Tony Elumelu is a self-made billionaire whose primary source of wealth is investing. Anthony Onyemaechi Elumelu was born On March 22, 1963. He is a businessman, entrepreneur, economist, and philanthropist of Nigerian origin. He chairs the United Bank for Africa (UBA), Heirs Holdings, and Transcorp. He also serves as the chairman of his nonprofit, The Tony Elumelu Foundation.
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Tony Elumelu has received numerous national awards, including the National Productivity Order of Merit, Commander of the Order of Niger, and Member of the Order of the Federal Republic.
Time Magazine named him one of the World’s Most Influential People in 2020.
Background Information
The Delta-born entrepreneur was born in Jos, Plateau State, Nigeria. He is a native of Onicha-Ukwu in Aniocha North Local government area of Delta State, Nigeria.
He is a graduate of Bendel State University now Ambrose Alli University where he bagged a Bachelor’s degree in Economics and later proceeded to the University of Lagos where he obtained his Master’s degree in Economics. He also went to Harvard Business School for the Advanced Management Programme.
Brief Family Info
Tony Elumelu is married to Dr. Awele Vivien Elumelu. They are blessed with seven lovely children (five girls and two boys (twins)). Although he grew up with four of his siblings, one of whom he’s into politics; A Minority Leader of the Federal House of Representatives, Hon. Ndudi Elumelu.
Career and Rise to Greatness
Tony Elumelu spent most of his career in banking, rising from the position of an analyst to owning a tier-1 bank.
In 2010, Tony Elumelu left banking for the next phase of his life as an investor and a philanthropist, channelling his zeal, obligation, and allegiance to realizing the development of the African continent. Tony Elumelu’s investments span a wide range of sectors and are spread across 20 African countries and beyond.
One year after gaining his Master’s degree in Economics from the University of Lagos, Tony Elumelu applied to join Allstates Trust Bank, despite not meeting the qualification criteria. Luckily for him, the CEO of the bank came across his application letter, and he was handpicked to interview, passed the interview, and was placed as an entry-level analyst and resumed with the bank.
At the young age of 26, Tony Elumelu was offered the opportunity of a lifetime to become a branch manager at AllStates Trust Bank, which made him the youngest bank branch manager in the country at that time. Tony Elumelu’s success in this position kindled his passion for investing in the lives of young people.
Tony Elumelu’s achievements became known to the general public when he accomplished the apparently impossible. He was fairly unknown in the Nigerian banking industry when he acquired a distressed financial establishment, Crystal Bank, and became its CEO; an act that earned him and his equals, the winsome nickname; “the cowboys of banking”.
At age 34, he was the country’s youngest banking CEO; he renamed the struggling bank; Standard Trust Bank (STB), and within seven years, he followed a belligerent approach that catapulted Standard Trust Bank from anonymity into becoming Nigeria’s fifth-largest bank.
In 2005, Tony Elumelu created history again when he led the biggest merger in Sub-Saharan Africa at the time, merging Standard Trust Bank Plc with the older, more established United Bank for Africa (UBA), which at the time was Nigeria’s third-largest financial services establishment.
Within ten years, he transformed UBA from a single-country bank to a pan-African establishment with over one million customers, operations in 20 African countries, and offices in Paris, London, and New York. This action sealed his prestige as a business turnaround expert and one of Africa’s most influential business leaders.
In addition, Tony Elumelu established The Tony Elumelu Foundation (TEF), a prominent philanthropic effort in Africa that promotes entrepreneurship and entrepreneurs across the continent.
Elumelu is a member of the PCGA Partners Forum of the US Agency for International Development (USAID). He is the vice-chairman of the National Competitiveness Council of Nigeria (NCCN), which he founded. Tony also serves on the Agricultural Transformation Implementation Council of the Nigerian President (ATIC). He is one of the co-chairs of the Aspen Institute’s Global Food Security Dialogue Series. From the 11th to the 13th of May 2016, he served as one of the co-chairs of the 26th World Economic Forum on Africa, which took place in Kigali, Rwanda. Tony has served on a number of boards and chaired numerous African development programs.
Tony Elumelu, according to Forbes, owns a lot of real estate in Nigeria, as well as a minority share in MTN Nigeria.
