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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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Defence Minister Musa Accuses El-Rufai of ‘Terrible’ Crimes As Kaduna Gov

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The Minister of Defence, Gen. Christopher Musa, has accused a former Governor of Kaduna State, Nasir El-Rufai, of deliberately planning the killing of people in Southern Kaduna.

Musa made the allegation while fielding questions on Channels Television’s Politics Today programme on Thursday.

The minister said El-Rufai’s administration created deep divisions in Kaduna State, alleging that the situation made it difficult for residents from Southern Kaduna to live freely in the northern part of the State and vice versa.

According to him, the administration of the current governor, Uba Sani, has made deliberate efforts to restore unity and rebuild trust among residents of the State.

“We know how it was when El-Rufai was there; it was toxic,” Musa said.

“El-Rufai did a lot of terrible things in Kaduna State. He divided the country, the State, into two. In that, if you are from the South, you cannot go to the North and live. Those ones from the North were moving to the South.

“Governor Sani within one year has been able to dissolve all that. You see, now everybody is free, everybody has a say. It’s not 100%. Let me tell you, it’s not 100%, but you can see that he’s making deliberate effort in uniting the state.”

Speaking on the feelings of people in Southern Kaduna towards the former governor, Musa said the people remained deeply pained over killings recorded in the area during El-Rufai’s tenure.

He alleged that El-Rufai deliberately planned the killing of people in the region.

“Well, I don’t know if unhappy is an issue. I think if there’s anything worse than unhappy, we can never be happy with somebody who has deliberately planned for the killing of our people,” Musa said.

“I mean, when you look at it, if you look at his videos, you know, his speeches, he was very proud of what he did.

“He told us he paid bandits. He told us he did this, he did that. He didn’t hide it. He was that arrogant to come out and tell people that this was what he did.”

The Defence Minister said residents of Southern Kaduna were still traumatised by the killings that occurred during the period, adding that the security situation in the area had improved under the current administration.

“The Southern Kaduna people are still very pained. Of course, definitely. I mean, if you look at the number of killings that was done there and what is going on now, you can’t compare at all,” he said.

Musa further accused El-Rufai of denying some people opportunities during his administration and alleged that the former governor’s policies affected even people from his own part of the state.

“I can tell you what he has done to people living in Kaduna from his own area. He did a lot of things that I’m sure even him is not proud of,” he added.

The minister, however, called on Nigerians to reject politicians who exploit religion, ethnicity and other differences to divide the country.

“We should get politicians that want to unite Nigeria. For me, any individual who is using either religion, tribe, creed, or anything to divide the state can never be a friend; can never be somebody we look up to,” Musa said.

“We shouldn’t have those kind of ones in government. Anybody who is using religion or tribe or whatever to divide Nigeria is an enemy of the State.”

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Tinubu Jets Out to London for Three Weeks Leave

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President Bola Tinubu departed Abuja, the nation’s capital on Sunday for Europe to begin a three-week vacation as part of his annual leave.

Presidential spokesperson, Bayo Onanuga, in a release disclosed that Tinubu’s first stop will be London, United Kingdom.

The President is expected to return home after the working vacation to join the hectic campaign for the January 2027 election.

Vice President Kashim Shettima had earlier this month went on two-week leave, his first since the Tinubu government assumed office over three years ago. He has since returned.

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Tinubu Seeks AU Action on Xenophobic Attacks in South Africa

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President Bola Tinubu has raised concerns with the African Union (AU) over repeated xenophobic and Afrophobic attacks against Africans and other foreign nationals in South Africa.

Tinubu urged African leaders to take collective action and include the issue on the agenda of the AU’s 40th Ordinary Session, scheduled for January 2027.

The president’s position was presented by Vice President Kashim Shettima at the 21st Extraordinary Session of the AU Assembly in Luanda, Angola.

Tinubu called on African leaders to renew their commitment to protecting the safety, dignity and rights of all Africans across the continent.

He said: “Nigeria wishes to express its concern over the recurring xenophobic and Afrophobic attacks against Africans and other nationals in South Africa.

“While recognising South Africa’s sovereign right to enforce its immigration laws and acknowledging its contributions to the continent, Nigeria stresses that such attacks undermine African solidarity, unity and peaceful coexistence, and require urgent collective attention.”

He added: “It is on this note that Nigeria calls on this august Assembly to place the matter on the agenda of the upcoming 40th Ordinary Session of the AU Assembly, scheduled for January 2027, for consideration and appropriate action.”

The president also urged the AU to strengthen efforts to tackle xenophobia and Afrophobia across the continent.

He stressed that “dialogue, preventive diplomacy, and collective action remained essential to preserving African unity.”

On Africa’s broader security challenges, Nigeria supported the adoption of the Luanda Action Plan as a way to improve conflict prevention.

Tinubu argued that preventing conflicts would be more sustainable and less expensive than dealing with them after they have started.

“For Nigeria, conflict prevention remains more cost-effective and sustainable than conflict management,” President Tinubu said.

He also warned that separate and uncoordinated peace efforts, as well as growing foreign involvement through military forces, mercenaries and private defence companies, could weaken Africa’s ability to manage its own conflicts.

Tinubu further called on countries that manufacture and export weapons to work more closely with African governments to prevent weapons and ammunition from being diverted to terrorists and other armed groups.

The president said the AU already has strong systems for preventing and resolving conflicts, but limited trust and poor implementation have continued to reduce their effectiveness.

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