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  • Becoming Chairman of UBA and Transcorp Without Wealthy Parents: Tony Elumelu Shares His Journey

    Becoming Chairman of UBA and Transcorp Without Wealthy Parents: Tony Elumelu Shares His Journey

    By Daniel Edu

    Tony Elumelu, the Chairman of Heirs Holdings, has revealed that his journey to becoming a prominent entrepreneur in Nigeria was shaped by principles such as hard work, discipline, and perseverance, rather than being born into affluence.

    In a recent Facebook post, Elumelu reflected on his life experiences and the fundamental values that have guided his path, solidifying his standing as both a respected business figure and a paternal presence within the corporate world.

    Elumelu expressed, “My ascent to the role of Chairman at UBA Group and Transcorp Group wasn’t a result of having privileged parents, attending elite schools, or possessing unmatched intelligence in my region or country. Your current circumstances should not dictate your future.”

    He delved further into the pivotal significance of industriousness, self-control, and making sacrifices in the pursuit of success.

    Elumelu emphasized, “Embrace the virtues of hard work, discipline, and sacrifice: During my upbringing, I realized that surpassing the ordinary requires going above and beyond. Have the willpower to decline opportunities that do not contribute to your growth, and be willing to invest in the future through present sacrifices. With diligence and discipline, you will attain your life aspirations.”

    Additionally, Elumelu dispensed advice on upholding authenticity in the face of external pressures. Drawing from his personal experiences, he cautioned against compromising one’s principles to conform to societal norms.

    “Remain true to yourself – Our contemporary world is rife with distractions and external influences. Over time, individuals begin to doubt their own identity and may adopt behaviors incongruent with their true selves. Stay aligned with your core values, even if it means not fitting in. Those who cannot accept you as you are should be disregarded.”

    Elumelu also addressed the challenges brought about by the prevalence of social media, urging young individuals to exercise caution and not be beguiled by the often illusory portrayals found online.

    “Exercise caution with social media – Not everything displayed on social platforms is an accurate reflection of reality. Refrain from being swayed by its sway; it can lead you astray. This underscores the paramount importance of discipline along your life’s journey.”

    Furthermore, the prominent business leader underscored the significance of cultivating strong bonds within families, where parents assume roles of guidance, nurturing, and education, all driven by love and the collective aspiration to cultivate a better society.

  • I Welcome Femi Otedola to Transcorp – Tony Elumelu

    I Welcome Femi Otedola to Transcorp – Tony Elumelu

    Chairman of Transcorp Nigeria Plc Tony Elumelu has shared his thoughts on the recent boom in business and the growth in shareholders of the company which has attracted business tycoon, Femi Otedola, as an investor.

    In an interview with ARISE NEWS on Wednesday, Elumelu spoke on the expansion of Transcorp Nigeria with its recent venture into power and gas being one of the top investment outlooks in recent times.

    The Tanscorp power plants which he claims to have a power generating capacity of 2000 mega watts has been a major influence in the growth of the company and has attracted over 300,000 investors locally and internationally.

    One of the company’s major investors includes businessman Femi Otedola, the current executive chairman of Geregu Power Plc. The CEO of Tony Elumelu Foundation expressed excitement in the onboarding of the fellow businessman as a shareholder in the company.

    “He’s my very good friend. In fact I only follow two people on instagram, my wife and Femi Otedola, that shows the level of friendship we have. He’s a man i admire and we call ourselves bothers. I welcome Femi , I call him FO or Ote Dollar. I welcome his investment in Tanscorp.”

    Otedola’s Geregu can be seen as one of the biggest competitors of Transcorp in the power and gas sector. Elumelu, however, still maintained his stance in welcoming the CEO and his friend.

    “Most times we go on international road shows to get investors. I’m happy to see an indigenous active investor community. I’m happy Femi is investing locally and I welcome his investment. The more people show interest in a company, the better for us shareholders.

    “When friends invest in your business, it’s a validation that they believe in your story and vision.”

    Elumelu further expressed his faith in the power and gas sector, labelling it a “gold mine” and expressed hopes in attracting more investors into Nigeria using it as a platform for national growth.

    “You can develop Nigeria and Africa in the 21st Century, with strong investments in power and access to electricity. It is the beginning of prosperity, of eradication of poverty, of illiteracy or fixing insecurity.”

