Tony Elumelu Biography How He Started His Career: Elumelu was born in 1963 in Jos, Plateau State, Nigeria. He is a native of Onicha-Ukwu in Aniocha North Local Government Area of Delta state.
Tony Elumelu Biography How He Started His Career: The history Standard Trust Bank cannot be complete if the name Tony Elumelu is not mentioned; he was one of the major players in 2005 that played a notable role in the transformation of the United Bank of Africa from a single country bank to a PAN African institution with more than seven million customers in 19 African countries.
Sequel to his retirement from UBA in 2010, Elumelu founded and established the Heirs Holdings; a company dedicated to the investment in all sectors including financial services, energy, real estate and hospitality, agribusiness, and healthcare sectors. He established Tony Elumelu Foundation in the same year, an Africa-based and African-funded philanthropic organization bent on promoting excellence in business leadership and entrepreneurship and to enhancing the competitiveness of the private sector across Africa. 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 is a member of the Nigerian President’s Agricultural Transformation Implementation Council (ATIC). He is also vice-chairman of the National Competitiveness Council of Nigeria (NCCN), 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 centers across Nigeria, at the invitation of the Federal Government and the Presidential Jobs Board, engineered to create 3 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) and USAID’s Private Capital Group for Africa Partners Forum.
He was one of the co-chairs of the 26th World Economic Forum on Africa in Kigali, Rwanda, from 11 to 13 May 2016.
Elumelu founded The Tony Elumelu Foundation in July 2010 after his retirement from UBA. A foundation with the objective to “prove that the African private sector can itself be the primary generator of economic development.” As a premier pan-African-focused not-for-profit institution, the Tony Elumelu Foundation is dedicated to the promotion and celebration of entrepreneurship and excellence in business leadership across the continent, with initiatives such as The Tony Elumelu Entrepreneurship Programme (TEEP).
Elumelu is the pioneer 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.
Developing interest in Michael Porter’s concept of Creating Shared Value (CSV) philosophy, Elumelu studied under Professor Porter at Harvard Business School and Professor Porter is the Founding Patron of The Tony Elumelu Foundation. CSV refers to the idea that “companies must take the lead in bringing business and society back together.” It asserts that “businesses acting as businesses, not as charitable donors, are the most powerful force for addressing the pressing issues (society) face(s).”
Tony Elumelu married Awele Vivien Elumelu, a medical doctor, in 1993, and they have seven children together. He has four siblings, one of whom is Ndudi Elumelu, a former member of the Nigerian Federal House of Representatives.