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Business News of Friday, 7 May 2021


My daughter gets N250, 000 monthly and still saves - Tony Elumelu

Tony Elumelu, Chairman of United Bank For Africa Plc Tony Elumelu, Chairman of United Bank For Africa Plc

Nigerian billionaire and UBA Chairman Tony Elumelu has revealed how much he gives his daughter on a monthly basis.

According to him, he encourages her to save from the stipend he gives her.

Having described her as the heir to his business, he noted that although he pays her school fees and other things, the N250, 000 is an allowance meant to cater for her feeding and it's enough for her.

“My daughter Oge who is my first child and the heir to my business is in London School of Economics and she gets $500 (250,000) only from me every month”

“I pay her school fees so the stipend is for her feeding and everything she wants to do for the month”

“She gets the stipend every month whether she is in Nigeria or London”.

“Just two days ago, I was at home with her and I asked her if she has received her stipend for this month. She said no so I told her to have patience that she will get it the next day since that day was a public holiday in Nigeria”

“I also encourage her to save out of it and I’m happy that she is doing that”

“I was telling her the other time to start investing in stocks, her own stocks from the little savings that she makes from the monthly stipend. We are training people, It is tough but we need to do this in order to have a better society”