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Tag: Elumelu

  • VFD Group unveils culture framework, RIDEE with Elumelu

    VFD Group unveils culture framework, RIDEE with Elumelu

    VFD Group, a leading proprietary investment company, has formally launched its organisational culture framework, RIDEE (Respect, Inclusion, Dynamism, Execution, and Entrepreneurship) in a landmark event at its headquarters in Lagos, Nigeria. 

    The occasion marks a pivotal moment in the Group’s evolution, affirming its commitment to institutionalising values that will guide its global growth strategy.

    The event featured a distinguished lineup of business leaders and stakeholders, including Mr. Tony O. Elumelu, CFR, Chairman of Heirs Holdings, UBA, and Transcorp Group, who served as the Special Guest of Honour.

     Other notable attendees included Mr. Tunde Busari, SAN, Chairman of VFD Group; Mr. Nonso Okpala, Group Managing Director; Mr. Adeniyi Adenubi, Non-Executive Director and Art Patron; Mr. Azubike Emordi, Managing Director of Afriland Properties, and several ecosystem partners.

    A Bold Cultural Shift

    Busari, Chairman of VFD Group, emphasised the strategic importance of culture in scaling African institutions:

    “This moment is symbolic. It represents a deeper shift in how we see ourselves and how we choose to grow. Culture has always been the thread that connects ambition to action. Today, we have made that thread visible.”

    He reiterated that for Africa to build sustainable institutions, culture must evolve beyond heritage and become embedded in organizational systems.

    Honouring Legacy, Inspiring the Future

    In a heartfelt tribute, Mr. Nonso Okpala, Group Managing Director of VFD Group, introduced Mr. Tony Elumelu as a mentor and model of excellence:

    “Many of you have heard me say I got my PhD at Heirs Holdings. That time was formative. Every day under a leader like Mr. Elumelu was a chance to stretch my thinking and sharpen my execution.”

    Okpala credited Elumelu’s influence as instrumental to his leadership journey, underscoring the importance of mentorship, succession planning, and institutional legacy.

    Read Also: VFD group records N4.1bn profit before tax in Q1 2025

    The RIDEE framework is the result of a year-long internal discovery process observing behaviours, listening to employee stories, and identifying the values that have driven VFD’s success over 15 years.

    Elmer Aluge, Soft Power Inclusion Specialist, described RIDEE as: “A behavioural contract. When defined clearly, it becomes an operating system. RIDEE gives VFD a shared language that ties together identity, execution, and scale through its global network.”

    RIDEE now serves as the standard for aligning teams across geographies, promoting autonomous decision-making, and reinforcing intentional leadership across the Group’s expanding portfolio.

    Looking Ahead: Global Expansion in Motion

    Closing the event,  Elumelu delivered an inspiring keynote urging VFD Group to lead with purpose and tenacity, “Excellence is in going the extra mile.”

  • Tinubu celebrates Elumelu at 55

    Tinubu celebrates Elumelu at 55

    President Bola Ahmed Tinubu has extended warm felicitations to renowned physician, philanthropist and business leader, Dr Awele Vivien Elumelu, who clocked 55 on Sunday, June 23, 2025.

    In a statement on Monday by his Special Adviser on Information and Strategy, Mr. Bayo Onanuga, President Tinubu described Dr Elumelu as a distinguished Nigerian whose contributions to healthcare, entrepreneurship, and philanthropy have positively impacted countless lives, especially women and children across Nigeria and Africa.

    “President Bola Tinubu congratulates the Chairperson of Avon Healthcare Limited, Dr Awele Vivien Elumelu, on her 55th birthday today, June 23, joining family and friends to celebrate the renowned physician, a devoted mother and wife, philanthropist and entrepreneur,” the statement reads.

    The President lauded Elumelu’s visionary leadership at the helm of Avon Healthcare Limited and as Founder/CEO of Avon Medical Practice, through which she has significantly improved access to quality healthcare, particularly among underserved communities in Nigeria and across the African continent.

    Highlighting her contributions beyond the clinic, President Tinubu recalled Elumelu’s 2018 appointment as a Private Sector Champion for Immunisation in Africa by Gavi, the Vaccine Alliance. 

