Tony Elumelu At 60; The Future of Africapitalism
While March 22 is a normal day for some, it is indeed a remarkable day for others; as it could
certainly be a milestone that marks special events in the life of an individual, a people or a nation.
For Anthony Onyeamaechi Elumelu,CFR,it was indeed a very special day, for it was the day, sixty
years ago,( 22 March 1963), that he came to this beautiful world and has since continue to live to
impact humanity in the process.
By these implications, our amiable and down-to earth Tony Elumelu clocks the diamond age of
60 on mother earth. Appreciatingly, wine glasses are clinking in celebration, phonelines is buzzing
with words of felicitations and adulations from the loved ones for Tony, as prayers flows,
endlessly, from all over the world, (most especially by those who have been positively impacted
by him), for good health for these very unique African and a humbly proud son of Aniocha’s
Onicha-uku in the oil rich Nigeria’s Niger-delta.
Thus, as you celebrate 60 years in good health and endless joys, all well-meaning world citizens
join to thank the creator for creating you and locating you to this part of Africa, a beautiful nation
of Nigeria.
As our nation evolves and progresses in leap and bounds, we look forward with prides on how
much we have been able to achieve and how well we have been able to impact ourselves as a
people in spite of daunting challenges. We equally look and appreciates men and women, who by
dint of vision, hard work, courage and pragmatism, have been able to make a clear difference in
our continent and the lives of its people.
Here in lies the eternal relevance and timelessness of Tony Elumelu,s visionary inputs and
pragmatic philanthropy. Tony Elumelu,a Delta-born, northern Nigeria-brought up bankers, is a
Lagos-based amiable humanist, economist, philanthropist, global icon, angel investor, a patriotic
Nigeria and a model family man. He Chairs Heirs Holdings, Transcorp and is the founder of Tony
Elumelu Foundation, a foremost African philanthropic organization that is democratizing luck
across the continent.
A product and proud son of Dominic and Suzanne Elumelu; hardworking and disciplinarian
family, who sired other sibling like Peter, Ndudi, Loretta and Agatha, under strict and sheltered
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life and in the process imbibed them with sense of purpose driven life. This is to later play crucial
roles in the life and career of Tony and his other siblings. The environment he grew up also played
roles; Tony Elumelu grew up in Northern town of Jos in the present Plateau state. He later did his
compulsory one-year national service in Sokoto state; this residency widens his world outlook,
infused the culture of tolerance, networking, leadership and selflessness in him.
From tender age, young Tony thus set his eyes on big dream and vision of impacting the world,
serving humanity in the process. The platform he chooses to actualize this must be strategic, he
reasoned and backed up with a robust educational attainment. Consequently, he chooses the
platform of trade, finance and entrepreneurship and began to grow in that direction in terms of
career and studied to attain both first and second degree in Economics at Bendel State University
(now Ambrose Alli University) and University of Lagos.
With quality education in his kitty, the next phase of his life was into Job hunting. Sad as in the
present realities, when Ph.D. holder now drives trailer truck, job was abundantly available then.
His first taste of banking juice was during his national youth service in Sokoto in 1985.Union Bank
gave him the leeway; he drank the juice and was inspired and invigorated to quickly realize his
place of call. He served his fatherland diligently and completed it to begin work as a copier
salesman in Lagos, while scouting for opportunity to work in the bank. He found one with the then
Allstates Trust Bank.
While serving the nation, despite the uncertainty of where he would start in life or what job he
could get, he was determined and sure that he will stand out wherever he found himself, through
his hard work, humility, networking, resilience and spirit of excellence. Allstates Trust Bank was
founded in 1988 by a group of investors led by Chief Ebitimi E. Banigo who had served as the
Managing Director of International Merchant Bank from 1981 to 1986 as a Federal Government
appointee.
He got his first banking job which he had applied for a few years after his Master’s degree
programme in 2005, even when he knew he did not meet the job requirement,for he had graduated
with a second-class lower from the university.He saw the application for graduates with a
minimum of second class upper in All States Trust Bank, this according to him aligned with what
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he wanted in life, but his second class lower grade did not make him qualified, still in his
characteristic determination and never give up spirit, he applied and got the job.
