The chairman of Heirs Holdings, Tony Elumelu has said that poverty anywhere is a threat to everyone.
He delivered a speech on Wednesday during a media parley to celebrate the 14th anniversary of the Heirs Holdings Group.
The businessman implored everyone to work together in building a stronger country and a transformed Africa.
According to him, the work of the Tony Elumelu Foundation which has assisted 20,000 African entrepreneurs indicates the impact that can be accomplished through commitment and synergy.
“What we do at the Tony Elumelu Foundation family is supporting young entrepreneurs, supporting Nigerian entrepreneurs of which out of the over 20,000 lives we have touched, at least 50 percent are from Nigeria,” Elumelu said.
“We do this not out of the abundance of wealth but because to us, it is important that we think beyond ourselves. We think beyond our family. We think about a future where there is prosperity.
“We do what we do through the $100 million committed into the foundation because we believe that poverty anywhere is a threat to all of us. We must build together.
“More importantly, we believe that what counts is not in the naira or dollar we have in our bank accounts but how we use that to prosper and to help humanity.”
In December 2023, the World Bank announced that Nigeria’s poverty rate rose from 40 percent in 2018 to 46 percent last year, as the number of poor people increased from 79 million to 104 million.
While looking in retrospect on his journey, Elumelu stated that the regulatory policy limiting bank chief executive officers (CEOs) to a 10-year tenure brought about the establishment of Heirs Holdings.
The business tycoon also talked on the importance of resilience, encouraging young entrepreneurs to endure by turning their fears into hope when confronted with challenges.
“When one door closes, another opens. 14 years ago, I woke up to a regulatory policy that CEOs of banks who have done 10 years plus must step aside. This journey started from there,” he said.
“What I preach and share with young entrepreneurs is that when things seem bad, do not give up. Persevere, be resilient. Convert your fear to hope and convert your hope to ambition and make things happen.”
He then charged everyone to stay dedicated to improving lives and making a positive impact on society.