    In that role, she played a pivotal part in efforts that helped reach over 10 million unimmunised children on the continent—an achievement he described as “a testament to her passion for saving lives.”

    Beyond the boardroom and hospital corridors, President Tinubu also praised Dr Elumelu’s commitment to healthy living, noting her active participation in marathons in Nigeria and around the world. 

    Read Also: Tinubu, Akpabio, Saraki, others for award

    “Her inspiring participation in marathons… has motivated many to embrace healthier lifestyles through physical fitness and proper diet,” the statement noted.

    Tinubu further acknowledged her role as a Director on the Board of Heirs Holdings and as a Trustee of The Tony Elumelu Foundation—two platforms through which she has empowered a new generation of entrepreneurs with skills and opportunities to shape a more prosperous future.

    “Her philanthropic leadership continues to inspire, especially in the nurturing of young talents and supporting community-based interventions,” the President stated, while expressing appreciation for her selfless service to humanity.

    As she marks the milestone age, the President offered prayers for Elumelu, wishing her “more years of good health, abundant blessings, and continued success in her noble service to humanity.”

    Dr Awele Elumelu, who is married to celebrated banker and philanthropist Mr. Tony Elumelu, is widely recognised for her strategic efforts to integrate health, enterprise, and development as a sustainable pathway for national growth and social inclusion.

  • Elumelu responds to X user’s adoption request

    Elumelu responds to X user’s adoption request

    Chairman of United Bank for Africa (UBA), Tony Elumelu has playfully entertained an adoption request from an X user named Banana, who jokingly asked to be adopted by him. 

    The conversation started when another user, Stacy, asked about the perfect gift at one’s age, and Banana humorously suggested “adoption documents to Tony Elumelu’s family.”

    Elumelu responded with a lighthearted “Looool. With 7 children, can I add more?” 

    Banana took it further by adding “Elumelu” to his X handle, declaring himself the billionaire’s “8th child” and even joking about changing his surname.

    He wrote: “Abeg make una help me tag uncle @TonyOElumelu I’m about to get a new affidavit tomorrow…changing my surname asap.

    “I’ve changed my bio to elumelu’s 8th pikin….I’ve considered myself adopted.”

  • Elumelu: stable naira attracting investors

    Elumelu: stable naira attracting investors

    According to tycoon Tony Elumelu, the naira has been stable in recent months, allowing investors to better plan for activities in Africa’s most populous nation.

    The naira has hovered between 1,588 and 1,611 per dollar this month after facing recurrent volatility since 2023. This is due to devaluations intended to lure inflows and end dollar shortages in Nigeria.

    “The naira is becoming quite stable,” Elumelu, the United Bank for Africa chairman and a member of the Presidential Economic Coordination Council in Nigeria, said at the Qatar Economic Forum. “I’d like to see that continuing.”

    Read Also: Elumelu seeks bold action to fix power

    Central Bank of Nigeria policies, including clearing a backlog of dollar demand, offering fixed-income securities at high yields to attract portfolio inflows, and boosting dollar supply to the forex market after US President Donald Trump’s trade war, helped stabilise the currency.

    “Currency volatility is a challenge for Africa and Asia. In the global south, fixing the volatility of our currencies will be critical for ultimately developing our economies,” said Elumelu, the biggest shareholder of Transnational Corp. of Nigeria Plc.

    The government of the State of Qatar is the underwriter of the Qatar Economic Forum, Powered by Bloomberg.

  • Elumelu urges FG to act decisively on power sector reforms

    Elumelu urges FG to act decisively on power sector reforms

    …as Transcorp reports N94.1bn profit after tax

    Tony Elumelu, Chairman of Transnational Corporation Plc (Transcorp), has urged key stakeholders within the federal government to take decisive action in implementing President Bola Ahmed Tinubu’s vision for the power sector, warning that fear and hesitation are hindering progress.

