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Tony Elumelu

At the recent MEDEF Summer University Forum in Paris, the annual meeting of French business and political leaders, Tony Elumelu, Chairman, Heirs Holdings and UBA Plc and Founder of the Tony Elumelu Foundation, stressed the opportunities Africa offers and urged stronger business relationships between France and Africa; calling for a deepening of commercial relationships based on mutual respect and interest.

The Forum is one of France’s leading gatherings, bringing together over 7,500 business and opinion leaders, including Heads of State, government officials, political and business leaders, academics and over 450 French and international journalists. Elumelu was one of the select representatives from Africa, where he contributed to the opening panel debate, ‘The World is Watching Us’. Moderated by Frédéric Ferrer, journalist, consultant and professor at ESCP Europe, other participants were the President of MEDEF, Pierre Gattaz; Gary Coombe, President of Proctor & Gamble Europe; and Oudet Souvannavong, Executive Vice-President of the Lao National Chamber of Commerce and Industry, and President of Lao Hotel & Restaurant Association.

As a leading advocate for the African private sector and champion of African entrepreneurship, Elumelu began his speech by thanking France for the cordial business relationship between France and Africa. “When we as Africans look at France, we see a long standing friend of Africa. Looking forward, France and Africa must continue to partner in a manner that brings about positive change.”

Mr. Elumelu is known as the proponent of Africapitalism, the philosophy that Africa’s private sector can and should drive economic change on the continent. Fundamental to this is the role of entrepreneurship, which creates wealth and jobs on the scale needed in Africa. Mr. Elumelu pursued this theme, stating that the solutions to issues of social exclusion are enterprise and entrepreneurship.

He urged France to look beyond its traditional relationships with Francophone countries, important as they are, and to embrace Anglophone and Lusophone Africa. He called on small and large businesses in France and in Africa to seek ways of collaborating in order to deepen economic ties. “France has very strong links with Francophone Africa, and we would like to see you engage more commercially with the Anglophone countries; creating a new form of economic and commercial partnership between France and the whole of Africa,” he said.

Mr. Elumelu has long been an advocate of Africa on the rise and seized the opportunity to encourage businesses to invest on the continent, which has so much to offer in returns. He highlighted the role of Africans themselves investing on the continent, while making a call to the French public and private sector to do the same, stating that there is nowhere else that can give as much return on investment as in Africa.

“There is a reason MEDEF has a new economic interest in Africa. Africa is home to the largest and fastest growing consumer population globally. It is a huge opportunity for both international and domestic businesses – and African businesses are increasingly competing successfully. What we all want to see is Africa growing its own value adding industries; the days of commodity extraction are over.”

Elumelu advised governments to support the private sector, in order to create more value in the society. “What is good for the private sector is also good for society. The private sector is best placed to assist government achieve its mandate. If the private sector succeeds, it creates more jobs, enhances security, and improves living standards”.

Pierre Gattaz added to this statement saying: “Full employment should be on the agenda of any political programme that is worth any value or worth its name. This should take up 70% of any political agenda moving forward. We must encourage and trust those who bring enterprise and create jobs”.

Elumelu himself has an extraordinary track record of job creation, including creating the UBA Group, which now employs over 20,000 people in 19 African countries. And he is giving back, through the Tony Elumelu Foundation’s $100m commitment to support 10,000 entrepreneurs over a period of 10 years. Mr Elumelu concluded the session by encouraging the entrepreneurs present to reach for their dreams. “Entrepreneurs are able to bring their ideas to fruition through the support we give them. This is helping them not just to dream, but to turn their ideas into successful ventures – and create the foundation for broad based and meaningful change in Africa”.

The event was closed by the moderator, Frederic Ferrer, who applied the tag line of the Tony Elumelu Foundation’s entrepreneurship programme to France, “Your ideas can transform France too and not just Africa!”.

BUSINESS

FCMB SheVentures Nominates Whiterose Properties for African Marketplace Dubai 2026

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We are pleased to announce that Whiterose Properties has been nominated and sponsored by FCMB through its SheVentures initiative to participate in African Marketplace Dubai 2026, scheduled for 10–12 October 2026.

This opportunity marks an important step in our journey to expand Whiterose’s international presence, build business relationships and introduce our offerings to a wider audience.

African Marketplace was founded by Mrs. Ibukun Awosika through the Ibukun Awosika Leadership Academy (IALA). The platform brings African and Caribbean businesses together to showcase their products and services and connect with international buyers, distributors and investors.

Mrs. Awosika, an entrepreneur, author and the first female Chair of First Bank of Nigeria, has demonstrated a longstanding commitment to enterprise and leadership. We commend her vision of creating a platform that gives African businesses greater visibility and access to global markets.

The Whiterose delegation will be led by our Founder and Chief Executive Officer, Shakirat Ayobami Kareem. At the exhibition, we will showcase our property portfolio alongside our furnishing and interior offerings, including products from Kirah Homes, our bedding and home accessories brand.

For us, this participation is an opportunity to explore distribution partnerships, engage prospective clients and strengthen relationships with businesses that share our ambitions for growth. We are proud to join other Nigerian enterprises showcasing their capabilities internationally.

We extend our sincere appreciation to FCMB SheVentures for the nomination and sponsorship, and for its continued support of female entrepreneurs. This support creates practical opportunities for women-led businesses to reach new markets.

We also thank our team, clients and partners whose dedication and trust continue to support the Whiterose journey.

