Tony Elumelu | |
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Born | Anthony Onyemaechi Elumelu 22 March 1963 |
Nationality | Nigerian |
Alma mater | Ambrose Alli University, University of Lagos |
Occupation(s) | Founder, The Tony Elumelu Foundation |
Years active | 1987–present |
Known for | Founding The Tony Elumelu Foundation |
Spouse |
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Anthony Onyemaechi Elumelu CFR (born 22 March 1963) is a Nigerian economist, banker and philanthropist. He chairs Heirs Holdings, [2] Transcorp, United Bank for Africa (UBA) and is the founder of The Tony Elumelu Foundation. [3]
In 2020, Elumelu was named on Time 's list of the 100 most influential people in the world. [4]
Elumelu was born in Jos, Plateau, Nigeria, on 22 March 1963, to Suzanne and Dominic Elumelu, originally from Onicha-Ukwu in Aniocha North Local Government Area of Delta State. [5] [6] He grew up with four siblings, one of whom is Ndudi Elumelu, a minority leader in the Nigerian legislature. [7] [8]
Elumelu studied Economics at Bendel State University (now Ambrose Alli University), obtaining a Bachelor of Science with a Lower Second Class (2:2). Afterward, obtained a Master of Science degree in Economics from the University of Lagos. [9]
Elumelu worked in the Nigerian Bank Union Bank as a corps member during his National Youth Service Corps in 1985, before starting his career as a salesman. Elumelu subsequently joined Allstates Trust Bank [10] in 2005 and United Bank for Africa (UBA) was acquired afterwards. [11]
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. [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]
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. [15] [16]
Elumelu currently chairs the board of the United Bank for Africa. [17] [18]
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]
On 14 April 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 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. 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." [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]
Elumelu has received recognition and praise for his contributions to business and entrepreneurship.
The U.S. African Development Foundation (USADF) is an independent U.S. government agency established by Congress in 1980 to invest directly in African grassroots enterprises and social entrepreneurs. USADF's investments aim to increase incomes, revenues, and jobs by promoting self-reliance and market-based solutions to poverty. USADF targets marginalized populations and underserved communities in the Sahel, Great Lakes, and the Horn of Africa. It partners with African governments, other U.S. government agencies, private corporations, and foundations to achieve transformative results.
The Anioma people are a West African people and a predominantly Igboid speaking ethnolingustic group indigenous to present day Delta State, Nigeria. The Anioma people encompass and are native to the nine northereastern Local Government Areas of Delta State. Politically, the Anioma occupy the Delta North Senatorial District where they are the majority group.
Transnational Corporation plc, is a diversified conglomerate with strategic investments and core interests in the hospitality, agribusiness and energy sectors. A publicly quoted conglomerate with a diversified shareholders base of about 300,000 investors, its notable assets include Transcorp Hotels plc owner of Transcorp Hilton Hotel, Abuja and Aura by Transcorp Hotels; Transcorp Power Plc and Transcorp Energy Limited .. As at 2023, Transcorp Group’s market capitalization is in excess of N540bn.
United Bank for Africa Plc (UBA) is a multinational pan-African financial services group headquartered in Lagos Island, Lagos and known as Africa’s Global Bank. It has subsidiaries in 20 African countries and offices in London, Paris and New York. In December 2021, UBA received its banking license to commence operations in the UAE. It is listed as commercial bank by the Central Bank of Nigeria. The shares of stock of the group are listed on the Nigerian Stock Exchange, where they trade under the symbol: UBA. The Group Chairman of the bank is Tony Elumelu and the GMD/CEO is Oliver Alawuba.
The Tony Elumelu Foundation (TEF) is an African non-profit organization founded in 2010 by Tony O. Elumelu and headquartered in Lagos, Nigeria. It is a pioneer member of the Global Impact Investment Rating System (GIIRS). So far, the Foundation has empowered over 18,000 African entrepreneurs across 54 African countries.
Heirs Holdings is a family-owned investment holding company headquartered in Lagos, Nigeria with investment interests in various sectors in Africa.
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