General
UBA Chairman Tony Elumelu Visits, Inspires and Challenges
Mr. Tony Elumelu is a visionary Pan-African entrepreneur and philanthropist founder of Heirs Holdings; an African Investment Holding Company and the beneficial owner of the United Bank for Africa (UBA). UBA is the 9th largest commercial bank on the African continent with a global presence in New York, London and Paris. The fact that his Heirs Holdings is also present in twenty African countries is a good signal that the Nigerian economist, entrepreneur and philanthropist is a busy man. Nevertheless, Makerere University remained top on the agenda of his four day visit to Uganda.
The endless drizzles that preceded Mr. Elumelu’s visit to Makerere University on 11th April 2018 could only be a sign of the blessings that were to follow. Upon arrival, he was received by the Vice Chancellor Prof. Barnabas Nawangwe and ushered into the Council Room where he met with Members of Central Management and the leadership of the College of Business and Management Sciences (CoBAMS).
Accompanied by the Regional Executive Officer, UBA Eastern Africa Divisional Office, Nairobi-Mr. Manz Denga, UBA Uganda Managing Director-Mr. Johnson Agoreyo and other officials, Mr. Elumelu could not hide his elation at making his maiden visit to Makerere University.
“I am honoured, pleased and happy be with you this afternoon” remarked the gentle speaking Mr. Elumelu, “It is a wonderful experience to be in Makerere University; a well known and one of the foremost Universities in Africa” he added.
He thanked the Vice Chancellor for the warm welcome and commended all Makerere staff for helping to advance research and knowledge not only in Uganda but on the entire African continent. He also thanked the University Leadership for admitting UBA into the Makerere community, noting that “Makerere’s 45,000 student population is a tip that we can do more!”
After signing the visitors’ book and receiving souvenirs of the Makerere neck tie and diary from the Prof. Nawangwe, Mr. Elumelu proceeded to the Main Hall, where he was greeted by thunderous applause from the staff and students who had convened to listen to his talk. “I am greatly humbled and pleased to see that the hall is overflowing and some people are still standing” he remarked good naturedly ”I thank you all for coming and hope that our interaction will be enriching,” he added.
The event took the form of a question and answer session moderated by the day’s emcee, Mr. Peter Igaga. He shared with Mr. Elumelu that a sample of questions from the audience had revealed that capital was an outstanding issue of concern for budding entrepreneurs and asked the UBA Chairman share his views on the topic.
Mr. Elumelu firstly admitted that entrepreneurship is not a simple journey to embark on as it calls for patience and resilience. He then emphasised that; an idea of what one wanted to do and a proper definition of how one wanted to go about doing it formed the basis for attracting capital. “Most billionaires in the world today did not start out with a handful of money. While it is important, do not kill your good ideas just because you don’t have a handful of money to start with.”
He further opined that entrepreneurs need not start big and all that was needed was seed funding to prove one’s concept or idea, which money can be raised from family, friends and a few willing venture capitalists. “Banks should be your last option as you start up” he warned, before adding “Banks by their nature are highly structured organizations and will only give you money to scale up your idea once it is up and running.”
On the culture of saving, Mr. Elumelu noted that this was one of the most important attributes of any successful entrepreneur. He reemphasized the fact that entrepreneurship is a long journey and those who venture into it must be very disciplined and avoid any luxuries and unnecessary expenses that would deplete initial revenue.
“I also advise you to get good mentors” he continued “at the Tony Elumelu Foundation (TEF), we see capital as only one of the factors necessary for one to succeed. We also see training and mentoring as extremely important aspects of entrepreneurship. During our 12week mentorship programme, we ensure that you understand the basics of things such as good bookkeeping so as to prepare yourself for the future.”
Mr. Elumelu added that it was only upon successfully completing the TEF training that entrepreneurs saw their first coin of seed capital, which also comes with mentors. “Our aim is to create entrepreneurs not grant seekers. We want to train people who will be able to support other entrepreneurs in the future.”
