The Chairman, Heirs Holdings, UBA, and Transcorp Groups, Mr. Tony Elumelu, yesterday said embracing Artificial Intelligence (AI) and other emerging technologies – and fostering strategic partnerships could drive inclusive growth, create sustainable development, and unlock the immense potential in Nigeria and Africa in general.

Speaking at the graduation lecture for participants of the Executive Intelligence Management Course (EIMC) 17 of the National Institute for Security Studies, Bwari, Abuja, he also said  with the collaboration of the armed forces,  incidents of oil theft had reduced to less than 10 per cent  from 97 per cent

Elemelu said emerging technologies — artificial intelligence, biotechnology, or renewable energy — are not merely tools of convenience, but powerful engines of growth, capable of driving unparalleled social and economic development across Africa.

While commending members of the Nigerian armed forces for their dedication and role in ensuring security which he described as a cornerstone of socioeconomic stability, added “We stand on the cusp of an era where technology holds the promise of transforming the very fabric of our societies”.

Delivering his paper titled, “Emerging Technologies as a Catalyst for Social and Economic Growth and Partnership Opportunities in Africa”, he noted that like many innovations in history, new technologies bring challenges.

This came as Group Managing Director/Chief Executive, United bank for Africa (UBA), Mr. Oliver Alawuba, disclosed the bank’s plans to expand operations to Saudi Arabia and other parts of Africa next year. 

He stated this on Wednesday night in Abuja during a send-forth dinner in honour of the bank’s retired non-executive directors including Mrs. Onari Duke, Dr. Kayode Fasola, Mrs. Foluke Abdulrazaq, and Ambassador Joe Keshi.

Alawuba also disclosed that the bank currently has over 25,000 staff and serves more than 45 million customers across 24 countries.

However, Elemelu said, “In the domain of warfare and security, the use of technology, of drones and improvised devices, has massively changed the dynamic and increased the threat from those who do not share our values. These threats you know all too well.”

He said technology is democratising access to opportunities, breaking down barriers that have long hindered progress.

“Imagine a child in a remote village, accessing world-class education through online platforms. Imagine healthcare reaching underserved areas through telemedicine. These are not mere dreams; they are becoming realities. By investing in digital literacy and infrastructure, we can ensure that no African is left behind in this digital revolution,” he said.

Elumelu further stressed that emerging technologies offered a transformative opportunity for Africa, adding that this was “not just a vision but a call to action. The future of Africa is bright, and it is within our grasp”.

He said as stewards of security and stability, the armed forces are not just defenders, but also builders of a vibrant, prosperous, and tech-driven future for Africa, urging them to seize the moment, harness the power of technology, and build a prosperous and safe continent for generations to come.

He said the Tony Elumelu Foundation is nurturing a generation of young, empowered African entrepreneurs, who are transforming their communities and industries, adding that the foundation has funded and mentored over 20,000 entrepreneurs.

He said, “And technology is transforming how we achieve our mission – our TEF Connect platform gives access to over 1.5 million young African entrepreneurs to training and networking. We leverage our platforms for advocacy, spreading our message of Africapitalism, that the African private sector can transform Africa – can do well and can do good. It allows us to demonstrate that Africa’s economic development is the responsibility and destiny of us, Africans.”

He added that technology remained key for economic empowerment and job creation, adding that e-commerce platforms are empowering small and medium enterprises, enabling them to compete on a global scale.

He said mobile banking and digital financial services are bringing millions into the formal economy, driving financial inclusion.

According to him, “UBA is developing products and services that allow the poorest to access financial services. The United Bank for Africa Group serves 45 million customers across 20 African countries, as well as UK, US, France, and the UAE. The UBA Group is not just a bank; it empowers businesses, creates jobs, and facilitates regional and continental trade, contributing to our nation’s and continent’s development.

“Heirs Insurance is allowing a broad swathe of our population to discover security and savings through digitally delivered insurance products. In agriculture, precision farming and new data are revolutionizing productivity and sustainability. Each of these advancements is not just an innovation, but a catalyst for creating jobs, reducing poverty, and boosting economic resilience.”

Elumelu stressed that partnerships must occur regionally, noting that positive developments such as the African Continental Free Trade Area (AfCFTA) can benefit from digital tools to harmonise trade and boost inter-African commerce.

He said, “We must engage with global tech giants, venture capitalists, and academia to create an ecosystem where innovation thrives. These partnerships will not only drive technological advancement but also position Africa as a key player in the global digital economy.

He assured its customers that UBA remained steadfast in its mission to build a sustainable institution.

He said, “Our chairman was in Saudi Arabia recently and announced that UBA will establish its presence there next year.

“We will also launch additional African subsidiaries, ensuring the bank grows from strength to strength.”

He called for a power ecosystem that encourages investment and unlocks the economy, insisting that the country cannot industrialise without ensuring that abundant natural resources are translated into plentiful, robust power for all.

 He also emphasised the place of security in economic development.

Meanwhile, Alawuba at the dinner for retired directors said, “The UBA that has over 25,000 staff and serves more than 45 million customers across 24 countries is the legacy you have contributed to. That is the UBA that will continue to thrive for generations.”

He described the bank’s success as a collective effort and expressed gratitude to the retirees for their contributions.

Speaking at the event, Chairman, UBA, Mr. Tony Elumelu praised the retired directors and their families for their dedication and sacrifices.

he said, “At UBA, we are more than just a bank; we are a family. These individuals have been selfless, ultra-dedicated, and instrumental to the successes we have achieved in Nigeria, Africa, and globally. We owe a debt of gratitude to their families for the support they provided.” 

However, Fashola, while expressing gratitude for the honour, recounted how he joined UBA and thanked Elumelu for trusting him with critical positions despite initially being a stranger.

He said, “To work with Elumelu you must be committed, dedicated, and have the skill. You must also be loyal. He is somebody who entrusts everything in the hands of someone whom he doesn’t know.

“I was a stranger to him and he appointed me as the Chairman and General-Purpose committee and I ran that office for four years and he never for one day interfered with what I did. “

Other non-executive directors took turns commending Elumelu’s leadership qualities and describing how he had given them rare opportunities to reach the zenith of their careers.

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