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Tony Elumelu: Times Recognised Influential Person

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By Eric Elezuo
“On behalf of our Advisory Board, staff, our 9,360 beneficiaries, and all well-wishers, we congratulate our Founder, Tony Elumelu, as well as all other laureates on this well-deserved honour.” 

It was no surprise when the business world woke to the news that the Chairman, United Bank for Africa and Tony Elumelu Foundation (TEF), Tony Elumelu, has been recognised on the Times 100 List of Most Influential People in the World. He was named among only three other Africans on the list.

Elumelu’s recognition comes on the heels of the his Foundation’s 10th Anniversary slated for November. it would be recalled that in 2011 and 2012, he was listed by New African Magazine as one the 100 most influential people in Africa and Africa’s 20 Most Powerful People by Forbes Magazine, respectively.

His recognition, according to a statement released by the Tony Elumelu Foundation, is in honour of the worthy entrepreneur’s commitment to empowering a new generation of African entrepreneurs, catalysing economic growth, driving poverty eradication and ensuring job creation across all 54 African countries, through his work at the Tony Elumelu Foundation.

Vintage Tony Elumelu is the Chairman of Heirs Holdings, the United Bank for Africa, Transcorp and founder of The Tony Elumelu Foundation. A Nigerian national honours holder, the Commander of the Order of Nigeria (CON), and Member of the Order of the Federal Republic (MFR). It worth noting that Tony successfully held the fourth edition of his annual Tony Elumelu Foundation Entrepreneurial Forum with about 54 African countries participating.
Born Tony Onyemaechi Elumelu on March 22, 1963, in Jos, Nigeria, the economist by training, visionary entrepreneur and philanthropist, acquired and turned Standard Trust Bank into a top-five player in Nigeria. In 2005, his corporate reputation as an African business leader was sealed when he led the largest merger in the banking sector in Sub-Saharan Africa to acquire United Bank for Africa (UBA). In five years, he transformed it from a single-country bank to a pan-African institution with over seven million customers in nineteen African countries.
In 2011, New African magazine listed him as one of the 100 most influential people in Africa, and a year later (2012), he was recognised as one of “Africa’s 20 Most Powerful People” by Forbes Magazine.
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 dedicated to the promotion of excellence in business leadership and entrepreneurship, and to enhancing the competitiveness of the private sector across Africa.
His stated objective at the formation of Tony Elumelu Foundation 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. 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 like The Tony Elumelu Entrepreneurship Programme (TEEP)
In a bid to expand his conglomerate as well as his business horizon, in 2011, through Heirs Holdings, he 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.

