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Be Inspired by the story of Tony Elumelu: The sales boy turned billionaire

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Tony Onyemaechi Elumelu is a Nigerian economist, entrepreneur, and philanthropist. He is the chairman of Heirs Holdings, the United Bank for Africa, Transcorp and founder of The Tony Elumelu Foundation.

According to him, below is a brief story of his success on how he rose from the being a poor and hungry salesman to a business mogul and a billionaire as a result of hard work and luck.

In business, the role luck plays in success and personal achievement is rarely discussed. If luck is mentioned, it is done with slight condescension, and usually dismissed as a product of hard work, not deserving significant attention. While hard work is paramount – and I have written extensively about the importance of working hard – history and my own experiences show that there is often a large element of success that hard work alone can not explain. It is simply not true that “you make your own luck.”

I started my career as a salesman, a copier salesman to be specific, young, hungry, and hardworking, but the reality was that I was just one of the thousands of young Nigerian graduates, all eager to succeed. How did I get from there to where I am now? Of course, hard work, resilience, a long-term vision – but also luck.

A year after earning a Master’s degree in Economics from the University of Lagos, I applied to join a new generation bank, Allstates Trust Bank. The bank’s one-page newspaper advertisement demanded a minimum of a Second Class Upper result, but I applied regardless, submitting a cover letter and filled out application with my Second Class Lower Economics result.

By a stroke of luck, my application was reviewed by the Chairman/CEO, a painstaking man who carefully read my cover letter and was drawn to the confidence in my words. “I know I may not have met the qualifying criteria for the advertised roles, but I am intelligent, driven, ambitious and I will make the bank proud. My Second Class Lower result does not demonstrate the full extent of my intelligence and ability, and I know I can do so much more.” He read those words and took a chance on me. Though “unqualified”, he decided to throw me a lifeline, an opportunity.

I was invited to join the shortlist, followed by a long series of interviews and even more tests. At the end of a very rigorous process, I received good news – I had a place as an entry-level analyst. Even now, I wonder: What if the Founder had not personally gone through my application? What if my application was rejected at the very beginning? What if I never got the opportunity to work at Allstates Trust Bank?

The story continues: Within 12 months at the bank, aged 27, I went from analyst to branch manager – the youngest ever bank branch manager at the time. I was hard working, energetic, creative and prioritised getting things done, but it was also good fortune that my bosses Toyin Akin-Johnson and Ebitimi Banigo took notice, and then, believed in me. They took a chance on me by appointing me as branch manager after an incredibly short time in the bank. They recognised in me the raw materials needed to make a good leader and were prepared to invest in me and my ability. My rise to Branch Manager within a short period is a great story but I know in my heart, I was lucky, as well as deserving.

This position of branch manager was a solid platform which launched me into several top leadership roles. When we, a small group of hungry, determined, young outsiders, took over struggling Crystal Bank, it was as a direct result of the preparedness and exposure that we received early from our superiors and mentors. Without the intervention and goodwill of these people in my career, I would not have been prepared to take on far greater roles. These learning opportunities laid the pathway to future achievements. To put simply, I was lucky enough to be identified and trusted so early on in my career, and this put me on a unique road to success. I keep this in mind – it is humbling and also drives much of what I do today.

When I left UBA as Chief Executive Officer (CEO) in 2010 to pursue other interests, I made a vow that through the Tony Elumelu Foundation, I would “institutionalise” luck and democratise access to opportunities for young Africans. I promised to leverage the success I have enjoyed, to spread luck and hope, provide opportunities and to empower the next generation of African entrepreneurs to succeed. Without luck in my early career, I would not be the man that I am today. I am a leader and philanthropist today because I encountered people who gave me a chance early in my career. It has been a lifetime goal to pay this forward in a transformative and impactful way.

Over the past three decades I have spent as a banker, investor, and turnaround expert, I have had the opportunity to meet thousands of entrepreneurs, like me. Many of them are young people with incredible dreams and business ideas but without the experience or access to mentoring and support required to build successful businesses. But most importantly, they have not yet been exposed to the right opportunity.

Our entrepreneurs are hard at work across the continent, identifying gaps in the market for specific products and services, and bridging these gaps with their innovation and ingenuity. Yet, many of these budding entrepreneurs often lack the capital, the networks, the training, the support to take their small business to national or regional scale. All they need is a helping hand, some luck, someone to believe in them and take a chance on them.

This is what the Tony Elumelu Foundation offers: a platform that empowers African entrepreneurs with opportunities ranging from business management training to mentoring, to funding to networking – championing their cause and giving them a global voice to actualise their ambitions. This is precisely why I launched the USD$100 million Tony Elumelu Foundation Entrepreneurship Programme to empower the next generation of African entrepreneurs. Indeed, their businesses may become the next UBAs (United Bank for Africa).

