Tony Elumelu was born 22 March 1963 he is a Nigerian economist, entrepreneur, and philanthropist. He is the Chairman of Heirs Holdings, the United Bank for Africa, Transcorp and founder of The Tony Elumelu Foundation. Elumelu holds the Nigerian national honours, the Commander of the Order of the Niger (CON) and Member of the Order of the Federal Republic (MFR). He was recognised as one of “Africa’s 20 Most Powerful People in 2012” by Forbes magazine.
Elumelu was born in Jos, Plateau State, Nigeria, in 1963. He hails from Onicha-Ukwu in Aniocha North Local Government Area of Delta State. He has two degrees in economics from Nigerian universities, a bachelor’s degree from Ambrose Alli University and a master of science degree from the University of Lagos. He is an alumnus of Harvard Business School’s Advanced Management Programme.
Tony Elumelu married Awele Vivien Elumelu, a medical doctor, in 1993, and they have seven children together. He has four siblings, one of whom is Ndudi Elumelu, a former member of the Nigerian Federal House of Representatives.
Elumelu made a name for himself when he came by and turned benchmark believe Bank into a top-five contestant in Nigeria. In 2005, his business reputation as an African Business foremost was closed when he led the largest amalgamation in the banking part in Sub-Saharan Africa to come by joined Bank for Africa (UBA). In five years he transformed it from a single-country bank, to a pan-African institution with over 7 million customers in 19 African countries.
Following his retirement from UBA in 2010, Elumelu founded Heirs Holdings, which buys into in the financial services, power, genuine land parcel and hospitality, agribusiness, and healthcare parts; all of which help to conceive financial prosperity and social wealth over the countries. In the identical year, he established the Tony Elumelu base, an Africa-based and African-funded, philanthropic association dedicated to the promotion of excellence in enterprise authority and entrepreneurship, to enhance the competitiveness of the personal sector over Africa.
In 2011, Heirs Holdings 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 parts. Elumelu was subsequently appointed Chairman of the company.
Elumelu serves as an Advisor to the USAID’s personal Capital Group for Africa (PCGA) Partners Forum. He is seated on the Nigerian President’s farming Transformation Implementation assembly (ATIC). He is furthermore Vice-Chairman and a key person driving in the formation of the nationwide Competitiveness Council of Nigeria (NCCN), and serves as Co-Chair of the Aspen Institute Dialogue sequence on international Food Security. He additionally seating the Ministerial managing group to set up world-class hospitals and diagnostic centers over Nigeria, at the request of the government.
Elumelu also has landed properties across Nigeria and a marginal stake in mobile telecom firm MTN Nigeria to mention a few of his assets. He was one of the co-chairs of the 26th World Economic Forum on Africa in Kigali, Rwanda, from 11 to 13 May 2016.
This magnificent mansion was built by Tony Elumelu in his hometown Onicha-Ukwu in Aniocha North Local Government Area of Delta State. This billionaire citadel was mentioned as one of the “largest private residences in Nigeria. if not the largest in Nigeria”
Tony Elumelu added a brand new Falcon 7X private jet to his fleet of exotic ‘toys’. Those who have seen the new acquisition say it is one of the most luxurious.
In acquiring the jet, Elumelu is said to be motivated by the need to travel with utmost comfort as he attends to his businesses beyond the shores of Africa.
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.In 2006, Elumelu was voted African Business Leader of The Year by Africa Investor magazine and was recognised African Banker of the Year in 2008 by African Bankermagazine. In 2009, the Nigerian President Umaru Musa Yar’adua asked him to serve 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. He was recognised as one of “Africa’s 20 Most Powerful People in 2012” by Forbes magazine. In addition, New African magazine featured him in their list of the “100 Most Influential Africans in Business”. He was awarded an honorary doctorate of science degree from 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.
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.
At the 5th edition of the annual Economic Forum of the Ivorian National Council of Employers, CGECI Academy, (CGECI) in Abidjan in April 2016, he was awarded a Lifetime Achievement Award.
