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"African Banks have power to multiply Impact" - Elumelu

RostrumNews
The outstanding Nigerian entrepreneur and philanthropist, Tony Elumelu, has opined that the financial institutions on the African continent had the power to multiply impact.

Elumelu who disclosed this on his X handle on October 21, 2025, stated that the banks in the said region possessed the ability to turn every dollar of domestic capital into many more through international co-investment.

Elumelu, who is the Chairman of the UBA GROUP, enthused that the group had proven that the above remark is not just theory, but practically achievable.

"Our $400M financing for Tanzania’s Julius Nyerere hydropower project — fully led by African institutions — is proof." The financial guru stated.

It could be recalled that in 2020, Rostrum News reported that the United Bank for Africa (UBA) Tanzania Limited once again extended its support to Julius Nyerere Hydropower Project after providing another $40 million in project financing, bringing its total commitments to over $400 million.

In the previous year alone, being 2019, the UBA provided $366 million financial support to the 2,115MW Julius Nyerere Hydropower Project.

As a further demonstration of its fervent support for the project, UBA Tanzania launched an ultra-modern business office at the project site.

Commenting on the new office, the Managing Director of the Bank, Kingsley Ulinfun disclosed that in line with the UBA customer first philosophy, this was another step the UBA Tanzania had taken in its branch expansion programme.
Fred Nwaozor, popularly known as TheMediaAmbassador, is a Nigerian tech expert, author, creative & content writer, media strategist, policy analyst, blogger, public speaker and rights activist. The renowned columnist regularly writes for the Federal Radio Corporation of Nigeria (FRCN), and is the Founder & Convener of Right Thinkers Movement (RITMO), Nigeria. He's a chartered industrial physicist, engineer and IT personnel. As a media guru, he enjoys an active presence in all media segments - including electronic, print & digital - since two decades ago till date. As a full-time researcher and educator, he's a regular contributor and peer reviewer for various internationally-noted engineering journals. As Telecommunications and Automation engineer, his research interest mainly lies in System Modelling, Internet of Things (IoT), Smart city, Cybersecurity, Wireless networks, and Machine Learning (ML).