    Speaking with journalists in Abuja on Wednesday following the company’s 19th Annual General Meeting (AGM), Elumelu expressed concern that while President Tinubu has shown commitment to reforming Nigeria’s electricity sector, key actors within the system are reluctant to drive the necessary changes.

    He highlighted the federal government’s unpaid debts to power generation companies as a major obstacle to meaningful progress. 

    Elumelu revealed that Transcorp Power, the electricity generation arm of the Transcorp Group, is currently owed over $400 million (about N600 billion). 

    He emphasised that resolving these debts is critical to unlocking the sector’s potential and aligning with the President’s Renewed Hope Agenda, which seeks to reposition Nigeria’s economy toward $1 trillion growth.

    “We believe that to fix Nigeria, we must fix power. And we are great supporters of President Tinubu’s Renewed Hope Agenda. We know that to grow a $1 trillion economy, electricity must be fixed. That is not the case today,” Elumelu said.

    “The President gave a directive last year that all impediments to the power sector should be removed. But I am afraid to say that critical people who should help bring the President’s vision to life are afraid to do so. May I use this opportunity to call on them to help translate this innovative idea to action.”

    He stressed the urgency of addressing Nigeria’s energy access issues, noting that citizens deserve improved power supply and that Transcorp, along with other private sector players, is ready to play its part if financial obligations are honoured.

    “Nigerians need improvement in access to electricity. The power sector is heavily owed. Transcorp alone is owed over $400 million, which is over N600 billion. We want this paid so that we can help actualize the President’s vision for improving electricity supply to Nigeria,” Elumelu stated.

    Beyond the power sector, Elumelu provided insights into the performance of Transcorp’s business units. 

    Read Also: Tony Elumelu-backed entrepreneurs generate $4.2b revenue

    He noted that Transcorp Hotels, Transcorp Power, and Transcorp Energy have all continued to deliver strong value, with plans to list additional subsidiaries in the future, including the Abuja Electricity Distribution Company (AEDC), which is currently managed by the group.

    According to him, “We have Transcorp Hotels—it’s working well. We also have Transcorp Power, which is managed by AEDC, and then Transcorp Energy. Transcorp is doing so well. We create value for shareholders.”

    Elumelu disclosed that the combined market capitalization of Transcorp’s listed companies now exceeds $3 billion, or approximately N4.5 trillion, excluding unlisted entities such as AEDC and Transcorp Energy. 

    He extended an invitation to the investing public to participate in the Transcorp growth story.

    “When we took over this company in 2011, the market cap of Transcorp was less than $2 billion. Today, the group market cap is over N4.5 trillion. Since 2004, when we took over the company, we have consistently paid dividends to shareholders. We just declared N1 of dividends for 2024, and 2025 will definitely be better than 2024,” he said.

    On the financial front, the conglomerate posted gross earnings of N408 billion as of December 31, 2024—an increase of 107 percent from N197 billion in 2023. Profit Before Tax soared by 132 percent to N136.7 billion, up from N58.8 billion in 2023, while Profit After Tax surged 188 percent to N94.1 billion, from N32.6 billion the previous year.

    The Group’s total assets rose by 42 percent to N751.6 billion by year-end 2024, up from N529.9 billion in 2023. Shareholders’ funds also grew significantly, increasing by 45 percent to N271.7 billion from N187.3 billion in December 2023.

    Following this strong financial showing, the Board of Directors recommended a full dividend of N1 per share. This includes an interim dividend of 40 kobo per share paid on August 7, 2024, and a final dividend of 60 kobo per share to be disbursed later in the year.

    Elumelu concluded with a message of optimism and commitment to transformation: “We are doing what we are expected to do—transforming companies and businesses and creating more value for shareholders. We want more Nigerians and investors to be part of this journey.”

  • Elumelu seeks partnership to boost African economy

    Elumelu seeks partnership to boost African economy

    The Chairman, United Bank for Africa (UBA) Plc, and Heirs Holdings Group Tony Elumelu, has emphasised the need for a strategic and collaborative approach to drive sustainable economic growth across the African continent.

    According to him, to see the kind of growth needed in Cameroon specifically and in Africa generally, governments, private sector leaders, and development partners need to unite in order to unlock the continent’s vast economic potential.

