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Tony Elumelu: Turning Africa into One Independent Entrepreneurial Village

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6 years ago

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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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Shettima’s Comments Misrepresented, Says Presidency

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13 hours ago

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July 11, 2025

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The Presidency has dismissed claims that Vice President Kashim Shettima’s recent comments were directed at the political situation in Rivers State or President Bola Ahmed Tinubu’s constitutional decisions on the matter.

In a statement on Friday by the Senior Special Assistant to the President on Media and Communications (Office of the Vice President), Stanley Nkwocha, the Presidency described the reports as a “gross misrepresentation.”

The statement clarified that Vice President Shettima’s remarks at the public presentation of a book by former Attorney General of the Federation, Mohammed Bello Adoke (SAN), were misconstrued by some online platforms and individuals.

“These reports have distorted the Vice President’s comments in pursuit of a mischievous agenda,” it stated.

“They twisted his account of how the administration of former President Jonathan considered removing him as Borno Governor during the insurgency to falsely link it with current events in Rivers State.”

The Vice President, who spoke at the launch of OPL 245: The Inside Story of the $1.3 Billion Oil Block in Abuja on Thursday, was said to have referenced the past solely to commend Adoke’s professionalism while in office, and to reflect on Nigeria’s constitutional evolution regarding federal and state relations.

“For the avoidance of doubt, President Tinubu did not remove Governor Fubara from office. The constitutional measure implemented was a suspension, not an outright removal.

“This action was taken in response to the grave political crisis in Rivers State at the time, with the governor facing a looming impeachment and the State Assembly complex under demolition,” Nkwocha clarified.

The Presidency insisted that the action taken by President Tinubu in declaring a state of emergency and suspending the Governor was fully in line with Section 305 of the 1999 Constitution (as amended), which authorises such measures when there is a breakdown of public order requiring extraordinary intervention.

According to the statement, the President’s proclamation invoking Section 305(2) was subsequently ratified by an overwhelming bipartisan majority in the National Assembly, confirming the legitimacy and constitutional propriety of the decision.

“The action of President Tinubu in suspending Mr. Fubara and others from exercising the functions of office averted the governor’s outright removal. To conflate suspension with removal is misleading,” the statement further noted.

Nkwocha also stressed that Vice President Shettima’s comments were delivered extemporaneously and intended to underline the importance of public accountability and historical documentation.

He referenced the Vice President’s mention of past public servants, including Adoke and former Speaker Aminu Waziri Tambuwal, to illustrate principled leadership.

“His remarks were not in any way a criticism of President Tinubu’s actions, which the Vice President and the entire administration fully support and stand by without reservation,” the spokesman stated.

The Vice President, the statement added, remains in “loyal concert” with President Tinubu and is committed to implementing all constitutional measures necessary to safeguard democracy and uphold order across the country.

Concluding, the Presidency called on media organisations and political actors to desist from misrepresenting public remarks for sensational or partisan purposes.

“We urge media organisations and political actors to desist from the destructive practice of wrenching statements from context in order to fabricate nonexistent conflicts,” Nkwocha said.

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Akpabio Relieves Natasha of Committee Chairmanship Position, Appoints Akwa Ibom Senator As Replacement

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2 days ago

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July 10, 2025

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Senate President, Godswill Akpabio, has replaced suspended Senator Natasha Akpoti-Uduaghan, as the Chairman, Senate Committee on Diaspora/Non-Governmental Organisations.

In her place, Akpabio named Senator Bassey Aniekun Etim (Akwa Ibom -East).

The Senate President, who made the announcement on the floor in Abuja on Thursday, did not give any reasons.

The committee position had remained vacant since March when the Senate suspended the Kogi-Central Senatorial District lawmaker for six months for flouting the Senate’s rule on the seating arrangement and seat allocation.

The suspended lawmaker, at a point, chaired the Senate Committee on Local Content before Akpabio reassigned her to the Committee on Diaspora/NGO, shortly before she ran into trouble with the Senate over her conduct on seat allocation.

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Supreme Court Upholds Election of Monday Okpebholo As Edo Governor

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2 days ago

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July 10, 2025

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The Supreme Court has affirmed the 2024 governorship election victory of Governor Monday Okpebholo of the All Progressives Congress (APC), dismissing the appeal filed by the Peoples Democratic Party (PDP) candidate, Asuerinme Ighodalo.

In a unanimous decision by a five-member panel led by Justice Mohammed Garba, the apex court ruled that the appeal lacked merit. It upheld the earlier judgments of the Court of Appeal and the Edo State Governorship Election Petition Tribunal, which had both declared Okpebholo the validly elected governor.

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