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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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US Lawmaker Seeks More Airstrikes in Nigeria, Insists Christian Lives Matter

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United States Representative Riley Moors has said further military strikes against Islamic State-linked militants in Nigeria could follow recent operations ordered by President Donald Trump, describing the actions as aimed at improving security and protecting Christian communities facing violence.

Moore made the remarks during a televised interview in which he addressed U.S. military strikes carried out on Christmas Day against militant targets in North-west Nigeria.

The strikes were conducted in coordination with the Nigerian government, according to U.S. and Nigerian officials.

“President Trump is not trying to bring war to Nigeria, he’s bringing peace and security to Nigeria and to the thousands of Christians who face horrific violence and death,” Moore said.

He said the Christmas Day strikes against Islamic State affiliates had provided hope to Christians in Nigeria, particularly in areas affected by repeated attacks during past festive periods.

According to U.S. authorities, the strikes targeted camps used by Islamic State-linked groups operating in parts of north-west Nigeria.

Nigerian officials confirmed that the operation was carried out with intelligence support from Nigerian security agencies as part of ongoing counter-terrorism cooperation between both countries.

The United States Africa Command said the operation was intended to degrade the operational capacity of extremist groups responsible for attacks on civilians and security forces.

Nigerian authorities have described the targeted groups as a threat to national security, noting their involvement in killings, kidnappings and raids on rural communities.

Moore said the strikes marked a shift from previous years in which attacks were carried out against civilians during the Christmas period. He said the U.S. administration was focused on preventing further violence by targeting militant groups before they could launch attacks.

U.S. officials have said the military action was carried out with the consent of the Nigerian government and formed part of broader security cooperation between the two countries. Nigeria has received intelligence, training and logistical support from international partners as it seeks to contain militant activity.

Moore had previously called for stronger international attention to attacks on Christian communities in Nigeria and has urged continued U.S. engagement in addressing extremist violence. He said further action would depend on developments on the ground and continued coordination with Nigerian authorities.

Nigerian officials have maintained that counter-terrorism operations are directed at armed groups threatening civilians, regardless of religion, and have reiterated their commitment to restoring security across affected regions.

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Renowned Boxer Anthony Joshua Survives Ghastly Road Accident

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World-renowned boxer Anthony Joshua on Monday survived a ghastly road accident in Makun, Ogun State.

Eyewitnesses report that the incident occurred along a busy highway of the Lagos-Ibadan expressway.

The vehicle carrying Joshua, a Lexus Jeep with the number plate, KRD 850 HN, reportedly collided with a stationary truck under circumstances that are still being investigated.

Joshua reportedly sustained minor injuries, while two persons were said to have died on the spot.

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Atiku Warns Against Hasty Re‑gazetting of New Tax Laws

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Former Vice President Atiku Abubakar has cautioned that any attempt to hurriedly re‑gazette Nigeria’s new tax laws could undermine parliamentary oversight and set a dangerous constitutional precedent.

Atiku’s warning follows public scrutiny over reports that the Tax Reform Acts signed by President Bola Tinubu differ from the versions passed by the National Assembly. Lawmakers, including Abdussamad Dasuki, raised concerns that the alterations could pose serious legal and constitutional risks, noting that they were not backed by any constitutional framework.

In a statement on X, Atiku said the directive to re-gazette the Acts effectively confirms “that the gazetted version of the Tinubu Tax Act does not reflect what was duly passed by the National Assembly,” calling it “a grave constitutional issue.”

He emphasized that under Section 58 of the 1999 Constitution, a bill only becomes law after passage by both chambers, presidential assent, and gazetting.

“Gazetting is merely an administrative act of publication. It does not create, amend, or validate a law,” Atiku said, adding that any post-passage insertion, deletion, or modification without legislative approval constitutes forgery rather than a clerical error.

Atiku further warned that rushing a re-gazetting while legislative investigations are ongoing “undermines parliamentary oversight and sets a dangerous precedent,” stressing that the only lawful approach is “fresh legislative consideration, re-passage by both chambers, fresh presidential assent, and proper gazetting.”

The former vice president clarified that his position is not opposition to tax reform but a defence of constitutional order.

“This is a defence of the integrity of the legislative process and a rejection of any attempt to normalise constitutional breaches through procedural shortcuts,” he said.

The Federal government has denied wrongdoing, insisting the laws will take effect as scheduled on January 1, 2026, while the National Assembly has directed the issuance of Certified True Copies of the Acts to ensure clarity and accuracy.

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