Tony Elumelu, banker, serial entrepreneur, billionaire apostle of Africapitalism and uber philanthropist needs no introduction.
Starting his banking career at All States Trust Bank with, many say, a 3rd class degree from Ambrose Alli university (a state university no less) Tony Onyemaechi Elumelu has risen to the pinnacle of Nigerian business with fingers in diverse pies.
He is among the primus inter pares of Nigerian banking as Chairman of UBA, which was, until the banking liberalization of the 80s and 90s one of Nigeria’s top 3 banks alongside First bank and Union bank.
He is the king of the hospitality business in Africa as chairman of one of Africa’s premier hotels, the Transcorp Hilton, which last week declared a whopping profit of N20.6bn. Transcorp Hilton remains the most significantly successful investment from the Transcorp misadventure of the OBJ era. Styled after the South Korean Cheabols, the Transnational Corporation of Nigeria was almost dead on arrival before Elumelu worked his magic.
From banking and hospitality, Tony Elumelu has segued into the power and agri-business sectors. He also has interest in the health sector with his investments in Avon health care.
But he has become best known for his philanthropy, especially his commitment to raising, as he says, “10,000 Tony Elumelus” across Africa.
Spreading his gospel of Africapitalism, Elumelu traverses Africa speaking about hope and potential and giving out business grants to help jumpstart young African enterprises.
The Tony Elumelu Foundation (TEF) which is described as “the leading philanthropy in Africa championing entrepreneurship” was set up in 2010 to manage Elumelu’s philanthropic endeavours and through it funds are disbursed under the Tony Elumelu Entrepreneurship Programme (TEEP) which is now in its 5th year.
The plan is to give out $10,000 to 10,000 Startups and Entrepreneurs from all the 54 African (Africans based in Africa) over 10 years.
Elumelu who grew up poor and indigent has spoken of finding it difficult to make ends meet. In an interview with Thisday the billionaire said “When I was in the university, at some point it was difficult to eat three square meals as a student. I had that challenge and I resolved that when I have money I would eat very well.”
Today, 3rd class or 2.2, Tony Elumelu can “eat very well” today but he is not content to eat alone which is why he is spreading the love across Africa and living true to his name – Onyemaechi which means WHO KNOWS TOMORROW!
