The Chairman of United Bank for Africa Plc, Mr Tony Elumelu, has said a well-regulated capital market will help to create wealth for Africa.
Elumelu said this at the Jamaican Stock Exchange’s 17th regional investment and capital markets annual conference 2022.
In his speech, Elumelu who is also the chairman of Heirs Holdings Limited, said UBA plans to invest in the Caribbean market.
“I have often said that the capital market is the engine of capitalism. A well-regulated, responsible capital market is of positive benefit to an economy. Properly run, it can democratise wealth and sustain growth,” he said.
While acknowledging the role of the state to provide an enabling environment, he said, “Private sector prosperity leads to wealth creation for all.”
He said as an entrepreneur, he had benefitted from the capital markets, the Nigerian stock exchange to be precise.
Elumelu said, “When we started, we needed money for our growth; money to prove our concept. Today, I sit as the chairman of Heirs Holdings, my family-owned investment management firm that has interests in financial services, power, oil and gas; real estate and hospitality; and, of course, healthcare.
“We are long-term investors in the key strategic sectors of the African economy. Our objective is to improve lives and transform Africa to be role models, in business, in governance and in philanthropy. The financial services investment we have made is huge.”