Tony Elumelu’s Appointments
- Appointed Chairman, Transnational Corporation of Nigeria Plc. (Transcorp) in 2011
- Member, Private Capital Group for Africa Partners Forum (USAID) 2012
- Appointed Chairman, Seadrill Mobile Units Nigeria Limited in 2012
- Co-Chair, Aspen Institute Dialogue Series on Global Food Security in 2012
- Member, Board of Directors, the Corporate Council on Africa (CCA) in 2013
- Member, Global Advisory Board of the United Nations Sustainable Energy for All Initiative (SE4ALL) in 2014
- Member, World Economic Forum Africa Steering Committee in 2014
- Adviser, President Obama’s Young African Leaders Initiative (YALI) in 2014
- Member, African Union Foundation in 2014
- Member, World Economic Forum Community of Chairmen in 2016
- Member, UNICEF, Generation Unlimited 2020 in 2017
- Member, UN WFP x FMHADMSD Zero Hunger Roundtable Committee in 2018
- Member, WEF Global Shapers Foundation 2020
- Member, WEF Humanitarian and Resilience Investment Initiative 2020
Tony Elumelu’s Awards
- African Business Leader of the Year by Africa Investor magazine in 2003
- African Business Leader of the Year by Africa Investor magazine in 2006
- Honorary doctorate degree of Business Administration (HonDBA) by University of Nigeria, Nsukka in 2006
- African Banker of the Year by African Banker magazine in 2008
- Asked by Nigerian President Umaru Musa Yar’adua to serve on the Presidential Committee on the Global Financial Crisis in 2010
- Honorary doctorate degree in Business Administration (HonDBA) by Benue State University in 2010
- African Business Leader of the Year Award by The Corporate Council on Africa in 2012
- Leadership Award for Business and Philanthropy by the Africa-America Institute in 2013
- Honorary doctorate degree in Business Administration (Honoris Causa) by the University of Benin in 2014
- Inaugural Dwight D. Eisenhower Global Entrepreneurship Award, Business Council for International Understanding (BCIU) in 2017
- Person of the Year by Vanguard Newspapers Nigeria in 2018
- Man of the Year by Seven Star Awards in 2019
- Conferred Belgium’s Oldest and Highest National Honour in 2020
- Named In “Time 100” List Of The 100 Most Influential People In The World in 2020
- Recipient of Honorary Doctorate Degree from Bayero University, Kano in 2020
Tony Elumelu’s Net Worth
According to Forbes, Tony Elumelu is ranked #31 on Africa’s 50 Richest in 2015 with a total net worth of $700million, dropping off in 2016.
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Tony Elumelu Quotes
- There is a better way to invest in Africa for a sustainable future that creates value for all.”
- “My vision for the foundation is to unlock the obstacles that African entrepreneurs face, so that they, rather than aid agencies or governments will spur the continent’s transformation”
- As an entrepreneur myself, I understand what it feels like to yearn for a lifeline, to hope for a ‘big break’, to look forward to enjoying some luck.”
- “Africapitalism is about the intersection of economic prosperity and social wealth, the intersection of making profit and doing good, and not waiting to finish one before you do the other.”
- “Africapitalism is not exclusive to African businesses but we must set an example for others to follow”
- “Only entrepreneurship can create opportunity where none seemingly exists.”
- “Young entrepreneurs and those they inspire are the lifeblood of Africa’s rise.”
- “Africapitalism therefore means we cannot leave the business of development up to our governments, donor countries and philanthropic organizations alone.”
- “The kind of challenges we face on the continent require not only vision but also patience and perseverance.”
- “Africapitalism is the nexus between the ability of the private sector to create value and the government’s creation of a business-friendly environment.”
- “Companies that incorporate local value creation will be both more sustainable and more profitable in Africa in the long-term.”
- “By investing in local economies and creating local jobs, they are also increasing the pool of those who can afford their products and services.”
- “If you do not care about how your business is conducted, your very future may be at stake.”
- “The old business model of a myopic pursuit of profit above all else is at best imprudent and, at worst, reckless in our increasingly interconnected and interdependent world.”
- “The future we all want for ourselves is one of our own making.”
