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Tony Elumelu: Times Recognised Influential Person

Published

5 years ago

September 25, 2020

Eric

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!

Headline

Israeli Ambassador Accuses Iran of Spreading Terror, Sponsoring Extremist Activities in Nigeria

Published

4 days ago

March 6, 2026

Eric

Israeli Ambassador to Nigeria, Michael Freeman, has accused Iran of sponsoring extremist activities in Nigeria and other parts of the world, alleging that Tehran supports groups aimed at destabilising countries while pursuing its hostility against Israel.

Freeman made the remarks on Friday while speaking during an interview on The Morning Show on Arise News.

The envoy claimed that Iran is the only country within the United Nations that openly expresses a desire to destroy another sovereign state, referring to repeated threats against Israel.

According to him, the Iranian government has, over several decades, supported militant groups and terror organisations around the world in pursuit of that objective.

Freeman alleged that Iran has backed groups such as Hamas and Hezbollah, adding that Tehran was also behind the October 7 attack carried out by Hamas against Israel.

He further claimed that Iranian activities aimed at spreading instability have been observed across several regions, including Europe, Australia, and parts of Africa.

Speaking specifically about Nigeria, the Israeli ambassador alleged that the Islamic Movement of Nigeria receives backing from the Iranian government.

According to Freeman, statements of support from Iran’s leadership, including posts by Ali Khamenei on social media, have openly indicated such ties.

He said: “The issue here is about Iran. Iran is the only country in the world, in the United Nations, who expressly desires to wipe another country off the face of the earth. Iran has stated its very policy is to destroy Israel. Is to wipe Israel off the map is to make sure they kill every single person and no regime, no country that has an express desire to destroy Israel, and it’s not only an expressed desire.

“We’ve seen over 47 years, they’ve taken all the actions they can in order for that to happen. We’ve seen them sponsor terror organizations. They were behind October the seventh massacre of Hamas. We’ve seen them sponsoring Hezbollah. We’ve seen them acting in Europe. We’ve seen them acting in Australia. We’ve seen them acting in Nigeria.

“We’ve seen these people acting all across the world in order to spread disturbance for them to try and carry out their aim of destroying Israel, and Israel will not allow another country to have nuclear weapons when they’ve expressly stated they want those weapons to destroy Israel”.

“I think that it is well documented. We know that there are certain movements, for example, the Islamic movement of Nigeria is sponsored and is backed by the Iranian regime. This is not me saying this, we’ve seen that documented by the Iranian regime.

The Supreme Leader posted on X his support and his backing there. So that’s very open. And there are other areas as well that Iran is working for, destabilizing, not only Nigeria, but all of West Africa.”

Headline

Why Nigerians Must Reject INEC’s Revised Timetable – ADC

Published

1 week ago

February 28, 2026

Eric

By Eric Elezuo

The Independent National Electoral Commission (INEC), during the week, released a fresh elections timetable, with major amendments to accommodate the just passed and signed Electoral Act 2026 by the National Assembly and President Bola Tinubu respectively.

Following the repeal of the Electoral Act, 2022 and the enactment of the Electoral Act, 2026, which introduced adjustments to statutory timelines governing pre-election and electoral activities, the Commission has reviewed and realigned the Schedule to ensure full compliance with the new legal framework.

Accordingly, the Commission has resolved as follows:

Presidential and National Assembly Elections will now hold on Saturday, 16th January 2027 as against the earlier stated February 20, 2027
Governorship and State Houses of Assembly Elections will now hold on Saturday, 6th February 2027 as against the former date of March 6, 2027

Also in accordance with the approved Schedule of Activities, the electoral bidy noted in the revised timetable that:

Conduct of Party Primaries, including resolution of disputes arising from primaries, will commence on 23rd April 2026 and end on 30th May 2026.

Presidential and National Assembly campaigns will commence on 19th August 2026.

Governorship and State Houses of Assembly campaigns will commence on 9th September 2026.

As provided by law, campaigns shall end 24 hours before Election Day. Political parties are strongly advised to adhere strictly to these timelines. The Commission will enforce compliance with the law.

But in a swift reaction, the opposition coalition, African Democratic Congress (ADC), rejected the revised 2026–2027 general election timetable, describing it as a politically biased schedule designed to favour the re-election agenda of President Bola Tinubu, and calling on all Nigerians to speak up enmasse to reject the revised timetable.

The ADC, in a statement by its National Publicity Secretary, Bolaji Abdullahi, on Friday argued that the new deadlines and compliance requirements under the Electoral Act 2026 create near-impossible hurdles for opposition parties seeking to field candidates.

On February 13, INEC initially scheduled the 2027 Presidential and National Assembly elections for February 20, 2027, while the Governorship and State Houses of Assembly elections were fixed for March 6, 2027.

The timetable, however, faced objections from some Muslim stakeholders who noted that the dates coincided with the 2027 Ramadan period.