True to his personal leadership attributes, strict and disciplined upbringing, he proved himself well
at the All-States Trust Bank and then went on to become the youngest branch manager of the bank
at 27 years old. What a feat! That uncommon achievement gave him leeway into other leadership
positions in the bank.
The banking industry, which started during the colonial era in Nigeria, with the establishment of
Colonial Banks, (with the primary aim of meeting the commercial needs of the Colonial
Government) has indeed come a very long way, and helping to develop the economy of the nation.
From the establishment of, the African Banking Corporation and the Bank of British West
Africa(now First Bank of Nigeria,) in 1892,with only one or two banks to the present day with 21
commercial banks, 860 microfinance banks, 5 discount houses, 64 finance companies, and 5
development finance banks, the sector’s growth has been rapid and noteworthy. As of 2021, the
number of active bank accounts in the country amounted to around 133.5 million, while savings
accounts added up to approximately 120 million, what a remarkable landmarks.
In 1997, Elumelu led a small group of investors to acquire a stressed Crystal Bank (later renamed
Standard Trust Bank). He turned it money-spinning within a few years and in 2005, he led one of
the largest mergers in the banking sector in Sub-Saharan Africa by acquiring United Bank for
Africa (UBA), already in charge in terms of management, merger and giving new directions.
Following the fusion of Standard Trust Bank and United Bank for Africa in 2005, Elumelu led the
company as Group Managing Director from a single-country banking group to a pan-African bank
with subsidiaries in 20 African countries, France, the U.S and the U.K, eventually stepping down
in 2010 at the young age of 47.
In 2010, the erstwhile governor of Nigeria’s Central Bank, Sanusi Lamido Sanusi, (now former
Emir of Kano), introduced a new policy on the tenure (of 10-year limit) of bank chiefs in the
country, according to him, the policy was intended to improve corporate governance in the
financial services sector. The policy made it mandatory for chief executives of banks who have
spent two terms of five years each in office, to step down.
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Consequently, he sacked eight bank chief executives (including Tony Elumelu and Jim Ovia,who
had spent more than 10 years in the saddle) in the country that year. They eventually bowed out
on 31st July 2010 and ventured into different businesses outside of banking.
While some retires to life of revelry and pleasure, Tony Elumelu, choose a path of business and
philanthropy so as to continue his trajectory of life, in spite of the seemingly setbacks. He set up
Heirs holding, a business conglomerates into Insurance, Energy, Hospitality, Real Estate, Medicals
and renewable energy and also a foundation. The Tony Elumelu Foundation, TEF. Following his
retirement from United Bank for Africa in 2010,he founded The Tony Elumelu Foundation,TEF.
The Foundation promotes entrepreneurship in Africa.This he is doing with the belief that the
private sector’s role is critical for Africa’s development is hinged on the economic philosophy of
Africapitalism, which was introduced by him.
In 2015, Elumelu devoted $100 million to create 10,000 entrepreneurs across Africa over the next
10 years through the Foundation’s Entrepreneurship Programme - a Pan-African entrepreneurship
initiative designed to empower African entrepreneurs through a multi-year programme of training,
funding, and mentoring.
Since setting up of the foundation, thousands of lives across African continent and even beyond
have been positively impacted. According to Elumelu, TEF is not only democratising access to
opportunities for African entrepreneurs, the foundation is creating a digital ecosystem where these
entrepreneurs are mentored, trained and funded. The Foundation has funded thousands of
entrepreneurs and continues to invite applications from entrepreneurs annually.
Philanthropy is benevolent giving by individuals and organizations to well-meaning causes and
includes donating money, time, and other forms of altruism. Philanthropy have been in existence
for thousand of years but it has not been deeply rooted or ingrained in an average Africans. The
Elumelu’s deliberate and focused engagement in the act, is not only catalyzing more ultra wealthy
Africans to open their heart and purses but also helping to give more meaning to lives and how
luck can be better democratized to provoke prosperity.
