Billionaire business man and Chairman of Heirs Holdings and founder of the Tony Elumelu Foundation, Tony Elumelu has sparked reactions after opening up on the real secrets behind his wealth.
Speaking in a recent interview with YouTuber Korty EO, he explained that sometimes wealth isn’t a result of hard work, smartness or fitness but luck.
The renowned banker and economist attributed his wealth to luck despite working hard tirelessly over the years in several positions in the corporate world.
Speaking further, Elumelu clarified that success does not come without challenges, urging aspiring entrepreneurs to remain determined despite obstacles.
He revealed that maintaining focus and a strong work ethic played a major role in his achievements over the years.
According to Elumelu, timing, opportunity, and favourable circumstances usually play a vital role in influencing outcomes.
In his words, “I am here because of luck. At times, you don’t get successful because you are the best in class or because you are the fittest or most energetic. Sometimes, you need luck and I am a product of luck.”
His remarks have since stirred reactions with many wondering why the banker who has worked his way up tirelessly would attribute his success to luck.
Watch the interview here
Who is Tony Elumelu?
As one of the most significant corporate figures in Africa, Tony Elumelu is well-known for his achievements in banking, investing, and fostering entrepreneurship throughout the continent. He was born in Jos, Plateau State, Nigeria, on March 22, 1963. He attended Ambrose Alli University to study economics before graduating from the University of Lagos with a master’s degree.
Additionally, his rise to prominence began in the Nigerian banking sector. Starting out as a salesman and later working in banking, Elumelu made his big break in 1997 when he led a group of investors to acquire the struggling Crystal Bank. The bank was rebranded as Standard Trust Bank and transformed into one of Nigeria’s fastest-growing financial institutions.
Elumelu Joins Seplat Energies Board following 20.07% Shares Acquisition
His recent interview comes just months after his appointment as a non-executive director on the board of Seplat Energy PLC, following the acquisition of 20% shares by Heirs Holdings.
According to reports, the acquisition makes Elumelu one of the company’s majority shareholders, and the board appointment takes effect from January 22, 2026, according to a corporate filing submitted on Thursday and signed by Edith Onwuchekwa, Seplat’s company secretary.
Elumelu’s Heirs Holdings Limited and Heirs Energies Limited acquired a combined 20.07% equity stake in Seplat Energy, with the appointment of Elumelu to the board as the final seal to the completion of the deal.
Furthermore, the 2005 merger of United Bank for Africa (UBA) and Standard Trust Bank marked a major turning point. In his role as Group Managing Director, Elumelu drove UBA’s expansion from a Nigerian bank into a major pan-African institution with operations in more than 20 African countries, as well as in Europe, the United States, and the Middle East. As a result, he emerged as one of Africa’s leading bankers.
READ ALSO: Tony Elumelu Joins Seplat Energies Board following 20.07% Shares Acquisition
BACKSTORY…
In March of this year, the Tony Elumelu Foundation (TEF) disclosed plans to disburse over $16 million to support 3,200 young African entrepreneurs across all 54 countries on the continent in 2026, as it expands partnerships and scales its flagship entrepreneurship programme.
Read Also: Tony Elumelu Foundation to support 3,200 African SMEs with over $16m
The Elumelu foundation’s CEO, Somachi Chris-Asoluka, addressed the media on Saturday before to the formal announcement of this year’s TEF Entrepreneurship Program awardees.
According to her, the program would give chosen entrepreneurs $5,000 in seed money in addition to company management assistance, training, and mentoring to help them start and expand sustainable businesses.
