Business
Banking Guru, Tony Elumelu: Africa’s Pride
Banking Guru, Tony Elumelu: Africa’s Pride
In the words of the late South African President and anti-apartheid revolutionary, “A good head and good heart are always a formidable combination. But when you add to that a literate tongue or pen, then you have something very special.”
Today, one of the few men in Africa who typify this witty saying by the late Mandela, a great political leader, is the Chairman of United Bank For Africa, UBA, Tony Elumelu. For many years, he has been busy promoting unity through his Africapitalism, an economic philosophy that embodies the private sector’s commitment to the economic transformation of Africa through long-term investments that create both economic prosperity and social wealth. He sees Africans taking charge of the value-adding sectors and ensuring that those value-added processes happen in Africa.
Rising from his modest beginnings, he ascended to the pinnacle of banking in Nigeria and has significant investments in the energy, hospitality, agribusiness, healthcare and real estate sectors. His net worth is estimated to be in the region of 700 million US Dollars.
His Tony Elumelu Foundation reaches across Africa to stimulate Africa’s economic development by enhancing the competitiveness of the African private sector. Where many lack funding and access to education that enhances entrepreneurial pursuits, his Foundation provides both and indeed much more for an increasing number of Africans. He is respected across the world and when he talks and his voice influences millions to the extent that in 2012 Forbes ranked him among the top 20 most influential Africans.
The billionaire has addressed the sad, recurring and ongoing cases of xenophobia in South Africa by black South Africans targeting foreign nationals. In a heartfelt missive that has gone viral, he started by reiterating his belief that Africa is a beautiful and blessed continent, and that we Africans are our greatest resource.
According to banking wizard “Let’s not lose sight of our shared destiny. We need to stop attacking each other but rather embrace one another and work together to uplift our continent and be our brother’s and sister’s protectors wherever we may find ourselves. This is the only way to our economic liberation and prosperity.
“I am disheartened by the videos and stories floating around social media around these xenophobic attacks! They are despicable and pure madness! We must say no to barbarism and savagery. Violently mutilating and killing our brothers and raping our sisters; looting and destroying their livelihoods is evil and un-African and it dehumanizes us all. Instead, we must always seek to elevate, protect and help one another.”
He shared the story of how in his early days, even though banks were still heavily focused on metropolitan areas, his desire to give opportunities to everyone and access to financial services to people all over the country drove him to ensure that Standard Trust Bank expanded all over Nigeria. When he became CEO of the United Bank for Africa (UBA) in 2005, from being a one-country operation at the time, he was able to expand in Africa to 20 countries delivering excellence in financial services before he stepped down from the ubiquitous bank’s helm of affairs. With his sights set on Africa at that point, he founded the Tony Elumelu Foundation and today it empowers young African men and women in all 54 countries across the continent.
The Dangote Group is pursuing a $45bn investment programme across its businesses as it targets annual revenue of $100bn by 2030, with Dangote Cement expected to play a major role in funding the conglomerate’s next phase of expansion.
The group’s expansion strategy covers cement, refining, fertiliser, gas, infrastructure and other industrial businesses as it seeks to increase production capacity and strengthen its presence across African markets.
Dangote Cement, described as the group’s largest cash-generating business, is targeting an increase in annual production capacity from its current 55 million tonnes to more than 80 million tonnes as part of the growth programme.
The cement company said its expansion strategy would rely substantially on internally generated cash, reflecting the strength of its existing operations and cash-generating capacity.
In the 12 months to June 2026, Dangote Cement recorded revenue of $3.1bn, representing a 22 per cent year-on-year increase. Its cash conversion stood at 89 per cent, while return on capital employed reached 68 per cent during the period.
The company’s financial performance has also remained strong in naira terms. For the first half of 2026, Dangote Cement reported profit before tax of N981.39bn, up 34.43 per cent from N730.03bn recorded in the corresponding period of 2025. Profit after tax rose 22.69 per cent to N638.53bn.
The group’s wider investment plan is expected to include further expansion of the Dangote Refinery, with its capacity targeted to rise towards 1.4 million barrels per day. The company is also pursuing gas and LNG projects and additional industrial investments across Africa.
