Elumelu: Garland to Africa’s leading investor and philanthropist @ 60

THOMAS IMONIKHE

Though a product of Nigeria’s educational system, having bagged his first and second degrees locally, the Chairman of the United Bank for Africa UBA Plc, Heirs Holdings and the Tony Elumelu Foundation, TEF, Mr. Tony Onyemaechi Elumelu CFR, who joins the league of Sexagenarians March 22, has become a global brand after carving a solid niche for himself as one of Africa’s leading investors, philanthropists and builders of men given his unassailable attainments in banking, business, philanthropy as well as passion for empowering young entrepreneurs across the continent.

He is not a politician but apparently, holds very dearly one of former president of South Africa, late Dr. Nelson Mandela’s famous quotes that “the youth of today are the leaders of tomorrow” to his heart which perhaps informed his decision to commit enormous financial resources for the training and empowerment of budding entrepreneurs as part of  strategy to radically change Africa’s socio-economic growth indices and improve living standard of her people.

It is therefore not surprising that Elumelu, who will be 60 years old Wednesday, an epitome of humility and integrity fits into a perfect role model for hundreds of young Nigerians and Africans, especially entrepreneurs, who constantly look up to him for a major lift in their chosen endeavours. Such expectations are not misplaced given the giant attainments of the top banker, businessman, employer, and a philanthropist extraordinary and his contributions to Nigeria’s socio-economic development.

Therefore his undying passion for entrepreneurship, the common good and doggedness for achieving set objectives might have informed the establishment of the Tony Elumelu Foundation, TEF which is firmly rooted on his economic philosophy of Africapitalism, meaning “that the African private sector has the power to transform the continent through long-term investments, creating both economic prosperity and social wealth”, a concept that is rated as the first of such business model and targeted at raising the next generation of competent entrepreneurs.

There is also the Tony Elumelu Foundation’s Economic Empowerment established soley for widows of the Armed Forces of Nigeria which gives widows of slain soldiers business training and seed capital of $2,000 each to begin their entrepreneurial journey and cater for their families.

But the novel and ambitious pan-African initiative introduced in 2015 by the renowned economist, with a capital of $100 million is being implemented through the TEF Entrepreneurship Programme aimed at creating at least 10,000 young entrepreneurs across Africa by 2025 through training, funding, and mentoring.

Elaborating on the home grown philosophy, Elumelu said, “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” stressing that it “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”.

Africans, he insisted should no longer leave the business of social, economic and technological development to “our governments, donor countries and philanthropic organizations alone” maintaining that the concept is not exclusive to African businesses but one that requires young entrepreneurs to be worthy example for their peers in other parts of the globe to follow, considering that the challenges encountered on the continent demand not only one’s vision but patience and perseverance.

In a nutshell, the significance of his celebrated initiative is to inculcate in young African entrepreneurs the can do it spirit and utmost conviction that they can excel in their chosen careers without necessarily having to seek greener pasture or help abroad while governments on the continent are dissuaded from their so called business trips in the guise of wooing the elusive foreign investors.

Named on Time’s list of the 100 most influential people in the world in 2020, Elumelu was born in Jos, Plateau state on 22 March 1963, to Suzanne and Dominic Elumelu from Onicha-Ukwu in Aniocha North Local Government Area, LGA of Delta State.

He studied Economics at Bendel State University (now Ambrose Alli University) in Edo State obtaining a Bachelor of Science and thereafter bagged a Master of Science degree in Economics at the University of Lagos.

The billionaire began his working career at the Union Bank as a Youth Corp member during his National Youth Service Corps in 1985, before starting his career as a salesman. Over a decade later, in 1997, he led a small group of credible investors to take over a struggling Crystal Bank (later renamed Standard Trust Bank) which he turned into a profitable venture within a few years in charge before making history in 2005 when he led one of the largest mergers in the banking industry in Sub-Saharan Africa by acquiring United Bank for Africa (UBA).

It is note worthy that after the merger of Standard Trust Bank and United Bank for Africa, Elumelu led the financial institution as its pioneer Group Managing Director, GMD, from a single-country (Nigeria) banking group to a pan-African bank with subsidiaries in 20 African countries, France, the United States and the United Kingdom, and stepped down in 2010. He currently chairs the board of the UBA Plc.