    Speaking to a combined audience of policymakers, business executives, and investors who gathered at the inaugural edition of the Cameroon Economic Meeting in Yaoundé, Elumelu, who presented the keynote remarks, highlighted the critical role of entrepreneurship, infrastructure development, and financial inclusion in fostering economic transformation.

    Elumelu, invited by the Country’s President, Paul Biya emphasised the importance of intra-African trade and investment, just as he urged stakeholders to adopt policies that create an enabling environment for businesses to thrive.

    Read Also: First Lady empowers over 200 Anambra farmers

    “For Africa to succeed, for Cameroon to succeed, government and businesses need to unite, to invest for the long term, not just the short term. We must all be strategic and purposeful. For me, I have always been passionate about helping African youths to succeed and I believe that leaders who have got to the top should help create a ladder so that the young ones can also succeed and in turn impact the continent,” Elumelu said.

    Using the case study of Heirs Energies, which has become one of the fastest-growing indigenous integrated energy business in Africa, Elumelu emphasised how fostering collaboration between government and private sector players can unlock greater economic opportunities, He pointed out that this could be replicated in Cameroon to boost the economy.

    He listed key priority areas that governments should focus on to boost the economy to include:  Security and Rule of Law, Infrastructure Development, Youth Empowerment, Attracting Global Investment and Public-Private Partnerships.

    In the area of Public-Private Partnerships, Elumelu noted that Governments must see the private sector as a partner, not a competitor, and create an enabling environment that fosters business growth through reforms that reduce excessive taxation and improve ease of doing business.

    He added that as Africa’s Global Bank, UBA is always ready to assist governments to finance their infrastructure and energy needs which are key sectors that will boost any developing economy. He took time to reaffirm the bank’s long-standing commitment to Cameroon, where the bank has been operating since 2008 and has employed over 1,000 locals, supporting major economic projects, including the financing of the country’s landmark Olembe Stadium.

    Elumelu, who chairs the largest conglomerate in Nigeria, Transnational Corporation(Transcorp) underscored the importance of execution, enterprise, and excellence in achieving sustainable economic transformation, adding that “the path to economic revival is within our reach, but it requires a collective commitment from the government, private sector, investors, and the Cameroonian people. My life story shows what can be achieved, in Africa, by Africans, for Africans. The conversations we are having today are a call to action,” he added.

  • Why I diversified into oil, gas, power, others, by Elumelu

    Why I diversified into oil, gas, power, others, by Elumelu

    Chairman, United Bank for Africa (UBA) Group Tony Elumelu has disclosed why he diversified from banking sector to oil & gas, power, healthcare, technology among other sectors of the economy.

    Speaking at the Legacy Builders Palm Beach Conference held in Florida, United States, on the theme: “Democratising Luck” he said Africa remains a continent of opportunity.

    He disclosed that Africa’s population is currently 1.5 billion, and is expected to double  in 25 years

    Elumelu said: “The median age is 19 – in Latin America it’s 31 – in Asia and the United States 38years. Africa is home to 24 of the world’s 25 fastest-growing populations. Nigeria will, according to the Economist, overtake the US, as the world’s third most populous country by 2050”.

    He disclosed that young people are important to him and Africa has many of such young people than elsewhere.

    He expressed confidence that African entrepreneurs will transform the continent’s economic landscape.

    “I founded the Tony Elumelu Foundation, and for the past 15 years, I have dedicated myself to a mission close to my heart: empowering African entrepreneurs. I have spent $100 million to empower African entrepreneurs because of that belief that entrepreneurs hold the key to unlocking Africa’s untapped potential,” he said.

    He said that entrepreneurs are the innovators, the dreamers, and the builders who can transform not only their own lives but entire economies.

    Speaking on his background, Elumelu disclosed that he started out his career as a banker.

     “I was lucky to get a job. I had no silver spoon, no international education.  I worked hard and when I saw an opportunity to do more, I took it. I led a group of investors to turn around a struggling bank and make it profitable. That opportunity led to what is the largest bank merger in sub-Saharan Africa to date,” he said.

