• Tuesday, April 23, 2024
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Tony Elumelu urges strategic approach to public asset management

Heirs Technologies makes play for $250bn global outsourcing market

Tony Elumelu, chairman of Heirs Holdings Group, has emphasised the critical need for a strategic approach to managing public assets.

Speaking at a Public Wealth Management Conference in Abuja organised by the Ministry of Finance Incorporated (MOFI), Elumelu highlighted the importance of long-term vision and value creation in unlocking the potential of state-owned resources.

Emphasising the importance of a long-term perspective, Elumelu, who is also Chairman of, United Bank for Africa (UBA) Group, and Founder, of Tony Elumelu Foundation, stressed the need to prioritise value creation over immediate profits in managing state-owned assets.

Citing an example with Temasek, a successful investment company in Singapore, Elumelu highlighted the transformative power of strategic asset management.

“Established in 1974 with state-owned assets worth $300 million, Temasek’s prudent management has grown its portfolio to approximately $300 billion today,”  he said.

Elumelu underscored the importance of separating governance from business management, a principle exemplified by Temasek’s success.

He also shared insights from his own group’s experience, particularly in turning around businesses and unlocking their value.

He cited the transformation of defunct entities like Crystal Bank into thriving enterprises such as United Bank for Africa (UBA) as examples of effective strategic intent and disciplined execution.

Elumelu further outlined key success factors for maximising the value of state-owned assets, including assembling top-tier talent, fostering a culture of excellence, implementing robust corporate governance structures, and prioritising risk management.

He emphasised the importance of non-interference in management to ensure operational efficiency and accountability.

Expressing readiness to support MOFI’s efforts, Elumelu reiterated the importance of collaboration between the public and private sectors to drive socio-economic development in Nigeria.

He commended MOFI’s leadership and expressed confidence in their ability to steer the institution towards long-term success.

Elumelu also called for concerted action and unity among Nigerians to overcome current challenges and unlock the nation’s full potential for prosperity.

“The MOFI Public Wealth Management Conference marks a significant step towards leveraging public assets for sustainable economic growth, with the private sector offering valuable insights and support in this endeavour,”  he stressed.