Tony Elumelu began as a copier salesman. He went on to lead a pan-African bank and fund young entrepreneurs.
Born in Jos, Tony Elumelu turned a struggling Nigerian bank profitable, led United Bank for Africa into 20 countries, then set up a foundation to back African entrepreneurs.
“Young, hungry, and hardworking” is how Tony Elumelu describes himself when he started out as a copier salesman. He was born in Jos in 1963, studied economics, and began his banking career while serving his national youth service year at Union Bank in 1985.
Turning a bank around
In 1997 he led a small group of investors that took over a struggling lender, Crystal Bank, later renamed Standard Trust Bank. He made it profitable within a few years. In 2005 he led one of the largest bank mergers in sub-Saharan Africa, bringing Standard Trust together with United Bank for Africa (UBA).
As group managing director he grew UBA from a single-country bank into a group with subsidiaries in 20 African countries, plus France, the United States and the United Kingdom. He stepped down in 2010.
Backing the next generation
That year he founded Heirs Holdings, his family investment company, and the Tony Elumelu Foundation, which champions entrepreneurship across Africa. Heirs Holdings holds a controlling interest in Transcorp, a group with interests in power, hospitality and energy. TIME named him among the 100 most influential people in 2020.
For any founder who thinks a job in sales is a small start, his own account is a useful reminder of where it can lead.
