On the ancestral lands of Unama’ki (Cape Breton Island, Nova Scotia), where the morning sun rises over the ocean and the drumbeat of Mi’kmaq life continues strong, stands Membertou First Nation, a community transformed through vision, unity, and the steady leadership of Chief Terrance Paul.
For more than four decades, Chief Terry has carried the responsibilities of leadership with humility and determination. His story is not simply one of economic success, it is a story of a Nation rising, of his people reclaiming their rightful place in the economic landscape of this country, and of a leader who never forgot who he was walking for.
Before becoming Chief in 1984, Terry Paul served Membertou as Economic Development Officer and Band Manager, laying the groundwork for the Nation’s future prosperity. He helped found the National Aboriginal Capital Corporation Association, supporting its growth from seven members to more than 50 Indigenous financial institutions, an achievement that continues to empower institutions across the land now known as Canada.
His leadership has tripled Membertou’s land base, raised employment to over 80 per cent, and fostered a community where culture, language, family, and financial sovereignty walk hand in hand. These accomplishments reflect a distinctly Mi’kmaq approach to governance, and his work has always been grounded in the belief that prosperity must honour the wisdom of Elders and leaders who came before, while planning for next generations.
Chief Terry’s legacy is also woven into the fabric of Mi’kmaq rights. His support for Donald Marshall Jr.’s Supreme Court case helped secure recognition of Mi’kmaq Treaty Rights to fish, an affirmation that brought nearly $600 million in benefits to Mi’kmaq communities. This was more than a legal victory; it was a reclamation of inherent rights promised long before confederation.
Chief Terry’s leadership extends far beyond Membertou. His work with First Nations Finance Authority (FNFA), as board director (2009-2012) and later Chairperson (2012-2014), helped shape a national pathway for First Nations to access affordable capital on their own terms.
FNFA President and CEO Ernie Daniels reflects on this legacy:
“Under Chief Terry’s leadership, Membertou made history on June 29, 2012, by becoming the first-ever community to access a loan through FNFA. That initial $10.5 million proved First Nations governments could compete in the capital markets, paving the way for the historic acquisitions to come. Without his vision, trust and guidance, FNFA would not be where it is today.”
And those acquisitions were indeed historic, including:
- Clearwater Seafoods acquisition (2021): A $1 billion transaction securing 50 per cent Indigenous ownership—the largest seafood industry investment by an Indigenous group in Canadian history.
- Newdock acquisition (2024): In partnership with Qalipu First Nation and Horizon Naval Engineering, Membertou brought Indigenous ownership to 140-year-old St. John’s Dockyard Ltd. strengthening Arctic sovereignty and creating new economic and cultural opportunities.
- Genoa Design International acquisition (2026): Membertou further expanded its marine portfolio with the acquisition of an industry-leading digital shipbuilding firm—once again in partnership with Horizon Naval Engineering—another step in building a future where First Nations lead in global markets.
Every one of these achievements was financed through FNFA, demonstrating the power of a First Nation-led and governed one-of-a-kind model, and the Nation’s access to it.
On May 28, 2026, Chief Terry becomes the third Indigenous leader ever inducted into the Canadian Business Hall of Fame, joining Chief Clarence Louie in 2019 (Osoyoos Indian Band, Syilx Nation, British Columbia) and Chief Jim Boucher in 2023 (Fort McKay First Nation, Treaty 8, Alberta).
This honour is not simply for business success, it is for reshaping what reconciliation in action looks like.
On behalf of FNFA’s President and CEO Ernie Daniels, the board of directors past and present, and the entire FNFA team, we honour and lift up Chief Terry. His life’s work has always been grounded in the belief that prosperity must honour culture, language, and family, and that economic strength is a pathway to self-determination.
From the first FNFA loan to multi-national acquisitions, his journey as a leader is a living example of meaningful economic reconciliation, not as a concept, but as a way of being.
And through it all, he reminds us of the heart of the work:
“Remembering always who you’re doing it for, and it’s for your people.” ~ Chief Terry Paul