WEFA: Elumelu Advises Global Shapers to Embrace Entrepreneurship

Mr Tony Elumelu

The Chairman of Heirs Holdings and Tony Elumelu Foundation, Mr. Tony Elumelu, has told Global Shapers at the SHAPE Africa 2014 that young people need to embrace entrepreneurship, saying it was important to the growth of the continent.

Elumelu, who made this known during the World Economic Forum’s SHAPE Africa 2014 event, also disclosed that being a CEO at a very young age was one of his greatest challenges as there was lack of trust from people.

He told Shapers that at the young age of 34, he and a group of like-minded friends took over an ailing bank and within 15 years turned it into a regional banking powerhouse with branches spread across the world. 

He stated that because they were so young and had a vision to revolutionalise the banking industry, some referred to them at the beginning as Cowboys.
According to him, “banking is a trust business. When you are called a Cowboy in a trust business, you know already there is a problem. The biggest challenge when we started was that we were so young.”

He further stressed that entrepreneurs had more chances if they embark on long-term projects as long term plan should guide selection of investors in their business, adding that a key success factor for entrepreneurs is to scale up in phases.

He continued that the Tony Elumelu Foundation was putting together a platform that will impact 1,000 entrepreneurs across Africa as the continent needs to step up and develop the natural resources that lies within.

He further said: “If we move away from investing in the short-term to the long term, we will create a better Africa. Entrepreneurship is very important to the growth of Africa. It is a call on the Private Sector to impact on their immediate community.”

Elumelu told Global Shapers that the private sector can make money and create social impact at the same time. He pointed out that while they grew as a bank, they impacted the lives of both the people and the communities in which they operated. 

Emphasising the importance of hard work and focus, he added from the outset they had a long term plan to turn the bank into a Pan African Bank and because they were focused, they realised their vision and turned the bank into one of the top two banks in country within 15 years.

From ThisDay Live