Business
Nigeria’s Elumelu looking to invest in the Caribbean
“Let us talk from the heart how to foster greater collaboration between Africa and the Caribbean and the role we all have to play.”
– Tony Elumelu
Nigerian billionaire Tony Elumelu, is eyeing the Caribbean markets as he looks to explore investing in the region.
Elumelu – the Chairman of the United Bank for Africa Plc., – made the disclosure on Thursday, the final day of the annual Jamaica Stock Exchange Investments and Capital Markets Conference.
“We have a customer base of over 25 million around the globe. We are not in the Caribbean, but that is something we will explore when I come to Jamaica”, Elumelu said, according to the Jamaica Gleaner.
Elumelu indicated that he would meet with politicians on his visit to Jamaica later this year, at an unspecified date.
He gave no indication of specific sectors of investment exploration, only noting during questioning from conference participants that tourism was the best area of mutual investment between Jamaica and Africa.
The United Bank of Africa is present in 20 African countries, including key financial centers of New York, Paris, London, Cayman, and Dubai. It is the only African bank with a deposit-taking license in America, Elumelu said.
Additionally, Elumelu is the founder and chairman of Heirs Holdings and Heirs Oil & Gas, and co-founder of The Tony Elumelu Foundation. He made Time Magazine’s top 100 Most Influential People, and various sources put his wealth at between US$1 billion and US$2 billion.
“We must ensure that the cultural linkages that connect Africa and the diaspora are strengthened, not weakened,” he said. “Let us talk from the heart how to foster greater collaboration between Africa and the Caribbean and the role we all have to play.”
Elumelu was the most notable overseas participant at the Jamaica Stock Exchange conference, with plans to explore investments in Jamaica. The conference panels also featured Ekow Afedzie, managing director of the Ghana Stock Exchange; Melida Harris-Barrow, the founder and chairperson at 6 Region Global Chamber of Commerce; and Olga Cantillo, executive vice-president and CEO of the Panama Stock Exchange.