Prominent Nigerian banker and philanthropist Tony Elumelu has sparked nationwide buzz after announcing a monumental ₦25 billion donation at a high-profile Lagos State event hosted by Governor Babajide Sanwo-Olu.
The declaration, made during the launch of the ₦500 billion ‘Produce for Lagos’ Off-Take Guarantee Fund, was met with thunderous applause in the room and a wave of astonishment online.
Held in Lagos on Wednesday, July 24, the strategic fund aims to boost food production, enhance agricultural self-sufficiency, and secure long-term food access for residents of the state.
According to report, the fund will prioritize smallholder farmers, agripreneurs, and cooperatives across Nigeria by guaranteeing produce off-take and reducing market risks.
Tony Elumelu, founder of the Tony Elumelu Foundation and Chairman of Heirs Holdings and UBA Group, delivered one of the event’s most unexpected moments.
In a video now circulating widely on social media, Elumelu is seen addressing dignitaries, investors, and government officials before boldly announcing his commitment of ₦25 billion to support the Lagos initiative.
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The moment quickly made its way online, triggering widespread reactions. Many Nigerians praised Elumelu’s bold philanthropic gesture, calling it one of the largest private donations to a public food security initiative in recent times.
Others expressed surprise, noting the scale and timing of the contribution amid ongoing economic uncertainty.
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Governor Sanwo-Olu, in his remarks, emphasized that the ₦500 billion fund would catalyze investments in agriculture, targeting 500,000 jobs and encouraging urban-rural agricultural partnerships across Nigeria. He commended Elumelu and other private sector donors for their historic support.
As Lagos intensifies efforts to become a self-sustaining urban center, Tony Elumelu’s record-setting ₦25 billion pledge is already being hailed as a game-changing moment for Nigeria’s food economy.
But beyond the headlines and applause, Elumelu’s gesture has ignited a deeper conversation — one about legacy, responsibility, and the role of wealth in shaping a nation’s future.