Shedding his passion for the younger generation, the business mogul, who became the Chief Executive Officer, CEO, of Standard Trust Bank and one of the youngest bank CEOs in Nigeria at the age of 34 attributed his accelerated success in the sector to hard work and luck, stressing that his breakthroughs and failures have always been his motivation.

Elumelu, who shared this via his Facebook account in January, noted: “This is me – aged 34! I had just become CEO of Standard Trust Bank and one of the youngest bank CEOs in Nigeria. It was a time of fast-paced change in our industry, and reform-minded policymakers had opened up paths for consolidation and strengthening our sector. Competition was intense – but youth was not a barrier.

“I owe my accelerated career and successes to two things: hard work and luck, and I know firsthand how these factors are inextricable in success. My successes – and yes, failures – have always driven me to create opportunities for young people. I believe that our young have the talent and the zeal to transform our world.”

Remarkably too, his exit as the UBA’s CEO in 2010 saw the birth of Heirs Holdings, his family-owned investment holding company  and the Tony Elumelu Foundation now in the forefront of championing entrepreneurship in Africa. Heirs Holdings maintains a solid portfolio of investments across several sectors of the economy through which the founder holds a controlling interest in Transnational Corporation, a diversified conglomerate with business interests in Power, Hospitality and Energy, Heirs Insurance, the Tony Elumelu Foundation and other investments and businesses.

It is on record that apart from creating massive employment opportunities for Africans, these investments have contributed immensely in growing Nigeria’s Gross Domestic Products, GDPs and accelerating her socio-economic and technological development.

Described as a stickler to good corporate governance and zero tolerance for corruption and unethical practices in his eventful career path, the boardroom guru has an unblemished meritorious services in the private sector where he is highly rated as a banker par excellence whose contributions to business development and entrepreneurship in Nigeria and Africa are unrivaled.

Significantly also, his many years of active financial support to small and medium scale enterprises has endeared him to many across the continent as such gesture has gone a long to alleviating poverty and boosting wealth creation. This is in line with his popular view that wealth for one person in the family does not give security which only comes when you ‘’democratize prosperity around us as much as possible”. His advocacy for new Marshall plan for Africa that will substantially improve access to electricity has similarly been embraced by many governments who strive to boost power generation, transmission and distribution as part of strategy to accelerate development. Once that is done to a large extent, every other thing falls in place.

It is not surprising, therefore, that Elumelu’s invaluable contributions to businesses and entrepreneurship have received both national and global recognitions from several quarters including the conferment of  Nigeria’s Member of the Order of the Federal Republic MFR, Commander of the Order of the Niger CON for his service in promoting private enterprise, Commander of the Order of the Federal Republic (CFR) Army’s Recognition Award from President Muhammadu Buhari.

At the sub-regional and global stage also, he was  a worthy recipient of 2022 ECOWAS Prize of Excellence Award for Deserving Citizens of the Community by the President of the Economic Community of West African State  (ECOWAS), Dr. Omar Alieu Touray and one of the four Africans named by TIME magazine in the 2020 TIME 100, the annual list of the 100 most influential people in the world.

A man endowed with extraordinary entrepreneurial and managerial acumen, the philanthropist’s brilliance was recognized recently when during his vacation in the Eastern Caribbean Island of Barbados,  the Prime Minister, The Hon. Mia Amor Mottley and other top government officials hosted Elumelu and his family to a grand reception ahead of his 60th birthday. This was revealed in a shared clip, which went viral according to a post on his social media handle, which afforded the UBA chairman in company of his amiable wife, Mrs Awele Elumelu – a medical doctor and chairperson of Avon Healthcare Limited, and children to share in the joy of the moment.

It generated intense reactions from social media users with one of them showering encomiums on the celebrant. “What’s the essence of having billions without ever relaxing to enjoy it? I commend Elumelu for investment by relation and I commend him even more for making the clips available for those who are dying all over Nigeria slaving for money without enjoying the one they have made. Nice clip.”

Happy birthday to the Delta State-born pan-Africanist, philanthropist and one of Nigeria’s leading economic  figures.