Tony Elumelu - Afrikan Heroes

Leading by example: Tony Elumelu’s leadership principles

October 20, 2023

By Tony Elumelu

People often ask me, TOE how do I learn leadership. Should I go on a course? Buy a book? Get a mentor? Are leaders born, or can you become a leader?

Just as I say about business success, leadership has many components – luck, being in the right place at the right time. But I also believe that those talents and those disciplines that you bring, creating a vision and the resilience and focus that delivers that vision, can also forge your own personal leadership.

I was fortunate to work with Chief Ebitimi Banigo, at the start of my career. My leadership philosophy was built working with him. It started with Chief Banigo taking the time to read my application letter and giving me a chance to prove myself at Allstates Trust Bank in 1988. When my colleagues tell me today, “TOE you respond too fast to our emails”, I laugh because I learnt from the master himself – Chief Banigo. When I sent memos to him, he would respond within twenty-four hours; therefore, why should I not respond even faster in this age of technology?

These are some of the leadership values I learnt from my time with Chief Banigo, and I practise them all today.

Leaders must demand excellence: Only by going the extra mile and pushing ourselves, will we truly develop and standout. Hard work and excellence made my bosses Toyin Akin-Johnson and Ebitimi Banigo notice, and subsequently, believe in me. At twenty-seven, I went from being a trainee to being a boss, when I was appointed a branch manager – the youngest bank branch manager at that time. All the things I learned earlier came into play, and I continued learning.

Good leaders find in people, what people did not know they possess – Leaders recognise the talent in their team and then push to unlock the talent. When I work, I work to achieve my goals, but I also work to unlock my teams’ skills. I know everyone I work with has huge potential – for me my success is also about the success of others, growing and nurturing their talent, that is the foundation of our growth at Heirs Holdings Group. This focus on talent, teams, personal transformation, is why I am so insistent on creating institutions, cultures, and pathways, where human capital can thrive. It is why I am an investor in businesses, but also entrepreneurs across Africa.

Leaders must walk their talk – A leader must be consistent. People want to trust a leader that they believe has integrity. Leadership is not just about telling people what to do, it’s also about setting an example. A good leader must lead by example and practice what they preach, this demonstrates integrity, it builds trust and respect.

Leaders must impart knowledge: I benefitted from the mentorship of Chief Banigo at Allstates Trust Bank. He helped me to develop my strategic thinking, my frames of reference and to channel my ideas into concrete actions, so that when the moment of opportunity arrived, at the age of thirty-four, I had the self-belief to gather a small group together to take over and revive a failing bank – take that enormous step, that is still shaping an industry and a continent today.

Today, when I am faced with an impossible situation, I ask myself, ‘What Would Chief Banigo Do?’. I worked with Chief Banigo from 1988 – 1995, till this day, he is the one I turn to, when I need advice. #Leadership #TOEWay

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

New EU-Backed $24 Million VC Fund Launched For African Women Founders By Tony Elumelu Foundation

December 13, 2020

A partnership has been signed between the European Commission and the Tony Elumelu Foundation for the support of more than 2,500 women entrepreneurs in the 54 countries of the continent, by offering them entrepreneurship training as well as seed capital to allow their initiatives to pass the startup phase. The two entities aim to solve the problems faced by young African companies, namely skills and capacity gaps, financial constraints and lack of access to mentoring and markets.

“This joint effort will prioritize and provide economic opportunities for African women who, for too long, have endured systemic obstacles to start, grow and maintain their businesses, ” said For Tony Elumelu, chairperson of TEF.

This partnership intends to alleviate the funding, knowledge and market constraints that threaten the livelihoods of women entrepreneurs on the continent, in order to create more income, jobs, and growth for the businesses owned. by women, ”he added.

Tony Elumelu Foundation women founders African Tony Elumelu Foundation women founders African

Here Is What You Need To Know

With a budget of 20 million euros ($24m), the program is co-financed by the European Union and the Organization of African, Caribbean and Pacific States (OACPS), in collaboration with the German Federal Ministry for Cooperation Economic and Development (BMZ).
It is implemented by the German Society for International Cooperation (GIZ).
This new fund focused on the economic empowerment of women across Africa, aims to improve access to finance and venture capital investments, particularly in the context of the Covid-19 pandemic where women have been the most affected by the economic crisis.
In addition, it will help women participate in economic development and accelerate their financial inclusion.
The new fund is also part of the EU 2020–2025 strategy on gender equality.
Interested women entrepreneur applicants should watch this space.

