Connect with us

Headlines

Tony Elumelu: Turning Africa into One Independent Entrepreneurial Village

Published

on

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!

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Headlines

Just In: Bayelsa Guber Election: Court Annuls APC’s Participation

Published

on

The Federal High Court, Yenagoa, on Thursday declared that the All Progressives Congress (APC) does not have a governorship candidate in the forthcoming election in Bayelsa State.

This development is coming two days to the election.

The court was presided over by Justice Jane Inyang.

The court declaration, on Thursday, was part of its judgement in a case filed by Heineken Lokpobiri, one of the APC governorship aspirants.

Mr Lokpobiri, a former minister of state for agriculture, had approached the court, asking it to declare him, and not David Lyon, the authentic candidate of the APC.

“The court pronounced that the governorship primary conducted by the APC in Bayelsa state was not done in compliance with the guidelines and the constitution of the party, and, therefore, the party has no candidate,” Mr Lokpobiri’s lawyer, Fitzgerald Olorogun, told reporters immediately after the court ruling.

A shocked Mr Olorogun said the court declaration was not part of their prayers. “It’s strange,” he said.

Asked what was the next option for his client, Mr Olorogun said “We’ll do the needful. But for now, the pronouncement of the court is that APC has no candidate.”

There was heavy police presence within and outside the court premises. The main highway way leading to the court was barricaded by the police. Visitors, including journalists, were frisked before they were allowed to enter the court building.

Mr Lokpobiri, before now, has been urging the people of Bayelsa to vote for the APC in the November 16 election, despite his court case against Mr Lyon and the party.

“I’m a very strong member of APC and I came today to formally tell our chairman and to speak to Nigerians, in particular, the electorate in Bayelsa that all of them should vote for APC regardless of what happens in the court case in which judgment is slated for Nov. 14, 2019,” the former minister said in Abuja after a courtesy visit on the national chairman of APC, Adams Oshiomhole.

“I told my supporters even before I came here that no matter what happened, I will remain in APC having served as a minister under this administration.

“There is no way the outcome of the governorship primaries will make me leave APC. We are working and campaigning at different levels.

“I always advise that anybody that is grieved, the only place to go is the court.

Continue Reading

Headlines

Senate’s Hate Speech Bill: Atiku Abubakar Speaks

Published

on

A former vice president, Atiku Abubakar, has cautioned Nigerian senators against moves to pass a bill criminalising purported hate speech.

The bill being sponsored by Sabi Abdullahi of the All Progressives Congress is targeted at punishing anyone found guilty of spreading “misinformation.”

The bill also prescribed death penalty for anyone found guilty of spreading a falsehood that led to the death of another person.

But civic groups have been critical about the bill because of its narrow and unclear definition of what constitutes hate speech.

The advocates argued that the Senate’s interpretation of ‘hate speech’ would be at odds with the Nigerian Constitution if the bill becomes law as designed. The Constitution protects the rights to unhindered speech, expression and association.

Mr Abubakar aligned with those who believe the constitutional safeguards for free speech should be strengthened rather than undermined by lawmakers and other politicians in power.

The former vice-president and main opposition candidate at the 2019 presidential election said the freedom of speech and other key elements of civil liberties which Nigerians enjoyed between 1999 and 2015 should not be taken away by the current administration.

“It is prudent to build upon the tolerance inherited from those years and not shrink the democratic space to satisfy personal and group interests,” Mr Abubakar said in an emailed statement signed by his spokesperson, Paul Ibe.

Efforts to regulate the media has been keenly considered and publicly pushed by politicians since Muhammadu Buhari assumed power in 2015.

Mr Buhari has a history of brutal repression from his military era in the 1980s, a label from which he remained unflinching.

The president has repeatedly told the country that his government will continue to ignore rights in favour of national security.

Some of his appointees, especially information minister Lai Mohammed, have insisted Nigerians’ free speech will be curbed.

Mr Mohammed said social media has become a tool of irresponsibility amongst elements determined to foment chaos in the country. He has equally overseen imposition of heavy fines on broadcast stations over alleged hate speech on their platforms.

There were efforts to push a variation of the current hate speech bill through the parliament in 2015, but it failed amidst nationwide uproar.

 

The reintroduced version contained essentially the same fundamentals and Nigerians have vowed to resist it as they did four years ago.

Read Mr Abubakar’s full statement below:

Atiku Abubakar wishes to sound a note of caution to those now toying with the idea of an Anti Hate Speech Bill, with punishment for supposed Hate Speech to be death by hanging. The contemplation of such laws is in itself not just hate speech, but an abuse of the legislative process that will violate Nigerians’ constitutionally guaranteed right to Freedom of Speech.

Atiku urges those behind this Bill to awake to the fact that Nigeria’s democracy has survived its longest incarnation, because those who governed this great nation between 1999 and 2015 never toyed with this most fundamental of freedoms. It is prudent to build upon the tolerance inherited from those years and not shrink the democratic space to satisfy personal and group interests.

