I don’t have a problem with people saying ‘I’m going to Canada, UK or US.’ Joblessness is the betrayal of a generation . . . But for those who decide to stay, they should try to create an impact
— Tony Elumelu, The proponent of ‘Africapitalism’ on the legacy of imperialism — and why he’s getting into the business of oil
Elumelu’s statement seems to highlight the importance of self-determination and a forward-looking approach for countries that have experienced colonial rule in the past.
The Nigerian entrepreneur’s track record as a successful business leader, investor, and advocate for economic development in Africa lends credence to his remarks. His foundation has disbursed over US$100 million to young African entrepreneurs, fostering a new generation of leaders who will shape the continent’s future.
Elumelu’s comparison of the United States’ experience with that of African nations provides a fresh perspective on how countries can move beyond the lingering effects of colonialism. His ideas on Africapitalism, which emphasize the role of the private sector in driving economic growth and social development, underscore his commitment to a more prosperous and self-sufficient Africa.
FINANCIAL TIMES
“I had a very fast career,” says Elumelu, whose father was a builder and mother a caterer. At 26, having earned a masters in economics at the University of Lagos, he became a branch manager of the bank where he began his career. “It was unheard of . . . I like to take my destiny in my hands.”
After eight years of rising up the ranks at his old shop, Elumelu displayed a savvy streak in 1997 when he, alongside a group of investors, took over Crystal Bank, one of Nigeria’s many distressed banks. A liberalisation of the financial services industry in the late 1980s had lowered the barrier to entry, leading to an exponential growth in the number of licensed banks, many on shaky ground. A number of them would later go bust, with customers losing their deposits.
Elumelu and his band of young bankers renamed the entity Standard Trust Bank and cleaned up the mess they had inherited, turning it into one of the more stable banks in the country. In 2005, his bank merged with United Bank for Africa (UBA) and Elumelu came out on top in an almighty struggle to become the chief executive of the new operation. Elumelu was at the helm of UBA for another five years until a central bank edict that turfed out long-serving bank bosses put him out of a job.
