Believe in Nigeria despite challenges, Elumelu advises youths

Policy restricting bank CEOs tenure birthed Heirs Holding

The Group Chairman of Heirs Holdings, Tony Elumelu, yesterday, advised Nigerians to remain patriotic and always look on the bright side of life despite subsisting challenges. The company’s diverse portfolio spans the power, energy, financial services, hospitality, real estate, healthcare, and technology sectors.

Speaking at the 14th anniversary of Heirs Holdings, the foremost banker and entrepreneur opened up on how a policy change birthed Heirs. According to him, in January 2010, the Central Bank of Nigeria (CBN) announced a fixed tenure policy for bank CEOs. The regulator said any CEO who would have served for 10 years by July 31, 2010 must quit the position and hand over to a successor. The development caught up bank CEOs like Akinsola Akinfemiwa of Skye Bank Plc; Jim Ovia of Zenith Bank; and Tony Elumelu.

At the media parley , he said the forced retirement lead to the establishment of Heirs and advised Nigerians never to allow despair overwhelm them.“Always persevere, be resilient and convert your fears to hope and make things happen. If we were in despair 14 years ago and looking at the half of the glass that portrays anger and gloom, we won’t be here today. This is my gift on our 14th anniversary, do not give up in life. See the other side of life, keep the hope alive and work hard to actualise your goals,” he said.

Continuing, Elumelu ascribed the success of the firm to God and an assemblage of a great team. “All of this would not have been possible without God and the great men and women that we professionally assembled.”

It is by the grace of God we are even alive to see the past 14 years and it has grown beyond our imagination. Also, the team took the vision, ran with it and even multiplied the vision. Leaders should focus on assembling a great team, share your vision, assemble a team and give them the space to operate.

Meanwhile, Heirs Holdings has reaffirmed its commitment to fostering economic growth in Nigeria and across Africa. It also reaffirmed its commitment to improving power distribution in Nigeria, despite the sector’s challenges. Highlighting the company’s dedication to long-term investment in Africa’s strategic sectors, Elumelu said: “In 2010, we embarked on a bold journey with the vision to invest long-term in Africa’s key sectors to unlock the continent’s full potential.

“Through relentless dedication and resilience, our Group has demonstrated that an African institution can consistently create long-term value while establishing a legacy of success across the continent’s most vital sectors. Most importantly, our efforts have significantly improved millions of lives and fostered greater inclusion within communities. For us, it is about vision, execution, enterprise, and excellence.”

Elumelu highlighted Transcorp’s acquisition of the Abuja Electricity Distribution Company, ranked third in the country, as evidence of the company’s involvement in the sector. He acknowledged the tough environment but emphasized Heirs Holdings’ ability to turn around businesses and create value.

He also highlighted the company’s philanthropic efforts, stating, “Our philanthropy has invested US$100 million into the lives of 20,000 young African entrepreneurs, who have created 400,000 jobs on the continent and established networks and opportunities for many more.”