Events

Tony Elumelu Pushes for Africa to Embrace Private Sector Power

Published

1 year ago

October 22, 2025

Tony Elumelu urges African leaders to build predictable, business-friendly policies to unlock investment and drive sustainable growth at the Abuja Summit 2025

The Group Chairman of United Bank for Africa (UBA) Plc and Heirs Holdings Limited, Tony Elumelu, CFR, has called on African policymakers to create predictable, pro-enterprise environments that attract long-term investment and unlock the continent’s full potential.

Also read: Why Nigeria Holds a Special Place in the World

Delivering the keynote address at the Abuja Business & Investment Summit & Expo 2025, held on Wednesday at the Bola Ahmed Tinubu International Conference Centre, Elumelu emphasised that “predictable regulation attracts long-term investment, while inconsistency drives it away.”

He urged African governments to view private sector success as the foundation of national prosperity, noting that over 70% of Africa’s GDP and 80% of employment are generated by private enterprises.

“No nation has ever achieved sustained prosperity without a vibrant and virile private sector,” Elumelu said. “The private sector is reimagining what is possible on our continent.”

Speaking on the summit’s theme, “Empowering Sustainable Growth: Unlocking Potential in Emerging Markets,” Elumelu advocated for a new social contract between government and business, founded on trust, transparency, and partnership.

He said sustainable progress can only thrive where governments convert investor confidence into nation-building through stable and forward-thinking policies.

The UBA Chairman cited Heirs Holdings’ strategic investments in the Federal Capital Territory (FCT) as examples of how purposeful private capital can drive development, including the revitalisation of the Transcorp Hilton Abuja, the launch of the Transcorp Event Centre, and ongoing reforms in the Abuja Electricity Distribution Company (AEDC).

“How can we expect foreign investors to invest in our economies if we don’t invest in them ourselves?” he challenged.

“Make your money, but please bring it home and invest locally. It is an act of unpatriotism to save your wealth in economies that already have so much.”

Elumelu, who is also the Founder of the Tony Elumelu Foundation, stressed that Africa’s transformation will be driven by long-term investments in critical sectors that create prosperity and opportunities for all.

He commended the Minister of the Federal Capital Territory, Nyesom Wike, and the Minister of State for the FCT, Dr. Mariya Mahmoud, for their infrastructural drive within the capital, describing Abuja as a model for partnership between the public and private sectors.

In her remarks, Dr. Mariya Mahmoud expressed gratitude to Elumelu and other investors for their confidence in Abuja, reaffirming the FCT Administration’s commitment to making the city Nigeria’s premier investment destination.

The Abuja Business & Investment Summit & Expo 2025 (ABISummit2025), organised by the Abuja Investments Company Limited (AICL) and hosted by Ambassador Dr. Maureen Tamuno, serves as a platform to forge partnerships and translate economic visions into actionable strategies for sustainable growth across Nigeria and Africa.

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Culture

Crowds Gather for Rare Sunrise at Egypt’s Abu Simbel Temple

Published

3 days ago

October 23, 2026

David Ogunjobi

Hundreds of tourists gathered at Egypt’s Abu Simbel temple to witness the twice-yearly sunrise ceremony illuminating Pharaoh Ramses II’s statue

Hundreds of tourists gathered at Egypt’s Abu Simbel temple on Thursday to witness a spectacular sunrise phenomenon in which sunlight illuminated the face of the statue of Pharaoh Ramses II, an event that occurs only twice a year.

Also read: 16 Famous Cultural Festivals That Define India

The ancient astronomical ceremony drew visitors from different parts of the world to the archaeological site in southern Egypt on October 22, one of two dates associated with the phenomenon.

The second occurrence takes place on February 22, when the rising sun illuminates the temple’s interior.

Egyptian tour guide Yasser Fouad described the occasion as extraordinary, saying some visitors had stayed overnight to secure the opportunity to witness the event.

“Today is an extraordinary day, everyone is keen, there are people who stayed over the night, foreigners who actually spent the night in Abu Simbel to see this phenomenon,” Fouad said.

The Great Temple of Ramses II at Abu Simbel dates back to the 13th century BC and is among Egypt’s most prominent archaeological attractions.

Built during the reign of Ramses II, one of ancient Egypt’s most powerful pharaohs, the temple is renowned for its monumental statues and sophisticated architectural design.

The twice-yearly sunrise phenomenon is a major attraction, drawing visitors eager to witness the interaction between sunlight and the temple’s ancient structure.

The dates have traditionally been associated with significant moments in Ramses II’s life.

October 22 is commonly linked to his birthday, while February 22 is associated with his accession to the throne.

However, the precise historical reasons behind the dates remain debated.

Some archaeologists have proposed alternative explanations, including that they may have marked the pharaoh’s coronation and birthday.

Abu Simbel underwent a major international rescue operation in the 1960s, when archaeologists and engineers relocated the temples to protect them from flooding caused by the construction of the Aswan High Dam.

The monumental structures were cut into large blocks and reassembled at a higher location, preserving the site for future generations.

The relocation was one of the most significant archaeological preservation projects of the 20th century.

Despite the move, the temple continues to attract visitors for its ancient Egyptian art, monumental architecture and remarkable alignment with the rising sun.

Also read: 16 Famous Cultural Festivals That Define India

The annual gatherings highlight the enduring appeal of Egypt’s archaeological heritage and the continuing fascination with the astronomical knowledge and engineering achievements of its ancient civilisation.