Nigerian billionaire businessman and Chairman of Heirs Holdings, Tony Elumelu, has challenged business leaders across Africa to give more women opportunities to occupy top executive and boardroom positions, insisting that female representation is essential to economic growth and business competitiveness.
Elumelu made the call while delivering the keynote address at the 25th annual conference of Women in Management, Business and Public Service (WIMBIZ) in Lagos.
Speaking at the event, the business mogul urged corporate organisations to move beyond public discussions about gender equality and demonstrate their commitment by appointing qualified women to leadership positions.
He argued that African businesses could achieve stronger results by recognising talent and ensuring that women have equal access to leadership opportunities, business ownership and investment capital.
According to him, women’s participation in corporate leadership should not be viewed merely as an issue of fairness but as an important requirement for sustainable economic development.
“Women’s economic leadership is not a concession to fairness. It is a requirement for competitiveness,” Elumelu stated.
Meet The Women Leading Tony Elumelu’s Business Empire
To demonstrate his commitment to female leadership, Elumelu highlighted the women occupying senior leadership positions across businesses under Heirs Holdings Group.
The executives operate across different sectors, including banking, insurance, healthcare, hospitality, real estate, technology, investment management and entrepreneurship development.
Among those recognised was his wife, Dr Awele Elumelu, a founding director of Heirs Holdings, whose leadership responsibilities cover several businesses within the group.
She chairs Avon HMO, Avon Medical, Heirs Insurance Brokers, Transcorp Hotels Plc and Heirs Energies. She is also a co-founder of the Tony Elumelu Foundation.
Other female executives highlighted include Dr Fumbi Chima, Chair of Heirs Technologies; Agatha Obiekwugo, Chair of Afriland Properties Plc; and Mrs Foluke K. Abdulrazaq, Vice Chair of Transnational Corporation Plc.
The list also includes Owen Omogiafo, President and Group Chief Executive Officer of Transcorp; Uzo Oshogwe, Managing Director and CEO of Transcorp Hotels Plc; and Somachi Chris-Asoluka, CEO of the Tony Elumelu Foundation.
Other executives mentioned were Catherine Nwosu, Managing Director and CEO of Africa Prudential Plc; Dr Odiri Ogini, Managing Director and CEO of United Capital Asset Management; Adetola Fasuyi; and Esther Adeola Balogun, Managing Director and CEO of UCEE Microfinance Bank.
Elumelu explained that the appointments reflected his belief that leadership positions should be determined by competence and performance rather than gender or background.
He maintained that organisations must deliberately identify talented individuals, develop their capabilities and create opportunities for them to succeed.
“I did not do it for a headline. I did it because they were the best people for the jobs,” he said.
Tony Elumelu Reveals How His Foundation Has Empowered Thousands Of Entrepreneurs
Beyond corporate leadership, Elumelu also highlighted the achievements of the Tony Elumelu Foundation in promoting entrepreneurship and economic development across Africa.
According to him, the foundation has provided more than $120 million in seed capital to 24,633 entrepreneurs across all 54 African countries over the past 15 years.
Women account for 48 per cent of the programme’s beneficiaries, demonstrating the foundation’s commitment to supporting female entrepreneurs.
The entrepreneurs supported through the initiative have collectively created more than 1.5 million jobs and generated over $4.2 billion in revenue.
Elumelu said the figures demonstrated how access to funding and business opportunities could transform individuals, communities and national economies.
He linked the foundation’s activities to his Africapitalism philosophy, which promotes private-sector investment as a major driver of Africa’s economic and social development.
According to him, African businesses must take responsibility for expanding opportunities, strengthening institutions and supporting entrepreneurs capable of creating sustainable economic value.
Elumelu Challenges African Business Leaders
The Heirs Holdings chairman also challenged other corporate executives to examine their leadership structures and identify barriers preventing qualified women from reaching top management positions.
Drawing from his investments across different industries, he questioned why more companies could not create similar opportunities for female executives.
He cited sectors such as banking, power, hospitality, insurance, healthcare and oil and gas as examples of industries where women could successfully occupy influential positions.
Elumelu equally encouraged young African women to pursue leadership positions, establish businesses and take advantage of available economic opportunities rather than waiting for permission from others.
He urged WIMBIZ and other organisations promoting women’s advancement to sustain their advocacy while pushing for greater access to investment capital.
“Advocacy got women into the room. Capital will get them to the head of the table,” he concluded.
His remarks reinforce the growing conversation about women’s participation in African corporate leadership and the importance of providing entrepreneurs with the financial resources needed to build successful businesses.
