HAIL TO  TONY ELUMELU

 OKE EPIA pays tribute to Elumelu, economist, banker, and chairperson of the United Bank of Africa

The ‘last man standing’ chatter re-echoes in my head as I contemplate writing this piece. Not many will remember that Tony Elumelu was the first prominent businessman whom the then-president-elect, Bola Tinubu, paid an open visit to days after the tension-soaked general elections were won and lost. As Tinubu alighted from the SUV that brought him to Tony’s palatial Lagos residence, the latter cheerfully bantered, hugged him warmly, and led him into an exclusive soiree. The short clip that soon circulated rapidly on social media revealed the deep connections between the two men that many were unaware of until that evening.

It is no surprise, therefore, that the Delta-born magnate has been involved in some critical engagements, including foreign trips, with President Tinubu. He was part of the official delegation during the state visit to France last November, where he signed several lucrative business deals. Even the holy book says there is a time to sow and a time to reap. But Tony is a consistent sower. Little wonder that he is a regular reaper. However, it takes more than the mechanical metaphor of farming to make it and stay relevant in Nigeria. And I am not referring to the concept of luck here, although it cannot be discounted in the treacherous game of life. I am talking about the application of the right combination of acumen, perspicacity and strategy. I am talking about the prescience of preparation and the divinity of opportunity. Just before you misread me: I am not talking about the perfection of systems, processes, and personalities —the triple maladies that are at the heart of Nigeria’s development challenge, including the conduct of elections.

But let’s get back to Tony. The fact that he belongs to the billionaire class of top businessmen in Africa is not news. Neither is the fact that he is a frontline figure in the philanthropy fad familiar to that class. Nor that he is festooned in the inner circle of corporatism that stealthily manoeuvres the political chessboard in Nigeria, much of Africa, and elsewhere around the world. What remains unobtrusive and largely unspoken about Tony is how he brings a uniquely characteristic intellectual acuity, intentional internationality, and a suave sense of style that sets him apart from the rest.

Tony is a people person. I do not refer to his traditional trade craft skills, which define much of his rise from humble beginnings in retail banking to a conglomerate across multiple industries. I also do not mean it in the sense of a political juggernaut who rides the rostrum of mass proselytising. Neither do I refer to the uncanny ease with which he connects with friends, associates, and acquaintances, nor his graceful benevolence in and out of season. That is a story for another day. What I want to highlight here is the massive social and economic capital he is accumulating online and offline, nationally and globally.

Earlier this month, the President of Gabon, Brice Nguema, conferred the prestigious national honour – the Commander in the National Order of Gabonese Merit – on Tony Elumelu in recognition of his contribution to Africa’s development. “Tony Elumelu is not only a visionary entrepreneur but also a committed friend of our nation, Gabon,” the president said at the conferment ceremony, adding: “He has consistently shown that investing in Africa is not just good business. It is the key to our shared future. We honour a man whose actions continue to empower young Africans and inspire nations.” This award aligns with similar national, continental, and global recognitions Tony has received in recent years, including the Time 100 Most Influential People in the World by Time magazine, which was awarded in 2020. The Tony Elumelu Foundation (TEF), founded in 2010, has reportedly funded over 18,500 startups across Africa’s 54 countries and catalysed a digital ecosystem of over one million Africans with a $100 million fund to identify, mentor, and train young entrepreneurs. Like a golden fish with no hiding place, Tony was recently appointed to the International Monetary Fund (IMF) Advisory Council on Entrepreneurship and Growth. He now has multiple multilateral and bilateral channels to preach his unique gospel of Africapitalism and influence global attention to home-grown solutions to Africa’s challenges.

