Journalism of Courage

Elumelu at Jamaica capital markets annual conference, calls for African entrepreneurs- Caribbean collaboration

…wants cultural linkages that connect Africa and the diaspora to be strengthened for the upliftment of the continent



The Group Chairman of United Bank for Africa (UBA), a Nigerian pan-African financial services group, Mr Tony O. Elumelu, has called for collaboration between African entrepreneurs, businesses and the Caribbean in shoring up the continent’s economic fortunes and business development.


Elumelu also wants cultural linkages that connect Africa and the diaspora to be strengthened for the upliftment of the continent.


He spoke at the Jamaica Stock Exchange — 17th Regional Investment and Capital Markets Annual Conference 2022 in his closing remarks.


“There is need for collaboration between African entrepreneurs and businesses, and the Caribbean, and the need to strengthen the cultural linkages that
connect Africa and the diaspora.


“We have so much to learn from each other, our experiences and knowledge must be harnessed for the upliftment of Africa, the Caribbean, and the diaspora
everywhere,’’ Persecondnews quotes Elumelu as saying at the international forum.


The Jamaica Stock Exchange is the principal stock exchange of Jamaica, also known as JSE. Incorporated in 1968, JSE opened in 1969 in Kingston, Jamaica. Today, the JSE is one of the largest stock exchanges in the Caribbean by size and market capitalization. As of September 30, 2019, there is a total number of 85 companies and 120 securities listed to the JSE, and a market capitalization of just over JM$2 trillion.


The Jamaica Stock Exchange is composed of multiple markets: Main Market, Junior Market, USD Market, and Bond Market. The JSE is also recognized as one of the most sector-diverse exchanges in the Caribbean. The key sectors include banking and finance, retail, manufacturing, insurance, leisure, communications, conglomerate, and services and real estate.


Elumelu, who is the founder of Tony Elumelu Foundation (TEF), an African non-profit organization founded in 2010, also made references to great black men, who preached unity of purpose in their lifetime between Africans and the Africans in diaspora.


“For too long we have failed to remember the teachings of great black men before us. Men like Marcus Garvey, a Jamaican, and true pan-Africanist who preached unity between Africans and the African diaspora. Pan-Africanists like Marcus Garvey understood the need for close ties between Africa and the diaspora,’’ he said.


Elumelu quotes Bob Marley’s timeless statement: “The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively” , and also Marcus Garvey: “The ends you serve that are selfish will take you no further than yourself but the ends you serve that are for all, in common, will take you into eternity.’’


Persecondnews also reports that TEF is an African non-profit organization founded in 2010 by Tony O. Elumelu and headquartered in Lagos, Nigeria. It is a pioneer member of the Global Impact Investment Rating System (GIIRS). So far, the Foundation has empowered more than 7,520 young African entrepreneurs by committing  $100 million in personal funds Entrepreneurship Programme.

In 2020, Elumelu was named on Time‘s list of the 100 most influential people in the world, according to Wikipedia.

Elumelu, an economist, entrepreneur, and philanthropist, is also the Chairman of Heirs HoldingsTranscorp and holds Nigerian national honours — Member of the Order of the Federal Republic (MFR) and Commander of the Order of the Niger (CON).

The United Bank for Africa Plc that Elumelu chairs the board, has subsidiaries in 20 African countries and offices in London, Paris and New York. It is listed as commercial bank by the Central Bank of Nigeria. The shares of stock of the group are listed on the Nigerian Stock Exchange.

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