“An Opportunity That Was Truly Transformative” – Tony Elumelu Speaks On 14 Years Of Heirs Holdings Group
Serial investor and proponent of Africapitalism philosophy, Tony Elumelu has described his exit from United Bank for Africa (UBA) as MD/CEO – following a Central Bank of Nigeria (CBN) policy that limits the tenure of Bank Chief Executive Officers to 10 years – as a launch pad to “an opportunity that was truly transformative”.
He said, “What could have been a setback, became the beginning of something extraordinary – an opportunity that was truly transformative”.
Mr Elumelu made the comment a day after the event that commemorated 14 years of Heirs Holdings Group, the enterprise he envisioned and founded in 2010.
The event where the prominent business leader and his wife, Awele Elumelu, were joined by Group Chief Executive Officer of Heirs Holdings, Emmanuel Nnorom, financial analysts, leading representatives from the media, and top executives from across the business group and held on Wednesday, August 28, 2024, at Heirs Place, Victoria Island, Lagos featured “a media parley and fireside chat”, with CEOs of subsidiaries that form the conglomerate with interests in – banking, hospitality, real estate, power, insurance, energy, technology, oil and gas among others – taking turns to tell the success story of their respective brand.
“When one door closes, many others open. Fourteen years ago, my life changed – I was a banker, I was known as a banker, banking had defined me. But then a demand came that bank CEOs step down after 10 years. What could have been a setback, became the beginning of something extraordinary – an opportunity that was truly transformative. The message is when faced with adversity, do not give up. When challenged, bounce back. Persevere, be resilient, and transform your fear into hope, your hope into ambition, and your ambition into action”, Mr Elumelu reflected in a writeup he posted across his social media handles on Thursday, August 30, 2024.
Alluding successes of companies under Heirs Holdings Group – which includes: Transcorp Power, Transcorp Hotels, Transcorp Afam, Avon Medicals, United Capital, Heirs Energies, Heirs Technologies, Heirs Insurance, Heirs Insurance Life, Afriland Properties and AP Registrars – to power of having right people in right places the wealthy businessman maintained, “Success is so often collective, not individual. Our success is not the result of one person’s efforts. Listening to our HH Group CEOs yesterday reminded me of the power of assembling the right people. To aspiring entrepreneurs, I say: share your vision, build a strong team, empower them, and with the right approach, you may achieve even more than we have at Heirs Holdings and The Tony Elumelu Foundation.”
Mr Elumelu’s social media post reads…
Yesterday marked a significant milestone, as we celebrated 14 years of excellence at Heirs Holdings Group.
I wanted to share some reflections, as we look back at our achievements, and look forward, as we double down on our ambition:
- When one door closes, many others open. Fourteen years ago, my life changed – I was a banker, I was known as a banker, banking had defined me. But then a demand came that bank CEOs step down after 10 years. What could have been a setback, became the beginning of something extraordinary – an opportunity that was truly transformative. The message is when faced with adversity, do not give up. When challenged, bounce back. Persevere, be resilient, and transform your fear into hope, your hope into ambition, and your ambition into action.
- Success is so often collective, not individual. Our success is not the result of one person’s efforts. Listening to our HH Group CEOs yesterday reminded me of the power of assembling the right people. To aspiring entrepreneurs, I say: share your vision, build a strong team, empower them, and with the right approach, you may achieve even more than we have at Heirs Holdings and The Tony Elumelu Foundation.
- Our DNA at Heirs Holdings is rooted in the 3Es: Execution, Enterprise, and Excellence. But above all, we owe everything to God’s grace. It is by His hand that we have reached these heights, and we will always give thanks and recognition to Him.
Let us all remember our broader responsibilities. We don’t act alone; we don’t exist in a vacuum. We are not just here to make money or seek personal glory.
As we move forward, let us all unite in building a stronger country and a transformed Africa. At the Tony Elumelu Foundation, we have supported 20,000 African entrepreneurs, with nearly half of them being Nigerian. When we committed USD100 million to this cause, it wasn’t guaranteed we would succeed, many doubted, they doubted our commitment, our stamina, our process. We have shown what we can do, partnering with global institutions, who seek out our approach. We believe that poverty anywhere is a threat to all of us everywhere. Our true wealth lies not in our bank accounts, but in how we use it to benefit humanity.
As we celebrate 14 years, let us all recommit to improving lives and transforming society. We are defined by HH Impact, we are building to last and building for good.
To our incredible HH team, our leaders, directors, the Nigerian people, our Nigerian government, customers, regulators, and all our stakeholders—thank you for making this journey worthwhile.
Here’s to many more years of impact and success.
