Nigerian billionaire businessman Tony Elumelu has called on business leaders across Africa to give more women opportunities to occupy senior leadership positions.
The chairman of Heirs Holdings believes African businesses need to recognise the contributions women make to economic development and give qualified female professionals greater opportunities to lead major organisations.
He made the call while delivering the keynote address at the 25th annual conference of Women in Management, Business and Public Service (WIMBIZ), held in Lagos on November 6, 2026.
Speaking under the theme “The Geography of Opportunity: Why the World Needs What Africa Has,” Elumelu challenged business owners to move beyond public discussions about gender inclusion.
He argued that companies must demonstrate their commitment through actual appointments, access to capital and opportunities for women to lead businesses.
His position has attracted attention because of the number of women occupying senior positions across companies associated with his business group.
Why Tony Elumelu Believes Women Deserve More Leadership Opportunities
Elumelu believes African businesses cannot afford to ignore the economic contributions of women.
According to him, women possess the skills, knowledge and experience required to lead major organisations. Businesses that fail to give them opportunities risk losing valuable talent.
He argued that gender inclusion should be treated as an economic priority rather than an act of charity.
During his address, he explained that women should receive opportunities based on their qualifications and ability to deliver results.
He also challenged corporate leaders to examine their recruitment and promotion practices.
For Elumelu, the conversation should move beyond how many women attend business meetings. The more important issue is how many women occupy positions where they influence decisions, control resources and lead institutions.
He believes African companies need to create opportunities for women at board and executive levels.
Eight Women Leading Businesses Across Heirs Holdings
To support his argument, Elumelu highlighted eight women serving as chairpersons and chief executives across the Heirs Holdings Group.
These women hold leadership responsibilities in different sectors, including financial services, hospitality, investment management, real estate and entrepreneurship development.
The eight leaders he identified include:
- Agatha Obiekwugo, Chairperson of Afriland Properties Plc.
- Owen Omogiafo, President and Group Chief Executive of Transnational Corporation Plc.
- Uzo Oshogwe, Managing Director and CEO of Transcorp Hotels Plc.
- Somachi Chris-Asoluka, CEO of the Tony Elumelu Foundation.
- Catherine Nwosu, Managing Director and CEO of Africa Prudential Plc.
- Dr Odiri Ogini, Managing Director and CEO of United Capital Asset Management.
- Adetola Fasuyi, Managing Director of United Capital Wealth Management.
- Esther Adeola Balogun, Managing Director and CEO of UCEE Microfinance Bank.
Elumelu explained that these appointments were based on the women’s abilities and professional achievements.
He stressed that he did not appoint women to leadership positions to attract publicity. According to him, they received the positions because they were qualified for the responsibilities.
His argument presents the Heirs Holdings Group as an example of how companies could expand women’s participation in corporate leadership.
The Role of Women Across UBA’s African Operations
Elumelu also highlighted female leadership across United Bank for Africa’s operations in Africa.
He identified eight women occupying senior leadership positions across the banking group and its foundation.
Their responsibilities include regional management, corporate banking, country-level banking operations and community development.
Some of the women highlighted include Sarata Kone, Rasmata Djibo, Mariam Yago, Eugenia Onyekwelu, Rokia Hacko, Dora Kyungu and Bola Atta.
These appointments demonstrate the presence of women in leadership positions across different African markets.
For Elumelu, promoting women should become part of the normal business process rather than an occasional corporate initiative.
How the Tony Elumelu Foundation Supports Female Entrepreneurs
Elumelu’s position on women’s economic participation also extends to entrepreneurship.
Through the Tony Elumelu Foundation, he supports African entrepreneurs with business training, mentorship and seed capital.
During his WIMBIZ address, he revealed that the foundation had funded 13,360 African female entrepreneurs.
This support gives women opportunities to establish businesses, improve existing operations and create employment.
Access to funding remains one of the major challenges facing many African entrepreneurs.
Female business owners often face difficulties securing financing, expanding their businesses and accessing professional networks.
Programmes offering capital and mentorship help address some of these barriers.
Elumelu believes more women should have opportunities to turn their business ideas into sustainable companies.
Why Women Entrepreneurs Matter to Africa’s Economy
Women play important roles across several African industries, including agriculture, retail, technology, healthcare and manufacturing.
Many operate small businesses that provide income for their families and employment for other people.
When women receive access to funding, training and business networks, they gain better opportunities to expand their operations.
Growing female-owned businesses also creates wider economic benefits.
For example, a woman who expands an agricultural processing business might employ additional workers, purchase more raw materials from farmers and supply finished products to retailers.
These activities support other businesses across the supply chain.
Increasing women’s participation in business therefore has implications for employment, household income and economic development.
The Challenges Women Still Face in Corporate Leadership
Despite growing participation, women across Africa continue to face barriers when pursuing senior positions.
Some encounter limited access to professional networks, unequal opportunities for promotion and difficulties balancing demanding careers with family responsibilities.
Others struggle to secure financing for businesses, particularly when they lack established financial records or access to influential business networks.
These challenges require attention from both governments and private companies.
Businesses need transparent recruitment systems, fair promotion policies, leadership development programmes and mentorship opportunities.
Financial institutions also need to improve access to funding for women-owned businesses.
Elumelu’s message suggests that corporate leaders have a direct responsibility to address these issues.
What Elumelu Wants Other African Business Leaders to Do
Elumelu wants other business owners to examine their leadership structures and identify qualified women who deserve greater responsibilities.
He believes companies should give women opportunities to lead major institutions instead of limiting their participation to junior and middle management positions.
His message also encourages young African women to pursue leadership roles, establish businesses and take advantage of available opportunities.
The broader challenge is whether more African companies will turn these discussions into measurable changes.
Final Thoughts
Tony Elumelu’s call for more women in African leadership highlights an important issue facing the continent’s business community.
Africa needs more skilled executives, successful entrepreneurs and strong institutions.
Women have an important role to play in achieving these goals, but they need fair access to leadership opportunities and business financing.
The eight women leading businesses across Heirs Holdings demonstrate Elumelu’s approach to female representation.
The next step is for more African companies to follow through by recognising talent and giving qualified women opportunities to influence major decisions.
Frequently Asked Questions
- Why does Tony Elumelu want more women in leadership positions?
He believes women have the skills and experience required to lead major organisations. He also argues that businesses benefit when they make better use of available talent.
- How many women lead businesses across Heirs Holdings Group?
Tony Elumelu identified eight women serving as chairpersons and chief executives across the group.
- How does the Tony Elumelu Foundation support female entrepreneurs?
The foundation provides business training, mentorship and seed funding to African entrepreneurs. Elumelu stated that 13,360 female entrepreneurs had received support.