  • Gbajabiamila felicitates Tony Elumelu on 60th birthday

    Gbajabiamila felicitates Tony Elumelu on 60th birthday

    The Speaker of the House of Representatives Rep. Femi Gbajabiamila has rejoiced with business mogul, Tony Elumelu, on his 60th birthday.

    Speaker Gbajabiamila said Elumelu, who is the founder of the Tony Elumelu Foundation and the chairman of Heirs Holdings and Transcorp, is worthy of being celebrated owing to his humanitarian services to Nigeria and Africa.

    Describing Elumelu as a longstanding friend, Gbajabiamila recalled how the business tycoon started from a humble beginning and grew in leaps and bounds over the years.

    He said Nigeria needs the likes of Elumelu, who dedicated himself to philanthropic activities and changed the lives of many.

    At 60, Gbajabiamila said, Elumelu must be satisfied with his achievements. 

    “Tony Elumelu is one Nigerian that we all should celebrate. He has used his God-given resources to change the narrative in the lives of many of our compatriots. He has been an employer of labour who put smiles on the faces of an uncountable number of people.

    “In fact, the entire African continent is blessed to have Tony. We have seen how he transcends Nigerian borders with his activities and positively affects the lives of other Africans.

    “Despite what Tony has achieved, he remains humble, which is quite commendable. Nigerians should emulate Tony not just in his way of life but also in his service to humanity,” Gbajabiamila said.

    The Speaker wished Elumelu many fruitful years in good health.

  • ‘Businesses Are Suffering,’ Elumelu Laments Over Hardship, Poverty In Nigeria

    ‘Businesses Are Suffering,’ Elumelu Laments Over Hardship, Poverty In Nigeria

    Nigerian Economist and businessman, Tony Elumelu on Thursday lamented over the worsening electricity, hike in prices of diesel, and its effect on businesses in the country.

    The CEO of Heirs Holdings in a series of tweets said businesses are suffering under the situation with Nigerian citizens groaning under food inflation as well.

    “How can a country so rich in natural resources have 90% of its citizens living in hardship and poverty?,” Elumelu said.

    “This morning, I am listening to my colleagues at the office bemoan the very pressing issues that they face every day in this country, and how things have been getting worse and worse – no electricity for 5 days, hikes in the price of diesel, frightening food inflation, etc.

    “I have often said that access to electricity is critical for our development, alleviation of poverty and hardship. And speaking of security, our people are afraid!” he lamented.

    Speaking further, the entrepreneur who also runs a leading non-profit organisation, Tony Elumelu Foundation said the country is unable to meet its OPEC production quota due to oil theft.

    “Businesses are suffering. How can we be losing over 95% of oil production to thieves? Look at the Bonny Terminal that should be receiving over 200k barrels of crude oil daily, instead, it receives less than 3,000 barrels, leading the operator @Shell to declare force majeure,” he said.

    “Why are we paying taxes if our security agencies can’t stop this? It is clear that the reason Nigeria is unable to meet its OPEC production quota is not because of low investment but because of theft, pure and simple!

    “Meanwhile, oil-producing countries are smiling as their foreign reserves rising. What is Nigeria’s problem? We need to hold our leaders more accountable!”

    Concerning the 2023 election, Elumelu urged those running for offices to prioritise security and urged Nigerians to advocate for leaders that deliver.

    “Elections are coming – security and resources need to be everyone’s agenda – let’s be vocal for our nation’s priority.

    “Evil prevails when good people are silent. We need to be vocal about 2023. Let’s focus on Nigeria. Demand and advocate for leaders that deliver.

    “In 2023, Nigeria must be on a strong trajectory for progress and development.”

    Elumelu in 2020 was named on Time’s list of the 100 most influential people in the world.

  • Empowering Youths Economically, Best Way to Develop Africa – Tony Elumelu

    Empowering Youths Economically, Best Way to Develop Africa – Tony Elumelu

    The Founder and Chairman of Tony Elumelu Foundation (TEF) HEIRS Holding, Mr. Tony Elumelu, has said that giving economic power to young people remains the only solution to Africa’s developmental challenges, especially in the Sahel region.

    This, according to him, is because 65 per cent of Sahelians are less than 25 years of age and remain adversely affected by the pandemic.

    Elumelu stated this yesterday at the virtual launch of a developmental initiative for the Sahel region tagged, ‘Generation Unlimited (GENU) Sahel: A Leap For Sahel Youth’ which is aimed at connecting Sahel’s young people to opportunities.