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer

African Startups Can Now Apply For Tony Elumelu Foundation ’s Grant

January 2, 2020

Africa’s largest entrepreneurship forum, the Tony Elumelu Foundation ‘s Entrepreneurship Programme (TEEP) is now set for its sixth(6) edition scheduled for the year 2020. Applications for the 6th edition of TEEP began on January 1, 2020.

African Billionaire and Philanthropist Mr Tony O. Elumelu, CON

The TEF Entrepreneurship Programme is open to entrepreneurs from across Africa, either with new startup ideas or existing businesses of less than 3 years of existence, operating in any sector of the economy.

Since inception in 2015 over 5,000 entrepreneurs across Africa have received support grants worth $5,000 each to scale their businesses.

TEEP has received several global support and partnership from international and development agencies like the United Nations Development Programme, UNDP, The International Committee of the Red Cross, ICRC, The French Development Agency, OFDA, amongst others.

The programme was founded by African Billionaire and Philanthropist Mr Tony O. Elumelu, CON who is a firm believer in the empowerment of African entrepreneurs, to solve challenges in the continent, create wealth and address issues like poverty.

Frequently Asked Questions

How do I apply for the programme?

All Applications must be submitted ONLINE through the APPLICATION PORTAL. You must complete an application form by answering a series of mandatory questions and uploading additional documents and identification materials. After submission, you will receive a confirmation email of receipt within 1 working day.

What if my company is a partnership?

Only one nominated person from the business or the partnership is able to join the programme.

Can I apply offline?

No. All Applications must be submitted online through the application portal.

How is the Programme Selection Process?

1- How are selected applicants chosen to join the programme?

Selection of the applicants will take place from the close of the Application on March 1st, by the Tony Elumelu Foundation and an independent Selection Committee appointed by the Foundation, against the specified selection criteria.

2- By what criteria are the applicants to be judged?

All applications will be judged on 5 core criteria, which are:

– Feasibility of the business idea.
– Market Opportunity: Knowledge and understanding of the market, customers and competitors for their idea/business.
– Financial Understanding: Understanding of the basic financial requirements of running a business, costs and revenues.
– Scalability: Demonstrates potential for replication and growth of their product or service to create jobs and wealth.
– Leadership Potential and Entrepreneurial Skills: Demonstrate leadership potential, capable of attracting people, customers and resources.

The Tony Elumelu Foundation itself is located in Nigeria, does this give preference to Nigerian entrepreneurs?

No. The TEF Entrepreneurship Programme is a Pan-African programme and open to business ideas from all the 54 African countries from which we will select the best business ideas for the programme.

If my start-up is selected to join the programme, when and how will I be informed?

Successful applicants will be notified on the 22nd of March, via the email address designated in the initial application. The list of selected entrepreneurs will also be posted on the TEF Website.

What additional information must I supply once my business is selected?

If Applicants are offered a place in the Programme, Applicants will be expected to:

–complete a self-declaration form,

-provide proof of valid ID,

-provide a personal bank statement from the past 6 months,

-provide a statement of current personal debts.
-provide a reference from an employer, bank and/or academic institutions;
-Provide business bank account details (For UBA present countries, it must be a UBA account)

Why was my application unsuccessful?

Since inception we have received over 65,000 applications for the limited spaces on the programme, while we can only accept 1000 entrepreneurs each year. Here are a few possible reasons why your application was not successful:

-You did not complete the application
-Your business or idea is more than 3 years old
-Your business or idea is not based in Africa
-Your descriptions in one or more sections of the application was not clearly described
-Your application did not meet other eligibility criteria
-You scored low in one or more of the selection criteria.

How can I improve my chances next year?

Ensure that you review the selection criteria in the next programme cycle and be sure to describe your business plan or idea such that every aspect of the business or idea (i.e. description, market, customer acquisition, financials etc.) is fully covered.

Is there a waiting list for Applicants who could join the programme?

Yes there is a waiting list. If any of the selected 1000 do not claim their places by the set deadline, the next best entrepreneur from the waiting list will be chosen before commencement of the programme cycle.\

If not selected, can I reapply in another programme cycle?