Tony Elumelu is the Founder and Group Chairman of Heirs Holdings, a conglomerate with diversified business interests, including healthcare, insurance, and energy. He is also the Chairman of Transcorp Group and the United Bank for Africa (UBA). His prominent profile and increasing international acclaim place him among a unique class of billionaires. And he has taken those high-value assets online. The way the Tony Elumelu machine utilises social networking on the internet suggests a deliberate design to harness the loyalty and following of the young, youthful, and future-focused. For what purpose, precisely, is the question that remains up in the air. He is undoubtedly not connecting with Gen Z and the Alphas on Instagram and TikTok solely to showcase his opulent influence, ‘fine boy vibes,’ and ‘stylish steez,’ although there is no question that he enjoys rocking the trend and embracing hashtags that betray the simplicity of his personality. After all, what is life without some self-exulting indulgences? Tony is certainly not on social media to create content that excites algorithms or benefit from clicks, comments, likes, and shares.  

One thing, however, is clear: Like in his vast business empire, Tony is strategic and visionary about his online engagements. He is deliberate about personal branding, storytelling, and community building. He is adept at using social channels to connect with diverse demographics, regardless of their ideologies, idiosyncrasies, and indulgences. He ensures that no one is left behind. Depending on where you meet him online, you cannot help but get the impression of a billionaire businessman on a globalising mission of expansion driven by indigenous ingenuity, intellectual interpolations, and a crusade for social good. However, he is careful to infuse a youthful heart and occasionally display dedication to his family, friends, and work colleagues. The narrative Tony is telling is that success can be influential yet not intoxicating; impactful but not enervating; and honourable yet humbling, humane, and human. One can be lavish yet large-hearted, stylish, and inspiring. Although a media-friendly person and delight of journalists, he has chosen to tell his stories precisely the way he wants them, using the voice and tone that befits the occasion and audience. To buttress this point, I have taken the liberty to cull this post made on his LinkedIn page on the morning of May 19^th 2025:  

“I was in Paris last week. Another opportunity to show Africapitalism in action — my belief that Africa’s private sector holds the key to our continent’s transformation. I met with René-Laurent Alciator, who leads UBA’s presence in France. Paris is an increasingly important hub for UBA’s European and particularly Francophone African business. Our presence in Paris and eleven French speaking African countries, our US dollar clearing in New York and FX business in London give UBA a unique position in serving clients in Europe and Africa. I joined other leaders at the 2025 Steering Committee Meeting of the Council for Inclusive Capitalism, at the invitation of Lynn Forester de Rothschild. Her unwavering commitment to building an ecosystem anchored in fairness and shared prosperity is one that resonates with me. My advocacy highlighted two things: No global conversation should take place without Africa at the table; The private sector — not only in Africa, but globally — must lead in balancing the inequalities existing in our world. Businesses cannot focus solely on profit or shareholder value, we must embrace social impact – to do well and to do good, simultaneously for a greater good. Governments alone cannot solve the developmental needs of a country. This is why I call for stronger private-public sector collaboration — partnerships that catalyse employment, drive entrepreneurship, and empower our youth and women across the continent. I congratulate Lynn once again and the Inclusive Capitalism initiative for the work they are doing in bridging the economic inequality gap by championing access to finance, promoting inclusion, and driving youth empowerment. I also extend heartfelt appreciation to my dear friend, Maurice Levy, Chairman, Publicis, who hosted a networking dinner in my honour with Lynn Rothschild. It was truly an engaging time with the private sector leaders in France, all united by a shared commitment to transformative impact and economic prosperity. I also commend the CEO of UBA Group Paris, René-Laurent, for the great work the team is doing, facilitating opportunities between France and the African continent.” Examining how this same event was narrated on Instagram perfectly illustrates the point I have made about the deliberate strategy of his social networking endeavours.

Online and offline, Tony Elumelu is the master of his craft, taking his destiny in his hands and appearing to leave nothing to chance. This raises the inevitable question: Having conquered the world of business and economy, what does Tony want? To put it in local Nigerian parlance, wetin Tony dey find sef?

 Epia is a journalist, policy influencer, and thought leader. He writes from Abuja