Chairman, UBA Mr Tony Elumelu address the AGM

His enterprise is not limited to self financed enterprises as he serves as an advisor to the USAID’s Private Capital Group for Africa (PCGA) Partners Forum. He also sits on the Nigerian President’s Agricultural Transformation Implementation Council (ATIC). He is also 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.
Elumelu 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 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.
One will not be wrong to address him as a philosopher as well as he 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.
Having studied under Professor Michael Porter at Harvard Business School, Elumelu subscribes to Porter’s concept of Creating Shared Value (CSV). Professor Porter is the Founding Patron of The Tony Elumelu Foundation. In the same vein, 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).”
In 2003, the Federal Government of Nigeria granted Tony Elumelu the title of Member of the Order of the Federal Republic (MFR), a national honour, and in 2006, he was voted African Business Leader of The Year by the Africa Investor magazine and was also recognised as  African Banker of the Year in 2008 by the African Banker magazine. In 2009, the Nigerian President Umaru Musa Yar’adua honoured him with a place on the Presidential Committee on the Global Financial Crisis.
In 2012, he was awarded the prestigious National Honour of Commander of the Order of the Niger (CON) for his service in promoting private enterprise. Apart from being recognised as one of “Africa’s 20 Most Powerful People in 2012” by Forbes Magazine as well as being featured in the New African Magazine’s list of the “100 Most Influential Africans in Business”. He was awarded an honorary Doctorate of Science degree from the Benue State University and an honorary Doctorate of Business Administration from the University of Nigeria, Nsukka.
In 2013, Elumelu received the Leadership Award in Business and Philanthropy from the Africa-America Institute (AAI) Awards. He was also named African Business Icon at the 2013 African Business Awards.
In addition, ESI-Africa, frequently described as “Africa’s power journal”, named Elumelu in its 2015 ‘ESI Most Influential Figures in African Power’ list, in January 2015.
Elumelu is not just a financial wizard; he also writes as well as provides incredible inspiration to writers. Some works that involves him include:
How to Excel at Work – Proven strategies for achieving superior work performance by Bili A. Odum – a book inspired by Elumelu’s work ethics.
Elumelu has contributed to the Nigeria Leadership Initiative White Papers, writing on Leveraging private sector approaches in transforming government delivery.
The Power of Vision: Insights on Tony Elumelu is a testimonial compiled on the occasion of his retirement as Group Managing Director/Chief Executive Officer at the United Bank for Africa. It contains messages from Aliko Dangote, former Nigerian President Olusegun Obasanjo, Professor Michael Porter, former World Bank managing director and Nigeria’s Minister of Finance, Ngozi Okonjo-Iweala, President of Sierra Leone; Ernest Bai Koroma, former United States Comptroller of the Currency, Eugene Ludwig and Sanusi Lamido Sanusi, former Governor of the Central Bank of Nigeria.
He has written about his philosophy and the economic development of Africa for several publications around the world including The Economist, the Wall Street Journal and Financial Times.
The TOE Way: A handbook that offers insights into Elumelu’s philosophies, business practices, values and secrets of success, written by the man himself.
Tony Elumelu is happily married to Awele Vivian Elumelu, who he married in 1993, and they are blessed with five wonderful girls; Nneka, Ugo, Ogor, Oge and Onyinye.
It will not be worthwhile to end this article without stating the humble philanthropist’s one of most important quotes:
“Everything I have today is because of Africa, I was born here, went to school here, I work here and I’m achieving some level of financial comfort here.”
Sir, for your steadfastness in business and transformation of lives as well as unleashing the Midas magic to anything you are involved in or touched, and not forgetting making the prestigious list of Times 100 Most Influential People in the World, you deserve once again to be our Boss of the Week.
Congratulations sir!

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Badagry Mourns Passage of Oba Akran Amid Sobriety, Restriction of Movement

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Badagry, a historic coastal town renowned for its rich cultural heritage, was on Monday enveloped in a sombre and brooding mood following the passing of its 89-year-old monarch, De Wheno Aholu Menu-Toyi I, the Akran of Badagry.

The revered monarch, who reigned for 48 years, was a towering figure in the history and development of the ancient coastal town.

He was a journalist before ascending the throne of his forefathers on April 23, 1977.

His long reign was marked by peace, unity and steady community development across Badagry and its environs.

As Permanent Vice-Chairman of the Lagos State Council of Obas and Chiefs, his counsel and leadership carried significant influence within traditional institutions across the State.

He was widely respected as a devoted custodian of Ogu culture and tradition, as well as a passionate advocate for the welfare of his people.

From the early hours of Monday, an unusual calm descended on the ancient kingdom as residents struggled to come to terms with the loss of their traditional ruler.

Markets that normally buzz with activities witnessed low patronage, while groups of residents gathered sparsely in streets and compounds, exchanging restrained conversations.

At the Akran’s palace, it was learnt that the atmosphere was pensive as chiefs and community leaders’ showed grief.

There were restrictions on vehicular movements around the palace vicinity with some sections of the road leading to the place barricaded. Commuters were said to be directed to take alternative routes.

Sources said the traditional worshippers may have started observing rites necessitated by the demise of the monarch. Security and palace officials were seen restricting movement in the immediate vicinity.

Residents said the rites would affect social and commercial activities around the palace and may force many residents especially those working outside Badagry to return home early.

Many residents described the late Akran as a symbol of unity, stability and cultural pride for Badagry. They recalled his role in preserving the town’s customs and mediating communal disputes, while youths spoke of a monarch who encouraged peace and respect for tradition amid modern challenges.

According to the News Agency of Nigeria (NAN), some sons and daughters of the late king were at the palace, with some seen openly weeping.

A traditional chief, who spoke on condition of anonymity, said the Akran passed on at about 1:30 am, but confirmation of his death was made at about 5:30 am.

“The Chairman of Badagry Local Government Area, Babatunde Hunpe, has been informed, and we hope he will relay the information to Governor Babajide Sanwo-Olu for an official announcement.

