Elias was born into the traditional aristocracy of Lagos, then the capital of Nigeria, on 11 November 1914. He received his secondary education at the Church Missionary Society Grammar School and Igbobi College in Lagos. He married Ganiat Yetunde Fowosere, and the couple would have five children together (three sons, two daughters). After passing the Cambridge School Certificate examination, he worked as an assistant in the Government Audit Department. In 1935 he joined the Nigerian Railway and served in the Chief Accountant's Office for nine years.