Tony Elumelu Tells Fears Fueling His Ambition

Philanthropist Tony Elumelu has shared the personal fears that are fueling his ambition, in an insightful narrative.

The Chairman of different huge contributors to the nations economy – across sectors – as well as the development of Africa – did the telling on Tuesday, August 27, 2024.

‘Last week, at our quarterly induction session for new hires of Heirs Holdings Group, a new staff member asked me a question: “What are your fears?” ‘ Elumelu began.

He is the Founder and Chairman of Heirs Holdings, his family owned investment company, committed to improving lives and transforming Africa, through long-term investments in strategic sectors of the African economy, including financial services, hospitality, power, energy, technology and healthcare.

And continued ” It made me look back, think how my instincts, my perceptions and indeed my fears had changed over my life. Our fears evolve with our aspirations. Over time, my fears have changed dramatically, as I achieve milestones, my ambitions led to success, but also my responsibilities increased for my people, my businesses, my continent. “

The King of commerce is the Chairman of businesses that include, the pan- African financial services group which operates in 20 countries across Africa, the United Kingdom, France, the UAE, and is the only African bank with a commercial deposit taking presence in the United States – the United Bank for Africa (UBA) and Transcorp Group, one of Nigeria’s largest quoted conglomerates whose subsidiaries include Transcorp Power – the leading producers of electricity and the frontrunner electricity brand, Transcorp Hotels

Identifying the harsh reality that “the realisation grew that so many lacked the opportunity and the luck that I had.”, Elumelu, highlighted the fears that fueled his ambition with the humble admission that ” I did not grow up in affluence. I feared losing what little we had. I feared the fate that so many face, hunger, violence, forced emigration. I worried for my family, their health, their safety. There was a time when all I wanted was to break out of that poverty. At university, it was fear of failure, fear of missing out, would I be able to sustain that trajectory that I had already mapped out? Then, I wanted a good job, to buy my car, rent a good flat, and own my house.”

Providing very telling revelation into how he became of Africa’s leading investors, Elumelu disclosed ” each step forward also brought risks. I am audacious and take calculated risks .”

He emphasised that ” Entrepreneurs have to embrace risk, but risk does not always lead to reward.”

Revealing his present-day motivations, the proponent of the economic philosophy of Africapitalism, which positions the private sector, and most importantly entrepreneurs, as the catalyst for the social and economic development of the African, stated “but now, building a lasting legacy and impact keep me up at night.

“They say a wise man decides what happens when he is gone, while he is alive. In Africa, youth unemployment and insecurity seem to be growing, not reducing. At times, my fear is for our continent, the waste of opportunity, the threat to our climate. It’s why what we do at the Tony Elumelu Foundation, through our US$ 100 million commitment, is so important, supporting and prioritizing young African entrepreneurs, supporting the growth of the continent and giving hope to our young ones. When I meet with beneficiaries of TEF during my trips across Africa, the testimonies on the impact of the US$5,000 grant they received from the Tony Elumleu Foundation gives me joy and fulfillment. That, to me, is worth everything; that tells me that I am fulfilling my aspirations and crushing my fears.”

Founded in 2010, the Tony Elumelu Foundation is estimated to provided funding, mentoring, and capacity-building support to more than 20,000 young entrepreneurs across Africa– with over 400,000 direct and indirect jobs created.

Elumelu who added that “fear is natural, learn to harness it – look forward, forward to success, transform fear into hope – and hope into ambition. And then nail your ambitions”,shared the insights – and featured images – on social media, as part of unceasing motivations in pushing for shared prosperity.