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Tony Elumelu: Turning Africa into One Independent Entrepreneurial Village

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By Eric Elezuo
“Everything I have today is because of Africa, I was born here, went to school here, I work here and I’m achieving some level of financial comfort here.”
That is vintage Tony Elumelu, the Chairman of Heirs Holdings, the United Bank for Africa, Transcorp and founder of The Tony Elumelu Foundation. A Nigerian national honours holder, the Commander of the Order of Nigeria (CON), and Member of the Order of the Federal Republic (MFR). He has just successfully held the fourth edition of his annual Tony Elumelu Foundation Entrepreneurial Forum with about 54 African countries participating.
Born Tony Onyemaechi Elumelu on March 22, 1963, in Jos, Nigeria, the economist by training, visionary entrepreneur and philanthropist, acquired and turned Standard Trust Bank into a top-five player in Nigeria. In 2005, his corporate reputation as an African business leader was sealed when he led the largest merger in the banking sector in Sub-Saharan Africa to acquire United Bank for Africa (UBA). In five years, he transformed it from a single-country bank to a pan-African institution with over seven million customers in nineteen African countries.
In 2011, New African magazine listed him as one of the 100 most influential people in Africa, and a year later (2012), he was recognised as one of “Africa’s 20 Most Powerful People” by Forbes Magazine.
Following his retirement from UBA in 2010, Elumelu founded Heirs Holdings, which invests in the financial services, energy, real estate and hospitality, agribusiness, and healthcare sectors. In the same year, he established the Tony Elumelu Foundation, an Africa-based and African-funded philanthropic organisation dedicated to the promotion of excellence in business leadership and entrepreneurship, and to enhancing the competitiveness of the private sector across Africa.
His stated objective at the formation of Tony Elumelu Foundation was to “prove that the African private sector can itself be the primary generator of economic development.” The Foundation is charged with the mission of driving Africa’s economic development by enhancing the competitiveness of the African private sector. As a premier pan-African-focused not-for-profit institution, the Tony Elumelu Foundation is dedicated to the promotion and celebration of entrepreneurship and excellence in business leadership across the continent, with initiatives like The Tony Elumelu Entrepreneurship Programme (TEEP).
In a bid to expand his conglomerate as well as his business horizon, in 2011, through Heirs Holdings, he acquired a controlling interest in the Transnational Corporation of Nigeria Plc (Transcorp), a publicly quoted conglomerate that has business interests in the agribusiness, energy, and hospitality sectors. Elumelu was subsequently appointed chairman of the corporation.
His enterprise is not limited to self financed enterprises as he serves as an advisor to the USAID’s Private Capital Group for Africa (PCGA) Partners Forum. He also sits on the Nigerian President’s Agricultural Transformation Implementation Council (ATIC). He is also vice-chairman of the National Competitiveness Council of Nigeria (NCCN) whose formation he was a key driver in, and serves as Co-Chair of the Aspen Institute Dialogue Series on Global Food Security.
Elumelu additionally chairs the Ministerial Committee to establish world-class hospitals and diagnostic centres across Nigeria, at the invitation of the Federal Government and the Presidential Jobs Board, engineered to create 3 million jobs in one year. He also serves as a member of the Global Advisory Board of the United Nations Sustainable Energy for All Initiative (SE4ALL) and USAID’s Private Capital Group for Africa Partners Forum.
