Tony Elumelu has urged young Africans to prioritise knowledge over money, stressing that financial literacy, investment and entrepreneurship are the keys to lasting wealth and Africa’s economic transformation
Tony Elumelu Urges Young Africans to Pursue Knowledge Over Money, Embrace Entrepreneurship
Africa’s foremost entrepreneur and philanthropist, Tony Elumelu, has challenged young Africans to place the pursuit of knowledge above the pursuit of money, insisting that lasting wealth is built through financial discipline, investment and entrepreneurship rather than quick financial gains.
Elumelu, the immediate past Chairman of United Bank for Africa (UBA), delivered the message while speaking at the Africa and Everywhere Festival, a youth empowerment initiative founded by his daughter, Oge Elumelu, where he encouraged young people to focus on acquiring the skills and mindset needed to create sustainable wealth.
“The greatest gift you can receive is not money. It is the knowledge to create wealth,” Elumelu said.
He stressed that understanding how to manage money is a lifelong asset capable of transforming lives far beyond temporary financial assistance.
“When you understand how to save, invest and build capital, you gain something far more valuable than temporary support; you gain the ability to shape your own future,” he said.
The billionaire businessman, whose Tony Elumelu Foundation has empowered thousands of entrepreneurs across Africa, said financial literacy and capital formation remain essential to achieving personal prosperity and driving the continent’s economic growth.
“We want to help you learn how to invest, how to save, because it’s all about capital formation and investment. It’s all about lifting ourselves ultimately, which is why I believe in the democratisation of prosperity,” he said.
Elumelu urged young Africans to reject the lure of instant gratification and instead embrace discipline, patience and hard work as the foundation for long-term success.
“Be ambitious. Dream. Be very, very hardworking. Stay very, very disciplined. Defer gratification,” he advised.
He also encouraged the younger generation to make service to humanity a core value in their journey to success, noting that individual achievements should translate into broader economic and social progress across Africa. According to him, when young Africans succeed, the continent prospers alongside them.
Appreciating the organisers of the event, Elumelu said, “Thank you to Africa and Everywhere Festival for creating platforms that inspire the next generation.”
The festival attracted young people, business leaders and professionals from different sectors, providing opportunities for mentorship, networking and career development while exposing participants to pathways that can shape their future.
Elumelu’s remarks reinforce a philosophy that has defined his decades-long career in business and philanthropy. Since concluding his tenure as Chairman of UBA after overseeing a period of significant expansion across Africa, he has continued to champion entrepreneurship, financial inclusion and youth empowerment as critical drivers of sustainable development.
His message at the festival echoed a principle he has consistently promoted over the years: enduring prosperity is not created through handouts but by equipping people with the knowledge, discipline and opportunities to build wealth and create lasting value.
