Banking Mogul, Tony Elumelu’s Outside The Box Module
FUNSHO AROGUNDADE

You must think long-term so that short-term failure doesn’t hold you down. That’s the real buzzword, billionaire mogul Tony Elumelu holds on tightly to.
As an entrepreneur who made it to the top despite all hurdles and is lifting other entrepreneurs to the top while bringing them to limelight, it’s obvious the Group Chairman of United Bank For Africa, UBA always thinks long term. Not only that, Elumelu knows how rewarding taking a bold risk can be.
In 1997, the Delta State-born self made entrepreneur —who made it to the top through investments— led a small group of investors to take over a small, financially distressed commercial bank.
Just a few years later, the bank became a top-five financial servicer in Nigeria and would eventually merge with UBA, according to Forbes. UBA now has subsidiaries in 20 African countries and in the United States and United Kingdom.
Ten years ago he established the Tony Elumelu Foundation (TEF). Four years into his philanthropy adventure, Elumelu then used his earnings to make a bold pledge to commit $100 million to 10,000 African entrepreneurs in 10 years thus starting TEF Entrepreneurship Programme, a Pan-African entrepreneur mentorship and training programme. Today the foundation has empowered over 9,000 of them across Africa.
Now, in spite of the COVID-19 crisis changing the economic and business landscape, and wreaking economic disruption across the globe, the 57-year-old Chairman of Heirs Holdings is pitching investors to put their bets on Africa’s economy.
Elumelu encouraged using the period to think outside the box —a message he has been telling the nearly 9,000 African entrepreneurs in his Entrepreneurship Programme.
“Necessity is the mother of invention—we need to innovate. We need to keep thinking,” Elumelu said. And he is leading by example.
While some see investing during the crisis as a gamble, Elumelu knows how rewarding taking a bold risk can be. He is a living proof that doing well—making profits— while doing good —making social impacts— is not just talk.
Couple of months back, Elumelu’s Heirs Holdings applied to the insurance industry regulator, the National Insurance Commission (NAICOM) to register two companies —Heirs Life Assurance Limited and Heirs Insurance Limited— respectively.
The applications, Spotlight gathered, had been treated based on the statutory provisions of the law for the registration and licensing of insurance companies, and have received necessary approvals from NAICOM.
Analysts have already welcomed Elumelu’s entrance into the insurance market, believing his entry is good for the industry as he’s coming from an environment where governance is a big issue and having succeeded there, he cannot afford to fail in the insurance sector and in Nigeria.
Elumelu, through his Heirs Holdings, an African investment holding company he founded in 2010, has invested in financial services, power generation, oil and gas, agribusiness, real estate, hospitality and now insurance.


















