General News
Obama the Africapitalist: Creating Private Sector Development Model
Opinion by Tony Elumelu
Last week was the first time, in my memory, that a U.S. president came to Africa with investment at the top of his agenda and prioritised meeting with the continent’s business leaders, who are the true drivers of development.
President Obama should be congratulated for his vision, and for providing the clearest proof yet that the rules of engagement with Africa are genuinely changing.
The age of aid is ending. The type of aid that will help Africa most, and should receive the highest priority, is aid for business.
I believe that the African private sector has the power to transform the continent through long-term capital investments, creating both economic prosperity and social wealth.
I call this development approach “Africapitalism,” and without a doubt, it holds the most promise for the sustainable development of Africa.
So it was refreshing to see African businesses at the table, financing and investing as partners, and making sure that Africa asserts its proper role in this opportunity.
I can already feel the impact of Obama’s new dialogue with Africa. In interviews I had with international media covering his trip, aid and corruption were not the focus, thankfully. Journalists addressed topics like “capital,” “investment,” and “trade.”
The impact of this shift will be immense.
Power is the single biggest obstacle to Africa’s development, and as such, it is the most catalytic and strategic investment anyone can make in Africa.
That is why President Obama’s focus is so timely—and so necessary. Doubling our generating capacity will double Africa’s GDP, and move us toward sustainable, domestically led growth.
Given its economic importance, the power sector also presents an attractive investment opportunity for long-term investors: there is little competition, and so the return, when it comes, will be high.
It will be similar to returns that early investors in African telecommunications realised before the sector became saturated and highly competitive.
As an investor I believe in doing well and doing good. Investing in the power sector meets both criteria.
That is why Heirs Holdings has committed $2.5 billion in investment that will expand our recently acquired Nigerian power plant at Ughelli, as well as develop new brown and green-field projects across Africa.
But filling Africa’s energy gap requires long-term investment and a huge capital outlay: it will cost $1billion just to acquire the Ughelli plant and bring it up to its full installed capacity of 1000 megawatts.
Given Africa’s huge capital requirements for the power sector, an initiative like Power Africa is essential for bringing together international investors and financial institutions to support Africa’s changing power paradigm.
Nigeria was one of only seven countries included in the program—countries at the forefront of power reform in Africa.
The world-class privatization process personally driven by President Goodluck Jonathan demonstrates that Nigeria deserves that place.
And it means that Nigeria’s power sector will have access to preferential terms and an unprecedented focus by funders looking to deliver on their public commitments under the Power Africa initiative.
Power Africa also offers a model for the 47 African countries that did not make the initial pilot list. The continent will not close its energy gap unless more African leaders urgently reform their policies and encourage this kind of private sector-led investment.
As an entrepreneur, I know that attracting capital is not and has never been the problem. I have always believed that if the policies and environment are right, investment will flow into Africa.
Investors need to know that the rule of law and the protection of property rights are assured—this is one of capital’s most important requirements.
That is why I urge global leaders like President Obama to impress upon more African leaders that investment-led development requires more investor-friendly policies.
I see a willingness in African leaders to seize these opportunities, but they need support and in some cases direction. The vision may be clear, but they may not know how to get there.
Rwandan President Paul Kagame is another positive role model for the continent—a progressive African leader who evinces both vision and commitment.
Rwanda now ranks higher than any other sub-Saharan African country on global competitiveness, and ranks third in Africa overall. President Kagame and his team have created the sort of enabling environment that investors can only dream about elsewhere in Africa.
For this reason, Heirs Holdings, Berggruen Holdings and 50 Ventures, chose Rwanda as the home for our East Africa Commodity Exchange (EAX), which will launch on July 15th.
The EAX will bring liquidity, transparency, and pricing power to farmers, while reducing lending risk to banks. The impact will be to create social wealth in local communities, and support development in the region.
Like investments in the power sector, the EAX demonstrates Africapitalism in action: highlighting the huge development role of the African private sector.
When I met with President Kagame last year, he immediately understood the significance of a commodity exchange for the East African Region, and he pushed hard to make it happen.
The Rwandan government delivered on all its promises, which enabled our investor group to deliver on our promises: the right investment team, partnering with a supportive government, will improve the lives of farmers across the region.
By following these models—of Power Africa and the EAX—we can transform the entire African economy, starting with the power sector.
One day, the 70% of Africans who don’t currently have access to consistent affordable power, will take it for granted that they can flick a switch and transform their homes, offices and schools.
And they will remember Obama’s visit. Because with private sector involvement now guaranteed, that day will soon become a reality.
In Tanzania I shook hands with an Africapitalist, who also happened to be the most powerful man in the world. It was a hugely significant event for me, a life-long African investor, and I believe Obama’s visit was a significant event for Africa. It will refocus the world’s attention on investment in Africa.
It is already changing perceptions and mobilizing international investors. It will even change the view of many African investors, who will realize that we must lead the way.
Because if we come forward and show confidence in our continent by directing our savings into long-term investments in Africa, others will follow. This is one of the pillars of Africapitalism: Africans for Africa.
Obama’s visit was a milestone, one long hoped for, and one with lasting impact. It confirms that the age of aid is ending. It is now time for the private sector to lead.
* Elumelu is Founder of The Tony Elumelu Foundation, Chairman of Heirs Holdings Limited, and is the leading proponent of Africapitalism; the private sector’s commitment to the economic transformation of Africa.
Conoil Plc is spreading joy this Valentine season as the first group of winners in its Valentine Bonanza promotion have been announced and rewarded. Launched on February 14, the campaign continues to delight customers at participating retail outlets.