Yes. We will open the platform for applications on January 1 every year. Each applicant will be required to put in a fresh application. We believe the elapsed time should serve to refresh your interest in your entrepreneurial objectives, and there might be new developments to include in the application.

What if English is not my first language?

The application portal will have functionality in English, French and Portuguese.

What information/identification do I need to provide in my application?

You must answer all the mandatory questions in the application form.

How many applicants will be chosen to join the programme?

There are 1,000 places available annually for the applications that are selected by the Selection Committee for a placement in the programme.

Are there application/associated fees?

No. The Tony Elumelu Foundation does not charge any applicants a fee for applying to the programme.

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based Lawyer with special focus on Business Law, Intellectual Property Rights, Entertainment and Technology Law. He is also an award-winning writer. Working for notable organizations so far has exposed him to some of industry best practices in business, finance strategies, law, dispute resolution, and data analytics both in Nigeria and across the world

Tony Elumelu Foundation Gets $5 Million Support from African Development Bank For Youth Entrepreneurship in Africa

December 16, 2019

The Tony Elumelu Foundation has received a grant of $5 million to enable it scale up its Entrepreneurship Programme to impact 1,000 select youth entrepreneurs across the African continent.

Tony Elumelu, founder, Tony Elumelu foundation

The grant follows the signing of a letter of intent between the Bank and the Tony Elumelu Foundation, which took place during the Tony Elumelu Foundation Entrepreneurship Programme launch in March this year. The partnership will bring about future collaboration focused on strengthening small to medium-sized enterprises as well as talent and skills development for Africa’s youth.

The partnership will support 3,050 young entrepreneurs across 54 African countries. The Bank’s participation will enable an additional 1,000 entrepreneurs to benefit from the Tony Elumelu Entrepreneurship Program, which provides much needed opportunities to help stem the rising tide of unemployment and inequality facing the continent’s youngest citizens.

The programme aligns with the Bank’s ten-year Jobs for Youth in Africa strategy launched in 2016, to support the creation of 25 million decent jobs across the continent. The strategy is also expected to equip 50 million young African people with employable skills that enable them to access economic opportunities and realize their full economic potential across the continent.

The Tony Elumelu Foundation Entrepreneurship Programme will deliver business training, mentoring, access to networks, markets and capital for business development to selected youth-led start-ups in order for them to grow and create jobs.

The Entrepreneurship Programme demonstrates a strong alignment with the Bank’s Youth Entrepreneurship and Innovation Multi-Donor Trust Fund objectives to build the African youth entrepreneurship ecosystem by scaling innovative youth led start-ups, expanding youth market opportunities and improving youth access to finance.

Other development partners involved in supporting the Tony Elumelu Entrepreneurship Programme are Agence Française de Développement, the German Agency for International Cooperation, the United Nations Development Programme and the International Committee of the Red Cross. They will also work to provide more business opportunities to youth entrepreneurs across the continent.

In 2017, the Bank established the Youth Entrepreneurship and Innovation Multi-Donor Trust Fund, in partnership with the governments of Norway, Denmark, Sweden, Italy and the Netherlands. The fund is a grant vehicle managed by the Bank to support the African entrepreneurship ecosystem directly and indirectly by leveraging on the Bank’s instruments. Its interventions will equip Africa’s youth with the right tools to establish start-ups and micro, small and medium enterprises.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Tony Elumelu Foundation Announces Opening Of Application For TEEP 2020

December 2, 2019

Africa’s largest entrepreneurship forum, the Tony Elumelu Entrepreneurship Programme.

TEEP is now set for its sixth(6) edition scheduled for the year 2020. In preparation for its 6th edition TEEP has announced that it will begin accepting applications for the 2020 cohort of the TEF Entrepreneurship Programme, on January 1, 2020.

African Billionaire and Philanthropist Mr Tony O. Elumelu, CON

The TEF Entrepreneurship Programme is open to entrepreneurs from across Africa, either with new startup ideas or existing businesses of less than 3 years of existence, operating in any sector of the economy.

Since inception in 2015 over 5,000 entrepreneurs across Africa have received support grants worth $5,000 each to scale their businesses.

