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Tony Elumelu Urges Bold Action On Infrastructure, Energy, And Youth Investment At African Caucus Meeting In Bangui

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Tony Elumelu, Group Chairman of Heirs Holdings, UBA, and Transcorp, and Founder of the Tony Elumelu Foundation, has called for urgent and strategic investment in infrastructure, energy, and youth empowerment to unlock Africa’s full potential.

Delivering the keynote address at the African Caucus Meeting of the World Bank and IMF in Bangui, Central African Republic, Elumelu emphasised that Africa’s development must be driven by Africans, anchored on partnerships built on mutual respect, and powered by the continent’s greatest assets — its people, resources, and entrepreneurial spirit.

 

 

Theme:

‘Resilient Infrastructure, Human Capital, and Green Assets’

Keynote Address delivered by

Tony O. Elumelu, CFR

Group Chair, Heirs Holdings | UBA | Transcorp | Founder, The Tony Elumelu Foundation

At the African Caucus Meeting In Bangui Central African Republic

July 31, 2025

Introduction

 Your Excellencies, Ministers, Central Bank Governors, esteemed representatives of the IMF & World Bank, Distinguished Guests, Ladies and Gentlemen

 It is truly an honour to be here with you today. This gathering could not be timelier, as we work together to amplify Africa’s voice and shape a development path that reflects our unique needs and aspirations.

 We live in a highly volatile, complex world. It is a world where the rules-based order has been challenged, where we need to reaffirm our commitment to the idea of a global community.

 But as an African, I must be frank. This global community has not always served Africa interests, ensured that Africa’s voice is heard or delivered for Africa.

 And Africa’s voice not only needs to be heard, but has to be heard.

 Africa has solutions to so many of the world’s problems. Our young people are the answer to the world’s demographic crisis, our minerals power the extraordinary technological changes we are experiencing, our fields can feed the world.

 But these African solutions, this African opportunity, must be on African terms, benefit African people, catalyse true value creation on the African continent. And it must be based on true partnerships, partnerships of equality and mutual respect.

 We must also be realistic. African governments must do better. If we are to deliver that opportunity to our next generation – and if we are to be truly heard in the community of nations, Africa needs to step up.

 This year’s theme – ‘Resilient Infrastructure, Human Capital, and Green Assets’ – reflects what must be our shared priorities if Africa is to thrive.

 It captures the essence of what we must prioritise if Africa is to truly rise.

Africa’s Infrastructure Gap

 Let me begin with infrastructure. Across our continent, we face a deep and persistent infrastructure gap. From roads to ports, power to internet connectivity – we lag behind. We cannot achieve prosperity without the foundations of modern development. Without addressing these gaps, we cannot unlock the growth and prosperity our people deserve.

 To bridge this divide, we must do three things:

 Strengthen our fiscal capacity.

 Drive efficiency and

 Unlock innovative financing – especially by inviting and enabling private sector to co-lead infrastructure development.

Powering Africa’s Future

 Energy access remains the biggest enabler — or barrier — to our progress.

 Up to 70% of our people lack electricity. My home country, Nigeria, generates less than 7,000 MW for over 200 million people.

 If we are to industrialize, create jobs, and participate meaningfully in the global AI revolution, we must invest aggressively in energy — from renewables to cleaner gas-based solutions.

 Imagine what Nigeria’s economy could become with 100,000 megawatts of reliable, affordable energy. That is the scale of transformation we need. And the story is not different across Africa.

The Role of the Private Sector

 Through our investments in Transcorp and Heirs Energies, we are working to solve this challenge – generating power, exporting it through the West African Power Pool, and using gas from our oil operations to power our plants. This is Africapitalism in action: private capital solving public challenges.

 Africapitalism is the belief that the African private sector must take the lead in driving economic development. It is about long-term investments in key sectors that create both economic returns and social impact.

 But success requires collaboration.

 To succeed, we need strong partnerships. Governments must create the right environment. Private sector must bring capital and innovation. And our development partners must support Africa’s realities – including recognising gas as a viable transition fuel on our path to clean energy.

