Tony Elumelu: Giant Across the River of Business

Human imagination is often the barrier to personal and corporate achievement. In other words, a person may be able to achieve all that he imagines as long as he puts in the work and obtains favour from on high. This is the natural position of super businessman, Tony Elumelu. The more time passes, the more obvious it gets that this businessman is not like any other—he is a giant among them.

The recent bump in the stock value of Geregu Power PLC cemented the name of Femi Otedola as a growing giant in Nigeria’s business market. It echoed the mastery of another Nigerian businessman, Abdul Samad Rabiu, whose business also crossed the N1 trillion threshold. But it looks like these men have only paved the way for Elumelu who is set to surpass them given his current pace.

Elumelu has joined Otedola and Rabiu to form the three Nigerian business giants holding significant stakes in two companies that are worth over N1 trillion. Elumelu’s status came about following the rise in market capitalisation of Transcorp Hotels Plc, the hospitality branch of Transnational Corporation of Nigeria Plc (better known as Transcorp).

As Elumelu’s stake in Transcorp is about 29.5 per cent, it is only natural that the company’s ascension to trillion-Naira stock value will launch the man into the heavens. At this time, Elumelu’s influence in Nigeria’s corporate landscape will be deepened, likely extending to the political and cultural corridors.

Elumelu deserves many accolades. Back then, it was partly due to his efforts that the United Bank for Africa (UBA) grew very strong in Nigeria, leading to an era of domination that required the collective efforts of other banking institutions to match and neutralise. But UBA’s recent climb to trillion-Naira stock value status throws these other banks behind, once again demonstrating its dominance and Elumelu’s management prowess.

A new era is upon us, and it is people like Elumelu who wave the flag of radical economic progress.