Elumelu disclosed that 2.5 million Africans had accessed training through TEFConnect, an online portal.
The chairman of Heirs Holdings Group made the assertions in his keynote remarks at the Legacy Builders Palm Beach Conference, with the theme, “Democratising Luck”, in the United States of America (USA).
He stated that TEF had disbursed more than $100 million in direct funding to over 21,000 beneficiaries, who had created 1.5 million jobs, and generated $4.2 billion in revenue across the continent.
According to Elumelu, young entrepreneurs have the potential to transform the continent. He stressed that in 2015 his foundation committed $100 million to identify, train, and fund the businesses of African entrepreneurs over 10 years.
“Because of that belief that entrepreneurs hold the key to unlocking Africa’s untapped potential. They are the innovators, the dreamers, and the builders who can transform not only their own lives but entire economies,” he added.
Elumelu, who is also Chairman of United Bank for Africa Plc (UBA), said he led a group of investors to turnaround a struggling bank and make it profitable.
He revealed, “That opportunity led to what is the largest bank merger in sub-Saharan Africa to date. Our banking group now is in 20 countries in Africa, it is on four continents – we are the only African bank regulated to take deposits in the US.
“We bank over 45 million customers. Because Africa is a continent of opportunity, I diversified. My group is one of the largest oil producers in Nigeria – we are one of the largest power producers – we have acquired one of the top three electricity distribution companies in Nigeria. We also invest in and manage real estate, healthcare and technology.
“We are doing well – but also, we are doing good. Nigeria has huge resources and effectively no power – we are changing that – it means not just businesses, but schools and hospitals are beginning to function.”