How Tony Elumelu Is Breaking New Ground

FUNSHO AROGUNDADE

True success comes when you’re not the only person who everyone depends on, but instead are the catalyst for others becoming self-reliant. This is one of the beliefs of African investor and philanthropist, Tony O. Elumelu. 

For the banking mogul, there is greater joy in seeing many happy faces than in seeing fat bank accounts. Generous of heart, spirit and pocket, Elumelu is now overseeing an extensive network of activity —all geared towards turbo-charging the continent’s growth through the power and impact of entrepreneurs.

Elumelu has established himself as one of the top five multi-sectorial big players in the continent’s economy. The serial entrepreneur has broken ground and holds sway at the commanding height in various sectors unrelated to his core skills as a banker including hospitality, power, oil and gas, health and real estate. He has managed to juggle all of these with astounding results yet still angling to break new ground.

Eight years ago, the billionaire businessman set out to disrupt the Nigerian insurance landscape in the true Heirs Holdings’ fashion of improving lives and transforming the continent. That long journey came to a head start recently with the formal launch of two firms in the sector —Heirs Insurance and Heirs Life. And the industry has welcome both Heirs Insurance —offering a full range of insurance services, covering accidents, fires, health, investment, life, and pensions— and Heirs Life —offer premiums in case of death— to the insurance world as stakeholders believe Elumelu will make it more competitive, like he has done in the banking industry.

Spotlight gathered that Elumelu feels so excited about his new investments. He took special interest in this business as he personally supervised the process of acquiring the license and approval of the National Insurance Commission, NAICOM.

His private investment firm, Heirs Holdings obtained two operating licences for life and non-life business insurance from NAICOM in November 2020. Since the news filtered out, many have waited for the official launch of the two companies and they were not disappointed as all top-notch plans put in place for the commencement of operations were seamlessly executed.

Not only was Elumelu personally involved in the pre- and post-execution of the strategy leading to the launch, it was learnt he personally supervised the construction of the 7-floor corporate headquarters of the two companies. He was sighted severally visiting the facility to ensure it was built to specification and also ready for the official launch.

Elumelu’s inspiring story of transmuting from a hungry salesperson to a successful billionaire is worthy of a biopic. 

At 27, he was hired as an entry-level analyst with defunct All States Trust Bank only to retire at 47 as managing director and chief executive of a behemoth, United Bank of Africa. Now as President of Heirs Holdings and Chairman of United Bank for Africa Plc, his job is more of thinking, sitting at board sessions and providing some level of strategic direction at that level while allowing his top managers to do what they know how to do best.

Elumelu, who holds the national honour of Commander of the Order of the Niger, CON as well as recipient of Belgium’s oldest and most important national honour, Officer in the Order of Leopold, once quoted: “In business, we are known as turnaround experts, we take businesses and transform them…It’s all about transforming our society and making sure we leave the society better than we met it. For me, that opportunity to start all these is a blessing.”

And much has been accomplished by Elumelu in his less than two decades as an investor, much more than anyone can precisely highlight. However, this new just might be the best of all: a new direction for one with an admirable zeal for the development of Africa’s youths and development. It’s indeed giant strides for a business giant.

Culled from Saturday SUN