Youth: Africa’s Greatest Resource

 No resource is more valuable than our people – especially our youth. Africa is the youngest continent on earth, with over 60% of our population under 35. This presents both our greatest asset or our greatest risk.

 If empowered, our youth can transform Africa. If neglected, they can become a source of instability.

 At the Tony Elumelu Foundation:

 We have empowered over 24,000 young entrepreneurs across all 54 African countries.

 Each with a non-refundable seed capital of USD5,000.00.

 Trained 1.5m youth.

 Catalysed 1.2m jobs.

 These entrepreneurs are creating jobs, building businesses, and changing lives.

Call to Action

 Let me leave you with three massages:

 Africa’s development is our responsibility. No one else will do it for us. Africa’s future is in our hands. No one will build this continent for us. We must lead.

 Power is everything. No industrial revolution can happen without electricity. We must prioritise energy. Without power, there can be no progress.

 We must invest in our youth. They are not just our future – they are our present.

 Together, by working across public and private sectors, and in partnership with institutions like the IMF and World Bank, we can build an Africa that is resilient, inclusive, and full of opportunity.

 I commend the growing focus of global institutions on Africa. I sit on the IMF Advisory Council on Entrepreneurship and Growth, and I’m pleased with our emphasis on job creation as a path to lasting growth. I also applaud Ajay Banga’s ‘Mission 300’ initiative at the World Bank – an ambitious goal to connect 300 million Africans to power.

 Africa is ready. Let’s seize this moment – and build the prosperous, empowered continent our people deserve.

 Thank you.

TOE

BIG STORY

LAWMA to Commence Waste Evacuation, Advocacy Exercise in Mushin

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The Lagos Waste Management Authority (LAWMA) is set to commence a comprehensive waste evacuation and advocacy exercise on Tuesday, 11th August 2026, across identified areas in Idi-Oro and Odi-Olowo, Mushin.

The exercise, which will combine the evacuation of accumulated waste with advocacy engagements, is aimed at restoring environmental order and promoting sustainable sanitation practices among residents, traders, and other stakeholders in the affected communities.

Speaking on the initiative, the Managing Director and Chief Executive Officer of LAWMA, Dr. Muyiwa Gbadegesin, emphasised the Authority’s commitment to ensuring that every part of Lagos enjoys a clean and healthy environment. He noted that the exercise is part of a broader strategy to address environmental challenges in densely populated areas, where indiscriminate waste disposal has become a recurring issue. Dr. Gbadegesin urged residents to embrace responsible waste management practices and to patronise assigned PSP operators to sustain the gains of the exercise.

The areas to be covered include Folami Street, Makinde Street, Labinjo Street, Labinjo Lane, Labinjo Court, Odesanya Street, Adeyemi Street, Soremekun Street, Abeokuta Street, Kilani Street, Onifade Street, Matuwo Street, Bankole Street, Owokonira Street, Kobiti Street, Ojo Street, Alhaji Lasisi Street, Igbarere Street, Amodu Street, Aileru Street, and Olorunibe Street. The exercise will involve sanitation crews working alongside advocacy teams to engage residents and traders on the importance of proper waste disposal and environmental hygiene.

The Authority reaffirmed its commitment to building a cleaner, healthier, and more sustainable Lagos, calling on residents and other stakeholders to cooperate with the team during the exercise and support efforts to sustain the cleanliness of the areas after evacuation.

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BIG STORY

DSS Frees Carpenter Cleared of Oyo School Abduction Link, Pays N3m Compensation

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The Department of State Services has released a carpenter, Mustapha Marwana, who was arrested over the abduction and killing of pupils and teachers in Oriire, Oyo State.

The Director-General of the service, Tosin Ajayi, ordered his release after investigators cleared him of any link to the attack.

A security source who is privy to the case but wished to remain anonymous said a DSS panel carried out a thorough probe into Marwana’s alleged involvement in the incident before clearing him.

The panel was said to have found that the Katsina-born artisan was not a member of any terrorist organisation and had no operational ties to the Ansaru terrorist group blamed for the attack.

