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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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Atiku Drags Tinubu to Court over Certificate Forgery, Eligibility to Contest 2027 Election

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Atiku, who is the presidential candidate of the African Democratic Congress (ADC), personally appeared at the court registry to depose to an affidavit in support of the suit.

The suit was instituted by Atiku and the ADC against President Tinubu, the All Progressives Congress (APC), and the Independent National Electoral Commission (INEC).

It is anchored on Sections 137(1)(j), 139(1)(a)(i), and 285(14)(c) of the 1999 Constitution, as well as provisions of the Electoral Act, 2026.

At the heart of the case is Section 137(1)(j), which disqualifies anyone who presents a forged certificate to INEC from contesting for President.

The plaintiffs are asking the court to determine whether Tinubu and the APC should be disqualified from the 2027 election over allegations that the President submitted an NYSC discharge certificate bearing the name “Tinubu Bola Adekunle” to INEC for both the 2023 and 2027 elections.

According to Atiku’s affidavit, the name on the certificate is different from “Bola Ahmed Tinubu,” and the document was not obtained by the President.

Speaking after taking the oath, Atiku said his personal appearance was to show seriousness.

“I came here personally because the issues before the court go to the heart of our Constitution and the integrity of the office of President… I have therefore put my name, my signature and my oath behind the facts we are presenting to the court. Now it is President Tinubu’s turn to answer them,” he said.

The suit also asks INEC to produce Tinubu’s Form CF001 submitted for the 2023 and 2027 elections.

Atiku said he had applied for certified true copies of the form but got no response before filing.

“This is precisely why we have gone to court. We are not asking Nigerians to decide this matter on social media… We are asking the institution holding the records to produce them and the judiciary to examine the evidence and pronounce on it,” Atiku stated.

“If the certificate belongs to Bola Ahmed Tinubu, let that be established before the court. If ‘Tinubu Bola Adekunle’ and ‘Bola Ahmed Tinubu’ are one and the same person for the purpose of that certificate, let the evidence establish it.”

Beyond the certificate, the ADC and Atiku are also challenging aspects of the Electoral Act, 2026, which they argue restrict pre-election challenges to a candidate’s qualification. They contend that no law can override the Constitution.

“Can an Act of the National Assembly be used as a shield against an express provision of the Constitution?… Our position is that the Constitution remains supreme,” Atiku said.

Among the reliefs sought is an order disqualifying Tinubu and the APC from participating in the 2027 presidential election if the court upholds the plaintiffs’ case.

“Nobody should misunderstand what is at stake. Nigerian graduates cannot complete NYSC documentation with one identity and simply ask employers to ignore discrepancies… The Presidency is not an immunity certificate against constitutional scrutiny,” he added.

Atiku further urged INEC to demonstrate neutrality by making the relevant records available to the court.

“The 2027 election must begin with clarity about the qualification of those seeking the Presidency. Nigerians should not be asked to vote first and investigate later,” he said.

Lead counsel, Joseph Onu Silas, Esq., said the legal team was confident the case would help deepen Nigeria’s electoral jurisprudence.

“This is not about privilege, personalities or presidential power. It is about one Constitution and one standard for every Nigerian. Nobody is above the Constitution — not Atiku Abubakar, not Bola Tinubu, and certainly not the President of the Federal Republic of Nigeria,” Onu said.

Lawyer petitions EU over Tinubu’s qualification, cites ‘subversion of constitution’

Relatedly, a renowned Nigerian lawyer, Kalu Kalu Esq., has submitted a petition to the European Union in Brussels, alleging that President Bola Ahmed Tinubu subverted constitutional order ahead of the 2027 general election.

His remark was shared on Facebook Friday by Paul Ibe, Media Adviser to former Vice President Atiku Abubakar.

Kalu, who spoke at the European Commission headquarters, said the petition seeks the EU’s intervention to “help restore constitutional democracy in Nigeria.”

He accused President Tinubu of submitting false academic credentials to the Independent National Electoral Commission, INEC, and failing to state the primary and secondary schools he attended.

“Mr President, Bola Ahmed Tinubu, has suspended the constitutional order in Nigeria because of his false academic credentials, which he submitted to INEC for the 2027 general election and he did not state the primary school and the secondary school he attended,” Kalu said.

