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Global Leaders Appointed Advisory Board Member of the Tony Elumelu Foundation

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The Tony Elumelu Foundation (TEF) has announced
The appointment of former prime ministers, CEOs, investment bankers

and philanthropists, from around the world in to its advisory board.

The cross-section of distinguished global leaders, who represent the

pinnacle of success in the public, private and non-profit sectors,

will convene at Heirs Place, Lagos, Nigeria this month to formulate

the strategy and guide the growth and development of The Tony Elumelu

Foundation, a catalytic philanthropy that is emerging as an African

leader in impact investing.
Because of the Foundation's status as a pioneering African

philanthropic institution, this inaugural meeting of the Foundation's

advisory board is expected to have broad implications for the future

of philanthropy and development in Africa because the board will hash

out a set of bold recommendations likely to change how development

takes place across the continent.
The Foundation also announced the appointment of a Founding Patron,

Michael Porter, a world-renowned strategist and professor at Harvard

The Foundation's Advisory Board consists of the following members:

·            Runa Alam, Chief Executive Officer of Development Partners

International and Non-Executive Board member of United Bank for Africa

(UBA), who has a quarter-century of investment banking, emerging

market management and private equity experience.
    H.E. Shaukat Aziz, the Prime Minister of Pakistan from 2004

to 2007, who was named 'Prime Minister of the Year' by the prestigious

Euromoney and Bankers magazine. He was former Executive Vice Chairman

of Citigroup.
    Teresa Clark, Founder and CEO of, who formerly

served as a Managing Director in the investment banking division of

Goldman Sachs & Co.
    Dr. Luisa Dias Diogo, who served as Prime Minister of

Mozambique from 2004 to 2010 and who played a key role in transforming

the economy of that country.
·            Stewart J. Paperin, Executive Vice President of the Open

Society Foundations and President of the Soros Economic Development

Fund, one of the world's largest and most innovative social investment

·            Henrik Skovby, founding Global Managing Partner of Dalberg,

a renowned strategy consulting firm, with offices on five continents,

that is primarily focused on economic development.

'This gathering is an important step for Africa and for the Foundation

because of the caliber of people on the board will be using a new lens

to gauge the potential for African economic development. By helping

the Foundation establish new paradigms for giving, board members are

acting as the architects of a new era.     They view this continent

holistically, not as an assemblage of disparate regions - a viewpoint

that informs our mission as a Pan-African organization' said Tony O.

Elumelu, Founder TEF.
Philanthropists globally are keeping tabs on moves by the Foundation

because it has emerged as the African champion of impact investing, an

approach that, unlike traditional grant-making, uses for-profit

methods to solve intractable social and environmental problems.

Board recommendations could set the stage for a new, and much more

active chapter in investing across Africa, one that would essentially

blur lines traditionally separating charitable giving from private

investing. Foundation successes could touch off a slew of major

investments in African infrastructure by others.
The Tony Elumelu Foundation was officially launched in October. As a

21st century catalytic philanthropy, it is committed to driving

Africa's economic growth from within by proving that the African

private sector can generate economic development. Mr. Elumelu said the

Foundation seeks to use African capital and leadership to create a

pipeline of entrepreneurs, support imaginative business leaders whose

ideas can create jobs, foster regional partnerships and bring

life-altering financial services to a wide range of consumers across

the continent.
The Advisory Board meeting comes a few months after the appointment of

the Foundation's Chief Executive, Dr. Wiebe Boer, former Associate

Director of the Rockefeller Foundation. 'I am excited and grateful

about the willingness of each member of this exceptionally

distinguished group to join the Board and help us chart a new course

for African philanthropy,' Dr. Boer said. 'Their willingness is a

reflection of capacity to operate in the global arena.'

Dr. Boer described the Foundation as unique on the continent. What

sets the Foundation apart, he said, is that several of the major

players in the philanthropic space are internationally funded, and

they involve very few indigenous African funders.     The Tony Elumelu

Foundation, however, is African-based and uses African capital to

drive transformations that reach across international borders.

In addition, unlike most philanthropies, the Foundation sees grants as

a last resort and believes impact investing is a much more sustainable

means of capitalization because of the entrepreneurial rigour that

comes with requiring a financial return.     Proceeds from an eventual

exit from the investment on the part of the Foundation will be put

back into the endowment of the Foundation for additional impact

investments and other Foundation activities.
The Foundation has emerged as the African champion of impact

investing, an approach that, unlike grant-making, uses for-profit

methods to solve intractable social and environmental problems. The

Foundation's first impact investment deal was signed earlier this

month with Mtanga Farms Limited of Tanzania.     The deal will touch the

everyday lives of hundreds of thousands of low income people in rural

Tanzania, improving farmers' access to inputs and technology, creating

infrastructure for farmers to bring their products to markets and

contributing to the development of the Southern Tanzanian Highlands,

one of the most promising untapped areas of agriculture production in

East Africa.
The deal was made jointly by two partner institutions: The Tony

Elumelu Foundation and Heirs Holdings, an African investment company

with a long term investment horizon. Both the Foundation and Heirs

Holdings are headed by Mr. Elumelu, who is the former CEO of United

Bank for Africa, one of Africa's leading financial services

institutions. The bank, the Foundation and Heirs Holdings are all

based in Nigeria, where some of the continent's most innovative

financial deals have been consummated in the last decade. More and

more African banks have begun to reach across the continent,

challenging and competing with global banking powers.