Falconer magazine recently had a chance to speak with Elumelu who has been a member of the Falcon Family operating a Falcon 7X since 2014. Here’s what he had to say about his life and challenges.
He obtained a bachelor’s degree from Ambrose Alli University and a master of science degree from the University of Lagos. He also attended the Harvard Business School’s Advanced Management Program in the U.S.
With an air of charisma and a warm smile, Tony Elumelu is a methodical man who takes ample time to explain his point of view. After a long day at work, he loves to spend time with his wife, Awele Elumelu, a doctor he married in 1993, and his seven children.
Can you tell us the secret of your success?
There is no magic wand for success. No one can succeed without putting in hard work and being prepared to identify and take opportunities as they present
themselves.You must dream big, but dreaming is not enough, you must also work hard. Hard work is essential, you must make sacrifices, be consistent and remain focused. Always have a long-term perspective. Develop a keen sense of intuition that helps you predict trends before they occur. Finally, you must be disciplined and ensure that you develop a savings culture. These are the values that have guided my business dealings.
I am the product of a series of small successes that culminated in the merger of Standard Trust Bank and United Bank for Africa. In that merger, I was motivated by a dream to democratize banking in Africa. So that for the first time banks could link families and businesses across Nigeria and then across the continent and give them the financial freedom that Africans had not previously enjoyed.
What were your dreams when you were a kid, and which writers inspired you?
When we were growing up, my dad always told us: “If you earn a dollar and don’t save anything, then even if you earn a billion dollars you still won’t save a penny.” That early investment
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discipline, learning to hold onto something, not to consume everything you get, helped me significantly.
I’ve always had an entrepreneurial drive. When I was setting out on my path to success, banking was clearly a growth industry in Nigeria. I capitalized on it by working exceptionally hard and offering unconventional solutions to our unique challenges.
One of the most influential writers in my life was Jeffrey Archer, the British author of CAIN AND ABEL, PRODIGAL DAUGHTER, and SHALL WE TELL THE PRESIDENT, amongst others.
Your economic philosophy is called ‘Africapitalism.’
Africapitalism is different from conventional capitalism. It calls for the private sector to commit to transforming the African continent through long-term investments in strategic sectors of the economy, creating both economic and social wealth.
Put simply, Africapitalism is a call to action for businesses to do business in a new way. I call it doing well (economic profits) and doing good (social prosperity).
Is Africapitalism accessible to all Africans?
I would like to explain Africapitalism in more detail before proceeding with an answer. Africapitalism is an economic philosophy that is predicated on the following: First, the private sector in Africa has the power and capacity to make transformational change across the continent. Secondly, the private sector will do this well only if it is guided by a sense of duty by making strategic investments with a long-term perspective. And thirdly, I believe if more people adopt this approach, we will solve some of the challenges we face as a people and a continent, generate solid economic returns and create a more stable and cohesive society.
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