Founder and Group Chairman of Heirs Holdings, Tony O. Elumelu, CFR, has been appointed by the International Monetary Fund to join its newly established Advisory Council on Entrepreneurship and Growth.
The Council is convened by IMF Managing Director Kristalina Georgieva.
Elumelu, a passionate advocate for entrepreneurship across Africa, has made significant contributions through his foundation, which has funded, mentored, and trained over 25,000 African entrepreneurs since 2015. He champions entrepreneurship as a key driver for Africa’s economic transformation.
As a self-made entrepreneur, Elumelu’s commitment to entrepreneurship aligns with his concept of Africapitalism — the belief that Africa’s private sector can play a pivotal role in the continent’s development by making long-term investments that generate both social and economic value.
The Advisory Council is composed of a diverse group of global business leaders, policymakers, and academics, all focused on identifying and addressing regulatory barriers to entrepreneurship.
The group’s mission is to recommend policies that improve resource allocation, stimulate innovation, and drive sustainable, private sector-led economic growth. Elumelu’s participation will ensure Africa’s entrepreneurial potential remains a central focus in global economic policymaking.
Other prominent members of the Council include Professor Ufuk Akcigit, Harberger Professor of Economics at the University of Chicago; HRH Ambassador Reema Bandar Al-Saud, Saudi Ambassador to the U.S.; Marc Benioff, Chair, CEO, and Co-Founder of Salesforce; Ana Botín, Executive Chair of Banco Santander; Natarajan Chandrasekaran, Chairman of Tata Group; Margherita Della Valle, Chief Executive of Vodafone Group; Robert Smith, Founder, Chairman, and CEO of Vista Equity Partners; and Federico Sturzenegger, Argentine Minister of Deregulation and State Transformation.
At the inaugural meeting of the Advisory Council on March 26, 2025, IMF Managing Director Kristalina Georgieva emphasized the importance of the Council’s work, stating, “The Council brings together a group of leading thinkers and practitioners in business, finance, academia, and policymaking to share their views on how macroeconomic and financial policies can create a supportive environment for innovation, entrepreneurship, and productivity—vital elements for a thriving private sector and strong economic growth.”