So, when I am asked, “Tony, why are you and your family doing this? What is in it for you?” I smile and recount my own story of luck. Luck is real, it is powerful, and I am committed to spreading it as far as I can. I am a beneficiary of luck, and I am passionate about sharing it across the continent, to all 54 countries.

Source: Gist Habit

GrassRoots.ng is on a critical mission; to objectively and honestly represent the voice of ‘grassrooters’ in International, Federal, State and Local Government fora; heralding the achievements of political and other leaders and investors alike, without discrimination. This daily, digital news publication platform serves as the leading source of up-to-date information on how people and events reflect on the global community. The pragmatic articles reflect on the life of the community people, covering news/current affairs, business, technology, culture and fashion, entertainment, sports, State, National and International issues that directly impact the locals.

Events

Stakeholders Head to Enugu for first Southeast Educators Conference

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SEEC'24

Stakeholders in the education circle are warming up for the maiden edition of Southeast Educators’ Conference 2024(SEEC’24).

The two-day SEEC’24 scheduled to hold 18th & 19th, April 2024 at Nike Lake Resort, Enugu under theme: Future-‘Focused Learning – Igniting the Competitive Edge’ promises to host key players in the education sector with a potential attendance of over 500 delegates.

The conference will feature a diverse lineup of speakers, covering topics ranging from holistic learning approaches to cutting-edge technology integration.

Speaking ahead of the conference, Mrs Doris Chinedu-Okoro, CEO, Evergreen Group, said SEEC’24 is the first of its kind in the Southeast region, presenting a historic opportunity for stakeholders to pioneer positive change in the local education sector.

“It brings together diverse perspectives and innovative ideas,fostering collaboration and networking among educators and stakeholders.

Hundreds of delegates will be in attendance.

“SEEC’24 is dedicated to exploring transformative practices, emphasising holistic learning, technology integration, global citizenship, life-long learning, and community engagement”, she said.

Mr. Osita Chidioka, the former Nigeria’s Minister of Aviation, who recently launched an online mentorship and leadership programme for Nigerian youths named Mekaria Mentorship Programme (MMP) Foundation Course, will deliver the keynote at SEEC’24.

Prof. Pieter Verdegem; Dr. Joy Isa, Mrs. Bukola Adewuiyi, Lady Uju Dike, Fr. John Njorteah, Alex Onyia, Rotimi Eyitayo, Rhoda Odigboh, Elfrida Diete-Spiff Omole, Dr. ChibuezeLawrence Ofobuike, Ify Obidi-Essien, Dr. Abimbola Ogundere, Angelina Ikeako, Odetola Ebenezer Israel and OgochukwuOnyia, are some of the speakers lined up for the event.

The Evergreen Group CEO added that the conference thrives on a vision to create a dynamic platform that equips educators with the tools and knowledge needed to make a lasting impact on the educational landscape of South-Eastern Nigeria.

SEEC’24 is open to School Owners, Heads of Schools (Public and Private), Educational Stakeholders, Counselors, Teachers, Parents, Investors, Startups, and others in the education ecosystem.

“Participants will have the opportunity to engage in two full days of conference sessions, diving deep into the future of Education.

“There will be ample networking opportunities with school leaders from across the geopolitical zone and beyond.

“The evening Gala Night promises a delightful atmosphere for dancing, dining, wining, and fostering deeper connections in a relaxed setting”, she further explained.

Registration is N100,000 via: https://bit.ly/3uTcv9e

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GR Diary

PAFON: Digital Encode, Cybervergent, Payble Sign Up for Payments Forum Nigeria 1.0

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PAFON

·      Experts to Discuss Trust, Security and Privacy in AI Era

Payments Forum Nigeria (PAFON), the cross-industry platform focused on addressing issues that require broad cooperation and coordination across many constituents in the payments industry, has attracted sponsorships from Digital Encode Limited, Cybervergent and Payble.  

Financial industry experts are warming up for the first edition of PAFON, scheduled to take place at Oriental Hotel, Lekki Road, Lagos on Thursday March 21, 2024, by 9am.

The Forum aims at providing an inside-look at the industry, offering perspectives from key stakeholders, including payment networks, technology innovators, leading merchants, issuers, acquirers and payment processors.

Throughout the years, the finance world has shifted into something much more than just banking and big corporations.

Speaking ahead of the star-studded PAFON 1.0, with the theme: “Payments: Trust, Security and Privacy in AI Era”, Dr. Adewale Peter Obadare, the Chief Visionary Officer [CVO], Digital Encode Limited, said that customers want to be assured that their sensitive information, such as credit card numbers and personal details, is treated with utmost care hence security has become paramount in the payments industry.