- “The Tony Elumelu Entrepreneurship Programme is an act of faith in our entrepreneurs to transform our continent. Because business isn’t just about money.”
- “Entrepreneurship means Africans no longer have to find a job or be trained to be employees. Instead, it will enable our young people to create their own jobs, become employers, and take charge of their futures, instead of letting the future happen to them.”
- “I have come to understand that the most important thing I can do to advance our development is to help replicate my success in others and to evangelize the cause of entrepreneurship.”
- “If we help people make something of themselves, by investing in jobs and economic opportunity, the beneficiaries will purchase healthcare, they will purchase education for their children and look after their families.”
- “From the African perspective, development is a matter of realizing our potential and making the progress that we know is humanly possible because others have gotten there.”
- “We need to give from the perspective of empowering the recipient, instead of making them dependent on us.”
- “I believe that economic prosperity and social wealth must go hand in hand for maximum impact.”
- “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.”
- “Whatever course you choose to take in the services of others, be guided by the goal of unleashing the inherent potential that resides in each and every one of us.”
- “Eradication of poverty must be a collective responsibility.”
- “The transformation of Africa is not one man’s job. It is a job for all of us, and by empowering these entrepreneurs, we are helping to create more jobs and wealth on the continent.”
- “Poverty anywhere is a threat to everyone everywhere. It has to be dealt with by all structures – the government institutions, financial institutions and citizens.”
- “Success in entrepreneurship is the outcome of a series of short term successes AND failures”.
- “Today we may appear young, and people may not believe in us, but we are going to compel them to believe in us through our achievement.”
- “Your idea can transform Africa. Let’s stop talking and let’s start doing.”
- “A true leader is one who remains committed to a higher purpose that most others do not yet see. I have studied great people and one common thing I found among them is Legacy.”
- “Let us remind ourselves of the power of individuals and what potent capacities and opportunities lie in this. No one but us will develop Africa.”
- “People management is key. Learn how to motivate your people. Be painstaking in choosing the right people.”
- “It’s a long-term journey. There is no quick fix. You will make mistakes. You will have challenges. For you to succeed along this journey, you must be disciplined, make sacrifices and save today to achieve your goals.”
- “My passion for entrepreneurship is rooted in the economic philosophy of ‘#Africapitalism’, a term that I coined to emphasize the role Africa’s private sector must play in the socio-economic transformation of our continent.”
- “It is encouraging to see Africa’s public sector recognize that Africa’s future will be determined not simply by economic growth, but by how successful we are in creating accessible pathways to economic prosperity for all Africans everywhere.”
- “Africa is not a single country but a continent, one that is a place of real business opportunity that the world should be alive to.”
- “Entrepreneurship, Support for small and medium scale enterprises in my viewpoint is one of the ways we can address poverty in a fundamental way.”
- “Instead of having a pyramid of few billionaires, I prefer a large base that has prosperity, happier people, and people whose basic needs are met. I think that is what will give us the sustainability we need in Africa.”
- “We need a new Marshall plan for Africa. This, for me, should be in improving access to electricity. Once that is done to a large extent, every other thing falls in place.”
- “Wealth for one person in the family does not give security. What gives security is to see that we democratize prosperity around us as much as possible.”
- “Businesses acting as businesses, not as charitable donors, is the most powerful force for addressing the pressing issues society face(s).”
- “The pandemic presents an opportunity to reset Africa, create employment and eliminate poverty”.
- “Most times businesses start off well, but poor management leads to early failure.”
- “For us, we believe that we must, as business leaders in Africa, stand up, show confidence in our continent by investing in our continent, attract investments to the continent and help through this process to create jobs.”
- “Africa, at a time like this, needs massive investment in infrastructure and power to help correct the poverty level we see.”
- “We didn’t prepare for the pandemic, but it is all about nimbleness, agility, and swiftness to adaptation. We need to have inbuilt nimbleness in what we do so that we can swiftly react to changes.”
- “Our people need jobs. Our people need role models. Our people need to see that you don’t need to migrate out of Africa to earn a living or to earn a decent life.”
- “Impossibility only happens in the brain”.
“Never believe anything is impossible. Have an open mind. Find out what it takes to succeed. Chances are it will”.
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