One will not be wrong to address him as a philosopher as well as he is the originator of the term Africapitalism. According to him, Africapitalism is an economic philosophy that embodies the private sector’s commitment to the economic transformation of Africa through long-term investments that create both economic prosperity and social wealth. Elumelu sees Africans taking charge of the value-adding sectors and ensuring that those value-added processes happen in Africa, not through nationalisation or government policies, but because there is a generation of private sector entrepreneurs who have the vision, the tools and the opportunity to shape the destiny of the continent. He insists that Africapitalism is not capitalism with an African twist; it is a rallying cry for empowering the private sector to drive Africa’s economic and social growth.
Having studied under Professor Porter at Harvard Business School, Elumelu subscribes to Michael Porter’s concept of Creating Shared Value (CSV). Professor Porter is the Founding Patron of The Tony Elumelu Foundation. In the same vein, CSV refers to the idea that “companies must take the lead in bringing business and society back together.” It asserts that “businesses acting as businesses, not as charitable donors, are the most powerful force for addressing the pressing issues (society) face(s).”
In 2003, the Federal Government of Nigeria granted Tony Elumelu the title of Member of the Order of the Federal Republic (MFR), a national honour, and in 2006, he was voted African Business Leader of The Year by the Africa Investor magazine and was also recognised as  African Banker of the Year in 2008 by the African Banker magazine. In 2009, the Nigerian President Umaru Musa Yar’adua honoured him with a place on the Presidential Committee on the Global Financial Crisis.
In 2012, he was awarded the prestigious National Honour of Commander of the Order of the Niger (CON) for his service in promoting private enterprise. Apart from being recognised as one of “Africa’s 20 Most Powerful People in 2012” by Forbes Magazine as well as being featured in the New African Magazine’s list of the “100 Most Influential Africans in Business”. He was awarded an honorary Doctorate of Science degree from the Benue State University and an honorary Doctorate of Business Administration from the University of Nigeria, Nsukka.
In 2013, Elumelu received the Leadership Award in Business and Philanthropy from the Africa-America Institute (AAI) Awards. He was also named African Business Icon at the 2013 African Business Awards.
In addition, ESI-Africa, frequently described as “Africa’s power journal”, named Elumelu in its 2015 ‘ESI Most Influential Figures in African Power’ list, in January 2015.
Elumelu is not just a financial wizard; he also writes as well as provides incredible inspiration to writers. Some works that involves him include:
How to Excel at Work – Proven strategies for achieving superior work performance by Bili A. Odum -a book inspired by Elumelu’s work ethics.
Elumelu has contributed to the Nigeria Leadership Initiative White Papers, writing on Leveraging private sector approaches in transforming government delivery.
The Power of Vision: Insights on Tony Elumelu is a testimonial compiled on the occasion of his retirement as Group Managing Director/Chief Executive Officer at the United Bank for Africa. It contains messages from Aliko Dangote, former Nigerian President Olusegun Obasanjo, Professor Michael Porter, former World Bank managing director and Nigeria’s Minister of Finance, Ngozi Okonjo-Iweala, President of Sierra Leone; Ernest Bai Koroma, former United States Comptroller of the Currency, Eugene Ludwig and Sanusi Lamido Sanusi, former Governor of the Central Bank of Nigeria.
He has written about his philosophy and the economic development of Africa for several publications around the world including The Economist, the Wall Street Journal and Financial Times.
The TOE Way: A handbook that offers insights into Elumelu’s philosophies, business practices, values and secrets of success, written by the man himself.
Tony Elumelu is happily married to Awele Vivian Elumelu, who he married in 1993, and they are blessed with five wonderful girls; Nneka, Ugo, Ogor, Oge and Onyinye.
Sir, for your steadfastness in business and transformation of lives as well as unleashing the Midas magic to anything you are involved in or touched, you deserve to be our Personality in Focus. Congratulations sir!
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My Remarks Consistent Whether in or out of Tinubu’s Govt, El-Rufai Replies Bwala

