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5 Years of Spreading Luck – Everyone Needs a Little Help

Published

6 years ago

January 1, 2019

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 cannot 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 thousands of young Nigerian graduates, all eagerof 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 later after earning my 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 2:1-degree, but I applied regardless, submitting a cover letter and filled out application with my 2:2-Economics degree.

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 2:2 degree 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 as I was to take on far greater roles. These learning opportunities laid the pathway to future achievements. 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 young people, with incredible dreams and business ideas but without the experience or the access to mentoring and support required in order 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– 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, these may be 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.

I want our young aspiring entrepreneurs to apply. I want you to be a part of this global movement for good. I encourage you to be bold enough to let luck find you. There will be 1260 places open from January 1, 2019. Will you be among the lucky ones this year? Take a chance on yourself. Your future may begin today. Apply now at TEFCONNECT.COM

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Fidelity Bank Named “Nigeria’s Best Private Bank” at Euromoney Awards

Published

3 days ago

April 17, 2025

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Tier one bank, Fidelity Bank PLC, has been named “Nigeria’s Best Private Bank” at the prestigious Euromoney Awards 2025. The recognition was formally unveiled at the awards ceremony held recently at The Savoy in London.

The Euromoney Awards for Excellence are prestigious annual honors and a benchmark for excellence in the global banking and finance industry. Established by Euromoney magazine, the awards highlight outstanding performance, innovation, leadership, and service excellence across various financial sectors and regions.

Commenting on the award, Managing Director and Chief Executive Officer of Fidelity Bank PLC, Dr. Nneka Onyeali-Ikpe said, “We are truly honored to be recognized by Euromoney as Nigeria’s Best Private Bank. This award is a testament to the hard work and dedication of our staff as well as our strong commitment to delivering premium wealth management solutions, personalized financial advisory, and superior client service to high-net-worth individuals in Nigeria and beyond.”

The Euromoney Awards are among the most highly respected in the global financial industry. Winning such an award for its private banking business further builds on Fidelity Bank’s growing reputation as one of Nigeria’s most trusted and customer-centric financial institutions.

According to a statement on Euromoney’s website, “The bank’s commitment to providing specialised credit solutions also sets it apart. Clients benefit from tailored lending options, including asset-backed lending, real estate financing, and customised credit facilities. These solutions are structured to support complex financial needs while ensuring flexibility and ease.”

Fidelity Bank Plc is a full-fledged commercial bank with over 9.1 million customers who are serviced across its 251 business offices and various digital banking channels in Nigeria and the United Kingdom.

The Bank is the recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine. Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.

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Access Holdings Records 88% Growth in Gross Earnings to N4.878 Trillion

Published

4 days ago

April 16, 2025

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Access Holdings PLC (“the Group”) (Bloomberg: ACCESSCO), a leading African financial services group, today, announced its audited financial results for the full year ended December 31, 2024. The Group delivered 88% year-on-year growth in gross earnings, rising from N2.594 trillion in 2023 to N4.878 trillion in 2024. The strong performance was driven by diversified income streams, with interest income growing by 110% to N3.480 trillion and non-interest income increasing by 47.8% to N1.397 trillion, supported by robust retail banking activities, digital expansion, and a dynamic trading strategy.Profit before tax (PBT) increased by 19% to N867.0 billion, while profit after tax (PAT) rose to N642.2 billion, despite inflationary and macroeconomic challenges. Total assets grew by 55.5% to N41.498 trillion, and customer deposits rose by 47% to N22.525 trillion. Shareholders’ funds also increased by 72%, reaching N3.760 trillion.In 2024, the Group made significant social and environmental impact across the continent, touching millions of lives and earning multiple industry accolades. Through various corporate social investment initiatives in education, entrepreneurship, health, and the environment, the Group reached over 21 million individuals across Africa. Its employee wellness programmes also covered 28,000 staff across operating entities. Access Bank, the flagship subsidiary, through its W-Initiative, disbursed loans to over a million women-led SMEs, advancing financial inclusion and gender empowerment.The Group’s efforts attracted prestigious recognition and awards, including three Euromoney Awards for Excellence (notably ‘Best Bank for ESG’); International Finance Award for ‘Most Innovative Bank for Community Development and Community Engagement’; and World Economic Magazine Award for ‘Most Sustainable Bank’.In terms of economic sustainability, Access Bank recorded strong strides through its Economic, Social and Governance (ESG) programmes. It facilitated $437.42 million in DFI inflows to support MSMEs across Africa, disbursed 1.6 million digital loans to low-income individuals, and booked its first N1.4 billion diaspora mortgage loan.The Group also achieved a 13.4% reduction in operational emissions, planted 57,302 trees, and enabled solar power adoption for 226 homes and businesses. Its headquarters was awarded the IFC EDGE (Excellence in Design for Greater Efficiencies) Green Building Certification for sustainable design and construction
standards.In addition, Access employees contributed 228,500 volunteer hours to various community development programmes, reinforcing the Group’s commitment to inclusive and purpose-driven impact.The Group is focused on delivering sustainable returns to shareholders, while reinvesting in innovation, infrastructure, and cross-border expansion. Its banking subsidiary launched operations in Hong Kong, received regulatory approval in Malta, and successfully integrated its operations in Zambia and Tanzania, expanding its global footprint.Access Bank posted significant gains across all performance metrics, with interest income growing by 110% and fees and commissions rising by 81%. International subsidiaries contributed 48.5% to the banking segment’s PBT, demonstrating strong execution across key markets.In 2024, Access Holdings also became the first institution to meet the Central Bank of Nigeria’s recapitalisation directive, raising 351 billion through a rights issue. The₦ proceeds are being strategically deployed to strengthen digital infrastructure, enhance liquidity, and fuel long-term growth.Looking ahead, Access Holdings remains committed to building a more inclusive, sustainable, and profitable future, delivering delivering value not just to shareholders, but to society and the environment at large.

