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How Tony Elumelu’s ‘Africapitalism’ Aims to Redefine African Economic Development
Tony Elumelu did not set out to create social change during his tenure at the helm of United Bank of Africa. "We wanted to democratize banking – at the time, it was an economic, not a social act,” he said during a keynote speech the Global Philanthropy Forum. Elumelu turned the failing Nigerian bank United Bank of Africa (UBA), which was purchased in 1997 for $5 million, into a multi-billion dollar financial services powerhouse. Elumelu is now taking his learnings from this experience to redefine strategies for African economic development.
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NexThought Monday: Complexity is the New Black
NYT columnist David Brooks recently called on social enterprise types to take a dose of realism. I argue it’s time to accept full responsibility for changing politics as part of social impact. If in attempting to improve some economic or social aspect of people’s lives we aren’t also improving their political standing and the rule of law, any economic or social impact remains temporary.
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- Education, Social Enterprise
