Tony Elumelu’s 5 Recipes for Becoming Rich

Tony Elumelu’s 5 Recipes for Becoming Rich

Tony Elumelu, a prominent Nigerian billionaire and entrepreneur, is a beacon of success in the world of business. As a 60-year-old Chairman of the United Bank for Africa (UBA) Plc, Transcorp, and Afam Power Plant, Elumelu’s journey was marked by determination and strategic decisions and offers valuable insights for those aspiring to attain significant wealth and influence. 

While many factors contributed to the rise of such a formidable figure, specific principles and practices stand out as foundational. In this article, we delve into some crucial lessons drawn from Elumelu’s experiences. These lessons, which we refer to as recipes, can serve as guiding principles for anyone aiming for financial success. Let’s dive in as we explore the mindset and strategies of one of Nigeria’s most successful individuals.

Wealth comes from being adaptable and open to change

In the ever-evolving landscape of business, being static is the quickest route to irrelevance. Elumelu himself stressed the importance of adaptability and flexibility in leadership. His approach to team management underscores this, always letting them know that even after making a decision, he remains open to change, provided it’s backed by data-driven rationale.

He says, “It is important for leaders to be adaptable and flexible. I always let my team know that even after I have made an executive decision, I am still open to changing my mind, given that they present their recommendations with data-driven justification. 

Continuous learning and evolution bring success

Business landscapes change, industries evolve, and what works today might not necessarily work tomorrow. Tony Elumelu’s reflections on the evolution of Heirs Holdings’ core values over its 13-year journey showcase the importance of continuous learning and evolution for sustained success and to get rich.

Commitment to fitness is a huge wealth

Tony Elumelu emphasizes that wealth isn’t just about financial gains, it’s also about maintaining a healthy lifestyle. The Heirs Holding chairman ardently believes in the power of consistent exercise, urging the youth to prioritize their fitness. Rooted in the timeless philosophy that a “healthy mind resides in a healthy body,” Elumelu suggests that achieving one’s peak potential is directly linked to physical well-being. In his perspective, a genuine commitment to regular fitness routines is not just an option but a necessity for anyone aiming for holistic success and reaching the zenith of their capabilities.

He said, “I can’t remember when I began to take my health and fitness very seriously, but I saw increased energy I started taking my health and fitness seriously before I hit 30, and it has been one of my best decisions in life. I am 60 now – do I feel it? No! I owe that to taking a long-term decision 30 years ago.”

Have an unwavering determination

Tony Elumelu’s story of applying for a banking job for which he was technically underqualified shows his audacity and determination.  Several years after obtaining his Master’s degree, he pursued his inaugural banking position. Even though he knew he didn’t meet the specified criteria. The bank sought candidates with at least a Second Class Upper degree, but he possessed a Second Class Lower yet still applied.

He didn’t let the limitations of his academic qualifications define his potential. Instead, he saw an opportunity and reached for it, a trait that has served him well in his illustrious career and made him rich.

Be ready to give in to hard work and passion 

Tony Elumelu believes that while luck played a role in his success, it doesn’t replace the essence of hard work. He emphasizes that real luck stems from dedication and passion. In his words, success might seem like luck, but it’s built on hard work and genuine love. The more effort and heart you pour into something, the ‘luckier’ you seem to become. 

To truly succeed, be rich, and create your luck, focus on what you can control, your hard work and passion. These are the true drivers of a prosperous life and a better world.

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