How to Get Rich According to Tony Elumelu
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African CEOs - June 28, 2023

How to Get Rich According to Tony Elumelu

Nigerian Entrepreneur, Tony Elumelu stands as a remarkable example of success in a world where getting rich and pursuing financial freedom is an enduring aspiration.

With an unwavering commitment to empowering entrepreneurs and transforming communities, Elumelu has not only amassed great wealth but has also become a guiding light for aspiring individuals seeking to achieve financial abundance. 

Through his extensive experience and notable achievements, Elumelu offers invaluable insights on how to navigate the path to riches. Join us as we delve into Elumelu’s wisdom and present five key points to guide you on your journey to financial success.

Regularly save money

Elumelu once said, “I am a firm believer in saving a portion of your earnings on a monthly basis. My father used to say that if I couldn’t save one naira from the little I earned, then I won’t be able to save anything if I earned one billion.”

He noted that saving is a “vital tool in investing in your future.” Those desiring to be rich must be intentional about saving. Saving a substantial amount from your earnings will equip you with the resources needed to take advantage of investment opportunities.

Take advantage of opportunities

The former bank chief whose story is not complete without mentioning that he led one of the largest mergers in the banking sector in Sub-Saharan Africa by acquiring United Bank for Africa is a firm believer in seizing opportunities.

Addressing budding entrepreneurs, Elumelu said, “Be aware of your risk tolerance and weigh up the value of an opportunity according to the potential losses and gains.” From his statement, the Nigerian business magnate emphasises the need to weigh opportunities. This is because all that glitter is not gold. Conducting an accurate assessment of opportunities will do you a lot of good.

He counsels that “After assessment- act! Do not be afraid to take a step because you fear the outcome. As the saying goes, fortune favours the bold.” From Elumelu’s business trajectory, you will see that he is known to act on anything he believes in. Becoming rich involves identifying and embracing opportunities. So don’t sleep on them!

Consider the bigger picture

Becoming rich does not happen overnight. It comes with a lot of thoughtful decisions and plans. The Nigerian investor counsels entrepreneurs to think long-term in all they do. He implored them to ask questions like, “How will this impact me, my family and my community? Both now and 10 years from now.”

These questions will help you consider the big picture. And, thinking of the bigger picture will help you seek ways to consolidate wealth. Elumelu said, “Be broad in your thinking and whether personally or professionally, aim for longevity.”

Elumelu and other Nigerian billionaires didn’t stumble on wealth. They arrived there by thoughtful planning and long-term thinking, so if you want to be rich you need to start thinking of what business venture will give you money and how to sustain profits.

Enrich your mind

Elumelu emphasizes the importance of constant self-improvement and learning from both successes and failures. He encourages individuals to acquire knowledge across various disciplines, stay updated on industry trends, and continuously seek personal growth. 

He once said, “In the pursuit of success, arm yourself with people and things that will nourish you mentally.” You may say money is not in books but Elumelu once revealed that he sought business and self-development books, articles and papers that would challenge his thinking and allow him to gain insight and breed new ideas.

The idea that may bring the billion dollars you are looking for could be in a book. So, invest in building your mind.

Embrace the Entrepreneurial Spirit

According to Elumelu the difference between talent and hard work is that one is innate and the other can be acquired through sheer determination. Those who are relentless in the pursuit of excellence will always yield results.

As an investor, Elumelu firmly believes that cultivating an entrepreneurial mindset is a vital step toward becoming rich. This is because entrepreneurs often find success by identifying gaps in the market, developing creative solutions, and having the resilience to overcome obstacles along the way.

On a final note, don’t forget to build strong networks and cultivate meaningful relationships that can significantly contribute to your path to riches. Remember, true wealth extends beyond personal gain and lies in the ability to create a better world for everyone.

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