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The impact of his selfless philanthropist has been all across the world, bring the best out of
humanity and understandably the responses has been unprecedent, in terms of goodwill for the
nation and the renewed efforts to integrate Africans. He has turned many lives into envy of their
peers and never resting in these altruistic acts. A Billionaire that is raising many more but younger
billionaire; ask Seyi Adekunle of Vodi Group and my assertion will be confirmed. Asked many
beneficiaries of TEF and the response will be an affirmation.
No wonder such a rich and purpose driven life have been recognized, celebrated and rewarded
with series of awards and recognition, too numerous to document for the brevity of this write up
by very impacting and reassuring to spur him to a greater height. At 60,still a young man, by all
standard of metrication, yet his global relevance in vast while his legacy of wealth-building remain
commendable. TIME magazine's in 2020 named him as one of 100 Most Influential People in the
world and on 11 October 2022,he received the National honour of Commander of the Order of the
Federal Republic from the president of the Federal Republic,Muhammadu Buhari..
At 60, Elumelu’s life journey is worth emulation by all those who desire success in life. His
personal attributes are exemplary; humility, selflessness, courage, resilience, hard work, foresight,
and robust networking capability. His management style is a model that any would-be future
manager must copy and imbibe. He is visionary, democratic, transformational and coaching or
mentoring others, drawing form his vast experiences and encyclopedic knowledge Tony has
very high emotional intelligence quotient. He knows how to make the people around him work to
their best capacity without slave-driving them. He invests in people around him and even far away,
training, exposing and giving them opportunities to themselves become leaders.
He has also consciously established a reputation as a modern-day chief executive who firmly
believes in the power and capacity of women to make a difference in a world hitherto dominated
by his kind and ensure that women are given position of responsibility. The Tony
Elumelu Foundation has empowered over 7,000 women entrepreneurs across all 54 African
countries and he is not near stopping. It’s a legacy he says he is committed to sustaining in the
manner of Paul Kagame, the president of Rwanda
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At 60 he is taking the development of the African continent to a new level through the campaign
for the enthronement of Africapitalism,an economic philosophy he developed and predicated on
the belief that Africa’s private sector can and must play a leading role in the continent’s
development.We needs to do so in view of the increasing challenges facing the continent,
coupled with the twin evil of climate change and terrorism.
The vitality of his present age and the vigor with which he is pushing for Africapitalism should
motivate and inspire us all to be part of the broader solutions to Africa’s problems, keying into
all the principles of Africapitalism
We must all strive to promote entrepreneurship so as to unlock the power of individuals to
create and grow their business ideas into successful companies. We must engage in long-term
investments, using capital to creates greater and broader economic value as we invest in
strategic sectors of our continental economy. We must create a culture that will help us conduct
investments and business activity in a manner that delivers financial returns to shareholders as
well as economic and social benefit to stakeholders, doing so with a shred purpose and mutual
collaborations at an intra-regional level, so as to continue to create create conditions that will
empower the African private sector to thrive.
At 60 Tony Elumelu has made his mark and sustaining a legacy of wealth-building, community
development, national and international integration. He has become our best positive brand,
adding values to the image of Nigeria abroad and never tired to do so. He is at home with the
kings all over the world as well as the commoners at home. Asked Mohammed Ogbanago, (the
security man who was celebrated for returning thousands of dollars a customer of the bank
forgot), he will tell you he has not washed the hands so as not to wipe away the encouraging
handshake he got from Elumelu, during commendation meeting with the bank executives.
Tony Elumelu is at home with Diplomats, Head of States, Heads of government, and global
icons and celebrity. His life shows the possibility of fulfillment of vision through strategic
planning, determination, courage, resilience, team work, team spirit and ability to work to get
result in spite of daunting challenges. We celebrate you today, our Tony; the African
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Entrepreneurs( which you have made lives more meaningful) celebrates you today, just as every
well-meaning global citizen celebrates you as you clock 60 on 22 nd March.
MADIBA IBRAHIM BABAFEMI LAPINNI
09011364063,madibalapinni@gmail.com
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