By Emma Ujah, Abuja

Founder of the Tony Elumelu Foundation (TEF) and Chairman of the United Bank for Africa, Tony Elumelu, has urged wealthy Africans to use their resources to empower the poor, stressing that shared prosperity is key to building a better society.

Elumelu made the call in Abuja during the unveiling of 3,200 beneficiaries of the Foundation’s 2026 grant programme.

Speaking philosophically, he noted that it is in the enlightened self-interest of the rich to uplift others, adding that wealth loses its value to individuals after death.

“The more we spread prosperity, the better for all of us, because it is not the money we have in our bank accounts that matters,” he said.

“At the end of the day, when you pass on, your bank account becomes irrelevant to you. But a better thing to do is to help while you are alive—create opportunities and ensure prosperity is spread so that some do not have while others suffer.”

He described unemployment among young Africans as a major concern, warning that failure to create jobs for the youth would amount to a betrayal of the next generation.

“It is the greatest betrayal of the young generation if we don’t create jobs for them. The best we can do is to support young entrepreneurs,” he added.

Each beneficiary of the Foundation’s annual grant programme, which began in 2010, receives $5,000 to start or expand a business.

Elumelu also emphasised that Africa’s development lies in the hands of Africans, dismissing expectations of external solutions.

“No one but us will develop Africa. The future of our continent is in your hands. We must go beyond talk and take action,” he told the beneficiaries.

Explaining the Foundation’s commitment, he said its interventions are driven by the need to create equal opportunities and reduce poverty.

“We do what we do not because we have so much, but because we see it as enlightened self-interest. Poverty anywhere is a threat to everyone everywhere,” he said.

He charged the 3,200 beneficiaries to utilise the funds effectively, build successful enterprises, and contribute to economic growth across the continent.

Elumelu also commended Bola Tinubu for creating what he described as an enabling environment for businesses to thrive.

In her remarks, TEF Chief Executive Officer, Somachi Chris-Asoluka, revealed that over 24,000 young Africans supported by the Foundation have collectively generated $4.2 billion in revenue.

She added that the initiative has helped lift about 2.1 million Africans out of poverty and continues to attract partnerships aimed at expanding opportunities for beneficiaries.