TONY ELUMELU – THE APOSTLE OF AFRICAPITALISM
Tony O. Elumelu CON
By Oki Samson- Trek Africa Newspaper
Tony O. Elumelu CON is a household name in Africa as a wealth creator, boardroom czar, entrepreneur, investor and philanthropist. Having been well recognized by reputable organizations like Africa-America Institute, Forbes magazine, ESI-Africa, among others and sitting on the executive boards of several national, continental and global institutions, Tony Elumelu is one of the most successful personalities to have emerged from Nigeria, nay Africa.
PUSHING THE LID OFF THE BANKING SECTOR
The Nigerian banking sector didn’t always look like this! The banks ran basically like public institutions, depended heavily on public funds in form of salaries, and pensions and gratuities, and the bankers themselves looked more like public servants. Tony Elumelu arrived on the scene and became the game changer.
As the Managing Director of Standard Trust Bank, when he arrived in his office daily he looked like a model. With fitted shirt and suit, and shoes to match, he went about the business of the day. Sooner than later, his dress sense began to percolate down to the rank and file in the organization. Also, the managing director of other banks took after his style and dumped their ‘coats’ in conformity with the well-tailored suits as standardized by Tony Elumelu.
The idea of Mr and Mrs began to deplete in relevance in the banking sector as Tony Elumelu will meet anyone and introduce himself as ‘My name is Tony’ rather than ‘My name is Mr. Elumelu’. Thus, the idea of first name calling gained prominence to what it is now these days. Till date, this transformational leader is identified as Tony O. Elumelu, CON not Mr., Chief, Honorable or other allied titles.
The technocratic Tony also considered himself as the ‘numero uno’, the number 1 customer service officer of the bank. Thus, when you see him, he displayed distinguished empathy and requisite competence in meeting the needs of a regular customer rather than the aloofness and ‘larger than life’ attitude that leading bank executives of the day demonstrated. By his influence, the banks saw that the customer is king, and not the leadership or workforce of the banks. Thus the job of satisfying the yearnings of the customer does not rest with the customer relations department, members of staff on the counter but the entire hierarchical structure of the bank.
By the time the erstwhile Standard Trust Bank merged with the provincial United Bank for Africa (UBA) retaining the name but logo of Standard Trust Bank, it became Africa’s global bank and also the shining light for modern banking in the Nigerian landscape. More so, the innovation and creativity of Tony Elumelu became the more significant and far-reaching to the extent that if a bank is not already implementing them, it will simply be playing catch up.
Such is the transformational leadership that Tony Elumelu brought into the Nigerian banking sector in the 21st century.
former President of United States of America, Mr. Barrack Obama in a handshake with Mr. Tony Elumelu
PREACHING THE GOSPEL OF AFRICAPITALISM
When Tony Elumelu introduced the term ‘Africapitalism’ into the business lingua, many would have thought it to be just another highfalutin word but the current reality is gradually conformingto the fulfillment of the philosophy.
The economic philosophy that postulates that the African private sector has the power to transform the continent through long-term investments, creating both economic prosperity and social wealth is surging forward since 2011 when it was first propounded by the Nigerian business mogul. According to the proponent of the idea, ‘Africapitalism is the middle ground between business and philanthropy’.
Since then, the concept has enjoyed careful doctoral research and academic dissertation in the prime institutions across the world and adequate media reviews from the top business magazines and journals.
The concept has transited from just being an interesting idea to an intellectual institution bearing a name after itself, the Africapitalism Institute. The Institute aims to promote the philosophy with the intent to create sustainable economic development of the continent.
The success of the theory on the African continent is a reflection that home-grown solutions can solve the multifarious challenges that the continent is faced with.
EMPOWERING THE ENTREPRENEURIAL CAPACITY OF THE AFRICAN YOUTH
The non-profit organization founded by Tony Elumelu has since inception in 2010 contributed to Africa’s economic growth by promoting entrepreneurship and investment among the burgeoning youthful population on the continent.
Tony Elumelu Foundation awards non-returnable seed capital to deserving Africans yearly. It also empowers the youths with requisite enterprise training and mentorship that has ensured that their enterprise has become global brands in a short span. The innovative programme of the foundation has received wide adulation on the global scale because it has improved the life of thousands of African youths who have benefited from the grant-awarding organization.
Mr. Tony Elumelu addressing a large audiences of entrepreneurs
Tony Elumelu Enterpreneurship Programme attains continent-wide acceptance receiving hundreds of thousands of application from the teeming working-age population in Africa. The applicants undergo many stages of thorough scrutiny before been admitted into the intensive 9-month programme.
Apart from its commitment to the TEEP, the organization also encourages and engages in rewarding partnerships that will enhance the fulfilment of its enterprise development objectives. Its recent partnership with the United Nations Development Programme (UNDP) will empower 100000 African youths in the Sahel Youth Entrepreneurship Programme.
L-R: Tony Elumelu; Hajia Aisha Buhari and Dr. Awele Elumelu
R-L: President Buhari in a warm handshake with Mr. Tony Elumelu.
Vice President, Prof. Yemi Osinbajo, SAN in a warm handshake with Mr. Tony Elumelu
HOLDING THE ACES IN HEIRS HOLDING
After his retirement from top management of United Bank of Africa Plc., he assumed the leadership of Heirs Holding, an African proprietary investment company which he founded in 2010. The conglomerate has vast business portfolio in areas such as financial services, hospitality, real estate, healthcare, agribusiness, and energy.
This organization has grown in leaps and bounds under the brilliant leadership of Tony Elumelu and the entire team at the Heirs Place, the executive headquarters of the organization situated in Lagos, Nigeria.
ALMOST THE HEADBOY OF AN ALL-GIRLS CLUB
Tony is not just a serial public success, he is also successful at home. He has never hidden his commitment to the home front as he has expressed regularly in various forums. Married to Awele Elumelu, a medical doctor by profession, their union has produced seven immensely gifted children comprising 5 girls and 2 boys.The family is thriving under the solid parenting provided by Tony and Awele Elumelu.
But for the coming of his twin boys, he would almost have received the label of the head-boy of an all-girls club. Undoubtedly, the ladies in the home have had tremendous influence on the accomplishment their father enjoys in business and philanthropy.
The Elumelus
