Tony Elumelu advocates for African Peace Fund

The Group Chairman, United Bank for Africa (UBA) Plc and Founder of the Tony Elumelu Foundation, (TEF), Tony Elumelu, participated in the African Union’s high-level meetings in Accra, where he emphasised the critical importance of mobilising resources for the Africa Peace Fund.

Speaking at the Africa Peace Fund session, Mr. Elumelu stressed that the success of businesses across the continent hinges on the stability and peace fostered by such initiatives.

“Though this initiative may be late in the day, it is better late than never,” he remarked, commending the current leadership of the African Union and the Peace Fund Secretariat for their efforts. He highlighted the significance of preventing conflicts and wars, which he described as the preferable approach compared to curing them.

Reflecting on his own initiatives, Mr. Elumelu noted that the establishment of the Tony Elumelu Foundation (TEF) ten years ago, aimed at empowering the youth of Africa. He emphasized that by providing opportunities and support to the youth, the Foundation would help steer them away from conflict, thereby contributing to the peace and stability on the continent. He proudly mentioned that TEF has reached thousands of beneficiaries from all 54 African countries.

Mr. Elumelu pledged that UBA, operating in 20 African countries, alongside TEF, Transcorp Group, and Heirs Holdings, will actively engage with the African Union to support the Peace Fund.

In addition to his remarks at the Africa Peace Fund session, Mr. Elumelu participated in the Leaders’ Breakfast meeting, which coincided with the 50th-anniversary celebration of the Arab Bank for Economic Development in Africa (BADEA) and the launch of the Arab-Africa financial consortium. The event was well-attended by prominent leaders including President Nana Addo Dankwa Akufo-Addo, African Development Bank (AfDB) President Akinwumi A. Adesina, Afrexim Bank President and Board Chair Prof. Benedict Oramah, and AU Commission Chairperson Moussa Faki Mahamat.

During the breakfast meeting, President Akufo-Addo made a call for the empowerment of women and youth, underscoring their crucial role in national development. He emphasized that empowering these groups is not only a matter of social justice but also a key driver of economic growth and societal resilience.

President Akufo-Addo pointed out that nearly half of Africans have access to mobile phones, 28 percent use the internet, and mobile money transactions in sub-Saharan Africa totaled a staggering US$832 billion in 2022. He urged fellow Heads of State to support the implementation of a continent-wide mobile telephony interoperability system, which he argued would advance the African Continental Free Trade Area (AfCFTA) agenda and create the world’s largest market.

Mr. Elumelu’s advocacy and participation in these significant discussions underscore his commitment to fostering peace, stability, and economic empowerment across Africa.

The high-level meetings brought together Heads of State and officials from across the continent to deepen the Union’s integration agenda and discuss strategies for sustainable economic development and peace in Africa.

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