The lawyer cited Section 137(1)(j) of the 1999 Constitution, arguing that presenting a false certificate to INEC disqualifies a candidate.

“Section 1371J says if you have presented a false certificate to INEC, the Independent National Electoral Commission, you will not be qualified to run election and he has submitted forged documents, forged certificates to INEC that made him not to be qualified to run for the 2027 general election,” he stated.

Kalu further alleged that because “they have captured all the power in Nigeria,” the President has “imposed himself on Nigeria, thereby subverting the provisions of the constitution of the Federal Republic of Nigeria as amended, which is a mini-coup, a sub-coup against the people of Nigeria.”

He said the purpose of his visit to Brussels was to formally submit the petition to the EU and solicit support for the restoration of constitutional governance in Nigeria.

“Good afternoon all and good afternoon to the whole world. I am here at the European Commission to submit a petition to the European Union concerning the subversion of constitutional order in Nigeria… So, I’m here to submit the petition to the EU to help restore constitutional democracy in Nigeria,” he said.

As of the time of filing this report, the Presidency and INEC have not responded to the allegations.

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EU-Backed Group Deploys 843 Observers for Osun Election

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The European Union-Supported Election Observation Group has deployed 843 observers across Osun State for Saturday’s governorship election, as part of efforts to independently assess the conduct of the poll.

The group, comprising the Centre for Media, Society, the International Press Centre, the Nigerian Women’s Trust Fund, the Kukah Centre and Yiaga Africa, disclosed this in its preliminary statement on the election on Friday in Osogbo, the state capital.

Speaking at the event, the Executive Director of Yiaga Africa, Samson Itodo, said the observers would monitor, document and report on the electoral process in line with the principles of independence, impartiality and non-partisanship.

Itodo said; “the election was of significant national importance as it would provide another opportunity to assess the implementation of provisions of the electoral legal framework and offer INEC, security agencies, electoral stakeholders and the public further insight into preparations ahead of the 2027 general election.”

He said, “the group acknowledged INEC’s declared operational, technological and logistical readiness for the election, including the deployment of election materials and personnel.”

The EU group also noted that INEC had increased the number of Bimodal Voter Accreditation System devices following technical challenges identified during the mock accreditation exercise, with additional devices provided as backup.

On result management, however, the group called for greater clarity on the electronic transmission and backend validation of polling unit results.

It urged INEC to make the result transmission process more transparent and verifiable, including providing clearer information on the backend validation process and the use of electronic result sheets.

The group also called on the Commission to ensure smooth electronic transmission of validated polling unit results and maintain adequate live backup of election data to prevent disruptions during accreditation and counting.

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Trump Claims US Now in Total Control of Strait of Hormuz

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United States President, Donald Trump, says his country is now in “total control” of the Strait of Hormuz amid ongoing tensions with Iran over the reopening of the strategic waterway.

Trump made the claim while speaking to reporters at Joint Base Andrews, saying the situation with Iran was progressing well despite continued disagreements between both countries.

“Iran is going fine – going just absolutely fine. We totally control the Strait of Hormuz. We have control over it; nobody else, only us. Our navy is unbelievable, and things going great for our country,” Trump told reporters at Joint Base Andrews.

“I don’t trust Iran. I’m the last person to trust Iran; they’ve lied to me constantly. We have total control over the Hormuz Strait right now; they don’t have control,” he added.

The claim comes as the United States and Iran continue to exchange demands over the reopening of the Strait of Hormuz, casting further uncertainty over negotiations aimed at ending their five-month conflict.

Although the US has confirmed its involvement in the talks, Iran maintains that it is negotiating directly only with Oman. Tehran has also proposed that the future management of the strategic waterway be shared with Oman.

The Strait of Hormuz is a critical global energy route, with about one-fifth of the world’s oil and liquefied natural gas supplies passing through it before the US-Israel war with Iran began at the end of February.

On Monday, Trump said he would seek compensation from Iran for deaths and injuries associated with conflicts and attacks spanning several decades.

His position followed Iran’s demands for reparations over the war last week, as Tehran said it would not reopen the strait until Washington addresses its political and  economic conditions.

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