TIME Magazine has named investor and philanthropist Tony Elumelu in the 2020 TIME100, the annual list of 100 most influential people in the world.
The list now in its 17th year recognises the activism, innovation and achievement of the world’s most influential individuals.
Mr Elumelu, who is one of only four Africans on the 2020 list, is recognised for his track record of business turnaround and value creation, and economic empowerment of young Africans.
Asides being chairman of UBA Group and Transcorp, Elumelu is the founder and chairman of Heirs Holdings, his family-owned investment company, committed to improving lives and transforming Africa, through long-term investments in strategic sectors of the African economy including financial services, hospitality, power, energy and healthcare.
Reputed as a champion of entrepreneurship in Africa, Elumelu in 2010 created The Tony Elumelu Foundation (TEF) to empower a new generation of African entrepreneurs. Since inception, the foundation has funded just under 10,000 entrepreneurs and created a digital ecosystem of over one million as part of its 10-year $100 million commitment through the TEF Entrepreneurship Programme.
Heirs Holdings, which serves as a corporate role model for African businesses, and the TEF will both celebrate 10 years of impact in November. Their mission continues to be inspired by Elumelu’s economic philosophy of Africapitalism, which positions the private sector, and most importantly entrepreneurs, as the catalyst for the social and economic development of the continent.
Elumelu is one of three Nigerians on the list alongside Tomi Adeyemi and Tunji Funsho.