    Read Also: Reps seek death penalty for production of fake drugs

    He said that UBA Group is now is in 20 counties in Africa, four continents  and remains the only African bank regulated to take deposits in the US. We bank over 45 million customers.

     “My Group is one of the largest oil producers in Nigeria – we are one of the largest power producers – we have acquired one of the top 3 electricity distribution companies in Nigeria. We also invest in and manage real estate, healthcare and technology,” he said.

     “We are doing well – but also, we are doing good. Nigeria has huge resources and effectively no power – we are changing that – it means not just businesses, but schools and hospitals are beginning to function,” he added.

     “If you come to our federal capital – you will stay in Transcorp Hilton – our flagship hotel – again we have invested over $130 million making it world class destination – for leaders – for business – for families. But also, as a gateway to investment in Africa”.

    Elumelu said his life journey has been shaped by a combination of luck, as well as opportunity, grit, and resilience.

     “I am where I am today because I was fortunate to be in the right place at the right time — I was prepared to seize the moment when luck presented itself. However, I believe luck and opportunity should not be reserved for a select few. We cannot claim to be rich when there is pervasive poverty that is evident all around us,” he said.

    Eluemlu said he wants to extend the same opportunity he had to young Africans who have not been as fortunate.

     “This inspired my wife and I to invest in the next generation of African entrepreneurs. In 2015, we committed that $100 million to identify, train and fund the businesses of African entrepreneurs over 10 years. Today, we have granted 2.5 million Africans with access to training on TEFConnect, our online portal, and lifted over 2 million individuals out of poverty,” he said.

     “We have also disbursed more than $100 million in direct funding to over 21,000 beneficiaries, who have created 1.5 million jobs, and generated $4.2 billion in revenue across the continent. We also learnt; we can’t do it just by ourselves – our programme receives over 300,000+ applications a year. So, we now work with the EU, the UN, the Red Cross – and with family foundations,” he said.

    He said: “My greatest fulfillment comes from the legacy we are building, the lives we are transforming, and the profound impact of what the Tony Elumelu Foundation now represents.”

  • Elumelu donates 1,800 bags of rice to Delta community

    Elumelu donates 1,800 bags of rice to Delta community

    Chairman of the United Bank for Africa (UBA), Tony Elumelu, at the weekend, donated 1,800 bags of rice to his kinsmen in Onicha-Uku Community, Aniocha North LGA, Delta State.

    In an address at the event, Tony Elumelu assured his kinsmen of his commitment to empowering communities and changing lives.

    Elumelu was represented by Nassir Ramon, Head of External Relations at the United Bank for Africa, who stated that the gesture was in line with the spirit of Christmas, especially to show love, kindness, and generosity.

    Elumelu remarked, “Today we gather to celebrate the spirit of Christmas—a season of love, kindness, and generosity. This event is a testament to the deep commitment of Tony Elumelu to his roots, his people, and his vision for a better and brighter future for all.”

    Read Also: Hadi’s sack: Wike not running FCTA based on religion, aide replies MURIC

    Continuing, he noted, “He has not only made an indelible mark on the global stage but also continues to impact lives right here in his hometown.”

    “This initiative reflects the values Elumelu embodies—hard work, generosity, and the unshakeable belief that when we lift others, we rise together.”

    He mentioned that the distribution of the rice to everyone in the community was to show care and ensure that no one was left without the joy of Christmas, adding, “The distribution of the rice is a simple but profound gesture of love—a way of ensuring that families in this community enjoy the festive season with dignity and happiness.”

    Representatives from the Royal Palace, the seven quarters that make up the community, the Christian Association of Nigeria (CAN), the College of Nursing, the youth, and the elderly gathered at his residence, where the distribution was carried out in an orderly manner.

  • Elumelu champions recognition of women’s potential, challenges workplace stereotypes

    Elumelu champions recognition of women’s potential, challenges workplace stereotypes

    The Group Chairman, United Bank for Africa (UBA) and Founder, Tony Elumelu Foundation (TEF), Tony Elumelu, has passionately called for a change of long-standing workplace stereotypes that continue to hinder women’s professional growth and potential.

