- International Men’s Day, celebrated annually on November 19th, is a global event that highlights positive male role models, raises awareness of men’s issues, and promotes gender equality.
- Today, we honour Tony Elumelu’s dedication to ensuring equal leadership opportunities for African women within his conglomerates.
Studies have consistently shown that companies with greater gender diversity outperform those with less diverse leadership teams. According to Forbes, companies where women make up over 30% of leadership are significantly more likely to achieve better financial results. Diverse teams bring a more comprehensive range of perspectives, experiences, and problem-solving skills, leading to innovative and effective decision-making.
Tony Elumelu, a renowned Nigerian economist, banker, and philanthropist, strongly advocates gender equality and inclusion in the workplace. He has played a transformative role in the African business landscape, particularly through his commitment to empowering women in business and leadership.
“I have been influenced by women all through my life, and always positively. I am and will be a strong advocate for inclusion in every area of life. I have witnessed first-hand the impact of investing in, working with, and learning from women,” said Tony Elumelu.
Elumelu is the Chairman of Heirs Holdings, Transcorp Hilton, and United Bank for Africa (UBA). In 2010, he established the Tony Elumelu Foundation (TEF), a pan-African philanthropic organisation that aims to empower African entrepreneurs.
Its mission is to support 10,000 African entrepreneurs over a decade, driving economic development through training, mentorship, and funding. Since its inception, TEF has invested over $40 million in female entrepreneurs across 54 African countries.
“Over 650,000 women have received technical support from TEF, women who are creating jobs—over 150,000 jobs created on the continent, impacting their communities! For us, gender inclusion is in our DNA. We will continue to provide the platform, visibility, and opportunity for female advancement,” said Tony Elumelu.
Elumelu’s Impact: From banking to Africapitalism
Tony Elumelu is one of Africa’s most influential investors and philanthropists, with a vision to uplift the continent through strategic investments. His career began in sales, but he quickly advanced to banking, where he showcased his leadership. By age 26, he was the youngest branch manager at AllStates Trust Bank. His early success sparked a lifelong commitment to empowering young leaders.
His breakthrough came when he acquired Crystal Bank, later transforming it into Standard Trust Bank, one of Nigeria’s leading banks. In 2005, he led the merger between Standard Trust Bank and UBA, turning UBA into a pan-African financial powerhouse. UBA now serves over 35 million customers in 20 African countries and key global financial centres like London and New York.
Beyond his banking achievements, Elumelu promotes “Africapitalism,” a philosophy that stresses the private sector’s role in fostering social and economic development. He envisions a thriving Africa led by businesses that create wealth and jobs for future generations.
Elumelu promotes women’s leadership through Heirs Holdings
Through his work with TEF and Heirs Holdings, Elumelu has demonstrated a commitment to gender inclusion. Heirs Holdings is a family-owned investment company that operates in the financial services, power, oil and gas, real estate, hospitality, and healthcare sectors.
The organization emphasizes gender diversity, with 40% of its CEOs being women and 36% representation at the executive management level. UBA Group also boasts 50% female board representation, with eight women leading as CEOs across Africa.
Elumelu’s initiatives to support women in leadership include:
- Gender diversity policies: Clear targets are set for achieving gender balance within leadership teams.
- Mentorship programs: These provide women with guidance and support from senior leaders, equipping them with skills for senior roles.
- Flexible work arrangements: Options like remote work and flexible hours help women balance professional and personal responsibilities.
Prominent women in leadership roles within Heirs Holdings and UBA include Ifeyinwa Ugochukwu, CEO of the Tony Elumelu Foundation; Adesimbo Ukiri, MD/CEO of Avon Healthcare; Dupe Olusola, CEO of Transcorp Hotels; and Abiola Bawuah, CEO of UBA Bank. Non-executive directors and other key figures include Owanari Duke, Caroline Anyanwu, Angela Aneke, and Aisha Hassan Baba.
Tony Elumelu sets an example for African businesses
Tony Elumelu’s dedication to gender equality serves as a model for other African entrepreneurs. By showcasing the private sector’s potential for positive change, he has set a path for sustainable African businesses that contribute to economic growth and empower future generations. His example encourages other companies and leaders in Africa to adopt inclusive policies that promote gender equality in leadership.
Written by Precious Adebisi & Happiness Uduak. Editor: Ishioma Imokhai-Bello.
