Tony Elumelu Credits Mother for Early Business Lessons at WIMBIZ Conference

By Trending9ja Staff • November 9, 2026 • 1 min read

Heirs Holdings Chairman Tony Elumelu has revealed that his mother’s work running a small eatery provided his foundational training in business, Vanguard reported. He shared the personal insight while addressing attendees at the 25th annual Women in Management, Business and Public Service conference in Lagos, highlighting the critical need for women's economic participation across Africa.

The billionaire investor noted that observing his mother manage her venture taught him key operational skills, including risk handling, cash flow management, customer care, discipline, and perseverance through difficult days. He argued that encouraging female leadership in business is not just about equity, but a crucial condition for Africa to remain globally competitive.

To illustrate female involvement in enterprise, Elumelu disclosed that women make up 48 percent of the 24,633 business owners supported by the Tony Elumelu Foundation over 15 years. Vanguard reported that the organization has distributed more than $120 million in direct seed money across all 54 African countries, generating over $4.2 billion in revenues and creating over 1.5 million jobs.

Beyond female empowerment, Elumelu listed three primary barriers to African economic advancement: inadequate power supply, insufficient local processing of raw materials, and limited capital access. He highlighted that African nations cannot effectively adopt modern innovations like artificial intelligence until the persistent electricity deficit is fixed.

He urged governments and enterprise leaders to focus on processing raw commodities domestically rather than shipping unrefined goods abroad. Additionally, he emphasized the necessity of mobilizing internal African capital through insurance funds, pensions, and local banking systems to strengthen trade and investment across the continent.

Sources: Vanguard