“That is why many of us are seated here at the palace to receive visitors. The Akran has gone to rest with his great ancestors,” he said.

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Rivers Impeachment Brouhaha: Wike, Fubara ‘Run’ Abroad to Meet Tinubu

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By Eric Elezuo

The fragile peace that sprout out in Rivers State after the six months Emergency Rule declared by President Bola Tinubu, has suddenly collapsed as the two major gladiators; the Federal Capital Territory Minister, Nyesom Wike and Rivers State governor, Siminalayi Fubara, have returned to the war front.

This is as the 26 legislators loyal to the FCT minister have initiated an impeachment proceedings against the sitting governor, Fubara, accusing him of gross misconduct roped in 8-count charges.

The lawmakers during a session on Thursday, presided over by Speaker of the House, Martin Amaewhule, are accusing Fubara and his deputy, Dr. Ngozi Oduh, of gross misconduct.

Observers have said that the day’s proceedings bear the imprimatur of renewed hostilities between Fubara and his predecessor Nyesom Wike, minister of the Federal Capital Territory (FCT).

Rrcall that onn December 5, 2025, a horde of the Rivers assembly lawmakers led by the speaker, announced their defection from the Peoples Democratic Party (PDP) to the All Progressives Congress (APC), and days later, Fubara formalised his own switch from the PDP to the APC.

By the renewed hostilities, the two feuding personalities are seeking the support of the president, who it is believed can quench the rising tension, to either impeach the Chief Executive or survive the impeachment process.

A report monitored on Businessday Newspaper noted therfore, that President Bola Tinubu has once again intervened in the lingering political crisis between Fubara, and Wike.

According to the paper, quoting credible sources, the President summoned Wike for a crucial meeting abroad over the renewed face-off, which has reignited tensions in the oil-rich state, even as the president is still holidaying abroad.

The paper also The Punch, said a top presidential source disclosed on Saturday that the meeting is expected to be held in Dubai, United Arab Emirates (UAE), where Tinubu will be heading after a brief stay in France.

“The President must see the danger in what Wike is doing. I am aware he has summoned him to a meeting in Dubai. Barring any last-minute change, they are expected to meet abroad. Wike cannot impeach Fubara; the President will call him to order,” the source said.

The source added that Wike’s recent actions constituted an affront to the President and could potentially trigger unrest in the Niger Delta.

“If you say you want to sack the first Ijaw man to be governor, are you not sending the Ijaw people back to the creeks? That will have attendant effects on the economy, and the President will not allow that to happen,” he warned.

According to reports, tension heightened on Thursday after 27 members of the Rivers State House of Assembly, loyal to Wike, initiated fresh impeachment proceedings against Governor Fubara and his deputy, Prof. Ngozi Odu.

The impeachment notice, read by Majority Leader, Major Jack, during plenary presided over by Speaker Martins Amaewhule, contained seven allegations of gross misconduct against the governor.

These include the demolition of the Assembly complex, extra-budgetary spending, and refusal to comply with a Supreme Court ruling on legislative financial autonomy.

Deputy Governor Odu was accused of “reckless and unconstitutional spending of public funds” and “obstructing the Assembly from performing its duties.”

Speaker Amaewhule described the impeachment move as “good and in the interest of Rivers State,” accusing Fubara of undermining the Assembly by failing to present the 2026 budget.

The latest move mirrors the earlier impeachment crisis that led to the declaration of a state of emergency in Rivers in March 2025.

Despite Tinubu’s earlier mediation, the fragile peace between Wike and Fubara collapsed just months after the end of the six-month emergency rule.

Wike accused Fubara of reneging on their post-truce agreements, while Fubara fired subtle jabs at his predecessor.

The rift has since deepened, with Wike vowing that Fubara would not secure a second term, even after defecting to the All Progressives Congress (APC).

A senior aide to the President told reporters that Tinubu was aware of the escalating situation but declined to confirm any planned meeting with Wike.

“Only Wike or his aides can say if there is any scheduled meeting between him and the President,” the official said.

However, a senior APC official confirmed that national leaders of the party planned to meet Tinubu when he returns to Nigeria to discuss the growing discontent over Wike’s conduct.

