Introduction
As the United Bank for Africa (UBA) celebrates a remarkable milestone – its 75th anniversary, we
explore the bank,s history, resilience, adaptability, and unwavering commitment to excellence.
From its inception to becoming a pan-African financial powerhouse, UBA,s journey cannot be written
without the bold mention of Anthony Onyemaechi Elumelu. Elumelu,s journey from humble
beginnings to becoming one of Africa,s most influential business leaders is proof of his unwavering
determination and exemplary leadership.
Background and Early Career
Tony Elumelu was born on March 22, 1963, in Jos, Nigeria. After completing his secondary
education, Elumelu pursued a degree in economics at the prestigious Ambrose Alli University
(formerly Bendel State University) and later obtained a master,s degree in economics from the
University of Lagos.
Elumelu,s professional journey began in the banking sector, where he gained valuable experience
working for several institutions, including the now-defunct Continental Trust Bank and the now-
defunct All States Trust Bank where he served as the youngest branch manager at the age of 26. His
exceptional performance and leadership skills soon caught the attention of industry veterans, paving
the way for his ascent to prominent roles.
Rise to Prominence at United Bank for Africa (UBA) – The UBA Story
UBA,s story began in 1949 as the British and French Bank Limited (BFB). Over the years, the bank
underwent several transformations, including name changes and ownership transitions. In 1961, it
was rebranded as the United Bank for Africa Limited, reflecting its pan-African ambitions.
During this period, UBA established itself as a reliable and trusted financial institution, serving
individuals and businesses across Nigeria. It played a pivotal role in facilitating trade and economic
development within the country, contributing to the growth and prosperity of the nation.
However, the bank faced numerous challenges, including economic downturns, regulatory shifts,
and intense competition. Despite these obstacles, UBA persevered, adapting to changing market
conditions and embracing new opportunities.
In 1997, Elumelu joined the United Bank for Africa (UBA) as a deputy managing director, a role that
marked the beginning of his transformative journey within the organization. His strategic vision,
coupled with his ability to innovate and navigate challenges, quickly propelled him to the position of
managing director and chief executive officer in 2004.
Under Elumelu,s leadership, UBA underwent a remarkable transformation, evolving from a
struggling regional bank into a pan-African financial powerhouse. He spearheaded the bank,s expansion across Africa, establishing a presence in 20 countries and positioning UBA as a major
player in the continent,s banking landscape.
Philanthropic Impact
Alongside his remarkable career in banking, Tony Elumelu has made a significant impact through his
philanthropic initiatives. In 2010, he established the Tony Elumelu Foundation, a non-profit
organization dedicated to empowering African entrepreneurs and fostering economic development
across the continent.
The foundation,s flagship program, the Tony Elumelu Entrepreneurship Programme (TEEP), has
become a game-changer in the entrepreneurial ecosystem of Africa. Through this program,
thousands of entrepreneurs have received training, mentorship, and seed capital to launch and grow
their businesses.
TEEP,s impact has been far-reaching, with beneficiaries spanning various sectors, including
agriculture, technology, healthcare, and education. By nurturing and supporting entrepreneurship,
Elumelu,s foundation has played a crucial role in creating jobs, driving economic growth, and
inspiring a new generation of African business leaders.
Beyond TEEP, the Tony Elumelu Foundation has undertaken various initiatives focused on
healthcare, education, and youth empowerment. Elumelu,s philanthropic vision extends to
environmental sustainability, as he has championed initiatives to promote renewable energy and
combat climate change.
Recognition and Awards
Tony Elumelu has received significant recognition and praise for his contributions to business and
entrepreneurship. Some of them include;
– In 2003, the Federal Government of Nigeria granted Mr. Elumelu the title of Member of the
Order of the Federal Republic, MFR, a national honour.
– In 2012, he was awarded the National Honor of Commander of the Order of the Niger, CON,
for his service in promoting private enterprise.
– He was awarded the Daily Times, Nigerian Man of the Year in 2016.
– In 2018 and 2019 he was awarded the All-Africa Business Leaders Awards (AABLA)
Philanthropist of the Year Award.
– He received an Honorary Doctor of Business degree from Bayero University Kano (BUK) in
2019.
– He was honoured with the National Productivity Order of Merit Award in 2019.
– TIME magazine recognized him as one of the 100 Most Influential People of 2020.
– On October 11, 2022, Mr. Elumelu received the National honour of Commander of the Order
of the Federal Republic.
Conclusion
The UBA and Elumelu story are intertwined and will remain that way in the history of Nigeria and
Africa. This story serves as a reminder that with determination, hard work, and a commitment to
making a positive impact, individuals can overcome obstacles and achieve remarkable success. Their
legacy extends beyond the banking sector, as Tony,s philanthropic efforts have created a ripple
effect of empowerment and opportunity for generations to come.
As they both look to the future, Tony and UBA remain steadfast in their commitment to driving
economic growth, empowering individuals and businesses, and contributing to the prosperity of the
African continent and beyond.
