Tony Elumelu

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Tony O. Elumelu

Tony Elumelu.jpg
Elumelu in 2020
Born
Anthony Onyemaechi Elumelu

(1963-03-22) 22 March 1963 (age 58)
Jos, Plateau, Nigeria
NationalityNigerian
Alma materAmbrose Alli University,
University of Lagos
OccupationFounder, The Tony Elumelu Foundation, Chairman, Transnational Corporation of Nigeria, Heirs Holdings & United Bank for Africa
Years active1987–present
Known forFounding The Tony Elumelu Foundation
Spouse(s)Dr. Awele Elumelu (m. 1993)
Children7[1]

Tony Onyemaechi Elumelu (born 22 March 1963) is a Nigerian economist, entrepreneur, and philanthropist. He is the chairman of Heirs Holdings, the United Bank for Africa,[2] Transcorp and founder of The Tony Elumelu Foundation. Elumelu holds the Nigerian national honours, Member of the Order of the Federal Republic (MFR) and Commander of the Order of the Niger (CON).

He is best known in Africa for his entrepreneurial support through his $100 million commitment of personal funds to the Tony Elumelu Foundation Entrepreneurship Programme.[3]

Elumelu was named one of TIME Magazine's 100 Most Influential People of 2020.[4]

Early life[edit]

Childhood and Family[edit]

Elumelu was born in Jos, Plateau, Nigeria, on 22 March 1963, to Suzanne and Dominic Elumelu from Onicha-Ukwu in Aniocha North Local Government Area of Delta State. [5] [6] He grew up with four siblings, one of whom is Ndudi Elumelu, a minority leader in the Nigerian Federal House of Representatives. [7][8]

Education[edit]

He studied Economics at the Bendel State University (now Ambrose Alli University) obtaining a BSc and a Master of Science degree in Economics from the University of Lagos.[9]

Career[edit]

Early Career[edit]

Elumelu worked in the Nigerian Bank Union Bank as a Youth Corp member of the National Youth Service Corps in 1985 before starting his career as a salesman. Elumelu subsequently joined Allstates Trust Bank.[10] in 2005 and United Bank for Africa (UBA) was acquired afterwards.[11]

On his early career, he has said:

I started my career as a salesman, a copier salesman to be specific, young, hungry, and hardworking, but the reality was that I was just one of the thousands of young Nigerian graduates, all eager to succeed.[12]

In 1997, Elumelu led a small group of investors to take over a struggling Crystal Bank (later renamed Standard Trust Bank). He turned it profitable 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). [13][14]

United Bank for Africa[edit]

Following the merger 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. [15][16]

Elumelu currently chairs the board of the United Bank for Africa[17][18]

Heirs Holdings[edit]

Elumelu runs his family-owned investment holding company – Heirs Holdings and his philanthropic works through the Tony Elumelu Foundation. [19]

In 2010, he founded Heirs Holdings, his family-owned investment holding company. Elumelu also established in the same year the Tony Elumelu Foundation, an Africa-based foundation championing entrepreneurship in Africa.[20] Heirs Holdings maintains a portfolio of investments across several sectors including Diversified investments, Banking, Financial Services, Real Estate Energy, Oil and Gas, Healthcare, Hospitality, Insurance. [21][22] Through Heirs Holdings, Elumelu holds a controlling interest in Transnational Corporation, a diversified conglomerate with business interests in Power, Hospitality and Energy[23] In January 2021, Heirs Holdings through its affiliates – Heirs Oil & Gas and Transnational Corporation announced its acquisition of a 45% operating stake in a permit known as Oil Mining Lease 17 from Shell, Total and ENI in a deal worth more than $1 billion. [24]

Philanthropy[edit]

The Tony Elumelu Foundation[edit]

Main article: The Tony Elumelu Foundation

Following his retirement from United Bank for Africa in 2010, Elumelu founded The Tony Elumelu Foundation. The Tony Elumelu Foundation promotes entrepreneurship in Africa. The Tony Elumelu Foundation’s 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 Elumelu; "that the African private sector has the power to transform the continent through long-term investments, creating both economic prosperity and social wealth."[25][26][27][28][29]

In 2015, Elumelu committed $100 million to create 10,000 entrepreneurs across Africa over the next 10 years through the Tony Elumelu Foundation Entrepreneurship Programme - a Pan-African entrepreneurship initiative designed to empower African entrepreneurs through a multi-year programme of training, funding, and mentoring.[30]

Recognition[edit]

Elumelu has received recognition and praise for his contributions to business and entrepreneurship.

  • In 2003, the Federal Government of Nigeria granted Elumelu the title of Member of the Order of the Federal Republic (MFR), a national honour.[31]
  • In 2012, he was awarded the National Honour of Commander of the Order of the Niger (CON) for his service in promoting private enterprise.[32]
  • He was awarded the 'Daily Times, Nigerian man of the year in 2016.[33]
  • The Business Council for International Understanding Global Entrepreneurship award in 2017.[34]
  • In 2018 and 2019 he was awarded the All-Africa Business Leaders’ Awards (AABLA) Philanthropist of the Year Award[35]
  • Bayero University Kano (BUK) - Honorary Doctor of Business degree in 2019[36]
  • He was honored with the National Productivity Order of Merit Award in 2019.[37]
  • TIME magazine 's 100 Most Influential People of 2020.[38]

Personal life[edit]

Elumelu married Awele Vivien Elumelu, a medical doctor, in 1993. They have seven children together.[39]

References[edit]