    He said this while delivering a compelling address during a meeting with the Association of Professional Women Bankers (APWB), at the UBA Head office in Marina, Lagos during the week.

    Elumelu, who highlighted the exceptional abilities of women in business, addressed the additional obstacles women encounter, such as imposter syndrome and unfair stereotypes that portray them as “too emotional” or “sentimental” in professional settings.

    “From my experience, women in our group are tenacious, hardworking, and deliver results. They don’t expect special treatment – they command respect,” Elumelu stated.

    “My admiration for women comes from personal experience. My 97-year-old mother still goes to the market and cooks for us every Sunday. My wife, five daughters, and two sisters continue to inspire me daily, and the women I work with constantly surpass expectations.”

    The chairman noted that his own organisations and those he has invested in stand as a testament to women’s leadership potential.

    Read Also: Elumelu, others speak at global business forum

    “At UBA Group for the longest time, our board has been predominantly female, and most of our CEOs are women. At Heirs Holdings Group, women head more group companies than men—not by design, but by merit,” He highlighted.

    Elumelu cited examples of women’s leadership within his organizations, noting that Transcorp Group, valued at N4.5 trillion, and Transcorp Hotels Plc, valued at N1 trillion, are both led by women who are breaking barriers and redefining corporate leadership.

    Drawing inspiration from the story of Mary Jane Patterson, the first Black woman graduate in America, Elumelu advised the female professionals to build confidence, ignore stereotypes, and focus on personal goals as these are the most prominent ways they could break glass ceilings and open paths for young girls.

    “The story of the first Black woman graduate in America, Mary Jane Patterson, resonates deeply. She wasn’t allowed into classrooms, so she stood in hallways to learn. Decades later, this university apologized and awarded her an honorary doctorate. She paved the way for millions of successful Black women today.”

    “To all women who are running businesses or climbing the corporate ladder: please note that confidence is key. Ignore stereotypes, focus on your goals, build expertise, and let your work speak for you. As I told the APWB, leadership is about showing what you can do, regardless of labels,” Elumelu concluded.

    The Chairperson, Association of Professional Women Bankers (APWB), Funke Feyisitan Ladimeji, who commended Elumelu’s commitment towards female inclusivity and professional advancement,  emphasised that his advocacy went beyond rhetoric. She highlighted how his various business concerns continue to provide concrete opportunities for women to excel in leadership roles.

    “The chairman’s approach serves as a powerful model for other corporate leaders, which shows that diverse, merit-based leadership is not just possible, but essential for organizational success and societal progress,” she said.

  • Elumelu, others speak at global business forum

    Elumelu, others speak at global business forum

    On October 29, Mr. Elumelu will join other global business leaders in the Opening Plenary panel, titled ‘Board of Changemakers: Banking & Investment,’ to discuss whether visionary leaders create new economic systems that embrace innovation.

     Demonstrating global interest in HH Group companies and the breadth of the HH investment portfolio, the Forum will see the presence of other senior Heirs Holdings executives:

     Owen Omogiafo, President and Group CEO of Transcorp Group, one of Africa’s leading, listed companies, with strategic investments in the power, hospitality, and energy sectors, driven by its mission to improve lives and transform Africa, will join other global female leaders in the energy sector at the HERizon Summit to discuss how women can power sustainable supply chains.

    Read Also: Elumelu urges IOCs to collaborate with indigenous firms

     Osa Igiehon, CEO of Heirs Energies will share insights on energy transition and security at his session focused on powering Africa’s future through green investments. Heirs Energies has made significant impact in Nigeria, driving energy self-sufficiency, through rapid expansion in oil and gas production and building energy value chains, contributing to HH’s integrated energy strategy.

     Muyiwa Akinyemi, Deputy Managing Director, United Bank for Africa Group, will join a roundtable session, leveraging his perspective drawn from his career with Africa’s Global Bank. UBA Group’s presence in the GCC is pivotal in fostering stronger economic ties between Africa and the Gulf, reflecting a commitment to cross-border investment and sustainable growth.