Heirs Holdings Founder and Group Chair, Tony Elumelu, has been appointed by the International Monetary Fund (IMF) to its Advisory Council on Entrepreneurship and Growth, convened by IMF Managing Director, Kristalina Georgieva.
Elumelu, Africa’s foremost advocate for entrepreneurship, has, through his Foundation, funded, mentored, and trained over 25,000 African entrepreneurs since 2015. He champions entrepreneurship as the driving force behind Africa’s economic transformation.
A statement described him as a “self-made entrepreneur,” highlighting that his commitment to entrepreneurship is deeply rooted in his concept of Africapitalism—the belief that Africa’s private sector must take a leading role in the continent’s development.
According to the statement released last night, this philosophy has driven Elumelu to make long-term investments that create both social and economic value.
The statement further noted that the Advisory Council comprises global business leaders, policymakers, and academics committed to identifying and tackling regulatory barriers to entrepreneurship. Its mandate is to propose policies that improve resource allocation, stimulate innovation, and catalyse sustainable, private sector-led economic growth.
Elumelu is expected to play a key role in ensuring that Africa’s entrepreneurial potential remains central to global economic policymaking.
Other members of the Council include Harberger Professor of Economics at the University of Chicago, Professor Ufuk Akcigit; Saudi Ambassador to the United States, HRH Ambassador Reema Bandar Al-Saud; as well as Chair, CEO, and Co-Founder of Salesforce, Mr Marc Benioff.
Also serving on the Council are Executive Chair of Banco Santander, Ms Ana Botín; Chairman of Tata Group, Mr Natarajan Chandrasekaran; Chief Executive of Vodafone Group, Ms Margherita Della Valle; Founder, Chairman, and CEO of Vista Equity Partners, Mr Robert Smith; and Argentine Minister of Deregulation and State Transformation, Mr Federico Sturzenegger.
Speaking at the inaugural meeting of the Advisory Council on Wednesday, March 26, 2025, IMF Managing Director Kristalina Georgieva underscored the significance of the members’ insights in shaping macroeconomic and financial policies to foster innovation, entrepreneurship, and productivity.
“The Council brings together a group of leading thinkers and practitioners in business, finance, academia, and policymaking to share their views and experiences on how macroeconomic and financial policies can provide a supportive environment for innovation, entrepreneurship, and productivity—key ingredients for a thriving private sector and strong economic growth,” Georgieva stated.
