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Full Biography And Net Worth of Tony Elumelu

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NET WORTH IN $Billion
  • 1%
    November 2014 - 1 Billion%
  • 100%
    November 2015 - 700 Million%
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Biography And Net Worth Of Tony Elumuelu | Tony Elumelu Biography

Tony Elumelu

 

Tony Elumelu is a Nigerian Businessman, entrepreneur, investor, and billionaire. He was born on the 22nd of March 1963 in Jos to Dominic and Suzanne Elumelu. In addition to being a businessman, Tony whose full name is Tony Onyemaechi Elumelu is also an economist and philanthropist. He is the chairman of Heirs Holdings, the United Bank for Africa, Transcorp and the founder of The Tony Elumelu Foundation. He also has other qualifications that are not academic of which includes; the Nigeria

a national honors, the Commander of the Order of the Niger (CON) and Member of the Order of the Federal Republic (MFR). In 2012 he was recognized as one of Africa’s 20 Most Powerful People by Forbes magazine. He was also ranked 31 on the list of Africa’s 50 richest men in 2015.

Background Information 

He was born in Plateau State, Nigeria; Jos precisely. He hails from Onicha-Ukwu in Aniocha North Local Government Area of Delta State, Nigeria. He is a graduate of both Ambrose Alli University and the University of Lagos. From Ambrose Alli University he got a bachelor’s degree and from the University of Lagos he got master of science degree. He also went to Harvard Business School for the Advanced Management Programme.

Family Info

His is a family of 5 which comprises his wife Awele Vivian Elumelu, a medical doctor whom he married in 1993 and his four daughters. Tony is monogamous and has been married only once. He also has four siblings including Ndudi Elumelu a Nigerian politician and former member of the Nigerian Federal House of Representatives.

Career And Rise To Prominence

Tony started his walk to fame and wealth when he took over seemingly insignificant struggling commercial bank in Lagos, Nigeria with a small group of investors. He went on to revive and make it profitable again and fused it with the United Bank for Africa in 2005. The banking group grew so much and so fast that it currently has branches in up to 20 African countries, in the U. S and also in U.K with a staggering customer base of more than seven million customers from African countries alone. Elumelu also has landed properties across Nigeria and a marginal stake in mobile telecom firm MTN Nigeria to mention a few of his assets.

After he retired from his position at UBA he went on to initiate Heirs Holdings; an African proprietary investment company looking to build Africa;s development through long-term investment in vital sectors. Heirs Holdings invests in areas like financial services, energy, real estate and hospitality, healthcare and also agribusiness. He also initiated the Tony Elumelu Foundation which is a philanthropic organisation located and based in Africa and also funded by Africa. The foundation is committed to the pursuit of excellence in business leadership and entrepreneurship and to also promote the competitiveness of the private sector over and across Africa. Heirs Holdings has continued to expand since its creation, this it has done by acquiring profitable assets along the years one of which includes a significant stake in the Transnational Corporation of Nigeria Plc (Transcorp). Elumelu was eventually made Chairman of the corporation.

Below listed are a few other of the positions he holds:

  • Advisor to the USAID’s Private Capital Group for Africa (PCGA) Patners Forum.
  • Membership of the President’s Agricultural Transformation Implementation Council (ATIC).
  • Vice-chairman of the National Competitiveness Council of Nigeria (NCCN).
  • Co-chair of the Aspen Institute Dialogue Series on Global Food Security.
  • He also chairs the Ministerial Committee to build reputable hospitals and diagnostic centers across Nigeria.
  • Membership of the Global Advisory Board of the United Nations Sustainable Energy for All Initiative (SE4ALL) and USAID’s Private Capital Group for Africa Partners Forum.

Accolades

  • The title of Member of the order of the Federal Republic (MFR), a national honour which was conferred on him in 2003.
  • He was voted African Business Leader of the Year by African Investor magazine in 2006 and was also recognized as the African Banker of the Year in 2008 by the same magazine.
  • President Umaru Musa Yar’adua asked him to serve on the Presidential Committee on the Global Financial Crisis in 2009.
  • He has decorated the highly esteemed National Honour of Commander of the Order of the Niger (CON) for his service in promoting private enterprise in 2012.
  • In 2012 New African magazine featured him in their list of the “100 Moat Influential Africans in Business”.
  • He received the Leadership Award in Business and Philanthropy from the Africa-America Institute (AAI) Awards in 2013.
  • Also in 2013 he was named African Business Icon at the 2013 African Business Awards.
  • In April 2016 he was awarded a Lifetime Achievement Award at At the 5th edition of the annual Economic Forum of the Ivorian National Council of Employers, CGECI Academy, (CGECI) in

Tony Elumelu’s Net Worth

His net worth is $700 million as seen on Forbes, 2015 Rating

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What Are The 4 Types of Entrepreneurs?

