Lagos, Nigeria – 21 July 2025 – Renowned Nigerian entrepreneur and philanthropist Tony Elumelu has underscored the importance of prioritising people over profits in leadership, arguing that this approach is essential for fostering sustainable prosperity across Africa.
In a recent post on the social media, Elumelu, the chairman of Heirs Holdings and the United Bank for Africa (UBA) Group, shared insights drawn from his extensive career in business and finance. He emphasised that the most challenging decisions in leadership are seldom numerical but rather revolve around human elements.
“Early in my career, I learned something most leaders discover too late: You don’t build successful companies by focusing on profit first. You build them by focusing on people, and profit follows,” Elumelu wrote.
He elaborated that his decision-making at both Heirs Holdings – a pan-African investment firm – and UBA Group, one of Africa’s largest financial institutions, continues to centre on three key principles: empowering people, creating value, and then measuring success.
“This is the mindset Africa needs for sustainable prosperity,” he concluded, highlighting a philosophy that aligns with his long-standing advocacy for “Africapitalism,” an economic model that promotes private-sector-led development while addressing social challenges on the continent.
Elumelu’s message resonates amid ongoing discussions about Africa’s economic future, where youth unemployment and skills development remain critical issues. With a population exceeding 1.4 billion, the continent is poised for growth, but experts argue that inclusive strategies are vital to harness this potential.
As the founder of the Tony Elumelu Foundation, which has invested over $100 million to support more than 20,000 young entrepreneurs across Africa since 2015, Elumelu has consistently championed human capital as the cornerstone of progress. His foundation provides seed funding, mentorship, and training, embodying the people-first ethos he described.
Business analysts suggest that Elumelu’s views could influence corporate leaders in Africa and beyond, particularly as companies grapple with post-pandemic recovery and geopolitical uncertainties. UBA Group, under his stewardship, has expanded to operate in over 20 African countries and beyond, serving millions of customers while emphasising financial inclusion.
