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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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Gowon Was Used to Execute Unjust War Against lgbo, Should Seek God’s Forgiveness – Ohanaeze

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Ohanaeze Ndigbo has faulted recent claims by former Military Head of State, General Yakubu Gowon, that the Nigerian-Biafran civil war was not targeted at the Igbo people.

Gowon had said that, rather it was instead the secessionists who revolted against the Nigerian government in 1966.

But Ohanaeze insisted that such claims are not only gross misinformation but also a blatant misrepresentation of historical fact, while describing the representation as an affront to the collective memory and dignity of the Igbo nation.

The apex lgbo group noted that it is a moral obligation to address the pervasive biases and distorted narratives perpetuated by General Gowon, who, as a 91-year-old former military Head of State, was tragically manipulated by colonial powers and the Fulani oligarchy.

In a statement issued on Sunday by a factional Deputy President-General, Mazi Okechukwu Isiguzoro, Ohanaeze accused General Gowon of failure to protect the lives of Nigerians, especially the Igbos residing in the North during the crisis which led to the civil war.

The statement pointed out that unimaginable atrocities were committed against the Igbo people following the 1966 Northern riots, which pushed them into a position of strategic self-defence, a response to a war they did not initiate against the Nigerian government.

The statement partly read: “The grievous narrative that General Gowon has chosen to propagate must be corrected. History will judge Gowon harshly if he neglects this final opportunity to redeem himself by discarding the military mentality and outdated rhetoric of national unity.

“He must have the courage to disclose the truth about the influences that led him to abandon the Aburi Accord, a peace agreement that could have averted the tragic escalation of the Nigeria/Biafra War.

“Gowon’s military aggression toward the Igbo was not merely a reaction to secessionist desires but a strategically calculated action driven by British economic interests in the oil-rich Eastern region of Biafra and the retaliatory motives of the Fulani oligarchy.

The Igbo body added that God Almighty has granted General Gowon continued life for two significant purposes; first, to surrender to his conscience and seek God’s forgiveness, summoning his moral courage to openly confess his misdeeds and provide an accurate account of the Nigerian-Biafran war; second, to facilitate healing by leading efforts toward reconciliation and reconstruction for the Igbo people.

Ohaneze, however, said: “It is indeed lamentable that Gowon’s recent self-aggrandizing statements, possibly designed to sanitize his image, instead continue to perpetuate a façade that insults the deeply felt grievances of the Igbo nation.

“Rather than embrace this moment for personal and national healing, he has insulted the memories of the three million innocent Igbo civilians who lost their lives during the civil war.

“His military pride and an oath of silence have tormented him for over five decades, leading to a deeply personal struggle that he must now confront.

”Ohanaeze’s unwavering advice to General Gowon is straightforward and urgent; as time passes, he must cease his evasive tactics, confront his conscience, and abandon the falsehoods surrounding this grave chapter of Nigeria’s history.

“With only limited time remaining, it is imperative that he speaks the unvarnished truth and seeks forgiveness from the Igbo people and Nigerians at large.

“The curses resulting from the atrocities committed, such as the Asaba massacre, and the tragic toll of three million lives must be lifted.

“The painful repercussions of Gowon’s actions continue to resonate today, affecting even communities in the Middle Belt, where violence perpetrated by Fulani militias persists.

“This is a poignant moment for his associates to create yet another opportunity for him to come forward, unburden himself, and speak the truth.

“The world is watching and waiting for General Gowon to rise to the occasion for the sake of posterity,” the statement added.

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Plateau Gov Mutfwang Blames Nigerian Elites for Insecurity

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Plateau State governor, Caleb Mutfwang, has described Nigeria’s lingering insecurity as a problem created and sustained by the country’s elite.

Speaking at a stakeholder meeting themed ‘Dialogue on Community Policing as a Panacea for Insecurity in Nigeria: The Case of Plateau State’, Mutfwang said the elite have contributed to deepening communal divisions and must take responsibility for reversing the trend.

“My theory is that, more than anybody else, the challenges of insecurity in Nigeria are an elite-created problem. When the elite conspires to lead the people in the wrong direction, we will continue to have this perennial crisis,” he said.

He noted that while the “poisoning of minds” may often start at the community level, the elite have the power to halt such narratives—if they choose to.

“Many a time, you’ll find that even when the poisoning of the mind begins in the community, when the elite take leadership and say it must stop, they’ll address it adequately and it will stop.

“But when the elite fan the embers of hate, they are the people that do their analysis, that begin to spew knowledge, information, and poison the minds of ordinary people—then it will be sustained,” he said.

Mutfwang urged Nigeria’s elite to take greater responsibility in promoting unity and peaceful coexistence.

He reaffirmed his administration’s commitment to dismantling “artificial barriers of faith and ethnicity,” which he argued have long hindered development in Plateau.

