and caring for others fosters a sense of belonging and creates a more harmonious society.

The Speaker also reflected on the values of unity and community that Eid embodies, encouraging citizens all over the country to come together regardless of their differences. “Eid al-Adha teaches us the power of togetherness. Let us embrace our diversity and strengthen our bonds as a community, ensuring that no one is left behind,” he added.

Dr Obasa further extended his warm greetings to all Muslims in Lagos State, urging them to celebrate safely and responsibly while reflecting on the deeper meanings of the holiday. “Let us celebrate with gratitude and a renewed commitment to helping people around. May this Eid bring peace, joy, and prosperity to us all,” he concluded.

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BIG STORY

Tinubu Had The Guts To End Petrol Subsidy, Past Leaders Lacked The Will — Wike

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Nyesom Wike, minister of the federal capital territory (FCT), has said that President Bola Tinubu showed exceptional bravery by eliminating the petrol subsidy on his first day in office.

Wike made this statement on Thursday during the 2025 distinguished personality lecture held at Obafemi Awolowo University (OAU), Ile-Ife, Osun state.

The theme of the lecture was “The Nigeria of Our Dreams”.

According to the FCT minister, Tinubu set himself apart from previous leaders who, in his view, only talked about removing the subsidy without taking any action.

Leaders before him all spoke about the evil of fuel subsidy, but none had the courage to dare the blackmail of removing it, Wike said.

Tinubu did and is fittingly grappling with the inevitable, unintended and sometimes orchestrated consequences of this removal.

He said that as a result of the removal, states now have increased resources for development, public debt is no longer increasing, and fuel prices are gradually aligning with market forces due to regulatory enforcement.

‘NIGERIA’S MAIN PROBLEM IS BAD LEADERSHIP’

Wike pointed out that the major issue Nigeria continues to face is poor leadership.

He cited Chinua Achebe’s The Trouble with Nigeria, stressing that the absence of sound leadership remains the nation’s most persistent challenge.

This statement, damaging as it may appear, is extremely difficult to controvert, he said.

He said most of Nigeria’s leaders have come into power through self-interested arrangements that rarely prioritize national growth, whether under military or civilian rule.

He stated that Tinubu has proven himself to be a leader with integrity, foresight and determination.

Wike characterized the president as someone who takes well-informed, forward-thinking and practical decisions, and who leads with determination and courage.

The leader we need must believe in the infinite possibilities that Nigeria exemplifies while taking solid, proactive, logical and well-informed decisions that would maximally actualise her potential, he said.

This leader must have the courage and audacity to act, build, innovate and generally expand the frontiers of development with a hands-on approach that would emphasise excellence over mediocrity.

He added that Tinubu’s governance record in Lagos and his deep dedication to democratic values make him well-qualified for the presidency.

He has shown in several ways and at different times a stout commitment to the enthronement of democracy in our country, to the extent of even putting his own life on the line in the process, he said.

He has shown great capacity for engendering development, as captured in the unprecedented rapid and exponential development of Lagos state under his watch and even beyond.

‘TRUE FEDERALISM BEING RESTORED’

Wike also highlighted Tinubu’s initiatives to decentralise authority and encourage growth at the regional level.

The overwhelming cry of over-centralisation of power and resources at the national level and the attendant abuse of the doctrine of federalism are being systematically addressed, he said.

He explained that this is happening through the creation of regional commissions tasked with pushing development in their respective areas, enabling power to return to the people.

In terms of national security, Wike said Tinubu is enhancing personnel capabilities through training and retraining.

He mentioned that the president’s approval of forest guard recruitment marks a significant step in eliminating sanctuaries used by criminals and terrorists.

Bandits and terrorists would no longer find incubation points and free territories to operate, he said.

Put simply, the era of banditry and terrorism would soon come to an end.

He concluded by saying that all these efforts show Tinubu’s determination to set Nigeria on a path of progress.

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