At the 24th Annual General Meeting of the African Export-Import Bank (Afrexim),
held in Rwanda, Tony O. Elumelu, CON, Chairman of Heirs Holdings and
the Tony Elumelu Foundation, congratulated Afrexim for the critical
support that the Bank, led by President Oramah, provides for African
businesses and its significant contribution to the development of
cross-border trade and investment in Africa.
Mr. Elumelu highlighted
the role of African institutions, such as
Afrexim, commenting that the Bank’s mission was further evidence of
Africa’s own ability to provide long-term, strategic financing to
Africa’s economic and social development. “Afrexim brings a unique and
highly relevant perspective to the challenge of supporting intra-African
trade flow and ensuring value is created in and exported from our
Continent” said Mr Elumelu. “I urge other development finance
institutions, particularly the Bank’s African peers, to follow its
example in providing transformational forms of funding to African
businesses.”
Mr Elumelu spoke on the topic “Cross-Border Investments as a Driver
of Intra-African Trade and Industrialisation: Reflections from a
Continental Business Leader”, where he championed the agenda of the
private sector, as the key contributor to Africa’s ability to attract
and implement sustainable investment. Mr Elumelu, who created Heirs
Holdings, cited his own approach to long-term investment in critical sectors,
such as power, finance and resources, across twenty African countries.
According to Mr Elumelu, Africa must grow cross-border trade
and investment, and attract both local and international investors.
“An investment is not just about profit and returns. It is also about
sustainability,” he explained. “What I want to see is Africans
investing in Africa. We appreciate and welcome partnerships, but there
is a generation of African businessmen and women, who have the
capability and ambition to lead and transform Africa’s future. Let your
money work in Africa”.
Elumelu also highlighted the importance of entrepreneurship. “We know
the challenge and potential of Africa’s demographic explosion. That is
why the Tony Elumelu Foundation
is catalysing 1,000 entrepreneurs each year, with the objective of
assisting 10,000 entrepreneurs over 10 years. Invest in the future, our
youth,” he told delegates.
The meeting also witnessed the signing of a US$100million facility
between Afrexim and Heirs Holdings. This initial transaction, between
Heirs Holdings and Afrexim, was, said Elumelu, “Just the beginning and a
clear indication of the intent and capacity of both parties to identify
means to grow Africa’s wealth and create sustainable business
opportunities over time. We welcome this and hope this serves as an
example to others”.
Mr. Elumelu tasked more African Development Institutions to fund
intra-Africa trade and businesses in a manner which will boost and
embolden African business leaders and facilitate the further development
of Africa’s economy. The $100 million facility is to further support
Heirs Holdings cross border investment programme. Heirs Holdings Limited
is a pan African investment proprietary holding company with a
portfolio of investments in 20 African countries, in key sectors of the
African economy – Energy, financial services, real estate and
hospitality. Elumelu commented further that support from African DFIs
like the Afrexim bank are often symbolic – being less about the size of
the cheque and more often because such support acts as a catalyst to
other providers of investible capital.
Mr Elumelu concluded by calling for African leaders doing businesses
across borders, to build legacies and focus on corporate governance,
while building businesses that last. “It’s all about legacy. We need to
think about how history will judge us,” he stated.
Themed “Trade and Economic Transformation”, this year’s Afrexim
Annual General Meeting gathered level leaders from the public and
private sectors, African Ministers of Finance, Trade and Investment,
Central Bank Governors, Senior Government Officials, in a series of
panel discussions to grow intra and extra-regional trade in Africa. The
Meeting was opened by His Excellency, Paul Kagame, President of the
Republic of Rwanda who invited Africans present to invest in Rwanda.
Other guests at the event included H. E. President Olusegun Obasanjo,
Former President of the Federal Republic of Nigeria; John Rwangombwa,
Central Bank Governor of Rwanda and Alhaji Aliko Dangote, Chairman,
Dangote Group.
HEIRS HOLDINGS
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