“Secure payment processing ensures that data breaches are minimized, instilling confidence in customers to keep coming back. Nigerian financial institutions reported ₦159 billion ($201.5 million) lost to fraud cases since 2020, according to the Financial Institutions Training Centre (FITC). This is what the experts must tackle and customer awareness is key too”, he said.

Based on a report by Gartner, by 2024, 40% of privacy compliance technology will rely on AI, up from 5% in 2019, and by 2025, 60% of large organizations will use at least one privacy-enhancing computation technique in analytics, business intelligence, or cloud computing, and financial services industry is no exempted.

On the other hand, Roosevelt Elias, the co-founder of Payble, described PAFON as a ‘must-attend’ Forum due to the ‘issues listed to be discussed are germane and require critical attention. For instance, building financial inclusive products requires a mix of technology and illiteracy. The industry can’t achieve this by working in silos; we just have to unite to achieve the set target on financial inclusion, particularly for the rural dwellers.

Digital Encode (a leading consulting and integration that specializes in the design, management, and security of business-critical architecture); Cybervergent (a company dedicated to helping protect business sensitive data from cyber-attacks, including customer information, financial records and intellectual property); Payble (a fintech startup that modernises local government payments such as creating citizen-centric payment experiences, delivering flexible billing and simplified rate collection, will be joined at PAFON 1.0 by Inlaks, an IT company that offers core banking, fraud management, cybersecurity, cloud, data center, enterprise risk management, amongst other industry players.

“Our goal is to enable information exchange and knowledge sharing on key industry insights issues amongst key stakeholders, with the objective of ensuring a collaborative and proactive approach to push for policies that enable growth, tackling/mitigating fraud and limiting occurrences and losses”, said Mr. Chike Onwuegbuchi, the co-founder of TechCastle Foundation, organisers of Payment Forum Nigeria (PAFON).

He said that the Forum is driven by the reasons to; “educate and inform financial service players and other stakeholders on various issues and trends (both locally and globally); proactively share data/information amongst banks, Fintechs and other service providers, to enable prompt responses to prevent and/or limit (customer-related) losses; and discuss key Payments security trends”.

“Speakers will be drawn among industry players such as banks, Fintechs, mobile money operators, blockchain experts, Cybersecurity, etc., as we expect attendees from the Central Bank of Nigeria (CBN); e-Banking Heads; Chief Compliance Officers of banks in Nigeria; Chief Internal Auditors of banks in Nigeria; Office of The National Security Adviser; Switching companies; the Economic and Financial Crimes Commission; Licensed Mobile Payment Operators; Electronic Payments Providers; Information Security Experts; Consumer Protection; Financial Policy and Regulation; Information Technology; Legal Services; Banking Supervision; Corporate Communication; Shared Services Office; Blockchain Security Experts, etc”, he added.

Participation:

Participation is free; however, you are required to pre-register using the link here: https://bit.ly/4c4N19H

For sponsorship, please contact: Mr. Chike Onwuegbuchi via: 08123355522 or Peter Oluka: 08184346261 or email: [email protected].

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GR Diary

Digital Landscape Harmonization: Anambra’s ISPs, HEIs Invited to AFRINIC One-Day Training

By; SANDRA ANI

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ISPs and HEIs in Anambra State

The Anambra State ICT Agency, in a strategic collaboration with the Internet Exchange Point of Nigeria (IXPN), recently, successfully organized a one-day interactive session that brought together Internet Service Providers (ISPs) and Higher Educational Institutions (HEIs), to discuss the imperativeness for interconnectivity and to lay the foundation for establishing an Internet Exchange Point in the State.

The collaborative session saw vibrant discussions and resolutions aimed at creating a more livable state and a robust economy through increased internet access and connectivity.

In furtherance of the milestone recorded with the interactive session, and in recognition of the pivotal role of ISPs and HEIs in expediting actions towards this interconnectivity, a one-day AFRINIC virtual training program has been scheduled to take place on Tuesday, 5th December by 12.00pm.

The follow-up virtual training will not only provide participants with invaluable insights, technical expertise, and practical knowledge to optimize their network infrastructures but will further yield answers to key questions posed by ISPs and HEIs.

AFRINIC, the Regional Internet Registry for Africa, is renowned for its commitment to advancing internet development across the continent. The AFRINIC virtual training therefore represents a significant stride towards realizing the goals outlined during the interactive session.

This initiative aligns perfectly with the vision of Governor Charles Chukwuma Soludo, CFR, of building a technologically advanced state, while the collaborative efforts of the Anambra State ICT Agency and the Internet Exchange Point of Nigeria (IXPN) underscores practical commitment to positioning Anambra as a digital hub, driving innovation, economic growth, and improved quality of life for its residents.

Participants can expect an interactive and immersive learning experience, equipping them with the skills necessary to navigate the dynamic landscape of internet services in the State.

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