Tony Elumelu, one of Africa’s wealthiest individuals, has become a prominent figure on social media, where his Instagram account boasts 2 million followers. The Nigerian banker-turned-investor is often seen mingling with heads of state and celebrities, practising yoga, and playing football with legends like Robert Pires and Claude Makélélé. His posts, tagged with #TOEWay, have made him an aspirational figure for many young Nigerians.

Tony Elumelu: A Tycoon for the Social Media Age

Meeting Elumelu at The Dorchester in London, one is quickly drawn into his glamorous world. At 61, he remains a dynamic presence, having first made his mark in banking during Nigeria’s capitalist boom of the 1990s. His family trust now spans various sectors, including financial services, oil and gas, and power generation. Elumelu is a staunch advocate of “Africapitalism,” promoting the idea that Africa’s private sector must drive the continent’s growth.

Despite his success, Elumelu is a modest diner, preferring buffets for their efficiency. Over lunch, he reflects on his rapid rise in banking, his strategic acquisition of distressed banks, and his eventual leadership of United Bank for Africa (UBA). His career took a pivotal turn in 2010 when a central bank ruling ended his tenure at UBA, leading him to establish Heirs Holdings, an investment firm.

Elumelu’s recent foray into the oil industry, with a 45% stake in an oilfield, underscores his commitment to energy security for Nigeria. Despite challenges, including oil theft, his business ventures continue to thrive. He remains a vocal critic of Nigeria’s leadership, urging the private sector to take charge and drive positive change.

As Nigeria grapples with economic crises, Elumelu’s philosophy of Africapitalism calls for private sector investment, even in tough times. He acknowledges the difficulties but remains optimistic about the potential for positive impact. While he supports skilled Nigerians seeking opportunities abroad, he encourages those who stay to strive for legacy and impact.

Elumelu’s influence extends beyond business, as he inspires young Africans to aspire for greatness. Despite Nigeria’s struggles, he remains committed to making a difference, embodying the spirit of resilience and leadership.