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
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. He stepped down in 2010.[15][16]
Elumelu currently chairs the board of the United Bank for Africa.[17][18]
Heirs Holdings
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.[19]
Heirs Holdings maintains a portfolio of investments across several sectors.[20][21] Through Heirs Holdings, Elumelu holds a controlling interest in Transnational Corporation, a diversified conglomerate with business interests in Power, Hospitality and Energy.[22]
Transcorp Plc
On 14 April 2021, Elumelu was officially given the Certificate of Discharge of the iconic hospitality facility. The National Council on Privatisation (NCP), which is chaired by the former 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.[23]
Following his retirement from United Bank for Africa in 2010, Elumelu founded The Tony Elumelu Foundation, which promotes entrepreneurship in Africa. The 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."[24]
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.[25]
Awards and honours
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.[26]
In 2012, he was awarded the National Honour of Commander of the Order of the Niger CON for his service in promoting private enterprise.[27]
In 2020, the Kingdom of Belgium conferred the honorary distinction of Officer in the Order of Leopold, the country's oldest and most important national honour, on Elumelu.[29]
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