Syed Manzur Elahi, a pioneering entrepreneur and influential business leader, played a transformative role in shaping Bangladesh's industrial and financial landscape. His remarkable journey - from a young boy raised in Kolkata to becoming the founder of Apex Group and a key figure in multiple sectors - was marked by resilience, vision, and an unwavering commitment to national development. Born on February 26, 1942, in Calcutta, British India, he was one of the most renowned entrepreneurs in Bangladesh. His life has been marked by immense contributions to both business and society. A visionary businessman, philanthropist, and leader, Elahi's legacy spans industries from leather and pharmaceuticals to banking and education.
Early life and education
Elahi was born into a distinguished family, with his father, Sir Syed Nasim Ali, serving as the Chief Justice of undivided Bengal in 1946. Raised in an atmosphere of intellectual rigour and social responsibility, Elahi's early life set the stage for his future leadership roles. He completed his BA from St Xavier's College in Kolkata and later earned a Master's degree in Economics from the University of Dhaka. His academic foundation provided him with the knowledge and drive to venture into business, marking the beginning of a long and illustrious career.
Start of career
In 1962, Elahi moved to Dhaka from Kolkata, where he initially worked in various professional roles. His journey into entrepreneurship began after a seven-year tenure at British American Tobacco, where he garnered experience in the corporate world. At the age of 30, on his birthday, Elahi made a pivotal decision to leave his job and dive into business. He initially worked as an agent for a French leather importer, which laid the groundwork for his future ventures in the leather industry.
In 1975, the Bangladesh government began the process of privatising companies that were once nationalised. Elahi seized this opportunity and bought Orient Tannery, a state-owned company located in Hazaribagh, Dhaka, for Tk 1.2 million. This move marked his entry into the highly competitive leather industry, where he would soon become a major player.
Founding Apex Group
Elahi's entrepreneurial instincts and strategic vision propelled him forward. He founded Apex Group, a conglomerate that would become one of the most influential business groups in Bangladesh. Apex Tannery Ltd was the foundation of this group, and Elahi soon expanded the business into other sectors. He led Apex Footwear Ltd, a prominent company in the footwear industry, and Apex Pharma Ltd, marking his diversification into pharmaceuticals.
Under Elahi's leadership, Apex Group grew into a major force in the Bangladeshi economy. Over time, the group's footprint extended into industries such as advertising, insurance, banking, and market research. Elahi's other key roles include serving as the Chairman of Apex Enterprises Ltd, Apex Investments Ltd, Blue Ocean Footwear Ltd, Galleria Apex, Quantum Consumer Solutions Ltd, and Quantum Market Research Bangladesh Ltd. His diversified business empire established his reputation as a visionary entrepreneur who could lead in multiple sectors.
Role in banking, insurance sectors
A major milestone in Elahi's career was his founding role at Mutual Trust Bank Ltd. As the Chairman of the bank, he contributed to expanding Bangladesh's banking infrastructure, making the sector more accessible and competitive. His involvement in the banking sector did not stop there. He also served as the Chairman of Pioneer Insurance Co Ltd, an important player in Bangladesh's financial industry.
Elahi's leadership extended beyond his companies. He served as a Director on the boards of several significant institutions, including Central Depository Bangladesh Ltd, Credit Rating Agency of Bangladesh Ltd, and International Chamber of Commerce Bangladesh. Through these roles, he helped shape policies that would enhance the country's economic growth and stability.
Education and policy reforms
In addition to his business accomplishments, Elahi was deeply involved in Bangladesh's educational and policy reforms. He served as the President of the Dhaka University Alumni Association in 2008, furthering his commitment to fostering academic excellence. He also made significant contributions as a Trustee of East West University, which has become one of Bangladesh's premier private universities.
Elahi's role in policy-making extended to his membership in both the Public Administration Reforms Commission and the Regulatory Reforms Commission, where he helped shape the nation's governance. His expertise was also sought in the caretaker governments of 1996 and 2001, where he served as an Adviser, providing counsel during critical political transitions in Bangladesh's history.
Philanthropy and social impact
Elahi has been a staunch advocate for social justice, particularly for women and children. He is the Chairman of Manusher Jonno Foundation, a non-profit that supports NGOs fighting oppression and advocates for human rights. His philanthropic efforts also include his leadership at the Bangladesh Freedom Foundation, an organisation that promotes democracy and freedom.
As a Trustee of the Freedom Foundation and the Centre for Policy Dialogue (CPD), he has contributed to policy research and advocacy that benefit the public good. His involvement in these organisations reflects his deep commitment to improving the lives of the marginalised communities in Bangladesh.
International engagement
Elahi's impact was not confined to Bangladesh. He participated in numerous global workshops on private sector development, including those held at Harvard University and the University of Michigan, learning from and contributing to global conversations about entrepreneurship and governance. These international engagements allowed him to bring a global perspective to his work in Bangladesh, helping the country engage with the wider world while fostering local development.
Recognition and honours
Elahi's exceptional career has been widely recognised both in Bangladesh and abroad. He received the "Business Executive of the Year 2000" award from the American Chamber of Commerce (AmCham) in Bangladesh, and the "Business Person of the Year 2002" award sponsored by The Daily Star and DHL Worldwide Express. These awards underscored his remarkable contributions to business, his leadership in various sectors, and his role in driving economic growth in Bangladesh.
Personal life
Elahi's personal life is deeply intertwined with his professional journey. He was married to Niloufer Manzur, the founder of Sunbeams School, a renowned educational institution in Bangladesh. Together, they made significant contributions to both the business and education sectors of the country. Tragically, Niloufer passed away in May 2020 after contracting Covid-19, a loss that deeply affected both Elahi and the nation.
Legacy
Elahi's legacy as a visionary entrepreneur, philanthropist, and leader will continue to inspire future generations of businesspeople and policymakers. His work across various industries, especially banking, education, and social welfare, has left an indelible mark on Bangladesh's development. Through his leadership at Apex Group and his countless contributions to public life, he has demonstrated what it means to lead with integrity, vision, and a deep sense of social responsibility.
His businesses continue to thrive under his leadership, but it is his commitment to social causes and his work in education, policy reform, and philanthropy that have truly shaped his lasting impact. His legacy is one of tireless work, dedication to his country, and a lasting influence on the business and social landscape of Bangladesh.
Final days and passing
In his later years, Elahi's health began to decline. While he initially recovered from a lung infection, he later developed a stomach infection that ultimately led to his passing.
On March 12, 2025, at 7:31am Bangladesh time, he breathed his last at a hospital in Singapore at the age of 83.
His death marked the end of an era, leaving behind a significant void in Bangladesh's business community, society, and beyond.
Elahi's life was one of perseverance, ambition, and an unyielding commitment to progress. His legacy lives on in the thriving businesses he built, the policies he helped shape, and the countless lives he touched along the way.
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