The initial raffle draw, conducted on February 21, saw fortunate customers receive ₦10,000 worth of free petrol each. The draw was carried out publicly, with media representatives present to ensure full transparency. With the promotion still ongoing, more customers have the opportunity to join in and potentially be among the next winners.
A Conoil Management spokesperson explained that the initiative is a way to show appreciation to loyal customers for their ongoing support. “Our customers have responded impressively to the bonanza, with strong participation recorded across our stations,” the spokesperson said.
The second and final phase of the promotion is now in motion. Customers who purchase at least 10 litres of petrol at any participating Conoil station remain eligible to win in the grand finale raffle.
The grand finale is set for February 28 at 12 noon. Motorists in Lagos and Ogun states are encouraged to visit Conoil outlets to collect their tickets and take part in the exciting conclusion of this Valentine celebration.
PalmPay users took to the #LoveWithPalmPay campaign to show how experiences are powered through seamless banking.
It’s the month of love and social media has been filled with couples showing affection with gifts. As digital payments become embedded in everyday life, the way relationships are planned, funded, and experienced is evolving.
Recent insights from SBM Intelligence 2025 ‘Love in the Air’ report show that despite economic pressures, most Nigerians still set aside dedicated budgets for Valentine’s Day, with the largest percentage planning to spend between N51,000 and N100,000, while less than 5% are willing to spend above N500,000.
This growing intentionality highlights the need for platforms that help people manage their money more effectively, offering features like free transfers and tools that make it easier to send, track, and preserve funds while still showing up for meaningful moments.
Through the #LoveWithPalmPay campaign, PalmPay set out to show how the platform is enabling users to plan, pay, and celebrate meaningful moments with greater ease.
During the Valentine’s season, PalmPay invited couples across Nigeria to share their stories through the #LoveWithPalmPay campaign, celebrating how digital banking supports their individual expressions of love.
The campaign saw strong participation, with many PalmPay couples submitting entries that showcased how they use the app to plan surprises, pay for outings, and stay connected through everyday transactions.
From these entries, four couples were selected, each showcasing how PalmPay has enabled fast and reliable transactions in key moments.
One video from @simply.omotoshan, one of the selected couples, captures the role of seamless payments in making their spontaneous moments possible.
She said in her entry video: “Our cutest money moment with PalmPay was when we planned our Valentine’s picnic and realized we had forgotten half of the things we needed; literally, half of everything. We rushed to the mall to get cakes, food, decorations, and all the essentials. When it was time to pay, we used PalmPay.
“The transaction was smooth, fast, and stress-free. In no time, we were done setting up our Valentine-themed picnic with everything perfectly ready. Honestly, all our experiences with PalmPay have been easy and satisfying, but this one is definitely our cutest money moment. Thank you, PalmPay.”
A testimonial from the fourth selected couple, Mohammed and his wife, reflects his excitement: “Hello PalmPay, thank you so much for selecting us as one of the winners of the #LoveWithPalmPay campaign. We truly appreciate this. My wife and I are very grateful. Thank you, PalmPay, for the love and support. We’re so happy and thankful for the N100,000 reward. We love you, PalmPay, and long live PalmPay. Thank you so much.”
Beyond the feel-good stories, the campaign reflects a broader shift: fintech is no longer just about transactions, it’s about enabling experiences. Reliable payments, fast transactions, and accessible financial tools reduce the friction that can disrupt important moments, allowing users to focus on connection rather than logistics.
From paying for dinner to managing other expenses, PalmPay continues to demonstrate how digital financial services support modern relationships, proving that in today’s economy, love is not only felt, it’s funded digitally.
KPMG has appointed Tola Adeyemi as Chief Executive Officer for KPMG in Africa, alongside the addition of Professor Olayinka David‑West and George Njenga as independent members of the Africa Governance Council (AGC).
Effective from March 2026, the appointments reinforce the firm’s leadership expertise, underscore a long‑term commitment to Africa and highlight confidence in the continent’s growth potential.
“Africa is one of the most dynamic and promising regions in the global economy, and KPMG is committed to playing a meaningful role in its growth story,” said Tola Adeyemi, incoming CEO for KPMG in Africa.
He continued: “It is a privilege to step into this role at such a pivotal moment for both KPMG and the continent. I look forward to building on our strong, connected and high‑performing base to deepen collaboration and deliver consistent quality and impact across our markets.”
KPMG is recognised globally for its commitment to quality, integrity and professional excellence, supported by a strong global network of member firms. Trust remains the foundation of the audit and accounting profession, with high standards of governance, ethics and audit quality increasingly demanded across Africa’s public and private sectors.
KPMG One Africa’s approach brings the continent closer together with strong leadership to strengthen cross-border collaboration and offer shared expertise and consistency which is business‑critical to help clients navigate complex risks and unlock sustainable growth opportunities.
Commenting on the appointment, Professor Ben Marx, Chairman of the Africa Governance Council, said: “Tola Adeyemi is exceptionally well positioned to lead KPMG One Africa. In addition to his global perspective as a member of the KPMG Global Council, he brings significant influence and credibility as a respected business leader across the continent.”
The appointments of Professor David‑West and Mr Njenga to the Africa Governance Council, which provides board level governance, further strengthens independent oversight, bringing strong academic credentials alongside deep strategic and business expertise.
“These appointments reinforce KPMG’s commitment to strong governance, accountability and leadership depth,” Marx added. “They complement our established African leadership team, in‑country managing partners and regional senior partners, further enhancing our client‑centric approach across Africa.”
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