Tony Elumelu

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. [4][5] He grew up with four siblings, one of whom is Ndudi Elumelu, a minority leader in the Nigerian Federal House of Representatives. [6][7]

He studied Economics at Bendel State University (now Ambrose Alli University) obtaining a Bachelor of Science with a Lower Second Class (2:2). Afterward, he studied and received a Master of Science degree in Economics at the University of Lagos.[8]

Elumelu worked in the Nigerian Bank Union Bank as a Youth Corp member during his National Youth Service Corps in 1985, before starting his career as a salesman. Elumelu subsequently joined Allstates Trust Bank.[9] in 2005 and United Bank for Africa (UBA) was acquired afterwards.[10]

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.[11]

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, after being given $20 million from businessman Femi Otedola, he led one of the largest mergers in the banking sector in Sub-Saharan Africa by acquiring United Bank for Africa (UBA). [12][13]

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. [14][15]

Elumelu currently chairs the board of the United Bank for Africa.[16][17]

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.[18] Heirs Holdings maintains a portfolio of investments across several sectors.[19][20] Through Heirs Holdings, Elumelu holds a controlling interest in Transnational Corporation, a diversified conglomerate with business interests in Power, Hospitality and Energy.[21]

On April 14, 2021, Elumelu was officially handed the Certificate of Discharge of the iconic hospitality facility. The National Council on Privatization (NCP), which is chaired by the Vice President of Nigeria Prof. Yemi Osinbajo, handed over full ownership of Transcorp Hotels to the Chairman after fulfilling all privatization conditions attached to the sale of the property in 2005.[22]

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."[23]

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.[24]