“Following the review, investigators found no evidence linking the carpenter to membership, financing, logistics or operational activities of the terrorist group.

“Consequently, the DSS DG ordered his immediate release and approved the payment of initial N3 million as compensation to assist him in meeting his immediate needs and restarting his livelihood.

“Mustapha was subsequently released to his lawyer, Oghene Forgive, who received him following his discharge from custody,” the source said.

The source said Marwana thanked the DG for what he described as a compassionate and humane intervention.

Forgive, who received Marwana upon his release, also thanked the DG for his generosity and dedication to establishing his client’s innocence.

The compensation, according to the source, is part of measures being adopted by the current DSS leadership to support persons cleared after investigations and to facilitate their reintegration into society.

It was gathered that the DG had, in 2016, handed a N20m compensation to a Sokoto-based businessman who was accidentally shot and injured during a pre-dawn raid in Jos due to mistaken identity.

The source also recalled the case of an Abuja-based businesswoman, Chineze Ozoadibe, whom the DG ordered released and paid N10m as compensation in October 2025 after reviewing her case.

“Since his appointment as DSS DG, Ajayi has been balancing national security responsibilities with respect for the rights and dignity of citizens, resulting in the payment of over N300m as compensation.

“There are many more instances where DSS investigations have established innocence and have been followed by efforts to facilitate reintegration. These are the kind of measures through which the Service is strengthening public confidence and building trust,” the source added.

Gunmen suspected to be Ansaru terrorists had, on May 15, invaded Community Grammar School, Baptist Nursery/Primary School and L.A. Primary School in Oriire, abducting 39 pupils and seven teachers.

Two of the victims were killed before the remaining captives regained their freedom on July 10 following a military operation.

Since then, security agencies have arraigned several suspects linked to the attack before the Federal High Court in Abuja, with three convicts already sentenced to life imprisonment after pleading guilty to terrorism-related charges, while others, including two Ansaru commanders, are standing trial.

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BIG STORY

Army, Security Forces Rescue 16 Kidnap Victims in Kogi, Hunter Killed [PHOTOS]

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Troops of the Nigerian Army, in collaboration with the Nigerian Navy, the Nigeria Police Force, local vigilantes and hunters, have rescued all 16 persons abducted by suspected kidnappers in Ofu Local Government Area of Kogi State.

The Army disclosed this in a statement signed by its Acting Director, Army Public Relations, Col. Appolonia Anele, on Monday.

According to the statement, the victims were abducted on Sunday, August 9, 2026, when armed criminals attacked commuters along the Ojuwo–Ajengo–Memarebo and Ojiwo–Itobe roads in the area.

The Army said troops of 21 Battalion and personnel of the Nigerian Navy Ship Lugard launched a joint search and rescue operation after receiving intelligence that the victims had been moved to the vicinity of Adumu Community in Dekina Local Government Area.

The operation also involved personnel of the police, vigilantes and local hunters.

“During the operation, the joint security team established contact with the fleeing kidnappers and engaged them in a fierce firefight.

“Overwhelmed by the superior firepower and coordinated assault of the security forces, the criminals abandoned all their captives and escaped into the surrounding forest with gunshot wounds,” the statement said.

The Army said all 16 victims were subsequently rescued, comprising six adult males, six adult females and four children.

It added that the rescued victims were undergoing documentation and medical assessment before being reunited with their families.

However, one local hunter who participated in the operation was killed during the encounter, while a police officer sustained injuries and was receiving medical treatment.

The Army commended the security personnel and local stakeholders involved in the operation, describing their efforts as a demonstration of the effectiveness of joint operations in tackling kidnapping and other violent crimes.

“The successful rescue of the 16 victims underscores the effectiveness of sustained joint operations and the synergy among the Nigerian Army, sister security agencies and local security stakeholders in combating kidnapping and other violent crimes,” the statement said.

The Army also urged residents to remain vigilant and continue providing security agencies with timely and credible information on suspicious activities.

It said public cooperation remained critical to ongoing efforts to protect lives and restore peace across the country.

 

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