Chairman of Heirs Holdings, Tony Elumelu, has called on business leaders across Africa to increase women’s representation in corporate leadership, insisting that gender inclusion must translate into appointments, access to capital and opportunities to lead businesses.

Elumelu made the call while delivering the keynote address at the 25th annual conference of the Women in Management, Business and Public Service (WIMBIZ), held in Lagos on November 6, 2026.

Speaking on the conference theme, “Rooted, Rising, Ready: Born in Africa, Built for the World,” the businessman argued that African economies could not achieve sustainable growth while underutilising the talents and contributions of women.

“Women’s economic leadership is not a concession to fairness. It is a requirement for competitiveness,” he said.

He challenged corporate executives to move beyond discussions about gender equality and demonstrate their commitment by giving qualified women opportunities to occupy boardroom and executive positions.

To illustrate his position, Elumelu highlighted the participation of women in leadership across the Heirs Holdings Group, which has investments in financial services, investment management, hospitality, real estate, technology, healthcare and energy.

He identified eight women serving as chairpersons and chief executives across the group’s businesses, including Agatha Obiekwugo, Chairperson of Afriland Properties Plc; Owen Omogiafo, President and Group Chief Executive Officer of Transnational Corporation Plc; and Uzo Oshogwe, Managing Director and Chief Executive Officer of Transcorp Hotels Plc.

Others are Somachi Chris-Asoluka, Chief Executive Officer of the Tony Elumelu Foundation; Catherine Nwosu, Managing Director and Chief Executive Officer of Africa Prudential Plc; Dr Odiri Ogini, Managing Director and Chief Executive Officer of United Capital Asset Management; Adetola Fasuyi of United Capital Wealth Management; and Esther Adeola Balogun, Managing Director and Chief Executive Officer of UCEE Microfinance Bank.

He also highlighted the leadership contributions of his wife, Dr Awele Elumelu, a founding director of Heirs Holdings, whose responsibilities span healthcare, insurance, hospitality and energy.

Dr Elumelu chairs several businesses within the group, including Avon HMO, Avon Medical, Heirs Insurance Brokers, Transcorp Hotels Plc and Heirs Energies. She also co-founded the Tony Elumelu Foundation.

Another female executive highlighted was Dr Fumbi Chima, Chairperson of Heirs Technologies, while Mrs Foluke K. Abdulrazaq serves as Vice Chairperson of Transnational Corporation Plc.

According to Elumelu, the appointments demonstrate the importance of identifying talent, developing employees and creating opportunities for women to advance into senior management and board-level positions.

“I did not do it for a headline. I did it because they were the best people for the jobs,” he said.

The businessman also cited the work of the Tony Elumelu Foundation, which he said had deployed more than $120m in seed capital to 24,633 entrepreneurs across all 54 African countries over 15 years.

He disclosed that women accounted for 48 per cent of the beneficiaries, while the entrepreneurs collectively generated more than 1.5 million jobs and over $4.2bn in revenue.

Elumelu said the figures demonstrated the economic value of expanding opportunities for women and supporting entrepreneurs with access to funding.

The foundation’s entrepreneurship programme, he explained, reflected his philosophy of Africapitalism, which advocates private-sector-led development that generates both economic prosperity and social wealth.

He argued that businesses and investors had a responsibility to create opportunities, strengthen institutions and support entrepreneurship across the continent.

“Opportunity in Africa is still distributed by accident of birth, of geography, of gender. My life’s work is to make it distributed by merit instead,” he said.

Drawing from his experience across banking, power, hospitality, insurance, healthcare and oil and gas, Elumelu challenged other business leaders to examine their organisations and identify barriers preventing qualified women from advancing.

He also urged young African women not to wait for approval before pursuing leadership positions, establishing businesses or taking advantage of economic opportunities.

Addressing WIMBIZ and the wider business community, he called for sustained efforts to expand women’s access to funding and executive positions.

“Advocacy got women into the room. Capital will get them to the head of the table,” he said.

The 25th WIMBIZ annual conference brought together women in business, management and public service to discuss leadership, economic participation and opportunities for African women under the theme, “Rooted, Rising, Ready: Born in Africa, Built for the World.”