By Clem Aguiyi
This is the third in the series of stories I love to tell. Stories about living legends and icons that have not only inspired me, but of men changing the world and making some sense out of Africa. This episode is a tribute to Africa’s Number 1 Capitalist, a man committed to helping others who dare to venture and achieve greatness.
This episode is dedicated to Tony Elumelu, a man that punched 110% above his height. Why do I make this assertion about him? Maybe if Tony had accepted to be defined by the book, maybe he will still be selling copiers rather than being that banker that transformed UBA from a local Nigeria bank to a pan African bank with over 19 continental branches and seven million customers and still counting.
He didn’t start his career as a banker or the son of boardroom guru. He was a humble sales man and like every other young man of his time did everything to make a difference until luck, providence and determination smiled on him. When the then All States Bank advertised for a position requiring for a graduate with Second Class (Upper Division) to be employed to the position of Entry Analyst, Tony knew he was disqualified by the book but he nevertheless applied for the position knowing his ability, intelligence, drive and ambition will rather redefine the book.
The cover letter to his application read: “I know I may not have met the qualifying criteria for the advertised roles, but I am intelligent, driven, and ambitious and I will make the bank proud. My 2:2 degree does not demonstrate the full extent of my intelligence and ability, and I know I can do so much more.”
The very words in the cover letter caught the eyes of the bank chairman who decided to hire him. He loved his confidence but barely knew he was creating an African wonder and legend. Twelve months after he was hired as an entry analyst he was promoted to the position of bank manager to become the youngest bank manager of his time at the age of 27 years. He kept his words. He not only did much more, he made the bank proud. And interestingly this was also the time I encountered Tony, having moved my account from the defunct North South Bank to All States.
Indeed, Tony is a pride to his generation, to all that knew him, to Nigeria, Africa and the world. It doesn’t matter how many times his story is told and in what languages they are retold and to what audience. His story to grace is one I love to tell and I am telling it now again with the hope the people of this generation and coming generation will be inspired by it to punch above their heights
Who is Tony Elumelu? Tony was born in Jos, Nigeria in 1963, a native of Onicha Ukwu in Aniocha Local Government Area, Delta State. For those who want to know if Tony is Igbo, yes, he is Igbo despite the geographical divide. He holds a bachelor’s degree from Ambrose Alli University, Ekpoma and a Master of Science degree from the University of Lagos. He is married to Awele Vivien Elumelu, a medical doctor, and between them are seven lovely children. Tony has four siblings, one of whom is Ndudi Elumelu, the Minority Leader and a member of the House of Representatives
In his early career, Elumelu acquired and turned Standard Trust Bank into a top-five player in Nigeria. In 2005 he led the acquisition of United Bank for Africa (UBA), later transforming it from a single-country bank to a pan-African institution with more than seven million customers in 19 African countries. This is a no mean fit for a man who didn’t start his career as a banker.
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 organization.
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 sectors. Elumelu was subsequently appointed chairman of the corporation.
Elumelu serves as an advisor to the USAID’s Private Capital Group for Africa (PCGA) Partners Forum. He 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. He 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 three 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). He was one of the co-chairs of the 26th World Economic Forum on Africa in Kigali, Rwanda, from 11 to 13 May 2016.
Following his retirement from UBA 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”. Elumelu 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 nationalization 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.
As I salute Tony, I pray that the God of Tony Elumelu will bless our generation with the abundant of His blessings. May His God give us the grace as a nation and a people to punch above our heights