TEEP has received several global support and partnership from international and development agencies like the United Nations Development Programme, UNDP, The International Committee of the Red Cross, ICRC, The French Development Agency, OFDA, amongst others.

The programme was founded by African Billionaire and Philanthropist Mr Tony O. Elumelu, CON who is a firm believer in the empowerment of African entrepreneurs, to solve challenges in the continent, create wealth and address issues like poverty.

Frequently Asked Questions

How do I apply for the programme?

All Applications must be submitted ONLINE through the APPLICATION PORTAL. You must complete an application form by answering a series of mandatory questions and uploading additional documents and identification materials. After submission, you will receive a confirmation email of receipt within 1 working day.

What if my company is a partnership?

Only one nominated person from the business or the partnership is able to join the programme.

Can I apply offline?

No. All Applications must be submitted online through the application portal.

How is the Programme Selection Process?

1- How are selected applicants chosen to join the programme?

Selection of the applicants will take place from the close of the Application on March 1st, by the Tony Elumelu Foundation and an independent Selection Committee appointed by the Foundation, against the specified selection criteria.

2- By what criteria are the applicants to be judged?

All applications will be judged on 5 core criteria, which are:

– Feasibility of the business idea.
– Market Opportunity: Knowledge and understanding of the market, customers and competitors for their idea/business.
– Financial Understanding: Understanding of the basic financial requirements of running a business, costs and revenues.
– Scalability: Demonstrates potential for replication and growth of their product or service to create jobs and wealth.
– Leadership Potential and Entrepreneurial Skills: Demonstrate leadership potential, capable of attracting people, customers and resources.

The Tony Elumelu Foundation itself is located in Nigeria, does this give preference to Nigerian entrepreneurs?

No. The TEF Entrepreneurship Programme is a Pan-African programme and open to business ideas from all the 54 African countries from which we will select the best business ideas for the programme.

If my start-up is selected to join the programme, when and how will I be informed?

Successful applicants will be notified on the 22nd of March, via the email address designated in the initial application. The list of selected entrepreneurs will also be posted on the TEF Website.

What additional information must I supply once my business is selected?

If Applicants are offered a place in the Programme, Applicants will be expected to:

–complete a self-declaration form,

-provide proof of valid ID,

-provide a personal bank statement from the past 6 months,

-provide a statement of current personal debts.
-provide a reference from an employer, bank and/or academic institutions;
-Provide business bank account details (For UBA present countries, it must be a UBA account)

Why was my application unsuccessful?

Since inception we have received over 65,000 applications for the limited spaces on the programme, while we can only accept 1000 entrepreneurs each year. Here are a few possible reasons why your application was not successful:

-You did not complete the application
-Your business or idea is more than 3 years old
-Your business or idea is not based in Africa
-Your descriptions in one or more sections of the application was not clearly described
-Your application did not meet other eligibility criteria
-You scored low in one or more of the selection criteria.

How can I improve my chances next year?

Ensure that you review the selection criteria in the next programme cycle and be sure to describe your business plan or idea such that every aspect of the business or idea (i.e. description, market, customer acquisition, financials etc.) is fully covered.

Is there a waiting list for Applicants who could join the programme?

Yes there is a waiting list. If any of the selected 1000 do not claim their places by the set deadline, the next best entrepreneur from the waiting list will be chosen before commencement of the programme cycle.\

If not selected, can I reapply in another programme cycle?

Yes. We will open the platform for applications on January 1 every year. Each applicant will be required to put in a fresh application. We believe the elapsed time should serve to refresh your interest in your entrepreneurial objectives, and there might be new developments to include in the application.

What if English is not my first language?

The application portal will have functionality in English, French and Portuguese.

What information/identification do I need to provide in my application?

You must answer all the mandatory questions in the application form.

How many applicants will be chosen to join the programme?

There are 1,000 places available annually for the applications that are selected by the Selection Committee for a placement in the programme.

Are there application/associated fees?

No. The Tony Elumelu Foundation does not charge any applicants a fee for applying to the programme.

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based Lawyer with special focus on Business Law, Intellectual Property Rights, Entertainment and Technology Law. He is also an award-winning writer. Working for notable organizations so far has exposed him to some of industry best practices in business, finance strategies, law, dispute resolution, and data analytics both in Nigeria and across the world