By Abiola Olawale
Tony Elumelu, a Nigerian entrepreneur and philanthropist, who chairs Heirs Holdings, Transcorp, United Bank for Africa (UBA) and also the founder of The Tony Elumelu Foundation, has been appointed into the International Monetary Fund Advisory Council on Entrepreneurship.
The announcement was made in a statement issued by IMF Managing Director Kristalina Georgieva on Friday.
The statement revealed that the appointment of Elumelu is a testament to his “towering influence in fostering entrepreneurship and economic transformation, particularly in Africa.”
The Advisory Council, inaugurated on March 26, 2025, is said to be aimed at harnessing global expertise to address barriers to entrepreneurship, stimulate innovation, and promote sustainable private sector-led growth.
The statement reads in part: “Elumelu, Africa’s leading advocate of entrepreneurship and whose Foundation has funded, mentored and trained over 25,000 African entrepreneurs since 2015, champions entrepreneurship as the engine for the economic transformation of Africa.
“A self-made entrepreneur, Elumelu’s embracing of entrepreneurship is fundamental to his concept of Africapitalism, his belief that Africa’s private sector can and must play a leading role in the continent’s development, making long-term investments, that deliver social and economic value.
“Elumelu will be instrumental in ensuring that Africa’s entrepreneurial potential is central to global economic policymaking.”
Elumelu joins a distinguished group of global thinkers, including business tycoons, academics, and policymakers, tasked with advising the IMF on macroeconomic and financial policies that enhance productivity and economic development across its 191 member countries.
Elumelu’s appointment comes amid his efforts to empower entrepreneurs through initiatives like the Tony Elumelu Foundation (TEF).
Since its inception in 2010, TEF has supported over 25,000 African entrepreneurs, disbursing more than $115 million in grants and creating 1.5 million jobs.
Other members of the council include Ufuk Akcigit, Harberger professor of economics at the University of Chicago; Reema Bandar Al-Saud, Saudi ambassador to the United States; Marc Benioff, chair, CEO, and co-founder of Salesforce; and Ana Botín, executive chair at Banco Santander.
Others are Natarajan Chandrasekaran, chairman of Tata Group; Margherita Della Valle, chief executive of Vodafone Group; Robert Smith, founder, chairman and CEO of Vista Equity Partners, and Federico Sturzenegger, Argentine minister of deregulation and state transformation.
