Navigating Disruptions: Harnessing AI for Business and Economic Success 

Remarks. Delivered by Tony O.Elumelu, CFR.

Founder, The Tony Elumelu Foundation.

Chairman: Heirs Holdings Group, UBA Group, Transcorp Group.

At the 2024 LBS Alumni Day.

Opening Remarks 

• Distinguished ladies and gentlemen. 

• The Lagos Business School has been a beacon of learning and thought leadership, equipping business leaders for success. A role model for business education in Nigeria, in Africa and globally. 

• I have great admiration for this institution, and I commend its leadership and my big brother Prof. Chris Ogbechie. 

• Congratulations to the new President of the LBS Alumni Association, Owen Omogiafo, the Group CEO of Transcorp Plc. 

• This gathering is yet another opportunity to engage in conversations that are relevant in today’s world. The theme of this conference “Navigating Disruptions: Harnessing AI for Business and Economic Success» is so pertinent in these rapidly changing times. 

As business leaders, we all know that change is inevitable. But it is important how we approach change, manage change, master change. 

• I see change as an opportunity to reinvent ourselves, especially in Africa. We cannot be left behind. In this era of Artificial Intelligence, Africa must play a leading role, not as a bystander, but as an active contributor and a leader. 

• And how do we achieve this? It starts with us – all the leaders gathered here; this is our collective responsibility. This is why I am impressed by the topic and look forward to the thoughts that arise from this Forum. 

• We must ensure AI serves, not only our business goals, but also the broader good of our country and continent. I believe in Africapitalisme, that business should do good and do well.  With AI it is no different. 

• Our response to AI, will be based on the values we hold and those values that have been shown to be the foundations of success, that provide the capacity to thrive in times of enormous change. 

• Let me share the values that have helped us in Heirs Holdings achieve the phenomenal growth we have achieved in less than 15 years:  

1. Adaptability 

• As business leaders, we must have a mindset that is both forward-looking and flexible, armed with the knowledge that what is novel today may become outdated tomorrow. 

• There would always be disruptors – it is inevitable, but what makes the difference is how we position our businesses to adapt to changes. 

2. Excellence 

• Excellence is not just about meeting expectations, but surpassing them. Excellence is about setting new standards, exceeding them, and inspiring others. 

3. Commitment to Lifelong Learning 

• As leaders, this must be our predisposition. We must remain informed and open-minded, accepting that continuous learning is essential. 

In my experience, leaders who are more receptive to lifelong learning are best positioned to maximise new opportunities. This is why again I salute LBS. This is what we need in Nigeria – leaders who reinvent themselves, who drive transformation, never settle for the ordinary, and who are committed to the development of our great country.  

Conclusion 

• Today, I encourage everyone to adopt a mindset that is both curious and courageous.  

AI is a vast field, and while it might be intimidating, we must approach it with curiosity—exploring its possibilities, learning its intricacies, and seeking ways to implement it meaningfully. 

• Let us master change, rather than be mastered by it! 

• Let us embrace change, not shy away! 

• Be solution oriented. Instead of being overwhelmed by what AI might replace, think of what it might enable. 

• I encourage you to leverage the opportunities in this conference for the exchange of ideas, learning from one another, and creating a roadmap that launches our businesses, and by extension, the economy of Nigeria, forward. 

• I am confident that soon, with all our contributions and all our resilience, Africa will be the continent we know it can be. 

• Merci. 

DOIGT DE PIED