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JIM OVIA ADMITTED TO THE FREEDOM OF THE CITY OF LONDON

Published

1 week ago

April 10, 2025

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L-R: Chairman, Access Holdings Plc, Aigboje Aig-Imoukhuede, CFR; His Eminence John Cardinal Onaiyekan; President of Dangote Group, Alhaji Aliko Dangote, GCON; Founder and Chairman of Zenith Bank Plc, Jim Ovia, CFR; Governor of Lagos State, Mr. Babajide Sanwo-Olu; and Governor of Delta State, Rt.Hon. (Elder) Sherrif Oborevwori, during the admission of Jim Ovia to the Freedom of the City of London in the United Kingdom, on Monday.
The Founder and Chairman of Zenith Bank Plc, Jim Ovia, CFR, has been admitted to the prestigious Freedom of the City of London in a distinguished ceremony which held at the Mansion House, City of London on Monday, April 7, 2025. This prestigious accolade is a testament to Mr. Ovia’s exceptional contributions to the global financial landscape, unwavering commitment to fostering economic development, and dedication to philanthropic endeavours that have positively impacted countless lives.The Freedom of the City of London, a time-honoured tradition dating back to the 13th century, is one of the oldest surviving ceremonies in the United Kingdom. Historically, it granted freemen certain rights and privileges within the city. Today, it stands as a symbolic recognition of individuals who have made outstanding contributions to London or the wider society. This honour places Mr. Ovia among a distinguished group of recipients, which includes notable figures from various fields such as Nelson Mandela, Bill Gates, Sir Winston Churchill, Desmond Tutu, Harry Kane, Morgan Freeman and Ian Wright.Commenting on his new status as a Freeman of the City of London, the distinguished honoree, Jim Ovia, CFR said “It is indeed a great honour to be admitted to the prestigious Freedom of the City of London. This is not just a recognition of my personal achievements, but also a testament to the tireless efforts of the entire Zenith team who have worked diligently to establish our institution as a leading force in global finance. I am proud to be part of a legacy that celebrates innovation, excellence and the spirit of entrepreneurship. I dedicate this to the people of Nigeria and Africa who continue to inspire me with their resilience and determination. I look forward to continuing to play a role in shaping the economic landscape of our great continent and beyond.”Joining the nation in congratulating Mr. Ovia, President Bola Tinubu, through a press statement by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, commended Mr. Ovia for being a distinguished ambassador of the nation’s private sector. He described the honour as a fitting recognition of his exceptional contributions to business, innovation, and technology, as well as for his role in shaping Nigeria’s financial landscape and strengthening economic ties between Africa and the rest of the world. According to him, “This honour is a testament to your unwavering commitment to excellence, your pioneering role in the growth of the financial services sector in Nigeria, and your visionary leadership that continues to inspire generations. As an accomplished entrepreneur and advocate of innovation-driven development, your recognition in the City of London affirms the global relevance of Nigerian excellence and enterprise”.Dignitaries at the ceremony include Former President of Nigeria, Chief Olusegun Obasanjo, GCFR; Governor of Lagos State, Mr. Babajide Sanwo-olu; Governor of Delta State, Rt.Hon. (Elder) Sherrif Oborevwori; Governor of Enugu State, Dr. Peter Mbah; President of Dangote Group, Alhaji Aliko Dangote, GCON; Minister of State for Finance, Dr. Doris Uzoka-Anite; Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, MFR; Minister of State for Foreign Affairs, Bianca Odumegwu-Ojukwu; Oba of Oniru, Oba Abdulwasiu Lawal; Group Managing Director, TGI Group of Companies, Rahul Savara; Obi of Onitsha, Igwe Nnaemeka Alfred Achebe, CFR, and His Eminence John Cardinal Onaiyekan, who joined Zenith Bank Executives in celebrating this significant milestone.This well-deserved recognition rides on the back of many other prestigious awards that Mr. Ovia has received for his outstanding contributions to banking, education and philanthropy including conferment of Commander of the Federal Republic (CFR) & National Productivity Order of Merit (NPOM) Award in 2022 by the Federal Government of Nigeria. He was also named the Banker of the Year in 2007 and Titan of the year in 2024 by ThisDay Newspaper, and received the African Business Leader Award from the Africa-America Institute. He received honorary degrees from the University of Lagos as well as from the University of Nigeria, Nsukka and was recognized by Forbes Africa as one of the most influential figures in banking.