Since the setting of this discussion was at the region’s flagship University, the next topic sought clarity on the relevance of education to entrepreneurship, especially as a good number the world’s top billionaires had admitted to dropping out of school to focus on their ideas. Mr. Elumelu tackled this topic by first and foremost admitting that education, awareness and knowledge were all critical for entrepreneurship.
He however sought to create a distinction between two definitions of education; just to get a certificate and to gain a thorough understanding of subject matter, the former being the wrong one. He reaffirmed that education is a critical success factor in understanding ones trade, as it helps to sharpen the brain to better understand concepts. “Nevertheless, what is important is knowing what is critical for success. Discipline, hard work and thinking long term are extremely important factors for success” added Mr. Elumelu.
He urged all entrepreneurs never to let the fear of making mistakes prevent them from daring to try out their ideas. “You will make mistakes” assured Mr. Elumelu. “As a business, we have made some decisions that led us to venture into a partnership with a leading global company but in the end we had to write off US$200million after it didn’t take off as anticipated” he added, much to the hushed amazement of the audience.
Entrepreneurship without the right networks is a precarious journey to embark on. Tackling the question on the role of networks versus net worth, Mr. Elumelu shared that “Networks help you build net worth and net worth can help you extend your reach.” He stressed that it is important to have partnerships but these have to be matched with an alignment of interests. “Misalignment will not help you to build net worth or to succeed” added Mr. Elumelu.
“My net worth is not really important to me because it is just a figure; it is not about how much you have in the bank. What is important however is what you do with your net worth because at the end of the day you move from wanting to survive to changing lives and building a legacy” counseled Mr. Elumelu.
The day’s session would have been incomplete without a few testimonies from TEF beneficiaries. Mr. Joseph Ogwal is the Founder of Agro Supply Uganda Limited and a 2017 TEF Alumnus. His business was started with the aim of supplying smallholder farmers in the Acholi and Lango sub-regions with quality seeds. After completing his training with TEF, Joseph’s business is now able to supply 10,000 farmers with 30metric tonnes of quality planting seed and is projected to supply up to 50metric tonnes by the close of 2018. The company has additionally set its sights on supplying new markets in Rwanda and Tanzania.
Hon. Grace Oburu is the proprietor of Pakoi Mixed Farm in Tororo District and a 2017 TEF Alumna. The former legislator of the 8th Parliament admitted to initially being chastised by her children for applying to a youth entrepreneurship competition. She however persisted and today, does not regret having made that decision, especially as with the help of the seed capital she expects to house 800pigs at her farm by the close of 2018.
“The Operation Wealth Creation has booked all piglets from my farm because I am rearing a good breed, I have offered employment to the previously jobless youth and young men in the community are learning how to make biogas for cooking which is saving the environment” added Hon. Oburu.
Addressing the audience, Prof. Barnabas Nawangwe thanked Mr. Tony Elumelu for putting Makerere University especially the interaction with budding entrepreneurs at the top of his agenda. He noted that Mr. Elumelu was one of the most enterprising entrepreneurs in Africa.
“I want to thank you Mr. Tony Elumelu for being a very generous person by supporting youths in Africa, irrespective of where they come from, so as to emancipate Africa from poverty. We are now past the stage of political emancipation and now is the time for economic emancipation” said Prof. Nawangwe.
He noted that Makerere University has produced some of the region’s top leaders in all spheres of influence including former Presidents such as H.E. Mwalimu Julius Nyerere of Tanzania, H.E. Mwai Kibaki of Kenya, H.E. Milton Obote of Uganda, to mention but a few. Prof. Nawangwe also encouraged Mr. Elumelu to come back again and welcomed partnerships with UBA and TEF aimed at improving entrepreneurship skills among the students.
Article by Public Relations Office
In a vibrant celebration of youth leadership and African unity, Makerere University hosted the Second Annual Guild Leaders’ Summit, an event that brought together high-profile dignitaries, student leaders, and international partners for a powerful dialogue on the future of the continent. The summit, organized by the Guild Presidents Leadership Academy, served as a rallying point for East Africa’s young leaders to confront Africa’s most urgent challenges—on their own terms and with their own solutions.
