“It’s Africapitalism in action” – Tony Elumelu
By Steve Harts
ADDIS ABABA – United Capital Plc has made history as the first foreign investment bank to secure an operating licence in Ethiopia, marking a new chapter for African-led finance on the continent.
The group also received approval to operate in Rwanda, expanding its footprint in East Africa.
For decades, Africa saw foreign capital flow in while profits flowed out. United Capital’s entry signals a shift.
“This is Africapitalism in action — a vision that recognizes the importance of both indigenous and international capital working together to finance Africa’s development and unlock shared prosperity,” said Tony Elumelu, Chairman of Heirs Holdings and founder of the Elumelu Foundation.
The timing is significant. Ethiopia only recently opened its financial sector to foreign participation. United Capital’s licence represents a landmark step for both the firm and for integration of African capital markets.
“This development is particularly noteworthy because Ethiopia only recently opened its financial sector to foreign participation, making United Capital’s entry a historic step for both the company and the ongoing integration of African capital markets,” Elumelu noted. “This is Africa renaissance.”
He also congratulated Ethiopia’s leadership for enabling the reforms.
“Congratulations to the transformational Prime Minister of Ethiopia, His Excellency Abiy Ahmed Ali, for promoting economic reforms and regional cooperation. The Director General of Ethiopian Capital Market Authority, Ms. Hana Tehelku, and the team at UCAP on this landmark achievement,” Elumelu said.
The move reflects a broader trend: African institutions increasingly leading, competing, and succeeding across the continent.
Tony Elumelu is a Nigerian economist, entrepreneur, and philanthropist. He is the Chairman of Heirs Holdings, a Pan-African investment company. He is also the founder of the famous Tony Elumelu Foundation.
Tony Elumelu is known for coining and popularizing the “Africapitalism” – the idea that Africa’s private sector has the power to drive economic prosperity and social wealth through long-term investment.
His is also known to have played key roles in establishing or expanding great investments across various fields including energy, banking, hospitality industry, etc.
For instance, Tony Elumelu is the former CEO of one of the foremost commercial banks, the United Bank for Africa (UBA).
He is the Chairman of the United Capital Plc and Transcorp Plc.
Furthermore, through his foundation, Tony Elumelu has so far funded over 18,000 African entrepreneurs with $100M in seed capital since 2010
It must also be noted here that the framing of the United Capital’s Ethiopia licence as “Africapitalism in action” is to Tony Elumelu’s credit because UCAP is an African institution being expanded to finance Africa’s development.