“Some of our leaders believe Wike should have respected the President and the party because Fubara is now one of our governors,” the official said. “Even if he won’t get a second term, he should be allowed to complete his tenure.”

Meanwhile, Wike has been touring Rivers local councils, soliciting and accepting approvals from loyalists just as Fubara has asked for calm from members while they wait on the president.

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Atiku Will Not Withdraw for Anyone, ADC Ticket Must Be Earned in Open Contest – Paul Ibe

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Media Adviser to former Vice President Atiku Abubakar, Paul Ibe, has insisted that neither Atiku nor any other aspirant in the African Democratic Congress (ADC) opposition coalition will step aside, stressing that the party’s presidential ticket must be earned through a transparent and competitive process.

Speaking in an interview with ARISE News on Wednesday, Ibe said calls for Atiku to withdraw from the race undermine democratic principles and play into what he described as the ruling All Progressives Congress’ alleged plan to weaken opposition politics.

“Inclusiveness is the essence of democracy. The ADC remains committed to an open, transparent and competitive process for choosing its flag bearer. Any call for Atiku Abubakar to step aside is a betrayal of the Nigerian people,” he said.

Ibe accused the administration of President Bola Tinubu of interfering in the internal affairs of opposition parties, alleging an agenda to impose a one-party state on Nigeria.

“The Tinubu-led administration should be focused on governance — security, the economy, the welfare of Nigerians — but instead, they are dabbling into opposition politics. That is dangerous for democracy,” he said.

He dismissed claims that Atiku dominates the ADC, describing such narratives as “mischief.”

“Atiku Abubakar is just a member of the ADC. Yes, he is a leader, a former vice president, but he is not the only leader. There are leaders across the country, and he is working with them to build party structures,” Ibe said.

According to him, the party’s current priority is grassroots mobilisation, not ticket permutations.

“Talking about who gets the ticket now is putting the cart before the horse. A house without pillars will collapse. The ADC is building structures — ward, local government, state — and that is where the focus should be.”

On speculation about possible compromises with other aspirants such as Peter Obi and Rotimi Amaechi, Ibe said no discussion has taken place regarding relinquishing the presidential ticket.

“There has been no conversation whatsoever about stepping down for anyone. Their preoccupation is building a robust alternative platform capable of giving the APC a run for its money.”

Addressing reports of alliances involving figures outside the ADC, including Rabiu Kwankwaso and former President Olusegun Obasanjo, Ibe said such talks were external to the party.

“Rabiu Kwankwaso is not a member of the ADC. Whatever discussions are happening are outside the party. But the ADC is expanding, reaching out, and more people will come on board.”

He maintained that the ADC leadership has ruled out automatic tickets, insisting the process will not be dictated by external forces.

“The party has made it clear: no automatic tickets. The outcome of the primaries will be determined by party members, not outside influence.”

Responding to questions about Atiku’s age and repeated presidential bids, Ibe rejected suggestions that the former vice president should step aside to mentor successors.

“Age has nothing to do with leadership. Atiku has mentored governors, lawmakers and public servants over the years. He is patriotic, passionate, and deeply committed to Nigeria.”

He added:

“If you analyse his blood, you will find Nigeria in it. Nobody has been more prepared to govern than Atiku Abubakar.”

Ibe also alleged that Nigeria’s last two presidential elections were rigged, arguing that Atiku’s defeats were not a reflection of public trust.

“The elections of 2019 and 2023 were rigged. This is not about trust; it is about institutions failing Nigerians.”

On fears that opposition divisions could again hand victory to the ruling party in 2027, Ibe said opposition leaders had learned from past mistakes.

“This is not about personal ambition. It is a call to national duty. Leaders understand what is at stake and have learned from 2023.”

He further alleged attempts by the ruling party to infiltrate and destabilise the ADC.

“The Tinubu camp does not want an opposition. They are funding court cases and using state resources to undermine the ADC, but the party is taking steps to ensure they fail.”

However, Ibe said some details could not be disclosed publicly.

“There are things I cannot share on camera, but the leadership and stakeholders are fully aware.”

Asked what would happen if Atiku loses the ADC primary, Ibe said his principal would accept the outcome.

“Atiku Abubakar will submit himself to the process and support whoever emerges as the presidential candidate of the ADC.”

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