Following the concerns, the National Assembly amended Clause 28 of the Electoral Act Amendment Bill, reducing the required election notice period from 360 to 300 days, allowing INEC to adjust the election dates.

Subsequently, INEC released a revised schedule on Thursday, signed by its Chairman, Joash Amupitan, moving the Presidential and National Assembly elections to January 16, 2027, and the Governorship and State Houses of Assembly elections to February 6, 2027.

Reacting, the ADC said the requirement that political parties submit a comprehensive digital membership register by April 2, 2026, effectively bars opposition parties from participating.

The party stated: “The African Democratic Congress rejects the updated 2026–2027 electoral timetable released by the Independent National Electoral Commission. What has been presented as a routine administrative schedule of the upcoming general elections is, in fact, a political instrument carefully structured to narrow democratic space and strengthen the incumbent administration ahead of the 2027 general elections.

“According to the timetable, party primaries are to be conducted between April 23 and May 30, 2026, just 55 to 92 days from today. However, more significant is that, pursuant to Section 77(4) of the Electoral Act 2026, political parties are required to submit their digital membership registers to INEC not later than April 2, 2026.

“That is only about 34 days away. Section 77(7) further provides that any party that fails to submit its membership register within the stipulated time shall not be eligible to field a candidate. These are not routine administrative rules but are deliberately constructed barriers designed to exclude the opposition from participating in the election.”

The party further noted that Section 77(2) of the Electoral Act 2026 requires the digital register of members to contain name, sex, date of birth, address, state, local government, ward, polling unit, National Identification Number (NIN) and photograph in both hard and soft copies, while Section 77(6) prohibits the use of any pre-existing register that does not contain the specified information. It warned that failure to meet these requirements would lead to disqualification.

The ADC questioned the fairness of the digital membership requirement, noting that the ruling All Progressives Congress began its registration process in February 2025, long before the requirement became mandatory.

“It is not a product of foresight but insider advantage. They knew what was coming. They therefore had one full year to carry out an exercise that other political parties are expected to complete in one month, during which they must collect, process, collate and transmit large volumes of digital data to INEC under the threat of exclusion. This is practically impossible.

“Democratic competition is based on a level playing field that does not give any contestant an undue advantage. A system where one party exploits incumbency to gain a one-year head start on a requirement that other parties only became aware of when it was nearly too late is a rigged system.”

The ADC said it has joined other opposition parties in rejecting the Electoral Act 2026, adding that the INEC timetable is equally rejected as it appears designed to serve what it described as a self-succession agenda.

“Let it be clear that ADC will not take any action that appears to confer legitimacy on a fraudulent system. We are reviewing our options and will make our position known in the coming days,” the party said.

The party also called on civil society organisations, democratic stakeholders and Nigerians to scrutinise the timetable and demand fairness, stressing that democracy cannot survive when electoral rules are structured to produce predetermined outcomes.

The party has consistently accused the Tinubu-led All Progressives Congress (APC) of scheming to silence the opposition as the 2027 General Elections draw closer, citing his manipulation of state governors and Assembly members from jumping ship, and settling with the ruling party.

Presently, the president’s party has a total of 31 out of 36 states governors, more than majority of the national and states Houses of Assembly.

A frontline publisher and chieftain of the ADC, Chief Dele Momodu, has warned that Tinubu is gradually transforming into full-blown dictatorship, stressing that his second term in office would turn state governors into ‘total slaves’.

Headline

Second Term for Tinubu Will Turn Governors into Total Slaves, Dele Momodu Warns

Published

1 week ago

February 28, 2026

Eric

Chairman, Ovation Media Group, and former presidential aspirant, Aare Dele Momodu, has expressed strong concern over what he described as growing political support for President Bola Ahmed Tinubu among state governors across the country.

Speaking during an interview on News Central TV, Momodu said he was shocked by the level of backing the president is reportedly receiving, warning that Nigeria’s democracy could face serious risks if the current political trend continues.

The media entrepreneur cautioned that allowing Tinubu to secure a second term in 2027 could, in his view, lead to excessive concentration of power. He particularly criticized what he described as a growing wave of opposition figures aligning with the ruling All Progressives Congress> (APC).

Momodu referenced reports of opposition governors, including Ahmadu Umaru Fintiri, allegedly moving closer to the ruling party, describing the development as politically troubling.

According to him, some governors are allegedly competing to demonstrate loyalty to the president ahead of future elections.

“The governors are fighting to ensure Tinubu wins a second term, fighting to be the biggest thug for him. If a man in his first term can capture the bodies and souls of Nigerians this way, imagine what he would do with a second term. It will be a full-blown dictatorship, and the governors will regret it as they become total slaves to him,” Momodu said.

He concluded by urging Nigerians to remain vigilant and actively protect democratic institutions, warning that unchecked consolidation of political power could threaten the nation’s democracy and future stability.

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