“As I stand before you today, I want to reiterate that I came into government with a firm resolve to restore lasting peace to Plateau. That is why I have deliberately sought to bridge the divides we’ve built across religion and ethnicity,” he stated.

Reflecting on his efforts, the governor claimed no administration in Plateau since Nigeria’s return to democracy in 1999 had done more than his in fostering peace and unity.

“Yet, as recent as yesterday, I received reports of being labelled in certain influential circles. Still, I beat my chest and say, without fear of contradiction, that I have done more than any governor since 1999 in building peace and unity on the Plateau,” he added.

His remarks come amid heightened insecurity in Plateau, Benue, and other northern states in recent months.

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Peter Obi Condemns Tinubu’s Saint Lucia Trip As ‘Ill-timed and Insensitive’

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Former presidential candidate and Labour Party leader, Mr. Peter Obi, has condemned President Bola Tinubu’s trip to Saint Lucia, calling it an ill-timed and insensitive decision in the face of deepening national crises.

In a post on X (formerly Twitter) on Saturday, Obi said he was “struggling with my senses to understand what is happening to governance in this country.”

Tinubu departed Nigeria on Saturday, and is expected to visit Saint Lucia, attend BRICS summit in Brazil.

“What I have seen and witnessed in the last two years has left me in shock about poor governance delivery and apparent channelling of energy into politics and satisfaction of the elites, while the masses in our midst are languishing in want,” Obi declared.

Referring to the escalating insecurity and hunger ravaging the country, he added: “In the past two years, Nigeria has lost more people to all sorts of criminality than a country that is officially at war.

“Without any twilight, Nigeria ranks among the most insecure places in the world. Nigerians are hungrier, and most people do not know where their next meal will come from.”

Obi expressed disbelief upon learning of the President’s departure to the Caribbean nation, especially coming shortly after what he described as a holiday in Lagos.

It read, “With such a gory picture of one’s country, you can imagine my bewilderment when I saw a news release from the Presidency announcing that President Bola Tinubu is departing Nigeria today for a visit to Saint Lucia in the Caribbean.”

Citing a press briefing by Saint Lucia’s Prime Minister, Philip J. Pierre, Obi noted that the visit included both official engagements and personal vacation.

“According to the Prime Minister’s announcement, ‘two of these days, June 30 and July 1, will be dedicated to an official visit, with the remainder of the trip set aside as a personal vacation,” he said.

Obi said he had initially dismissed the report as unbelievable: “I told the person who drew my attention to the Caribbean story that it cannot be true and that the President is just coming back from a holiday in Lagos.

“I didn’t want to believe that anybody in the position of authority, more so the President… would contemplate a leisure trip at this time.”

The former Anambra governor criticized the President’s failure to personally visit disaster-affected areas, including Minna in Niger State, where over 200 people were reportedly killed and 700 still missing due to flooding.

“This is a President going for leisure when he couldn’t visit Minna, Niger State where over two hundred lives were lost and over 700 persons still missing in a flood natural disaster,” Obi lamented.

He also condemned Tinubu’s recent visit to Makurdi, which he described as politicized.

Obi said, “The other state in crisis where over two hundred lives were murdered, the President yielded to public pressure and visited Makurdi… for what turned out to be a political jamboree than condolence as public holiday was declared and children made to line up to receive the President who couldn’t even reach the village, the scene of the brutal attack.”

Obi drew sharp comparisons between the size and population of Saint Lucia and the Nigerian cities neglected by the President.

“Makurdi is 937.4 Km², which is over 59% bigger than St Lucia, which is 617 km², and Minna is 6789 square kilometres, which is ten times bigger than St Lucia. St Lucia, with a population of 180,000, is less than half of Makurdi’s 489,839 and Minna, with 532,000 is almost three times the population of St Lucia,” Obi quoted his stats in the post.

Calling for leadership anchored in empathy and urgency, Obi said: “I don’t think the situation in this country today calls for leisure for anybody in a position of authority, more so the President, on whose desk the buck stops.

“This regime has repeatedly shown its insensitivity and lack of passion for the populace…”

He accused the administration of prioritizing elites over the masses.

“This very obvious indifference of the federal government to the suffering of the Nigerian poor should urgently be reversed.

“One had expected the President to be asking God for extra hours in a day for the challenges, but what we see is a concentration of efforts in the 2027 election and on satisfying the wealthy while the mass poor continues to multiply in number,” Obi’s tweet further read.

Concluding his fiery message, Obi urged national reflection and redirection.

He concluded, “Finally, I like to let our leaders know one thing: that the God-given resources of this country belong to all, not to a few.

“The time has come to put a stop to this drift before it consumes all and focus on pulling people out of poverty.”

The Punch

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