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Former Kaduna State Governor, Nasir El-Rufai on Thursday noted that if he were in the President Bola Tinubu-led government, his remarks about the administration would remain unchanged.

This was in his response to the President’s Special Adviser on Policy Communications, Daniel Bwala.

El-Rufai had described the state of governance and opposition in the country as a “national emergency” at a national conference in Abuja on strengthening democracy in Nigeria on Monday.

The former governor also lamented the lack of internal democracy and active party structures within the All Progressives Congress, saying, “I no longer recognise the APC. No party organ has met in two years—no caucus, no NEC, nothing. You don’t even know if it is a one-man show; it’s a zero-man show.’

In its response, the ruling APC knocked El-Rufai, as it accused him of treachery over how he had been dragging the Federal Government and the ruling party recently.

This prompted Bwala’s question to the APC chieftain via his X handle, saying, “My Senior brother if you were to be in the government and cabinet, would you have held and expressed the same position?

“History is replete with examples. It is a government you participated in its formation, that you now want to unseat. Haba Mallam, a Ji soron Allah mana.”

On Thursday, the former governor, via his X handle, asserted his stance, as he called out “latter-day converts” to the Tinubu administration for insisting he wanted to serve as a minister in the current government.

“Good morning, #BwalaDaniel, I was cabinet minister 22 years ago and was clear to Asiwaju that I was not interested in any position in his future government. The pathetic manner all of you latter-day converts to the Tinubu government make an issue of something that I never wanted in the first place is perhaps a reflection of the level of your moral flexibility.

“If I had remained in the Tinubu government, I will say or do the same on the tragedy within a party I was a founder, and the government that emerged from it – first in private sessions with those concerned, and then go public if no remedial actions are taken. Go and check my public service record from 1998.

“I am only responding to you because I still think you are a decent person who may need a job, and not in the class of Wendell Simlin and that Kaduna pretender that our voters retired in 2019 – these clowns are political mercenaries that receive humongous monthly stipends from the security vote to be the first to jump on X and other platforms to defend everything the Asiwaju government does or fails to do, no matter how indefensible it may be.

“Enjoy your special adviser position, my brother, but remember that allegiance to God and country comes first in the human scale of accountability, before any person or authority.”

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Court Strikes Out Defamation Charge Against Dele Farotimi

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In line with Prof Afe Babalola’s promise to forgive defamation charge against Lagos-based lawyer and author, Mr. Dele Farotimi, the Federal High Court sitting in Ado Ekiti, Ekiti State, has struck out the criminal charge filed by the police against Farotimi.

Justice Babs Kuewumi struck out the charge following an application by the police prosecutor, Samson Osobu, to withdraw the case.

Osobu told the court that the prosecution had filed a notice of discontinuance.

He said: “The matter is slated for hearing today, but we have filed a notice of discontinuance dated January 29, 2025, and filed this morning”.

Predictably, Farotimi’s team of lawyers, led by Adeyinka Olumide-Fusika (SAN), raised no objection.

That paved the way for Justice Kuewumi to strike out the case, with the judge declaring: “This case is hereby struck out.”

Outside the courtroom, Olumide-Fusika told journalists that the case has been concluded in this particular court but declined to comment on related matters pending in other courts.

He also said that he advised Farotimi against granting press interviews on the matter.

Meanwhile, another criminal charge filed by the police against Farotimi is pending before the Magistrate Court also in Ado-Ekiti.

The case before Magistrate Abayomi Adeosun was adjourned to February 13, 2025, and it is expected that the police will also move to discontinue proceedings in that court and withdraw the charge.

There are also civil cases against Farotimi pending before the FCT High Court, Abuja, the Ogun State High Court, Oyo State High Court, and Rivers State High Court which were filed by lawyers in the Afe Babalola Chambers in those states.

Some of the courts had granted interim orders restraining Farotimi or any person acting through him from further printing, publication and sale of his book titled: “Nigeria and its Criminal Justice System”.

It is not yet clear whether those cases will also be discontinued.

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Defamation: Nnamdi Kanu Drags FPRO Adejobi to Court, Demands N20bn Damages

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Detained leader of the Indigenous Peoples of Biafra (IPOB), Nnamdi Kanu, has dragged the Nigeria Police Force Public Relations Officer, ACP Olumuyiwa Adejobi, to court for accusing the group of killings in Imo State and other parts of the South-East region.

In the libel suit filed before the FCT High Court in Abuja on Tuesday by his legal team led by his Special Counsel, Aloy Ejimakor, Kanu is demanding N20 billion in damages as well as a retraction of the accusations.

