Nigerian economist Tony Elumelu’s career path provides essential lessons for aspiring professionals or budding business owners. Elumelu’s 2005 acquisition of United Bank for Africa (UBA) and subsequent transformation of the firm from a single-country bank to a pan-African organization with more than seven million customers in 19 African nations is one of his most significant professional moves.
He formed Heirs Holdings, which makes investments in the financial services, energy, real estate and hospitality, agribusiness, and healthcare sectors, after leaving UBA as the organization’s MD/CEO in 2010. In the same year, he founded the Tony Elumelu Foundation, a nonprofit organization with a base in Africa and funding from the continent.
This article will examine Elumelu’s significant professional decision and some lessons that can be drawn from it.
allowing space for future generations
According to Tony Elumelu, fostering the hopes and dreams of young people who are dedicated, diligent, and determined to make a difference in their communities is a critical factor in building a sustainable future. Elumelu, who became CEO at age 34, making him the nation’s youngest CEO, claims that the key to effective leadership is creating a legacy and a clear route for future generations.
Elumelu believes that successful businesspeople should serve as examples for the younger generation so they can learn from their mistakes and become more successful. He declared, “The key to building a world with a sustainable future is to prioritize our youth and encourage their hopes and aspirations.
Be diligent.
One lesson from Elumelu’s job change can be linked to perseverance and good fortune. The former CEO of the now-defunct Standard Bank claimed that while success requires hard work and determination, the road to it is not always easy.
For instance, despite not fulfilling the standards, he dared to apply for an “Entry Analyst” position at the now-defunct Stand Trust Bank. After a year, this job allowed him to run the bank, which led him to purchase UBA.
I know directly how these qualities are inextricably linked to success, and I credit my fast career and triumphs to hard effort and luck.
Deliberately take chances
The decision Tony Elumelu made to become the chief executive officer of the United Bank of Africa, knowing the institution was in serious difficulties, was another professional lesson.
He recognized the opportunity and was certain he could make a difference. This decision was wise because UBA flourished under his direction. For instance, A small group of investors under Elumelu’s direction took control of the faltering Crystal Bank in 1997. (later renamed Standard Trust Bank). He made the bank profitable, and in 2005, by acquiring UBA, he oversaw one of the biggest mergers in Sub-Saharan Africa’s banking industry.
Have pride in yourself.
The most important takeaways from Elumelu’s career change were his self-assurance in his skills and his vision for UBA. Notwithstanding the obstacles, he had a clear plan and carried it out with vigour and conviction.
His initial application for a position for which he did not qualify and ultimate employment demonstrates his level of self-belief, which has accelerated his success in all areas.
Always be open to change.
Elumelu understood that UBA had to adapt if it was to survive and flourish following the acquisition. He made substantial adjustments to the bank’s strategy, operations, and culture, which helped the organization become more dynamic and customer-focused.
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