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When you know the different types of entrepreneurs, you will be able to decide which one you want to be and how to go about it or improve on it. The truth is that the world of entrepreneurship has been booming recently. With so many budding and well-established entrepreneurs out there. Entrepreneurship involves so much work and commitment. You must also possess certain skills if you want to be successful as an entrepreneur. Many individuals venture into this field just because they want to be their own boss but it is worth noting that entrepreneurship is much more than that.

Whether you are just starting out or you are already an entrepreneur, you need to know the kind of entrepreneur you are or you wish to be. If you feel stuck and not making much progress in your business, knowing the type of entrepreneur, you are can give you the clarity you need to move forward in your business.

The 4 Types of Entrepreneurs

This article explains the 4 major types of entrepreneurs we have.

  1. The Hustler Entrepreneur
  2. The Innovative Entrepreneur
  3. The Imitative Entrepreneur
  4. The Research Entrepreneur

(1) The Hustler Entrepreneur

These types of entrepreneurs are always goal-driven and very determined to achieve their very goals. They are the kind of entrepreneur that have not made it yet but eventually will. To start and grow a business successfully, one needs a lot of resilience. It can be a very difficult task especially if you do not have the necessary capital to start. You would also need to be very patient and able to see the big picture.

Hustlers don’t seem to worry about the problems they encounter on the way, because they see them as stepping stones to greater things. They tend to start small and gradually work their way to the top, willing to do whatever it takes as they climb the ladder of success.

A hustler believes that hard work is more important than capital when starting a business. Their work ethic is simply off the charts, though they are prone to burn out due to intense work.

(2) The Innovative Entrepreneur

An innovative entrepreneur introduces new ideas into the system. They come up with new and better ways of doing things and them into a viable business. Discovering a new market, a new method of production, and eventually reorganizing the enterprise. Their major drive is to make life better and easier for people and in doing so they create a business around their innovative idea. Innovators always look for a way to make their products look unique in the eyes of customers and make their company stand out.

Although these types of entrepreneurs require a lot of capital to bring their innovative ideas to life and often experience resistance from shareholders. They also enjoy all the glory that comes with the success they achieve in the process of implementing their new ideas. They create the rules and often do not have to worry about competitors during the initial stage of establishing their business. With a strong belief in their new ideas, they tend to achieve success though it might take a while.

(3) The Imitative Entrepreneur

Unlike hustlers, imitators just copy certain business ideas and build their own from there. They also tend to improve on the business ideas by making the product better or just doing something else that the parent business is not doing. They combine both the qualities of an innovator and a hustler. Even though the idea is not originally their own, they are willing to work hard, make the business better, and rake in large profit from it. They are known to possess a lot of self-confidence and are very determined.

While some do this by modeling after someone else’s business, others just copy everything exactly the same way. You see them use the same website, same theme, business cards, and even similar logos. This might seem like an easy way out, instead of thinking of their own original idea. But copy cats are always faced with the problem of competition and being compared to their parent business. Modeling is a better way, in which you figure out what works and apply it in relevance to your business.

(4) The Research Entrepreneur

Preparedness is key to these types of entrepreneurs. So, they spend a lot of time gathering all the needed information about any business they want to start. They look at every possible scenario, challenges they may encounter, and the strategies they would use to start the business.

With adequate preparation, they believe failure is not an option since they would have already looked at every possible pitfall likely to be encountered in the business. They would make sure they fully understand all that the business is about before even launching it, this makes them spend a lot of time in the decision-making process.

While it is a good approach to have a good deal of the business and financial plan of a business figured out, a researcher might be stuck in the decision-making stage for a long time and eventually end up not making it to the implementation state.

Conclusion

From the list above, have you been able to figure out the type of entrepreneur you are? Entrepreneurship requires hard-work no matter the type of entrepreneur you are. Whether you imitate or innovate, you still need to do a ton of work to make your business stand out and achieve notable success in any field you choose. Leverage the freedom that comes with being an entrepreneur and find out what works for you. List out your goals for your business and strive to reach them.

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