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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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Dele Momodu Proposes Atiku/Obi Ticket As ‘Best Bet’ to Unseat Tinubu in 2027

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Veteran journalist and chieftain of the African Democratic Congress (ADC), Chief Dele Momodu, has declared that a joint presidential ticket between Atiku Abubakar and Peter Obi represents the strongest strategy for the opposition to defeat the ruling All Progressives Congress in the 2027 general elections.

Speaking on Politics Today on Channels Television, Momodu said the emerging ADC coalition is gaining momentum as a credible alternative to President Bola Tinubu’s administration, which he accused of promoting “one-man rule” and weakening democratic institutions.

Momodu argued that an Atiku–Obi ticket offers both experience and electoral appeal, noting that both politicians already command significant national followings from previous elections. He recalled their collaboration in 2019, adding that Obi’s performance in the 2023 presidential election provides a ready base of supporters that can be consolidated.

According to him, the coalition is further strengthened by the involvement of political heavyweights such as Rabiu Kwankwaso and Rotimi Amaechi, making it a formidable opposition alliance.

“The candidates who placed second, third, and even fourth are aligning. That naturally builds a strong challenge,” Momodu said, suggesting that this development could unsettle the APC ahead of 2027.

He also accused the Tinubu administration of centralising power and undermining democratic processes, claiming that key institutions—including the legislature and electoral system—are increasingly influenced by the executive arm of government. He warned that such a trend poses risks to Nigeria’s democracy.

Momodu further alleged that opposition parties face systemic obstacles, including difficulties in accessing venues, legal pressures, and institutional interference. He argued that these challenges have made opposition unity not just strategic, but necessary.

Dismissing concerns about possible cracks within the ADC coalition, Momodu described such fears as speculative, insisting that current political realities have effectively forced major opposition figures to work together.

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Supreme Court Fixes April 22 for Hearing in ADC Leadership Crisis

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The Supreme Court has scheduled hearing for April 22 in the appeal filed by the National Chairman of the African Democratic Congress (ADC), Senator David Mark, in relation to the leadership dispute in the party.

Mark’s appeal is against the March 12 judgment of the Court of Appeal, which dismissed his appeal against the September 4, 2025 ruling by Justice Emeka Nwite of the Federal High Court in Abuja refusing to grant some injunctive reliefs contained in an ex-parte application filed by a chieftain of the party, Nafiu Bala Gombe.

A five-member panel of the Supreme Court, led by Justice Mohammed Garba chose the date on Tuesday after granting accelerated hearing in the appeal marked:  SC/CV/180/2026.

The court ordered Mark’s lawyer, Jibril Okutepa (SAN) to file the appellant’s brief and serve on Wednesday.

It ordered the respondents to each file and serve on the appellant, a respondent’s brief within three days of being served with the appellant’s brief.

The appellant, according to the court, is to file a reply brief, if needs be, within one day of being served with the respondents’ briefs.

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Amid Denials, ADC Reportedly Secures Rainbow Event Centre As Venue for National Convention

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Baring any last minute change, the leadership of the African Democratic Congress (ADC) under Senator David Mark and Rauf Aregbesola as National chairman and National Secretary respectively will hold the party’s National convention at the National Rainbow Event Centre in Garki on Tuesday, 14 April 2026.

The African Democratic Congress (ADC)  has being denied two venues without any cogent reasons despite early arrangements, according to sources.

First, it was alleged that the Abuja Transcorp Hilton Hotels, which was initially approached, turned down the ADC request to use it’s facility.

The ADC, having sensed sabotage, has kept the Rainbow Event Center under rap as it’s definite venue.

The last National Executive Committee (NEC) of the party was held at the same venue.

Located adjacent the Nigerian Police Force Headquarters, the event centre will host the second NEC meeting of the ADC and it’s forthcoming national convention.

According to The Guardian’ report, the ADC leadership has communicated the venue to state chapters with the caveat not to escalate it.

The ADC is in a battle of survival against the Independent National Electoral Commission (INEC) and has approached the Supreme Court for intervention.

The INEC national chairman Prof Joash Amupitan has suspended recognition of the David Mark-led ADC rendering a leadership vacuum in the party.

INEC said it’s decision was on the basis of an Appeal Court pronouncement that ordered statusquo ante-bellum be maintained.

Sources said the ADC has officially written the Inspector General of Police (IGP) Olatunji Disu for police protection, the Director of State Services and the Comptroller of Civil Defence Corps.

Reports say that why the venue is being quietly decorated moderately for the event, the ADC intends to fully move in the early hours of Tuesday.

The Guardian

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