The 63-year-old acquired and transformed a struggling Crystal Bank, rebranding it as Standard Trust Bank (STB) in 1997.
The United Bank for Africa (UBA) Chairman, Tony Elumelu, has reflected on the intense scepticism he faced early in his career, specifically regarding his acquisition of Crystal Bank in 1997.
Mr Elumelu, who rebranded the struggling financial institution as Standard Trust Bank (STB), later led a historic 2005 merger to acquire the larger, more established UBA. Addressing the criticism he faced, he remarked, “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 Ambrose Alli University alumnus emphasised that his path to wealth was neither swift nor easy, noting that he did not grow up with significant financial means. He advised aspiring entrepreneurs to view business as a marathon rather than a pursuit of quick wins.
“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.
“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 funding young African entrepreneurs through his foundation, Mr Elumelu described the initiative 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, crediting his success to divine inspiration and guidance.
Mr Elumelu is set to take on a new role following his appointment as Chairman of Seplat Energy. As PREMIUM TIMES previously reported, he will assume the position on 1 January 2027, succeeding Udoma Udo Udoma.
