Tony Elumelu talks about doubts he faced in early banking days

The Chairman of United Bank for Africa (UBA), Tony Elumelu, has shared his experiences with scepticism early in his career. This was especially true when he bought Crystal Bank in 1997.

In an interview with US media platform, The School of Hard Knocks, the 63-year-old talked about how people in the industry mocked him. They called him a "joker" for making such a bold investment.

Mr Elumelu rebranded the struggling bank as Standard Trust Bank (STB). Later, he led a major merger in 2005 to acquire the bigger UBA. About the doubts he faced, he said, "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."

The alumnus of Ambrose Alli University pointed out that his journey to wealth was not quick or easy. He mentioned that he did not grow up with money. He told young entrepreneurs to see business as a long journey, not just a way to get quick money.

"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 how he chose to save money instead of buying a car when he was starting out. "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."

When asked about his commitment to help young African entrepreneurs through his foundation, Mr Elumelu described it 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. He gave credit for his success to divine inspiration and guidance.

Mr Elumelu will take on a new role as Chairman of Seplat Energy. As reported by PREMIUM TIMES, he will begin this role on 1 January 2027, taking over from Udoma Udo Udoma.