Daily Independent (Lagos)
Emeka Umejei
15 October 2008
Lagos — The emergence of Tony Elumelu, the Group Managing Director of United Bank for Africa (UBA), as Banker of the year, 2008, in far away Grand Ball room of Willard International Hotel, Washington DC, United States America (USA)on Friday, October 10, is seen by many as the consolidation of Elumelu as a factor that cannot be ignored in contemporary Nigerian and African banking.
The award organised by the African Business Magazine in collaboration with Business in Africa events, alongside the world Bank/IMF annual meetings, found Elumelu worthy of the award because of what they described as his exceptional dexterity in transforming United Bank for Africa (UBA)to a world class financial institution. In the words of the organizers, Elumelu got the award for: "Exceptional dexterity, leadership and vision, consistently delivering strong financial results and broadening the reach of banking services in Africa whilst also bringing world class practices to the industry."
Elumelu, often described as Banking Whiz kid by Industry practitioners, made headlines when at a very tender age, arguably the youngest at that time, he presided over the take over of the then Crystal Bank, which he turned around within a space of one year from a loss position to a profit pedestal. This legendary feat earned him the sobriquet, 'the turn-around whiz kid'.
The feat, according to industry analysts, marked Elumelu for a pivotal role in the emerging Nigerian banking world, which they claim has culminated in this Banker of the Year award, incidentally, one of several he has in his kitty.
However, there are also those who have different opinion about Elumelu even though they are all agreed that the banker is a man of immense creativity and ingenuity.
Chike Ogeah, the managing director of Sky Power Aviation Handling Company (SAHCOL)sees Elumelu's award as a testimony to his creative ingenuity at confounding traditional limitations in banking. "That is fantastic and a credit to the whole banking consolidation championed by the Central Bank of Nigeria (CBN)governor, Chukwumah Soludo. The greatest thing is that Elumelu does banking outside the box; he is not a traditional banker. So, everything in the world is being done outside the box. I congratulate him," Ogeah stated.
Elumelu's quest to command the front seat of the Nigerian Banking industry took a different dimension in 2004, when through a newsletter titled, the lion king, he communicated to every staff of the then Standard Trust Bank Plc his vision to take STB to the top three position among the many Banks that dot the Nigeria financial landscape by 2009. He signed off with the slogan, 'business as usual is dead and cremated."
However, Like a seer whose crystal ball rarely disappoints, it took only one year for Elumelu's prediction to become a reality. In 2005, in what industry egg heads described as one of the most ambitious consolidation stunts, the then Standard Trust Bank (STB)took over the management of UBA's assets and Liabilities, to emerge the biggest bank in Sub Saharan Africa. Ever since that rewarding risk, Elumelu has not looked back.
Elumelu was born on March 22, 1963 in Jos Plateau state. He attended the then Bendel State University (BENSU), now Ambrose Ali University (AAU), Ekpoma, for his first degree and the University of Lagos for his masters'. He did his one year mandatory National Youth Service with Union Bank Nigeria Plc where he cut his proverbial banking teeth before moving on to commence his banking career at the defunct All States Trust Bank Plc in 1988 as a Financial Analyst.
Elumelu became the Managing Director/Chief Executive Officer (MD /CEO)of STB in 1997, which later merged with UBA to become the new UBA in 2005. He now presides over the group as Group MD /CEO. He is also an Alumnus of Harvard Business School and Institute of Management Development (IMD), Lausanne, Switzerland.
Elumelu has numerous awards to show for his ingenuity and entrepreneurship, including the African Business Leader of the Year 2007, from Investor Magazine, Member of the Order of the Federal Republic (MFR), and an honorary Doctor of Business Administration from the University of Nigeria Nsukka (UNN).
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