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“The Dollar Nightmare Is Over”: Tony Elumelu Declares FX Market “Totally Sorted” After Aso Rock Meeting

Business Desk

ABUJA — In a resounding vote of confidence for the Federal Government’s economic reforms, billionaire investor Tony Elumelu has declared that the days of crippling foreign exchange scarcity in Nigeria are officially over.

Speaking to State House correspondents on Friday, February 13, 2026, after a closed-door meeting with President Bola Tinubu at the Presidential Villa, the Chairman of Heirs Holdings confirmed that the volatility that once paralyzed businesses has been tamed.

For the business community, Elumelu’s endorsement serves as a major signal. As a member of the Presidential Economic Council, his confirmation that the “FX war” is won suggests that the government is now pivoting its full attention to the next hurdle: fixing the power sector to drive the industrial growth they have promised.

“The FX market is totally sorted,” Elumelu stated flatly. “There is now predictability and stability. We must commend the Central Bank Governor, Olayemi Cardoso, and his team for this achievement.”

From Panic to Predictability

Elumelu, who also chairs the United Bank for Africa (UBA), used a vivid personal metric to illustrate the turnaround.

  • The Old Reality: “Before now, if I received 10 calls on banking issues, seven would be panic calls about how to access foreign exchange.”
  • The New Reality: “Today, if I get 10 calls, not even one is about FX. That market is effectively stabilized. Businesses can now plan.”

The Next Battle: Power Sector Debts

While celebrating the FX win, Elumelu did not shy away from the critical challenges still choking the economy. He pressed President Tinubu on the urgent need to clear the massive debts owed to Power Generation Companies (GenCos).

  • The Crisis: Elumelu, whose Transcorp Group is a major power player, noted that despite being owed billions, GenCos continue to generate power to keep the lights on.
  • The Ask: “I told Mr. President that we must fast-track the payment of these debts. You cannot power an economy on credit. If we pay the GenCos, they can generate more, and industrial productivity will soar.”

Tinubu’s New Deal for SMEs

The meeting also focused heavily on the “engine room” of the economy: Small and Medium Enterprises (SMEs). Elumelu revealed that President Tinubu is “passionate” about “capacitizing” young entrepreneurs through a mix of new tax reforms and direct funding.

  • Bank of Industry (BOI): The President reportedly singled out the BOI for praise, signaling a fresh capital injection to allow the bank to support more startups.
  • Tax Relief: The ongoing tax reforms will specifically target reducing the burden on small businesses to encourage expansion and job creation.

The Verdict

For the business community, Elumelu’s endorsement serves as a major signal. As a member of the Presidential Economic Council, his confirmation that the “FX war” is won suggests that the government is now pivoting its full attention to the next hurdle: fixing the power sector to drive the industrial growth they have promised.