Dangote Cement’s expansion includes projects such as the proposed six-million-tonne-per-year plant at Itori in Ogun State, which is expected to strengthen the company’s production base as demand for cement and construction materials grows across the continent.
The group is also increasingly positioning its businesses around export earnings and geographically diversified operations. Management expects a larger share of revenue to be generated in foreign currency as its African expansion gathers pace.
The scale of the investment programme is underpinned by the group’s broader Vision 2030 strategy, which includes a target of more than $30bn in adjusted earnings before interest, taxes, depreciation and amortisation by 2030 alongside the $100bn revenue objective.
For Dangote Cement, the strategy represents a combination of capacity expansion and financial discipline, with strong operating cash flows expected to support investment while maintaining the company’s balance-sheet strength.
The wider Dangote Group is therefore positioning its 2030 strategy around expanding industrial capacity, increasing exports and using the cash generated by established businesses to finance further growth across Africa.
The Niger Delta Chamber of Commerce, Industry, Trade, Mines and Agriculture (NDCCITMA) has dismissed allegations that it appropriated the Niger Delta Economic & Investment Summit (NDEIS) brand, insisting it lawfully obtained trademark acceptance for the name and will proceed with its 2026 summit as scheduled.
In a statement issued on September 12, 2026, the chamber described claims by Kunle Nwiwa Junior as “cheap blackmail, misleading, mischievous and a misrepresentation of the facts,” maintaining that it independently developed the summit and followed all required regulatory procedures.
According to NDCCITMA, it applied for and received a Trademark Acceptance Letter for the name Niger Delta Economic & Investment Summit (NDEIS) in August 2025 under File No. NG/TM/O/2025/387284.
The chamber said the chronology of events contradicts allegations that it copied another party’s application, arguing that its trademark acceptance predated the period during which Nwiwa’s own application was reportedly still pending before the relevant authorities.
“Economic Summit” is a generic expression
NDCCITMA further argued that the phrase “Economic Summit” is a generic description widely used for conferences that bring together governments, investors, businesses, development institutions and other stakeholders to discuss investment and economic development.
The chamber maintained that while concepts may be widely used, legal protection only arises from recognised intellectual property rights, including duly registered trademarks and other enforceable proprietary interests.
It therefore rejected suggestions that any individual or organisation has exclusive ownership of the broader concept of an economic summit.
Court grants interim injunction
Addressing reports that the summit had been halted, NDCCITMA said the dispute is already before the Federal High Court in Port Harcourt and that there is no court order restraining the event.
The chamber disclosed that in Suit No. FHC/PHC/CS/57/2026, Justice Stephen Dalyop Pam granted an interim injunction restraining the defendants—Kunle Nwiwa Junior and Keneva Consult Ltd.—from interfering with the planned summit.
According to NDCCITMA, the court also directed the defendants to remove publications, notices, petitions, social media posts and other statements allegedly considered damaging to the chamber’s name, integrity and reputation pending the hearing of its motion for interlocutory injunction.
The matter has been adjourned until September 22, 2026 for further hearing.
Chamber rejects ₦500 million demand claim
NDCCITMA also alleged that it had received a demand from Nwiwa Junior requesting ₦500 million as a condition for abandoning his claims over the summit.
The chamber said the demand was rejected, adding that it subsequently petitioned the Inspector-General of Police over what it described as repeated harassment and threats directed at its officials.
It said the petition sought police intervention, including inviting the complainant for questioning and caution where necessary.
Summit opens September 15
Despite the legal dispute, NDCCITMA reaffirmed that the 2026 Niger Delta Economic & Investment Summit will hold from September 15 to 17, 2026, at the Obi Wali Conference Centre in Port Harcourt, Rivers State.
The summit will be held under the theme “Driving Investment, Innovation & Industrial Growth in the Niger Delta” and is expected to bring together policymakers, investors, business leaders, development partners and industry stakeholders to discuss economic transformation across the region.
The chamber said it remains committed to promoting commerce, industry, trade, mining, agriculture and sustainable economic development throughout the Niger Delta while allowing the courts to determine all outstanding legal issues.
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