By Luminous Jannamike

Tony Elumelu, Chairman of the Tony Elumelu Foundation and United Bank for Africa (UBA), has underscored the critical importance of reliable power and robust security as essential for Nigeria’s development.

He emphasized that without these priorities, industrialization, education, and economic progress would remain unachievable.

Elumelu made these remarks while delivering the graduation lecture at the Executive Intelligence Management Course (EIMC) 17, organized by the National Institute for Security Studies (NISS) in Abuja on Thursday. The event was attended by the 92 participants of the EIMC 17 cohort, representing various sectors, including intelligence, law enforcement, and private organizations, with representatives from five African countries.

Elumelu emphasized that energy is a key driver of socio-economic development, noting that power affects all sectors of life, from education to healthcare and business. He shared that his investment company currently supplies 15% of Nigeria’s electricity consumption and aims to generate an additional 2,000 megawatts from gas energy. These efforts, he said, also contribute to reducing oil theft, which once accounted for 97% of production losses in oil fields acquired in 2021. Collaborative security measures have since reduced that figure to under 10%, improving national revenue and local stability.

Elumelu also discussed the role of emerging technologies in addressing poverty, fostering entrepreneurship, and promoting regional trade. He explained that digital tools, mobile banking, and e-commerce platforms are democratizing access to opportunities and integrating millions into the formal economy. Through his foundation, Elumelu has supported over 20,000 African entrepreneurs with funding and mentorship, using technology to create jobs and alleviate poverty.

He called for strategic partnerships, strong policies, and investments in infrastructure to ensure that technological advancements benefit all Africans, irrespective of their location. He further urged leaders to prioritize security and electricity access to enable sustainable growth, reduce poverty, and drive industrialization.

Elumelu stated, “Security is the cornerstone of every socio-economic system, and no country or continent can succeed without a strong security infrastructure. I firmly believe that emerging technologies—be they artificial intelligence, biotechnology, or renewable energy—are not just tools of convenience but engines of growth that can drive unprecedented social and economic development across Africa.”

He added, “Development is impossible without reliable electricity. If there are two priorities, they should be security and improved access to electricity. With these, our continent will thrive.”

Elumelu also shared the progress made with his company’s efforts in the oil sector, noting, “When we acquired oil mining interests from Shell in 2021, oil theft accounted for over 97% of our production. With the collaboration of our security forces, we’ve reduced that figure to less than 10%. This has been instrumental in boosting national revenue.”

He continued, “Our group now supplies 15% of Nigeria’s electricity consumption. We aim to generate 2,000 megawatts from gas energy. By fostering young African entrepreneurs, we are transforming our communities and industries. Technology is key to this transformation.”

Elumelu concluded by emphasizing the importance of power, stating, “Power impacts everything—hospitals, homes, businesses. If there are two priorities for Africa, they should be security and electricity. With these, our continent will thrive.”

Also speaking at the event, Adeola Ajayi, Director-General of the Department of State Services (DSS), urged participants to apply the knowledge they acquired during the course to foster collaboration and innovation across sectors.

Joseph Odama, Commandant of NISS, praised Elumelu’s contributions to Africa’s entrepreneurship landscape. He noted that the EIMC program, aimed at equipping strategic leaders, has graduated over 900 participants since its inception.