Billionaire businessman Tony Elumelu has revealed how his mother’s experience running a small restaurant laid the foundation for his business career, teaching him valuable lessons long before he ventured into entrepreneurship.
Elumelu said his mother’s ability to manage limited resources while providing for her family exposed him to essential business skills, including financial management, risk assessment, customer relations, hard work and perseverance.
He shared the experience on Friday at the 25th annual conference of Women in Management, Business and Public Service (WIMBIZ), held in Lagos.
Speaking about his early years, the founder of the Tony Elumelu Foundation described his mother as his first business mentor, recalling how her determination and resourcefulness influenced his outlook on entrepreneurship.
“I did not start with capital. I started with a mother, a mother who ran a small restaurant and worked harder than anyone I’ve ever known.
READ ALSO: Elumelu Step Down As UBA Group Chairman After 12 Years
I watched her turn very little into a living, and a living into a future for our children. That was my first business school.
My first lesson in risk, in cash flow, in customers, in discipline, in hard work, in resilience, in getting up the next morning when the day before had gone very badly, came all from her, a woman.”
He further drew from his mother’s influence to challenge the barriers women face in business, questioning why they continue to receive inadequate access to funding, leadership positions and recognition despite their contributions.
“When people ask me whether women can lead African business, I find the question strange because in my own experience, they already do. We have simply not given them the capital, the title, or the credit they deserve,” he said.
The businessman also reflected on the role other people played in advancing his career, particularly those who trusted him with opportunities to demonstrate his abilities.
He recalled being given the responsibility at 34 to lead a team of young Nigerians in acquiring the struggling Crystal Bank, describing the experience as a defining moment in his professional journey.
According to Elumelu, the opportunity came because someone believed in his potential and gave him the platform to prove himself.
He said the experience strengthened his resolve to create more opportunities for others, especially young Africans and women, to access the support and platforms needed to succeed.