Tony Elumelu (extreme left) sitting next to Donald Kaberuka
Tony Elumelu, Chairman, Heirs Holdings and Founder of Tony Elumelu Foundation, has called on the United States Congress to pass the ‘Electrify Africa Act’ into law to change lives in Africa.
The bill, which would preserve and expand President Barack Obama’s Power Africa Initiative by codifying access to electricity as a U.S. foreign policy priority for Africa, has already been passed by the U.S. Senate and is expected be voted on by the U.S. House of Representatives next week.
Speaking at the ‘Power Africa Summit’ in Washington DC on Thursday, January 28, 2016, Elumelu commended President Obama for working through the Power Africa Initiative to mobilize the private sector to invest $43 billion in the African power sector.
According to Mr. Elumelu, Africa must win the energy challenge if it seeks to become an industrial power in the 21st century, noting that “power outages on the continent must spark power outrage, the kind of outrage that ignites the activist in us.”
Elumelu’s Heirs Holdings, a propriety Investment company, through Transcorp Power Limited, has committed $2.5 billion to deliver 2,000 megawatts of electricity under the Power Africa Initiative.
Already Transcorp Power is currently generating about 19 percent of Nigeria’s power needs with a target to increase capacity to 25 percent in the near future.
Elumelu hosted the delegation in Lagos, provided them an opportunity to interact and hear directly from young aspiring entrepreneurs drawn from the Tony Elumelu Entrepreneurship Programme (TEEP), an audacious initiative that provides seed capital, training, mentorship and a networking platform for 10,000 African entrepreneurs over a 10 year period.
Endowed with $100 million by the African philanthropist, the programme, which commenced last year with 1000 beneficiaries, is currently in its second year with another 1,000 beneficiaries from Africa, scheduled to participate and benefit from the novel entrepreneurship development programme in 2016.
A business desk report