September 22, 2023
Managing Director/CEO of Transcorp Hotels, Dupe Olusola has called on well-meaning international bodies, organisations and individuals to partner with the Tony Elumelu Foundation (TEF) to ensure an exponential increase of the impact the philanthropy is making in Africa.
Speaking following a roundtable at the 78th United Nations General Assembly (UNGA) in New York, organised by TEF alongside the United Nations Children’s Emergency Fund (UNICEF), Generation Unlimited (GENU), United Nations Development Programme (UNDP) and IKEA Foundation, Olusola noted that the Foundation has created more than 400,000 jobs through its Entrepreneurship Programme.
“There is a lot more to be done that cannot be achieved by the Tony Elumelu Foundationa alone. So, we are calling on other partners to work with us to do a lot more within Africa,” Olusola said.
In 2015, The Elumelu family launched their flagship program, the Tony Elumelu Foundation Entrepreneurship programme with a $100 million commitment. Already, the Foundation has supported over 18,000 entrepreneurs across Africa.
Founder of the Tony Elumelu Foundation and Chairman Transcorp Group, Tony O. Elumelu, CFR while speaking at the roundtable stated that “100 million dollars is a drop of water in the ocean compared to what we need in Africa. Young Africans need economic support. We have seen the devastating effect of climate change, how our young ones due to hopelessness are migrating and living in difficult situations. We want to put a stop to that.”
The Transcorp Chairman, therefore, called for collaboration to prioritise young Africans, bring more women to economic activities and alleviate poverty, as he stressed that “poverty anywhere is a threat to all of us everywhere”.
At the event, H.E. President Bola Ahmed Tinubu, who was represented by the Minister for Trade and Industry, Doris Uzoka-Anite, said Tony Elumelu has been the major person driving investments in supporting the youths and start-ups. She challenged Africans to do more for the continent and reduce reliance on international organisations for funding.
Dupe Olusola, the Transcorp Hotels CEO also joined the Transcorp Group Chairman Mr. Tony O. Elumelu to attend the Nigeria-U.S. Executive Business Roundtable held after President Tinubu rang the closing bell at Nasdaq.
President Tinubu said: “Nigeria is an opportunity that is impossible to replicate or find elsewhere in any part of the world. We have brilliant young people who both innovate and consume at a large scale. Our entrepreneurial spirit is a major part of what makes our market totally unique, aside from demography. Nigerians build businesses and Nigerian businesses partner with other businesses to conduct larger business. There is enough value to spread around.
“It’s a great honour for me to be here. I am happy to bring Nigeria to your doorsteps and I am honoured that we are here today with a bubbling Nigerian stock market that will evolve in the West African sub-region. The greatest economy in Africa is Nigeria, there is an immense opportunity in Nigeria where you can invest your money without fear,” the President said.
Listed on the Nigerian Exchange (NGX), Transcorp Hotels’ share value has grown exponentially over the past year with the price rising by more than 560% percent, indicative of how well the markets have reacted to the company’s growth in recent times.
The company, which is Transcorp Group’s hospitality investment vehicle, owns the award-winning Transcorp Hilton Abuja, which hosts world leaders and investors visiting Nigeria. At the property, Transcorp Hotels is currently developing a world-class 5,000-capacity event centre perfectly made to host both corporate and social events. Preliminary works have also started for the development of Transcorp Hilton Ikoyi, a 315-room 5-star hotel which will cater to the luxury business and lifestyle market in Nigeria’s commercial capital.
These investments by Transcorp are in line with the government’s commitment to opening up Africa’s largest economy to more capital to ensure socio-economic growth and collective prosperity.
The hospitality industry is a key employer of labour in the global economy and remains a viable investment in Nigeria, whose immense tourism potential will be crucial to the continued expansion of the country’s economy.