10 success principles of UBA founder Tony Elumelu

At a recent event, Mr Elumelu, the Chairman of United Bank of Africa (UBA) stated that his dream for Africa is for the continent to have many acute entrepreneurs with skills to transform Africa.

It is with this belief he established the Tony Elumelu Foundation with a mission to promote excellence in business leadership and entrepreneurship and to enhance the competitiveness of the private sector across the African continent.

Having been a completely home-grown entrepreneur, these are the secrets of his great accomplishments.

1. Reading wide

Mr Elumelu is noted to love reading, not just book but the autobiographies of successful business leaders and how they help transform corporate America into the global business environment.

This exposed him to the understanding of how gigantic multinational organisations are built. This unique skills-set helped him to turn-around many businesses he controlled after nearing collapse.

"when we have the opportunity to turn-around, we do it well and create value for shareholders and other stakeholders.”

2. Always seek to do things differently. Be different!

Elumelu masters the act of challenging the status quo, which helped him to achieve results through unconventional methods.

This could be seen in the Standard Trust Bank’s redefinition of banking services in Nigeria by introducing real-time online banking. This is largely the norms at present in the banking sector of the country.

3. Love hard work and working hard

To him, working hard is extremely needed to be successful. Elemelu says "it is quite rewarding".

According to Martins Itua, a banking professional in Nigeria: “He was often the last to leave office in the evening and first to resume in the morning. During his business abroad, you would think he will be on holiday but not Elumelu.”

4. Saving culture

Elumelu is widely acknowledged for his positive attitude for saving.

He has a popular line when asked about the subject matter: “if he didn't save from earning one dollar, he would not save even if he earned $1bn.”

Disciplined mindset not to consume everything has significantly affected his life.

5. Acting quick on new ideas

One special attribute of a good entrepreneur is acting fast on his ideas. Itua stated that: “It is impossible to be sluggish and work with Elumelu.”

To Elumelu, an entrepreneur must see and seize any opportunity that presents itself.

6. Making sacrifices

Sacrifice is one major component of every success story, one which may amount to many sleepless nights and suspended leisure.

In his words, Elumelu says "I don't know of many people who have succeeded in life that are not disciplined. You must have a rigorous way of doing things and be willing to make sacrifices".

7. Staying focused

Staying focused is key for business success. For many businesses the Chairman of UBA Group has managed, it is one thing that distinguishes him from other entrepreneurs.

This is one quality he has been teaching some of the young entrepreneurs under his mentorship.

8. Investing in long-term opportunities

Being futuristic about laggard sectors in Nigeria and other African countries is another unique attribute of Elumelu.

His HEIRS Holdings is noted for its massive investments in all major sectors of the economy including financial services, energy, real estate and hospitality, agribusiness, and healthcare sector.

9. Go from a dreamer to implementer

Dreaming and implementing the dream is one thing most entrepreneurs can’t combine.

Mr Elumelu said: "When you dream dreams, you have to work hard to actualize the dream. The ability to translate the idea to reality is important as it differentiates successful people from ones who are not. Some only read for entertainment but others read and put what they read into practice."

He further said you must "decide who you want to be and work hard at it".

10. Mentorship

One thing Elumelu openly acknowledges as an influencer in his career is the mentorship of Chief Ebitimi Banigo.

He said this about him: "Chief Banigo helped me to develop my strategic thinking and insight and to channel my ideas into concrete action. So that when the opportune moment arrived at the age of 34, I had the set belief to gather a small group together to take over and revive a failing bank through innovations in our services".