By ABT News Business & African Affairs Desk May 13, 2026
NAIROBI — In a powerful and unfiltered address that is sparking conversations across the continent, Nigerian billionaire, businessman, and philanthropist Tony O. Elumelu has called on Africans to shed the “victim mentality” surrounding the continent’s colonial past and focus on aggressive economic future-building.
Speaking on the sidelines of the Africa Forward Summit in Nairobi—co-hosted by France and Kenya—the 63-year-old Chairman of Heirs Holdings, Transcorp, and the United Bank for Africa (UBA) declared that the 21st-century African agenda must be driven by massive private global capital, regardless of where that capital originates.
“Let the Past Be”
Elumelu’s comments come at a time when anti-colonial sentiments remain high in various parts of Africa, particularly concerning France’s historical and economic influence. In fact, earlier this week, a small group of protesters attempted to disrupt the summit in Nairobi, accusing France of perpetuating “neo-colonialism.”
Elumelu, however, forcefully rejected these criticisms. Recently appointed by French President Emmanuel Macron to join the Africa France Impact Coalition—a body designed to boost trade between French and African companies—Elumelu urged a pragmatic shift in mindset.
“We should stop this victim mentality,” Elumelu told AFP. “We should be cognisant of our history, but more importantly, we should commit to the future. We should, to a large extent, let the past be. President Macron was not born 100 years ago; this is a new age. And I commit to his commitment to Africa, and I believe he’s sincere.”
Open Doors for Global Capital
As the global powers including the United States, China, Russia, Europe, Turkey, and Gulf monarchies, increasingly compete for influence and resources in Africa, Elumelu sees this not as a threat, but as an unprecedented opportunity.
“It is a good place to be at, as Africans, at this point in time,” he noted, adding that the continent should welcome investors from all corners of the globe. “What we need in Africa in the 21st century… we need massive private global capital coming into Africa. Anyone that can help us address this is welcome.”
The Real Urgency: Infrastructure and Jobs
For Elumelu, who has spent years empowering young business minds through The Tony Elumelu Foundation, the focus must shift from political grievances to practical economic empowerment. With the median age in Africa sitting under 20, he warned that the ultimate goal of development must be rapid job creation.
But jobs cannot be created in a vacuum. Elumelu challenged African governments and foreign partners to prioritize enabling environments.
“What our young entrepreneurs need in Africa is improvement in access to electricity, creation of mass transportation systems, security, and the ease of doing business,” he emphasized. “They need jobs, they need to join the internet… the AI bandwagon. What is important is providing this enablement, this infrastructure requirement, so that our young ones can take off.”
A Pragmatic Shift
Elumelu’s statements reflect his long-held philosophy of “Africapitalism”—the belief that the African private sector has the power to transform the continent through long-term investments that create economic prosperity and social wealth.
His call to drop the “victim mentality” challenges a long-standing narrative and invites a bolder, more confident Africa to take its seat at the global economic table. Rather than fighting the ghosts of the past, Elumelu is telling Africa to build the infrastructure of tomorrow.
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