We invite prospective buyers, investors, distributors and partners to connect with us at African Marketplace Dubai

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BUSINESS

UBA Opens Subscription Channel for Dangote Refinery IPO, Invites Investors to Participate

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Africa’s Global Bank, United Bank for Africa (UBA) Plc, has been named as an authorised financial institution through which eligible investors can subscribe to acquire shares of the highly anticipated Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals FZE.

This means that UBA can provide investors with access to the landmark public offer, which presents Nigerians and eligible international investors with an opportunity to become shareholders in one of Africa’s most significant industrial investments.

The Dangote Refinery IPO offers 4.1 billion ordinary shares at ₦525 per share, with a minimum subscription of 10 shares valued at ₦5,250, and investors can apply for additional shares in accordance with the terms of the offer.

The offer, scheduled to open on Monday, September 14, 2026 will close on October 13, 2026, subject to the terms contained in the offer documents.

UBA is encouraging interested investors, including its customers and members of the investing public, to take advantage of its approved channels to participate in the offer.

Commenting on the development, Executive Director Designate, UBA Group, Tosin Adewuyi said:, said: “We are pleased to be named as one of the approved financial institutions providing access to the Dangote Refinery public offer. At UBA, we remain committed to deepening financial inclusion and expanding opportunities for individuals and businesses to participate meaningfully in Nigeria’s capital market.»

“This public offer provides eligible investors with an opportunity to participate in the ownership of a major Nigerian industrial enterprise. We encourage interested investors to obtain and carefully review the offer documents, understand the terms and risks involved, and make informed investment decisions,” Adewuyi said.

He explained that eligible investors can subscribe for the Dangote Refinery shares through UBA’s approved subscription channels.

Investors are advised to ensure that their personal and banking details, including their BVN information, are accurate and up to date before submitting their applications.

UBA customers can access the offer through the Bank’s designated channels, subject to the applicable subscription process and terms via https://www.ubagroup.com/nigeria/self-service/

The Dangote Refinery IPO is expected to be a landmark transaction for Nigeria’s capital market, with the public offer designed to broaden participation in the ownership of the refinery and provide retail investors with an opportunity to invest in the business.

The bank therefore invites individuals, professionals, entrepreneurs, business owners, institutional investors and other eligible investors interested in participating in the offer to subscribe through UBA.

Investors are, however, advised to read the Prospectus and other offer documents carefully and seek appropriate professional advice where necessary before investing. An investment in shares carries risks, and the value of an investment may rise or fall.

UBA also advises investors to subscribe only through approved channels and to remain vigilant against fraudulent investment schemes. The official Dangote Refinery IPO website specifically warns investors never to disclose their PIN, password or OTP or pay money into a personal account.

The Bank advises subscribers to read the Prospectus and relevant offer documents before subscribing.

United Bank for Africa is one of Africa’s largest financial institutions, serving over 45 million customers globally. Operating in 20 African countries, as well as the United Kingdom, the United States, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services while championing financial inclusion, innovation and sustainable development across its markets.

 

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BUSINESS

Wema Bank Wins Euromoney’s Nigeria’s Best Digital Bank for Consumers 2026 Award

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Wema Bank, Nigeria’s oldest indigenous bank and pioneer of Africa’s first fully digital bank, ALAT, has been named Nigeria’s Best Digital Bank for Consumers 2026 by Euromoney, one of the world’s most respected authorities on financial services and banking excellence.

The prestigious recognition affirms the Bank’s sustained leadership in digital innovation, customer experience and financial inclusion, reinforcing its position as one of Nigeria’s leading technology-driven financial institutions.

Presented annually, the Euromoney Awards for Excellence celebrate banks that are redefining financial services through innovation, measurable impact and outstanding customer value. In selecting Wema Bank for the award, Euromoney recognised the Bank’s successful digital transformation journey, its continuous innovation through ALAT, Africa’s first fully digital bank, and its unwavering commitment to delivering simpler, smarter and more accessible banking experiences for customers.

Commenting on the recognition, the Managing Director/Chief Executive Officer of Wema Bank, Moruf Oseni, said: “This award is a strong validation of the deliberate investments we have made over the years to build a truly digital bank that puts customers at the centre of everything we do. Innovation for us has never been about technology for its own sake. It has always been about creating solutions that make banking easier, faster, safer, and more rewarding for every customer.

“From pioneering Africa’s first fully digital bank with ALAT to continuously evolving our digital capabilities, we have remained focused on anticipating customer needs and building experiences that create real value. We are honoured by this recognition from Euromoney and inspired to continue pushing the boundaries of innovation as we shape the future of banking in Nigeria.” He concluded.

A key milestone in Wema Bank’s digital transformation has been the evolution and upgraded version of ALAT, which introduced next-generation capabilities including voice banking, tap-to-pay functionality, personalised financial services and integrated investment opportunities through strategic partnerships. Together with faster digital onboarding, AI-powered fraud monitoring, intelligent customer personalisation and an expanding agency banking network, these innovations continue to enhance customer experience while extending financial services to more Nigerians.

Euromoney also recognised Wema Bank’s ability to leverage technology to build deeper customer relationships through data-driven personalisation, enabling customers to receive tailored recommendations across savings, investments and credit products based on their financial needs and behaviour.

For over eight decades, Wema Bank has remained at the forefront of innovation in Nigeria’s financial services industry. As the pioneer of Africa’s first fully digital bank, the Bank continues to redefine banking by combining technology, customer insight, and innovation to deliver seamless, secure, and inclusive financial solutions for individuals, businesses, and communities.

The Euromoney recognition further reinforces Wema Bank’s commitment to building the future of banking through continuous innovation, operational excellence and customer-centric solutions that create lasting value.

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