MY MOTHER WAS MY FIRST BUSINESS SCHOOL, TONY ELUMELU SAYS
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By: Hammad Fasasi
Billionaire businessman Tony Elumelu has credited his mother, who operated a small restaurant, with teaching him some of the fundamental business lessons that shaped his entrepreneurial journey.
Elumelu said observing how his mother managed limited resources to provide for the family exposed him to essential business principles such as risk management, cash flow, customer relations, discipline, hard work and resilience.
He shared the experience on Friday while speaking at the 25th annual conference of Women in Management, Business and Public Service (WIMBIZ), held in Lagos.
Recalling his childhood, the founder of the Tony Elumelu Foundation said his mother’s determination and ability to turn limited resources into a sustainable livelihood served as his first business education.
“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,” he said.
“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 said his mother’s influence also shaped his belief in women’s capacity to lead businesses, questioning why many continued to face challenges in accessing capital and receiving recognition for 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 how his career was shaped by individuals who gave him opportunities, recalling how he was entrusted with leading a group of young Nigerians at the age of 34 to acquire the struggling Crystal Bank.
He described the opportunity as a defining moment in his career, noting that someone had believed in his abilities and given him the platform to prove himself.
Elumelu said the experience strengthened his commitment to creating more opportunities for young Africans and women, particularly in business and entrepreneurship.
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