The IPOB leader also warned that any security agency or individual directly or indirectly peddling propaganda against IPOB will be sued to compel such an entity or individual to come to court and present their evidence.

Ejimakor who shared details of the suit on his X account on Tuesday night, stated that the detained IPOB leader accused Adejobi of defaming him by calling him and IPOB a terrorist and a terrorist group in a media publication by Vanguard Newspaper on January 25, 2025, titled, “Imo: Police neutralise six IPOB/ESN terrorists, recover arms”.

The lawyer said it was out of place for the police spokesman to label Kanu a terrorist or IPOB a terrorist group as, according to him, a competent high court had held in October 2022 that the Federal Government breached the Constitution in labeling IPOB a terrorist group and that the group was discriminatorily targeted because its membership is populated by the Igbo.

He said, “Earlier today, Mazi Nnamdi Kanu’s legal team issued a Writ of Summons against ACP OLUMUYIWA ADEJOBI, the Police Public Relations Officer in a Suit for defamation brought on behalf of Mazi Nnamdi Kanu,” Ejimakor wrote.

“The Suit was filed at the FCT high court for ACP Adejobi’s widely published defamatory utterances, claiming that those killed by police in Owerri three days ago are IPOB members.

“In issuing instructions to file this suit, Mazi Nnamdi Kanu made it very clear that any security agency and others engaging in media trial of his person (directly or indirectly) or peddling propaganda against IPOB will be sued to enable such an entity come to court to present their evidence.

“This is especially compelling as these false narratives can turn prejudicial against Mazi Nnamdi Kanu and the IPOB which still have pertinent cases pending in court.

“To this end, media houses are hereby encouraged to verify the accuracy of these anti-IPOB, anti-Nnamdi Kanu, anti-Igbo defamatory statements issuing from security agencies that beat their chests and leave the uncanny impression that they are somehow benefiting from stoking insecurity and panic by way of needless propaganda.

“For avoidance of doubt, a competent high court had held in October 2022 that the Federal Government blatantly breached the Constitution in tagging IPOB a terrorist group and that the group was discriminatorily targeted because its membership is populated by the Igbo.

“Therefore, this tendency by security agencies to tag every criminal element encountered in Southeast as IPOB must stop forthwith. If it does not, we shall take prompt vigorous legal steps to protect the name of Mazi Nnamdi Kanu and that of Ndigbo who are collectively defamed by this false and libelous narrative.

“To keep tagging every criminal encountered in Southeast as IPOB exhibits a false narrative that defames not only Nnamdi Kanu but the entire Igbo.

“The statements are false and constitute a grave libel on his person, as the words in their natural and ordinary meaning portray him as a leader of a violent and terrorist group.

“The said words in their natural and ordinary meaning were meant and were understood to mean that the Claimant is in fact a leader of a terrorist movement that is to be vicariously blamed for alleged acts of terrorism in Imo State.

“That the words were meant to call into question the Claimant’s honesty, personal integrity and reputation.

“That the Claimant states that these defamatory and libelous statements go far beyond fair comment and are malicious and are designed specifically to impugn his person and character and they were made in bad faith.

“Kanu, therefore, prayed the court for a declaration that Adejobi’s published statements or utterances are libelous and defamatory.

“He also sought an order of this Honourable Court directing the Defendant to retract the said publications through other publications through the same media by way of issuance of another press statement.

“An Order of this Honorable Court directing the Defendant to write and deliver to the Claimant, an unreserved letter of apology. The letter of apology shall be prominently and boldly published full-page in three (3) national dailies, namely: then SUN, Daily Trust and Vanguard.

“An Order of perpetual injunction restraining the Defendant from further and forever uttering the said defamatory and libelous words about or concerning the Claimant.

“An Order of this Honorable Court directing the Defendant to pay to the Claimant the sum of N20,000,000,000 being general and exemplary damages.

“An Order of this Honorable Court directing the Defendant to pay the cost of this Suit.”

Source: Ripples

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