Chairman, United Bank for Africa (UBA), Tony Elumelu has said that well-regulated, responsible capital market is of positive benefit to an economy and remains the engine of capitalism in great nations.
He spoke at the weekend during the Jamaican Stock Exchange 17th Regional Investment and Capital Markets Annual Conference.
Elumelu said a properly run capital market could democratise wealth and sustain growth.
“Africapitalism positions the private sector, and most importantly entrepreneurs, as the catalyst for the social and economic development of the African continent. Business needs to do well and to do good.
“Over 80 companies have raised capital through the Jamaican Stock Exchange and have a Stock Exchange valued at over $16 billion,” he said.
Elumelu added: “I speak as an entrepreneur that has benefited from the capital markets, the Nigerian Stock Exchange to be precise. 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 the 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,” he said.
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