Freedom of Speech was not just bestowed to Nigerians by the Constitution of the Federal Republic of Nigeria, 1999 (as amended), it is also a divine right given to all men by their Creator. History is littered with the very negative unintended consequences that result when this God given right is obstructed by those who seek to intimidate the people rather than accommodate them.

We should be reminded that history does not repeat itself. Rather, men repeat history. And often, to disastrous consequences.

Nigeria presently has too many pressing concerns. We are now the world headquarters for extreme poverty as well as the global epicentre of out-of-school children. Our economy is smaller than it was in 2015, while our population is one of the world’s fastest growing. We have retrogressed in the Corruption Perception Index of Transparency International, from the position we held four years ago, and our Human Development Indexes are abysmally low.

It therefore begs the question: should we not rather make laws to tackle these pressing domestic challenges, instead of this Bill, which many citizens consider obnoxious?

Again, Atiku cautions that we must prioritise our challenges ahead of the whims and caprices of those who do not like to hear the inconvenient truth. Stop this folly and focus on issues that matter to Nigerians.

Paul Ibe

Premium Times

Continue Reading

Headlines

Sowore: Buhari’s Govt Insecure, Paranoid – Soyinka

Published

on

The Nobel Laureate, Wole Soyinka, has called on civil society organisations to strategize and coordinate their responses to attacks on human rights by state agents under President Muhammadu Buhari.

Mr Soyinka, in his statement sent to PREMIUM TIMES, reacted to the attack on protesters on Tuesday in Abuja for demanding the release of Omoyele Sowore by the State Security Service.

“The sporadic, uncoordinated responses as in the case of Omoyele Sowore, the absence of a solid strategy, ready to be activated against any threat — these continue to enable these agencies in their mission to enthrone a pattern of conduct that openly scoffs at the role of the judiciary in national life,” the don said.

He condemned “the level of arrogance” by agents of the state under President Buhari, saying it “has crossed even the most permissive thresholds.”

“As I remarked from the onset, this is an act of government insecurity and paranoia that merely defeats its real purpose,” he said.

Read Soyinka’s full statement below…

SOWORE, HUMAN RIGHTS AND THE RULE OF LAW

It should become abundantly clear by now that Civil Society organisations, committed to the entrenchment of the Rule of Law and the defence of fundamental human rights must come together. This is not a new cry. They must meet, debate, and embark on a binding pact of tactical responses whenever these two pillars of civilized society are besieged by the demolition engines of state security agencies. The sporadic, uncoordinated responses as in the case of Omoyele Sowore, the absence of a solid strategy, ready to be activated against any threat — these continue to enable these agencies in their mission to enthrone a pattern of conduct that openly scoffs at the role of the judiciary in national life. Result? A steady entrenchment of the cult of impunity in the dealings of state with the citizenry – both individuals and organizations. The level of arrogance has crossed even the most permissive thresholds.

It is heart-warming to witness the determined efforts of “Concerned Nigerians” in defence of these rights. Predictably, the ham-fisted response of the Directorate of State Security (DSS) continues to defy the rulings of the court. The weaponry of lies having been exploded in their faces, they resort to what else? Violence! Violence, including, as now reported, the firing of live bullets. Why the desperation? The answer is straightforward: the government never imagined that the bail conditions for Sowore would ever be met. Even Sowore’s supporters despaired. The bail test was clearly set to fail! It took a while for the projection to be reversed, and it left the DSS floundering. That agency then resorted to childish, cynical lies. It claimed that the ordered release was no longer in their hands, but in Sowore’s end of the transfer. The lie being exploded, what next? Bullets of course!

Such a development is not only callous and inhuman, it is criminal. It escalates an already untenable defiance by the state. As I remarked from the onset, this is an act of government insecurity and paranoia that merely defeats its real purpose. And now – bullets? This is no longer comical. Perhaps it is necessary to remind this government of precedents in other lands where, even years after the event, those who trampled on established human rights that generate homicidal impunity are called to account for abuse of power and crimes against humanity. The protests for Sowore’s release go beyond only acts of solidarity, they are manifestations of the judgment and authority of courts of law, under which this nation is supposedly governed. Either it is, or it isn’t. The answer stares us all in the face. The principles that now fall under threat implicate more than one individual under travail. They involve the very entitlement of a nation to lay claim to membership of any democratic, humanized union.

Enough of this charade, nothing more than a display of crude, naked power. Release Omoyele Sowore and save us further embarrassment in the regard of the world. An apology to the nation by the DSS and the judiciary would also not be out of place. It would go some distance in redeeming the image of an increasingly fascistic agency and reduce the swelling tide of public disillusionment.

Let the rule of law reign. Failing that, have the honesty to proclaim the death of ordered society. Then we’ll all know just where we stand.

Wole SOYINKA
WS Foundation for the Humanities
Abeokuta, Ogun State
November 12, 2019

Continue Reading