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“Nigeria Is Best Place To Invest in Africa”- Tony Elumelu

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By Michael Effiong

Chairman,  United Bank For Africa Plc and Hiers Holdings, Mr Tony Elumelu has revealed that Nigeria is the best investment destination in Africa because return on investment is high.

Speaking during an interview on Arise TV’s Morning Show, Elumelu who expressed sadness over the fact that some multinational corporations were relocating or taking their businesses elsewhere noted that Nigeria is still a good place to invest.

He stated that as a person who has investments in other countries on the continent, he can say categorically that investing, in Nigeria, despite the challenges willl not be a waste and will deliver the best ROI.

The media-shy Elumelu who revealed that his company, Transcorp will bid for one of the Generating Companies being offered for sale by the Federal Government through the Bureau of Public Enterprises  ( BPE), stated that if Nigeria gets the power mix right, its economy will blossom.

On the Falomo Shopping Complex project, he stated that the project was cancelled by Governor Ambode but has now been revived by Governor Sanwo-Olu.

He said though the project will now be three times more expensive, the new project will be a residential property with a small mall and other facilities.

” Falomo is a hub and I assure you that everyone will be proud of what we are going to construct there”

He also revealed  that there will be renewed action in the Transcorp Hotel project in Lagos.

On the Tony Elumelu Foundation, he said that it was his own way of democratizing luck. In his view, many people have great ideas but need the mentorship and finance to thrive.

He said as someone who has experienced both poverty and affluence, he knows full well what the youths are going through and was happy at the strides the Foundation has so far made.

On the wake of the issues at First Bank, Eleumelu declined to comment but applauded the operators and regulators of the Nigeria banking system for the great work they have done.

He stated that the corporate governance regime in Nigeria should be commended because it laid the foundation for UBA’s ability to scale through the tough rules in the US and UK.

Elumelu who stated that UBA was the only African bank that receives deposit in the United States stated that he was proud of the sterling achievements of the bank.

Speaking about gender equality, Elumelu noted that he has soft spot for women as he was influenced and inspired by the industry of his mother.

According to him, his wife, Awele has been a rock and his eldest daughter, Oge, who is currently at London School of Economics has continued to make him proud, he noted that it was not deliberate but many of the top Executives at his companies are women.

Asked about who among his children will be heir, without batting an eye,  he said his eldest daughter, Oge is No. 1 and will always be the leader.

He however noted that what is important for children is to teach them the right values and principles. ” This, to me, is the most important aspect of bringing up children”

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Tinubu in Abu Dhabi, Pledges Support to Build Sustainable World for All

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President Bola Tinubu has said Nigeria is ready to work with other nations to build a resilient, equitable, and sustainable world for all.

Tinubu spoke in Abu Dhabi, United Arab Emirates, on the second day of the 2025 Abu Dhabi Sustainability Week.

The president spoke on the topic, “From Climate Imperatives into Economic Prosperity: Bridging Africa with the Global Energy Future.”

He declared that no single nation could walk the road to sustainability alone, stressing that global interconnectedness demand collective action, knowledge sharing, and mutual support.

According to Tinubu, “The fight against climate change is not merely an environmental necessity but a global economic opportunity to reshape the trajectory of our continent and the global energy landscape.

“As leaders, stakeholders and citizens of our planet, we stand at a critical juncture in human history. To succeed, we must innovate, collaborate and act decisively as one global community.”

Reiterating his administration’s commitment to reducing carbon emissions, Tinubu assured the audience that the Nigerian government had developed actionable programmes in line with global expectations, bearing in mind Nigeria’s economic and political expectations.

He said, “We have embraced a vision of sustainability that aligns with global aspirations while addressing local realities. Our efforts are anchored on three pillars: Energy Transition, Climate Resilience, and Sustainable Development.

“My administration recognises the importance of reducing carbon emissions and a just transition to clean and renewable energy, promoting environmental sustainability and economic growth.

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FG Claps Back at Sanusi, Urges Emir to Rise Above Personal Interest

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The Federal Government has responded to recent remarks by Emir Muhammadu Sanusi II regarding the economic reforms implemented under President Bola Ahmed Tinubu’s administration. The Emir, speaking at a public event in Lagos, acknowledged the initiatives but stated he had chosen “not to help the government” by offering his endorsement.

In a statement released on Thursday by the Minister of Information and National Orientation, Mohammed Idris, the government acknowledged Sanusi’s right to express his views, defended its policies, emphasizing that Nigeria is at a critical juncture requiring bold and transformative actions to address entrenched economic challenges. The statement highlighted key achievements, including exchange rate unification, the removal of fuel subsidies, and a reduction in the debt service-to-revenue ratio.

“These reforms are not being implemented because they are easy but because they are essential for Nigeria’s long-term stability and growth,” the statement read. It further noted that global institutions like the World Bank have projected positive growth for Nigeria’s economy, affirming that the country is on a path to recovery.

The government expressed disappointment over Emir Sanusi’s perceived reluctance to constructively support these reforms despite his economic expertise. “It is deeply disappointing that reforms widely recognized as essential by global experts—including Emir Sanusi II himself—are now being subtly condemned because of a shift in loyalty,” the statement added.

The government called on leaders, including Emir Sanusi, to prioritize the nation’s collective good over personal interests or partisan sentiments. “Rebuilding Nigeria requires unity, focus, and sacrifice from all stakeholders,” the statement emphasized. “This administration urges esteemed leaders to refrain from rhetoric that undermines public trust.”

President Tinubu’s administration reaffirmed its commitment to fostering economic inclusivity and sustainability. The government pledged to remain open to dialogue with stakeholders while focusing on policies aimed at improving the lives of Nigerians.

“Let history record this moment as a turning point—when leaders and citizens alike choose to prioritize the nation’s destiny over personal gain,” the statement concluded.

Eonsintelligence

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Economic Challenges: I Won’t Offer Any Advice, Emir Sanusi Tells Tinubu

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Emir of Kano, Muhammadu Sanusi II, has declared that he will not offer any advice to President Bola Tinubu’s government on how to tackle the economic challenges facing the country.

The emir stated this on Wednesday during the 21st Memorial Lecture of Chief Gani Fawehimi held in Lagos.

Speaking as chairman of the event, Sanusi stated that he started by helping the government, but he has now resolved not to help the government anymore.

He said: “I can give a few points here about what we are going through and how it was predictable and avoidable. But I am not going to do that. I have chosen not to speak on the economy, or reforms, or to explain anything because if I do, it will help this government. But I don’t want to help this government. They are my friends, but if they don’t behave like friends, I won’t behave like a friend.”

Emir Sanusi added: “They don’t even have people with pedigree that can come and explain to the people what they are doing. I am not going to help. I started by helping, but I am not going to help. Let them come and explain to Nigerians why they are pursuing the policies that they are pursuing.

“But I will say this one thing though. What we are going through today is at least in part, a necessary consequence of decades of irresponsible management. People were warning that if we continued the way that we were going, this is how we will end up but they refused to listen.

“Now, is everything being done correctly? No! When I am ready to talk about the economy, I will.”

Sanusi also charged lawyers to emulate the virtues of the late Gani Fawehinmi whom he described as an embodiment of good character now lacking in the legal profession.

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