Tony Elumelu donated $500,000 to Sierra Leone to help alleviate the suffering of people affected by flood and mudslide in the country.
Tony gives $10,000 To End Poverty program, to 10,000 Entrepreneurs at an entrepreneurship event in July 2015.
The Tony Elumelu Foundation
Following his retirement from United Bank for Africa in July 2010, Elumelu founded The Tony Elumelu Foundation. His stated objective 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 such as The Tony Elumelu Entrepreneurship Programme (TEEP).
The Foundation deploys its resources to generate solutions to challenges that inhibit the growth of the African private sector. Through its commitment to catalytic philanthropy, the Tony Elumelu Foundation seeks to achieve its mission by enhancing the capacity of African businesses, supporting and driving policies that promote competitiveness, deploying financial capital through impact investments, and educating public and private sector actors through rigorous research.
- Tony Elumelu was a member of the World Economic Forum’s Regional Agenda Council on Africa.
- Elumelu is a Trustee of the Infant Jesus Academy in Delta State, Nigeria.
- He is involved, through his foundation, with the Tony Blair Africa Governance Initiative (AGI) in a partnership to strengthen the private sector’s role in the economic transformation of select African countries. This partnership is called the Blair-Elumelu Fellowship Programme.
- He is a Fellow of the Nigeria Leadership Initiative (NLI)
- His presence on the Bretton Woods Committee, which brings together senior leaders in the global banking industry, is recognition of his work on African development.
- He is co-chair of the Africa Energy Leaders’ Group (AELG)
Tony Elumelu is the fifth richest man in Nigeria as at 2016 and his net worth is estimated to be at $1 billion.
Fact about Tony Elumelu
- He was featured in New African in their list of the “100 Most Influential Africans in Business”.
- The chairman of the United Bank for Africa, Transcorp
- He is a native of Onicha-Ukwu in Aniocha North Local Government Area of Delta State.
- He also serves as a member of the Global Advisory Board of the United Nations Sustainable Energy for All Initiative (SE4ALL)
- He is a member of USAID’s Private Capital Group for Africa Partners Forum.
- He has four siblings.One of whom is the Hon. Ndudi Elumelu, a former member of the Nigerian Federal House of Representatives.
- In 2012 New African magazine featured him in their list of the “100 Moat Influential Africans in Business”.
- He has decorated the highly esteemed National Honour of Commander of the Order of the Niger (CON) for his service in promoting private enterprise in 2012.
- He was voted African Business Leader of the Year by African Investor magazine in 2006 and was also recognized as the African Banker of the Year in 2008 by the same magazine.
- President Umaru Musa Yar’adua asked him to serve on the Presidential Committee on the Global Financial Crisis in 2009.
- He received the Leadership Award in Business and Philanthropy from the Africa-America Institute (AAI) Awards in 2013.
- Also in 2013 he was named African Business Icon at the 2013 African Business Awards.
- In April 2016 he was awarded a Lifetime Achievement Award at At the 5th edition of the annual Economic Forum of the Ivorian National Council of Employers, CGECI Academy.
- The title of Member of the order of the Federal Republic (MFR), a national honour which was conferred on him in 2003.
- The TOE Way: A handbook that offers insights into Elumelu’s philosophies, business practices, values and secrets of success, written by the man himself.
- How to Excel at Work – Proven strategies for achieving superior work performance] by Bili A. Odum – a book inspired by Elumelu’s work ethics.
- 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.
10 Success Lesson to Learn from Tony Elumelu
- Impossibility only happens in the brain.
- In leadership, no knowledge gained is lost.
- Leadership is a journey and it occurs at every stage.
- People management is key. Learn how to motivate your people. Be painstaking in choosing the right people.
- The difference between a successful and non-successful leader is the quality of decisions you make.
- Leadership is first among equals. It goes with humility.
- Always Think broad
- When you Think of something for it
- Match your vision with strategy
- Hire the right people for your job