Tony O. Elumelu, CON was relatively unknown in the Nigerian banking industry when he acquired a distressed financial institution called Crystal Bank.
Audacious at 34 – and the country’s youngest banking CEO – he renamed the floundering bank Standard Trust Bank and pursued an aggressive strategy that catapulted STB from obscurity into becoming Nigeria’s fifth largest bank within 7 years. In 2005, Tony made history again when he led the biggest merger in sub-Saharan Africa at the time combining STB with the older, more established United Bank for Africa (UBA), which at the time was Nigeria’s 3rd largest financial services institution. In less than ten years after the merger, he had transformed UBA from a single-country bank to a pan-African institution with over a million customers and with operations in 19 African countries. It is this action that sealed his reputation as an African business leader.
Tony retired from full-time banking in 2010, and has since gained global recognition as a serial entrepreneur and philanthropist. Armed with the knowledge, expertise and understanding of economic opportunities that exist in Africa, he founded Heirs Holdings, an African proprietary investment company designed to create economic prosperity in Africa.
Today, Heirs Holdings and its investee companies employ over 30,000 people, while empowering thousands more across Africa, The United States, Paris and London.