A Warm Welcome and Reflections on Makerere’s Legacy
The Vice Chancellor, Professor Barnabas Nawangwe, welcomed the distinguished guests, who included Former President Uhuru Kenyatta of Kenya, Uganda’s Vice President H.E. Jessica Alupo, former Prime Minister Rt. Hon. Ruhakana Rugunda, Justice Simon Byabakama, Hon. Mathew Rukikaire, and European Union Deputy Ambassador Mr. Guillaume Chartrain, among others.
In his address, Prof. Nawangwe reflected on Makerere’s deep historical ties to East Africa’s liberation and development movements. He reminded the audience that Makerere University has been a crucible for the continent’s leadership, stating:
“Jomo Kenyatta was the first person to receive a degree from Makerere when, in 1963, he was awarded an honorary doctorate by then Chancellor Julius Nyerere. All freedom fighters in East Africa studied at Makerere.”
Building on this rich history, Prof. Nawangwe affirmed the university’s current mission to tackle pressing continental issues. “Today,” he said, “Makerere is committed to addressing Africa’s challenges—climate change, disease, poverty, food security, conflict resolution, and economic development. But we cannot do this alone.”
He echoed sentiments later shared by the keynote speaker, stressing that Africa must no longer depend on external interventions:
“Foreign agencies will not solve all Africa’s problems. It is our young people who must step forward and lead the change.”
Uhuru Kenyatta: “You Are the Last Line of Defence”
In a keynote address that resonated deeply with the students and delegates in attendance, Former President Uhuru Kenyatta issued a bold and urgent call to action for Africa’s youth.
“No one is coming to save us,” Kenyatta declared. “You are the last line of defence in the battle to rescue the heart and soul of Africa.”
Positioning today’s youth as the heirs of the continent’s freedom fighters, Kenyatta described the current moment as a new “independence era”—not of political liberation, but of economic and intellectual sovereignty. He urged students to think critically about intra-African trade, which currently accounts for less than 2.5% of global commerce, and to advocate for the removal of internal barriers to trade, innovation, and mobility.
“You are the freedom fighters of this generation,” he said. “Universities must be incubators of change, and students must be the trustees of tomorrow’s Africa.”
Pan-Africanism, Leadership, and Action
Uganda’s Vice President H.E. Jessica Alupo encouraged students to take up the mantle of Pan-Africanism with unwavering commitment. She acknowledged that while the rhetoric of African unity is inspiring, real progress demands more than words:
“You must embrace the spirit of Pan-Africanism. But it is easy to say these words—the challenge lies in collective implementation.”
She emphasized the importance of action-oriented leadership and urged the youth to harness their creativity, energy, and education for the benefit of the continent.
European Union’s Message: Leadership with Integrity
Representing Team Europe, the EU Deputy Ambassador to Uganda, Mr. Guillaume Chartrain, gave a passionate speech on the values of authentic leadership, integrity, and inclusive development. He praised Makerere University as a space where “intellectual ambition meets civic responsibility” and emphasized that leadership is not about prestige, but purpose:
“Be a leader because of what you want to be—not because of what you want to have,” he said.
Citing former Makerere alumni such as Julius Nyerere and Wangari Maathai, Chartrain called on students to model courage, resilience, and humility:
“True leadership emerges in moments of loss—when resilience, not triumph, becomes the measure of one’s character.”
The EU, he said, remains committed to supporting youth through programs like Erasmus+, the EU Youth Sounding Board, and partnerships with organizations like Faraja Africa Foundation and Restless Development. These initiatives empower youth not as symbols, but as active participants in shaping policy and governance.
The Legacy Continues
Throughout the summit, speakers highlighted the importance of legacy and long-term impact. They challenged young leaders to think not just about the present, but about the systems and institutions they will leave behind. In the words of Former President Kenyatta:
“Leadership is not about the next election. It’s about the next generation.”
The summit ended on a high note, with students invigorated and inspired to lead with purpose. As global support grows less predictable and Africa stands at a crossroads, the message from Makerere was clear: the future of the continent is in the hands of its youth. And as the Guild Leaders’ Summit demonstrated, they are ready.
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