TONY ELUMELU: HOW I BECAME A BANK CEO AT THE AGE OF 34

Tony Elumelu, the chairperson of United Bank for Africa, stated that he became a bank chief executive at the age of 34, making him one of the industry’s youngest at the time, through hard work and luck.

He was the CEO of the defunct Standard Bank prior to a business combination with UBA, which saw him become the CEO of the new larger entity.

“I owe my accelerated career and successes to two things: hard work and luck, and I know firsthand how these factors are inextricably linked in success,” Mr Elumelu said on Wednesday in a Facebook post.

“My successes – and yes failures – have always driven me to create opportunities for young people. I believe our youth have the talent and the zeal to change the world.”

Mr Elumelu currently serves as the chairman of Heirs Holdings, a family-owned investment holding company, as well as Transnational Corporation of Nigeria, in which he owns 2.1 percent. He has a 7% stake in UBA as well.

Tony Elumelu Foundation, his philanthropic initiative, empowers young entrepreneurs in Africa and has an active presence in 54 African countries.

Mr Elumelu noted that the time he took the helm at Standard Bank coincided with a period of fast-paced transformation in banking when “reform-minded policymakers had opened up paths for consolidation and strengthening our sector”.

He went on to say that, while competition was fierce in the industry, being young was no impediment.

The Tony Elumelu Foundation’s board of trustees approved the appointment of a new CEO, Somachi Chris-Asoluka, who is in her early 30s, a feat Mr Elumelu attributes to unusual technical ability as well as leadership skills.

Mr. Elumelu urged successful leaders to support young people who are focused, hardworking, and dedicated to making a difference in their communities, because their drive and determination make things happen.

“More than ever, those of us who have achieved success must serve as role models for the next generation, so that they can learn from our mistakes and achieve even more than we have,” he said.

“I believe that prioritising our youth – supporting their dreams and aspirations – is how we can create a sustainable future for the world.

“Leaving a legacy and a path for the next generation is the greatest success in leadership.”

To leave a lasting legacy and ensure long-term success, UBA’s CEO added that leaders must focus on long-term goals and succession planning.