In a statement made available by his Special Adviser on Media and Publicity, Femi Adesina, the president commended Elumelu’s vision of Africapitalism "which espouses that Africa’s private sector must play a leading role in the continent’s development through long-term investments, entrepreneurship, and regional connectivity."

The president added that he knew that it was only a matter of time before Elumelu's Africapitalism caught the attention of a global audience.

The president said Elumelu’s commitment to the development of African youths, whom he has given a voice and empowerment, investing $5,000 in 1,000 young entrepreneurs per year across 54 countries, "pedestals him as a visionary, with milk of human kindness, and such, among others, must have qualified him for the Time Hall of Fame.”

The president wishes Elumelu greater successes on all fronts, and recommends his strides to other high net worth people.

Elumelu, 57, has done plenty of good work through the eponymous Tony Elumelu Foundation and Heirs Holdings.

Time's influential people list is now in its 17th year. It recognises the activism, innovation, and achievement of the world’s most influential individuals in their respective fields of human endeavour.

Elumelu is one of four Africans on the 2020 list.

The other two Nigerians on the list are Tomi Adeyemi and Tunji Funsho.