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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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Otti to Build 35,000-Capacity FIFA-Standard Stadium in Aba

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Abia State governor, Alex Otti, has announced plans to construct a FIFA-standard stadium in Aba with a seating capacity of approximately 35,000, in what is being described as one of the most significant sports infrastructure projects in the State’s development agenda.

The proposed stadium is designed to meet international football standards, making it suitable for hosting top-tier domestic league matches, continental competitions, and other global sporting events.

The facility is expected to feature modern pitch technology, upgraded spectator stands, advanced lighting systems for night games, VIP lounges, media centres, locker rooms, and safety and security installations that align with FIFA requirements.

The project is also expected to include auxiliary facilities such as training pitches, parking spaces, and support buildings that will enhance its overall functionality as a multi-use sports complex.

According to the governor’s vision, the stadium is not just a sports project but part of a broader economic revitalisation plan for Aba.

The city, already known as a major commercial hub in South-eastern Nigeria, is expected to benefit significantly from increased sporting activities, which will drive business for hotels, transport operators, food vendors, and local entrepreneurs.

The initiative is also positioned to strengthen grassroots football development and provide a modern home ground for local teams, especially Enyimba FC, one of Nigeria’s most successful football clubs.

The project is expected to be executed through a structured development approach that may involve partnerships aimed at ensuring timely delivery and high construction standards.

When completed, the stadium is projected to elevate Abia State’s profile in national and African football circles while creating new opportunities for youth engagement, talent development, and sports tourism.

Overall, the Aba stadium plan reflects a strategic push by the state government to combine sports, infrastructure, and economic development into a single long-term growth vision for Abia State.

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Gunmen Abduct Ex-Power Minister Adelabu’s Sister, Her Two Sons in Ibadan

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Suspected gunmen have abducted the sister of a former Minister of Power, Adebayo Adelabu, in Ibadan, the Oyo State capital.

The family of former minister and chieftain of the All Progressives Congress (APC) confirmed the abduction, disclosing that Mrs. Olaide John-Paul and her 12-year-old twin sons were kidnapped by the gunmen on Wednesday, June 3, 2026.

According to a statement issued by Adelabu’s media aide, Femi Awogboro, the victims were kidnapped at about 7:30am while Mrs. John-Paul was taking her children to school.

Mrs. John-Paul, the youngest of five children of Mrs. Olufunmilayo Aduke Adegoke Adelabu, reportedly retired voluntarily from her career at First Bank Pension Custodian in 2025 before relocating to Ibadan with her children.

She was said to be making arrangements to join her husband, who had earlier relocated to the US.

The family expressed deep concern over the development but stated that security agencies had already commenced efforts to rescue the victims and apprehend those responsible.

“We are pleased to confirm that security operatives have swung into action and preliminary investigations have commenced in earnest,” the statement partly read.

While appealing for calm, the family urged members of the public to refrain from spreading unverified information that could undermine ongoing rescue operations.

“We are deeply distressed by this unfortunate incident, but remain hopeful that the victims will be rescued safely. We appeal to the public to remain calm, avoid speculation and support ongoing efforts with prayers,” the statement added.

The family also called on anyone with useful information that could aid the rescue operation to promptly share such intelligence with security agencies through the appropriate channels.

It assured that it would continue to cooperate fully with law enforcement authorities and provide updates as investigations and rescue efforts progress.

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Adeboye Proposes 90 Days Ultimatum for Security Chiefs to Eradicate Terrorism or Resign

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The General Overseer of Redeemed Christian Church of God (RCCG), Pastor Enoch Adeboye, has called on the Federal government to issue a 90-day ultimatum to security chiefs to end terrorism in Nigeria or step aside.

Adeboye made the appeal in a video shared on his X (formerly Twitter) account on Tuesday, expressing deep concern over the country’s deteriorating security situation.

He emphasized the need for urgent and decisive action, stressing that security chiefs must be held accountable for tangible results in the fight against terrorism.

According to him, while citizens can only advise the Commander-in-Chief, it is within the government’s power to set clear expectations and timelines for security leaders.

“If I were to make a suggestion, I would say the government should act swiftly and direct the service chiefs to eradicate terrorists within 90 days or resign,” he said.

The cleric also urged authorities to go beyond targeting terrorists alone, insisting that their sponsors must equally be identified and dealt with, regardless of their social or political influence.

“When issuing directives, it should be made clear that both terrorists and their sponsors must be eliminated, no matter how powerful they are,” he added.

Adeboye recalled that a former Nigerian president had once issued a similar three-month directive to security chiefs to end the Boko Haram insurgency but failed to enforce the order after the deadline expired.

Reflecting on his interaction with the late president, Adeboye noted that although initial efforts were made, the lack of follow-through undermined the directive’s effectiveness.

He maintained that his current recommendation is informed by that experience, urging the government to ensure strict enforcement if such a timeline is adopted.

His comments come amid renewed concerns over persistent terrorist attacks, banditry, and kidnappings across the country, with increasing public pressure on authorities to take stronger action against insecurity.

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