Tony Elumelu, chairman of United Bank for Africa (UBA) and Heirs Holdings, has issued a stark warning that poverty and unemployment remain among the most serious threats facing the world today, arguing that the desperate migration of young Africans toward Europe is not a cultural phenomenon but a direct consequence of economic exclusion.
Speaking in the April 2026 edition of Forbes Italia, Elumelu said that people with access to genuine economic opportunity are far less likely to risk their lives crossing the Mediterranean. "Poverty is a threat to all of us, and migration is a symptom of economic exclusion. People who are happy, who see an economic future, will not resort to the harsh journey across the Mediterranean," he said. He also highlighted that agriculture, which employs more than 55 percent of Africa's population, must be strengthened as a matter of urgency to stem the tide of rural unemployment driving young people off the continent.
Foundation Reaches 2.1 Million People
Elumelu pointed to the Tony Elumelu Foundation as a model of Africa-led, private-sector-driven development. Established with a $100 million endowment, the foundation selects thousands of young African entrepreneurs each year, provides 12 weeks of business training, and awards $5,000 in non-repayable seed capital. He said the initiative has helped lift over 2.1 million people out of poverty through direct investments and job creation. "The private sector must play a central role in transforming the continent. Through business and philanthropy, we can do good while achieving strong results and contributing meaningfully to society," he said. Elumelu also called on global institutions, governments, and development partners to invest not merely through aid but through sustainable support for rural communities and youth enterprise.
VP Shettima Honoured at Funeral of Elumelu's Father-in-Law
On Saturday, Nigerian Vice President Kashim Shettima was bestowed with the traditional title of Odoziani 1 of Aniocha — meaning "the one who restores the glory of the land" — during a condolence visit to the Elumelu family home. The honour came on the same day Shettima led the Federal Government delegation to the funeral of the late Sir Israel Chinwuba Ogbue, Elumelu's father-in-law, held at the Onicha-Olona community in Aniocha North Local Government Area of Delta State. Pa Ogbue passed away on February 18, 2026. The title was conferred in recognition of Shettima's leadership, service, and contributions to the Aniocha community.
Conveying the condolences of President Bola Tinubu, Shettima described Pa Ogbue as a man of rare grace whose wisdom had guided UBA at critical moments in its history. "He brought stability when it was needed and ensured that growth never lost its moral compass," the Vice President said. "While we feel the weight of his passing, we must also recognise that this is a celebration — of a long life, well lived, and a legacy that will continue through generations." The ceremony drew dignitaries from across Nigeria, including the Minister of Housing and Urban Development Ahmed Dangiwa and Minister of State for Regional Development Uba Maigari Ahmadu.
