Tony Elumelu, Chairman of the United Bank for Africa (UBA), has opened up about the intense scepticism he faced early in his career, particularly regarding his acquisition of Crystal Bank in 1997. Speaking in an interview with the US-based media platform The School of Hard Knocks, the 63-year-old recounted how industry critics dismissed the move, labelling him a “joker” for his bold investment.
From Crystal Bank to UBA Merger
Mr Elumelu rebranded the struggling financial institution as Standard Trust Bank (STB) and later led a historic 2005 merger to acquire the larger, more established UBA. Addressing the criticism he faced, he remarked, “You know, when you do extraordinary things, people think you’re stupid. I said to my team then, even when Jesus Christ lived, people thought he was crazy. He lived ahead of time.”
Entrepreneurship as a Marathon
The Ambrose Alli University alumnus emphasised that his path to wealth was neither swift nor easy, noting that he did not grow up with significant financial means. He advised aspiring entrepreneurs to view business as a marathon rather than a pursuit of quick wins. “I tell you, in this journey of entrepreneurship, it’s a long race. It’s a marathon. It’s not about quick wins. The sacrifice I made was worth it,” Mr Elumelu said.
He shared personal sacrifices, stating, “You know, even deciding not to buy a car and instead saving the money to acquire property. I didn’t have a car for a long time. So today, this is the fourth private jet I’m flying. But I didn’t have a car growing up.”
Democratising Prosperity and Legacy
When asked about his commitment to funding young African entrepreneurs through his foundation, Mr Elumelu described the initiative as a mission to “democratise prosperity”. “It is about impact. It’s about legacy. You can’t be the only tree in the forest. You need to make sure that there are more,” he added, crediting his success to divine inspiration and guidance.
New Role at Seplat Energy
Mr Elumelu is set to take on a new role following his appointment as Chairman of Seplat Energy. As PREMIUM TIMES previously reported, he will assume the position on 1 January 2027, succeeding Udoma Udo Udoma.
