•Why City People Is Celebrating His Foundation
Talk of one corporate player, who has been giving back to humanity big time and Tony Elumelu’s name will pop up. This is because he is doing a lot to help raise a new generation of young leaders across Africa. He is the Chairman of UBA. In his mid-50s, he has accomplished a lot. And it is for this reason that City People would be honouring his foundation this Sunday at the 21st City People Awards for Excellence in Lagos.
Let’s tell you more about him. Tony Onyemaechi Elumelu is an economist, a banker, entrepreneur, and philanthropist. He is the Chairman of Heirs Holdings , the United Bank for Africa , Transcorp and founder of The Tony Elumelu Foundation. He was recognised as one of “Africa’s 20 Most Powerful People in 2012” by Forbes magazine.
Elumelu was born in Jos, Plateau State , Nigeria, in 1963. He hails from Onicha-Ukwu in Aniocha North Local Government Area of Delta State . He has 2 degrees in Economics from Nigerian universities, a bachelor’s degree from Ambrose Alli University and a Master of Science degree from the University of Lagos . He is an alumnus of Harvard Business School’s Advanced Management Programme. 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.
In his early career, Elumelu acquired and turned Standard Trust Bank into one of the top-5 players in Nigeria. In 2005 he led the acquisition of United Bank for Africa (UBA), later transforming it from a single-country bank to a pan-African institution with more than seven million customers in 19 African countries.
Following his retirement from UBA in 2010, Elumelu founded Heirs Holdings, which invests in the financial services, energy, real estate and hospitality, agribusiness, and healthcare sectors. In the same year, he established the Tony Elumelu Foundation, an Africa-based and African-funded philanthropic organisation.
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 sits on the Nigerian President’s Agricultural Transformation Implementation Council (ATIC). He is also the vice-chairman of the National Competitiveness Council of Nigeria (NCCN), whose formation he was a key driver in, 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 centres across Nigeria. At the invitation of the Federal Government and the Presidential Jobs Board, engineered to create 3 million jobs in one year he brought his expertise to bedron the board. 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.
What is Tony’s foundation all about? We can tell you. Following his retirement from United Bank for Africa in July 2010, Elumelu founded The Tony Elumelu Foundation . His stated objective was to “prove that the African private sector can itself be the primary generator of economic development.” The Foundation is charged with the mission of driving Africa’s economic development by enhancing the competitiveness of the African private sector.
Tony Elumelu was a member of the World Economic Forum’s Regional Agenda Council on Africa.
His presence on the Bretton Woods Committee, which brings together senior leaders in the global banking industry, is a recognition of his work on African development.
He is a Fellow of the Nigerian Leadership Initiative (NLI).
He is involved, through his foundation, with the Tony Blair Africa Governance Initiative (AGI) in a partnership to strengthen the private sector’s role in the economic transformation of select African countries.
This partnership is called the Blair-Elumelu Fellowship Programme. He is a co-chair of the Africa Energy Leaders’ Group (AELG) Elumelu is a Trustee of the Infant Jesus Academy in Delta State, Nigeria.
Elumelu is the originator 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 nationalisation 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.
Elumelu subscribes to Michael Porter ‘s concept of Creating Shared Value (CSV).
He 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).”
