Tony Elumelu, Chairman of United Bank for Africa (UBA) and Founder of the Tony Elumelu Foundation (TEF), has been awarded the Commander of the National Order of Merit by the Republic of Gabon. This prestigious honor recognizes his significant contributions to Africa’s economic development, youth entrepreneurship, and infrastructure growth.
The National Order of Merit, established in 1971, is one of Gabon’s highest honors, bestowed upon individuals who have rendered exceptional service to the nation. Elumelu’s recognition underscores his impactful work in fostering economic growth and empowering the youth across the continent.
In a recent meeting with Gabon’s President, Brice Oligui Nguema, Elumelu reaffirmed his commitment to the country’s development. He pledged support for infrastructure projects through UBA and announced that TEF would provide annual non-refundable seed funding of $5,000 to young Gabonese entrepreneurs. This initiative aims to stimulate entrepreneurship and create job opportunities for the youth.
Elumelu’s philosophy of “Africapitalism”—the belief that the private sector can drive economic and social development in Africa—has been the cornerstone of his initiatives. Through TEF, he launched a $100 million commitment to identify, train, mentor, and fund 10,000 young African entrepreneurs over a decade. To date, over 9,600 entrepreneurs have benefited from this program, receiving training and seed capital to start and grow their businesses.
His efforts have not gone unnoticed on the global stage. In 2020, Elumelu was named one of TIME magazine’s 100 most influential people in the world. The same year, he was conferred with Belgium’s highest national honor, the Officer in the Order of Leopold, in recognition of his commitment to poverty eradication and the economic empowerment of young Africans.
Elumelu’s recognition by Gabon adds to a growing list of accolades that highlight his dedication to Africa’s development. His initiatives have not only provided financial support but have also inspired a new generation of African entrepreneurs to believe in their potential and contribute to the continent’s growth.
In a continent where youth unemployment remains a pressing issue, Elumelu’s approach offers a sustainable solution by equipping young people with the tools and resources they need to succeed. His work exemplifies the transformative power of combining business acumen with a deep commitment to social impact.
As Africa continues to navigate its development journey, leaders like Tony Elumelu serve as beacons of hope, demonstrating that with vision, dedication, and strategic investment, the continent’s challenges can be transformed into opportunities for growth and prosperity.
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