Tony Elumelu shares lessons from early scepticism to UBA and Seplat roles
Tony Elumelu, chairman of United Bank for Africa (UBA), reflected in a recent interview with the US‑based School of Hard Knocks on the scepticism he faced when he bought struggling Crystal Bank in 1997. He rebranded it as Standard Trust Bank and later led its 2005 merger into UBA. The 63‑year‑old Ambrose Alli University alumnus said critics called him a "joker" for the bold move, comparing himself to Jesus Christ, whom people also thought crazy. He stressed that entrepreneurship is a marathon, recalling how he skipped buying a car to save money for property, and noted he now flies his fourth private jet. Elumelu also discussed his upcoming appointment as Chairman of Seplat Energy, effective 1 January 2027, succeeding Udoma Udo Udoma, and highlighted UBA’s 2026 Banker Technology Award for AI innovation. He described his foundation’s mission to "democratise prosperity" as a legacy of impact. For entrepreneurs, his story underscores the value of long‑term thinking and reinvesting early profits rather than chasing quick wins. Investors may note his incoming Seplat role as a signal of continued leadership in Nigeria’s energy sector, while UBA customers can expect the bank’s award‑winning AI enhancements to improve digital services.