Figures cited by Leadership Newspaper show a significant stabilization in Nigeria’s Foreign Exchange (FX) market, following a high-profile meeting between President Bola Tinubu and the Chairman of Heirs Holdings, Tony Elumelu. Elumelu informed reporters at the State House that the era of acute dollar scarcity is largely over, attributing the progress to recent central bank reforms and improved investor confidence.
During the briefing, Elumelu praised the government’s efforts in harmonizing the FX windows and ensuring a more transparent liquidity flow. He noted that the private sector is beginning to feel the positive impact of these fiscal policies, which has allowed for better planning and increased foreign direct investment into critical sectors like power and manufacturing.
Reports from The Nation and Vanguard corroborate Elumelu’s optimistic outlook. The Nation mentioned that “the Naira has maintained a steady range against the dollar for the third consecutive week,” and Vanguard quoted Elumelu saying: “The FX market is sorted; what we see now is the result of painstaking reforms that have finally gained traction.”
Echotitbits take: While the declaration of the “end” of dollar scarcity is bold, the stability Elumelu references is essential for business planning in 2026. However, the true test remains the sustained availability of FX for small and medium-sized enterprises (SMEs) who often lack the access of larger conglomerates.
Source: The Punch – https://punchng.com/elumelu-meets-tinubu-says-dollar-scarcity-over-fx-market-sorted/, February 14, 2026
Photo credit: The Punch
Tag: Tony Elumelu
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Tony Elumelu Meets President Tinubu, Declares End to Dollar Scarcity
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Elumelu’s Heirs Holdings appoints Okeke as Group Executive Director
A pan-African investment company, Heirs Holdings, has announced the appointment of Dan Okeke as the Group Executive Director with effect from August 1.
Okeke has had a distinguished three-decade career at the United Bank for Africa Plc (UBA), where he recently served as an Executive Director in charge of leading consumer, commercial and public-sector businesses.
As Group Executive Director, he would be responsible for business coordination and growth across Heirs Holdings’ portfolio.
A file photo of Founder/Chairman, Heirs Holdings, Tony Elumelu. Driven by the Africapitalism philosophy of the group’s founder, Tony Elumelu, which positions the private sector as the catalyst of African growth and seeks both social and economic returns on investment, Heirs Holdings invests for the long-term, bringing strategic capital, sector expertise, a track record of business turnaround accomplishment and operational excellence to companies within its investment portfolio.
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Celebrating its 10th anniversary this year, Heirs Holdings has recorded consistent business success across its portfolio of investments.
Commenting on the appointment, Elumelu said: “As we continue to grow in scale and complexity, Dan’s appointment demonstrates our ongoing commitment to institutionalisation. We have always recognised the need to invest in human capital.
“This announcement is a clear demonstration of our intent and determination to create sustainable value in all our business operations.”
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On his part, Okeke said he was delighted to take on the new challenge, adding that he was prepared to contribute towards the fulfillment of Heirs Holdings’ objective of improving lives and transforming the continent.
Heirs Holdings is a family-owned investment company committed to improving lives and transforming Africa. Its portfolio spans power, oil and gas, financial services, hospitality, real estate, and healthcare sectors, operating in 23 countries.
Idowu Sowunmi
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Tony Elumelu Foundation invests $7.35 million in African entrepreneurs
By Tobiloba Kolawole
No less than 5,000 African entrepreneurs, private and public sector leaders and the broader entrepreneurship ecosystem converged on Lagos on Thursday, October 25, 2018 for the annual Tony Elumelu Foundation (TEF) Entrepreneurship Forum. The event is a unique opportunity for bringing together young business talent, creating dynamic networks and transmitting the message to policymakers that a vibrant and responsible private sector will deliver economic transformation.
The forum which is now in its fourth year, is the graduation of the 2018 cohort of the TEF Entrepreneurship Programme, after a tedious nine-month duration of training, mentorship and funding. This brought the total number of beneficiaries of the Programme to 4,470 and about 300,000 applications received since the start of the entrepreneurial initiative.
A major highlight of this year’s forum was the unveiling of TEFConnect, a revolutionary digital community that serves as a complete convergence of the entrepreneurship ecosystem across Africa and beyond. The platform includes entrepreneurs, investors and the broader business community in one digital community, connecting them with three vital elements for success – capital, market and business tools. TEFConnect brings to fulfillment a key responsibility in bringing together entrepreneurs across the Africa, a continent that is riding a wave of rapid technological driven change spreading through payment systems, education, agriculture and infrastructure.
The event commenced with a battery of goodwill messages from major stakeholders in the investment, governmental and development communities. Other important highlights were pitching competition, panel discussions, as well as a vibrant interactive session between the Ghanaian President Nana Akufo-Addo and entrepreneurs; and moderated by TEF Founder, Tony O. Elumelu.
The event also included a marketplace exhibition where past beneficiaries of the programme showcased their products and services.
