“Do you work for me?” That was now-legendary Tony Elumelu speaking to little me on the stairs of the old Standard Trust Bank on Oyin Jolayemi Street in Victoria Island.
I was then a good-looking young stockbroker working with BGL. I had gone to the bank for some transactions. Remember that there was an intimate bond between Standard Trust and BGL, so our people frequented that bank.
Tony was a mythical figure for us young entrants at the brilliant BGL.
We heard the story of how our firm was used as a launching pad to acquire these banks and start what has today become one of the most fascinating African business stories.
From that day on the staircase, Tony has grown from a brilliant and very ambitious banker to a global figure. His stature on the world stage is quite remarkable, giving him some level of respect that some African heads of state struggle to get.
He has emerged as a swashbuckling figure whose clarity as to his purpose in life remains well defined. He has done all of this while building a remarkable home front with very beautiful and well-situated children, and with the support and brilliance of his very lovely wife, who in her own stead is giving Tony a run for his money — remember she ran the Boston Marathon.
That Tony has emerged as one of the most powerful people in this country can be delineated from the personal visit of President Bola Tinubu to his house immediately he secured his election.
That image of Tony calling our President “Bola, Bola” will remain forever in my mind as an enduring symbol of a hard-nosed drive for personal fulfillment.
If you ask me, I think Tony’s trajectory into international business superstardom was triggered by the Emir Sanusi-driven policy of tenure limits within the banking sector.
It was a hot afternoon in Lagos, and I was on the Marina looking for a buka to eat when the whole place shook like an earthquake. Five bank managing directors had just been asked to leave office, and the nation’s business district — Lagos Marina — went on a run.
People started running back to their offices, phones were ringing, the queue at the amala joint disappeared, giving me enough time to order four wraps of fufu and two goat meats.
This decision was going to have far-reaching implications on the markets, economy, and businesses.
These five were superhero MDs, and this was truly an earthquake.
In less than 24 hours, UBA announced a successor. Tony had handed over and immediately drove out of the building and into global immortality.
Today, Tony would look back at that day and say — yesssssssss, I was prepared and ready.
Two words that are alien in corporate Nigeria because of the lack of visionary leadership that Tony was imbued with.
His love for knowledge, his ability to surround himself with the brightest of minds, and much more importantly, his inability to be cowed by them but instead his innate ability to push them to the utmost limit have been the very solid foundations that the Tony phenomenon sits on.
Two other things have to be mentioned when talking about Tony — philanthropy and his style.
His Tony Elumelu Foundation, if I am not mistaken, is the biggest on the continent in its space and one of the biggest in the world.
His dream of “catalyzing” business growth by empowering young African entrepreneurs continues to flame up ambitions all over the continent.
You see his joy when he visits a factory in faraway Joburg that the foundation has touched, or him sipping coffee in Kenya from the farm of one of his mentees, and then he looks up and smiles and says — guys, Africa is in your hands.
His style oooooooooo. You know in my days they used to call me GQ man. Tony has always been a man with distinct taste for the lush engagements of finely turned-out pieces.
I am an avid follower of his IG page, where I go to pick out his pieces and see just how he has combined them.
He comes out mostly in dark, gray, and white colours, except when he comes out with his signature red socks and ties.
I still don’t like his formal shoes, as they remain pointed and barely oversized, and with his tight pants stick out. But his strongest forte is his casuals and informal shoes.
Those get me, and I sometimes feel like waiting for him in a dark corner, lifting him up in the air, stripping him bare, and running away with those clothes.
He dresses for his fitness, his wide chest and carriage giving the pieces a modicum of confidence to preen, with him cooing along like a major film star into the darkness to the admiration of we his fans.
To balance this essay out, let me look for a small downside, as no one is perfect. His critics have talked about his “overexposure” in the media and his breaking down of the walls of formality that surround huge business personalities like him, but a quick scour through the comment section of his IG page shows that thousands, if not millions, are lapping him up and finding inspiration in his essence. Hmmmmm.
Anthony Onyemaechi Elumelu was born March 22, 1963, in Jos, Plateau State, Nigeria.
He hails from Delta State (Onicha-Ukwu in Aniocha North LGA) and grew up in a modest household with four siblings, including Ndudi Elumelu, a prominent Nigerian legislator.
He obtained a B.Sc. in Economics – Ambrose Alli University and an M.Sc. in Economics – University of Lagos, but completed executive programs at Harvard Business School.
He began his career as a copier salesman, later joining Allstates Trust Bank.
In 1997, he led a group of investors to acquire Crystal Bank, transforming it into Standard Trust Bank.
In 2005, he orchestrated one of Nigeria’s largest banking mergers, acquiring United Bank for Africa (UBA).
As Group Managing Director of UBA, he expanded the bank into 20 African countries, plus the U.S., UK, France, and UAE.
He currently serves as Chairman of UBA.
He founded Heirs Holdings in 2010, a family-owned investment company with interests in:
Financial services, energy and power, hospitality, technology, and healthcare.
He chairs Transnational Corporation of Nigeria (Transcorp), which owns:
Transcorp Power – a leading electricity producer
Transcorp Hotels Plc – Nigeria’s top hospitality brand
He also chairs Heirs Energies, an upstream oil and gas company with major assets like OML 17.
He recently, through his Heirs Holdings, acquired 20.07% of Seplat, making him the largest shareholder in Seplat and getting appointed a non-executive director.
Tony Elumelu Foundation (TEF) was founded in 2010 to promote entrepreneurship across Africa.
It immediately launched the $100 million TEF Entrepreneurship Programme, supporting over 18,000 entrepreneurs in 54 African countries.
It focuses on job creation, economic empowerment, and inclusive growth.
He has been named one of TIME Magazine’s 100 Most Influential People (2020).
He holds Nigeria’s national honour: Commander of the Order of the Federal Republic (CFR).
Featured in global media including Forbes, CNN, and Harvard Business Review.
Married to Dr. Awele Vivian Elumelu, a medical doctor and philanthropist, and the couple has seven children.
He is known for his disciplined lifestyle, mentorship of young leaders, and commitment to African development.
Need I say more?
Duke of Shomolu
Last modified: February 6, 2026