    He said more than two million people in the Sahel region are forced to flee their homes with millions losing their major sources of livelihoods as resources are scarce and opportunities are limited leading to more tensions and conflicts in the Sahel region.

    “Empowering and investing in our people, especially our young ones in the Sahel to give them economic hope and opportunities is the only solution. This is what we believe in at the Tony Elumelu Foundation (TEF) and we are happy that global partners also buy into this vision. As I have always said, poverty anywhere is a threat to all of us,” he said.

    According to him, TEF has provided over $5000 non-refundable seed capital per beneficiary, business training and mentoring for young entrepreneurs to scale their enterprises.

    “We have funded 10, 898 entrepreneurs across Africa, these young Africans entrepreneurs have gone on to create further 400, 000 direct and indirect jobs across the continent.

    “In 2019, we partnered with the United Nation Development Programme (UNDP) to identify , train, mentor and fund 2100 young entrepreneurs in the Sahel region and these includes Northern Nigeria, Burkina Faso, Mali, Niger, Chad, Cameroun and Mauritania.

    “Again in 2020 in the heat of the pandemic we partnered with UNDP to train 1860 young Malians which face a triple threats of conflicts , insecurity and poverty as well as loss of means of livelihood from climate change, through our interventions we are well able to create small businesses and generate economic pool in the youth; channeling their creativity and skills to transform the Sahel region,” he said.

    Elumelu called for collective efforts in order to find a lasting solution to all intractable crises that have hindered development in the region.

    Speaking at the virtual launch, the Prime Minister of Belgium, Alexander De Croo, said the young people from the Sahel would bring improvement and change needed in the region if given the opportunity.

    He noted that among the many challenges facing young people two were more important and pledged to work with Nigeria in the field of digital space.

    “First strengthening education systems from basic education to vocational training to supporting young people finding employment and addressing the lack of governance and political representation from young people.

    He maintained that the private sector has a role to play in young people ”especially in the digital field and I hope that Generation Unlimited Sahel will further strengthen this generation of young people, bringing hope and change.

    The event saw some notable world leaders making pledges towards programmes that will address the critical role of youth in contributing to peace, security, stability, and economic growth in the Sahel.

  • Tony Elumelu named in ‘Time 100’ list of the 100 most influential people in the world 2020

    Tony Elumelu TIME 100: Billionaire among 2020 100 most influential people

    TIME has named Tony O. Elumelu, one of Africa’s leading investors and philanthropists, in the 2020 TIME100, the annual list of the 100 most influential people in the world. The list, now in its seventeenth year, recognises the activism, innovation, and achievement of the world’s most influential individuals. Mr Elumelu, who is one of only four Africans on the 2020 list, is recognised for his track record of business turnaround and value creation, and economic empowerment of young Africans.

    Tony Elumelu named in

    Tony Elumelu is the Founder and Chairman of Heirs Holdings, his family-owned investment company, committed to improving lives and transforming Africa, through long-term investments in strategic sectors of the African economy, including financial services, hospitality, power, energy and healthcare. He is also the Chairman of pan-African financial services group, the United Bank for Africa (UBA), which operates in 20 countries in Africa, the United Kingdom, France, and is the only African bank with a commercial deposit-taking licence in the United States. He also chairs Nigeria’s largest quoted conglomerate, Transcorp, whose subsidiaries include Transcorp Power, one of the leading generators of electricity in Nigeria and Transcorp Hotels Plc, Nigeria’s foremost hospitality brand.

    Mr Elumelu is the most prominent champion of entrepreneurship in Africa. In 2010, he created The Tony Elumelu Foundation (TEF), the pan-African philanthropy empowering a new generation of African entrepreneurs, catalysing economic growth, driving poverty eradication and ensuring job creation across all 54 African countries.

    Since inception, the Foundation has funded just under 10,000 entrepreneurs and created a digital ecosystem of support for over one million Africans as part of its ten year, US$100m commitment through its flagship Entrepreneurship Programme. Self-funded, the Foundation is increasingly sharing its unique ability to identify, train, mentor and fund young entrepreneurs across Africa, with institutions such as the United Nations Development Programme (UNDP), the International Committee of the Red Cross (ICRC) and leading European development agencies.

    Heirs Holdings, which serves as a corporate role model for African businesses, and the Tony Elumelu Foundation will both celebrate 10 years of impact in November. Their mission continues to be inspired by Mr Elumelu’s economic philosophy of Africapitalism, which positions the private sector, and most importantly entrepreneurs, as the catalyst for the social and economic development of the continent.

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