The United Bank for Africa (UBA) Chairman, Tony Elumelu, has reflected on the intense scepticism he faced early in his career, specifically regarding his acquisition of Crystal Bank in 1997.

Speaking in an interview with the US-based media platform, The School of Hard Knocks, the 63-year-old recounted how industry critics dismissed the move at the time, labelling him a “joker” for his bold investment.

Mr Elumelu, who rebranded the struggling financial institution as Standard Trust Bank (STB), later led a historic 2005 merger to acquire the larger, more established UBA. Addressing the criticism he faced, he remarked, “You know, when you do extraordinary things, people think you’re stupid. I said to my team then, even when Jesus Christ lived, people thought he was crazy. He lived ahead of time.”

On the entrepreneurial journey

The Ambrose Alli University alumnus emphasised that his path to wealth was neither swift nor easy, noting that he did not grow up with significant financial means. He advised aspiring entrepreneurs to view business as a marathon rather than a pursuit of quick wins.

“I tell you, in this journey of entrepreneurship, it’s a long race. It’s a marathon. It’s not about quick wins. The sacrifice I made was worth it,” Mr Elumelu said.

“You know, even deciding not to buy a car and instead saving the money to acquire property. I didn’t have a car for a long time. So today, this is the fourth private jet I’m flying. But I didn’t have a car growing up.”

READ ALSO: UBA wins 2026 Banker Technology Award for AI innovation, launches upgraded mobile app

Legacy and “democratising prosperity”

When asked about his commitment to funding young African entrepreneurs through his foundation, Mr Elumelu described the initiative as a mission to “democratise prosperity”.

“It is about impact. It’s about legacy. You can’t be the only tree in the forest. You need to make sure that there are more,” he added, crediting his success to divine inspiration and guidance.

Mr Elumelu is set to take on a new role following his appointment as Chairman of Seplat Energy. As PREMIUM TIMES previously reported, he will assume the position on 1 January 2027, succeeding Udoma Udo Udoma.

They called me a joker: Tony Elumelu talks about his early banking days

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