  1. ^ "Tony Elumelu @58: The Man, the Entrepreneur, and Philanthropist". Thisday. Retrieved 23 September 2021.
  2. ^ "THE 100 MOST INFLUENTIAL PEOPLE OF 2020 - Tony Elumelu". TIME. Retrieved 22 September 2021.
  3. ^ "Nigerian Billionaire Tony Elumelu Commits $100 Million To Create 10,000 African Entrepreneurs In 10 Years". Forbes. Retrieved 22 October 2019.
  4. ^ "Tony Elumelu: The 100 Most Influential People of 2020". Time. Retrieved 23 September 2020.
  5. ^ "Gov. Okowa eulogises Tony Elumelu at 55". The Eagle Online. 22 March 2018. Retrieved 23 March 2018.
  6. ^ "Tony Elumelu: The Quintessential Leader". The Guardian Nigeria News - Nigeria and World News. 5 July 2018. Retrieved 14 August 2020.
  7. ^ "20 things about Tony Elumelu, man of means who donates billions". The Guardian Nigeria News - Nigeria and World News. 25 August 2017. Retrieved 14 August 2020.
  8. ^ "National Assembly | Federal Republic of Nigeria". www.nassnig.org. Retrieved 14 August 2020.
  9. ^ "50th Anniversary: Day Unilag Alumni Association Celebrated Distinguished Members". University of Lagos. Retrieved 14 August 2020.
  10. ^ syd uk · 5 January 2015 (5 January 2015). "Tony Elumelu: the African you Need to know". Theafrikanpost.com. Retrieved 17 March 2015.CS1 maint: multiple names: authors list (link)
  11. ^ Africa, United Bank for. "Tony O. Elumelu, C.O.N". UBA Group. Retrieved 14 August 2020.
  12. ^ Tony Elumelu (2 January 2019). "Years of spreading luck – everyone needs a little help". The Cable. Retrieved 25 July 2020.
  13. ^ "Elumelu is MD of UBA - Merger of UBA/STB". Proshare. Retrieved 22 October 2019.
  14. ^ "Nigerian Billionaire Tony Elumelu Commits $100 Million To Create 10,000 African Entrepreneurs In 10 Years". Forbes. Retrieved 22 October 2019.
  15. ^ "Meet Tony Elumelu, Africa's Frontline Business Leader". Forbes. Retrieved 14 August 2021.
  16. ^ "Access Bank, UBA, GTB… the Nigerian banks making inroads in Africa". The Africa Report. Retrieved 12 July 2021.
  17. ^ "Elumelu returns to UBA as Board Chairman". Premium Times. Retrieved 12 July 2021.
  18. ^ Africa, United Bank for. "Tony O. Elumelu, C.O.N". UBA Group. Retrieved 14 August 2020.
  19. ^ "The Tony Elumelu Foundation - Africa's leading philantrophic institution". The Tony Elumelu Foundation. Retrieved 14 August 2020.
  20. ^ "Meet Tony Elumelu, Africa's Frontline Business Leader". Forbes. Retrieved 14 August 2021.
  21. ^ "Private Sector – Heirs Holdings". USAID. Retrieved 14 August 2021.
  22. ^ "Heirs Holdings - About us". USAID. Retrieved 14 August 2021.
  23. ^ "Elumelu: The Rise, Impact Of A Pan-African Entrepreneur". Leadership. Retrieved 14 August 2021.
  24. ^ "Nigeria's Heirs Holdings buys 45% stake in OML 17 onshore oilfield". Reuters. Retrieved 14 August 2021.
  25. ^ Amaeshi, Kenneth; Okupe, Adun; Idemudia, Uwafiokun (7 June 2018). Africapitalism: Rethinking the Role of Business in Africa. Cambridge University Press. ISBN 9781107160705. Retrieved 14 August 2021.
  26. ^ "A case study of the Tony Elumelu Foundation Entrepreneurship Programme" (PDF). Graduate School of Business – University of Cape Town. Retrieved 14 August 2021.
  27. ^ "Middle East and Africa: The rise of Africapitalism". The Economist. 20 November 2014. Retrieved 17 March 2015.
  28. ^ Elumelu, Tony O. (31 July 2014). "Tony O. Elumelu: Africa Is Open for Business, Ready for Investment". The Wall Street Journal. Retrieved 17 March 2015.
  29. ^ "A new framework for a new age", Beyondbrics, Financial Times, 23 January 2015.
  30. ^ "Nigerian Billionaire Tony Elumelu Commits $100 Million To Create 10,000 African Entrepreneurs In 10 Years". Forbes. Retrieved 22 October 2019.
  31. ^ "Tony Elumelu: The making of a business ambassador". The Cable. 14 January 2018. Retrieved 14 August 2020.
  32. ^ "Adenuga Bags GCON". This Day. 10 September 2012. Archived from the original on 18 May 2015. Retrieved 27 February 2016.
  33. ^ "Why Elumelu won Daily Times Nigeria Man-of-the-Year 2016". Daily Times. 8 January 2017. Retrieved 29 July 2019.
  34. ^ "The Business Council for International Understanding Honors Mr. Tony O. Elumelu with 2017 Dwight D. Eisenhower Global Entrepreneurship Award". Daily Times. 4 December 2017. Retrieved 29 July 2019.
  35. ^ "All Africa Business Leaders Awards announce 2018 West African Finalists". Daily Times. 7 November 2018. Retrieved 29 July 2019.
  36. ^ "BUK to honour Tony Elumelu with an Honorary Doctorate Degree". Premium Times. 6 June 2019. Retrieved 29 August 2019.
  37. ^ "Elumelu to Receive National Award". Thisday. 27 November 2019. Retrieved 29 September 2020.
  38. ^ "THE 100 MOST INFLUENTIAL PEOPLE OF 2020 - Tony Elumelu". TIME. Retrieved 22 September 2021.
  39. ^ "Tony Elumelu's Other Children". This Day. Retrieved 14 August 2020 – via PressReader.