Tony Elumelu is a philanthropist and business tycoon from Nigeria. He is the chairman of the Transcorp Group, Heirs Holdings, and the United Bank for Africa (UBA). Elumelu has a strong interest in philanthropy in addition to being a serial entrepreneur. For example, he is the head of the Tony Elumelu Foundation (TEF), a non-profit that empowers Africans. Elumelu was included in Time’s list of the world’s 100 most important people in 2020.
Tony Elumelu Biography and Early Life
Suzanne and Dominic Elumelu, who were originally from Onicha-Ukwu in the Aniocha North Local Government Area of Delta State, welcomed Elumelu into the world on March 22, 1963, in Jos, Plateau, Nigeria. Ndudi Elumelu, the minority leader in the Nigerian legislature, is one of his four siblings. He is Igbo by origin.
His humble middle-class upbringing prepared him for the perseverance and dedication that would eventually characterize his entrepreneurial attitude.
Although he rarely discusses his early years in depth, he has frequently acknowledged that his early exposure to rigidity and hard labor played a significant role in forming his worldview.
He graduated from Ambrose Alli University in Ekpoma, Edo State, with a bachelor’s degree in economics. He then obtained a Master of Science degree in economics from the University of Lagos, motivated by an early interest in development and finance. He developed a theoretical and applied economics foundation as a result of his academic experiences, which would subsequently play a crucial role in his financial choices.
Elumelu is also a graduate of the Advanced Management Program at Harvard Business School. A wider perspective on global leadership and finance was made possible by this exposure to other countries.
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Career
Before beginning his career as a salesman, Elumelu served as a corps member at the Nigerian Union Bank during his National Youth Service Corps in 1985. In 2005, Elumelu joined Allstates Trust Bank, and United Bank for Africa (UBA) was later purchased.
A small group of investors led by Elumelu took over a faltering Crystal Bank (later renamed Standard Trust Bank) in 1997. Within a few years, he made it profitable, and in 2005, he oversaw one of the biggest mergers in Sub-Saharan Africa’s banking industry when he bought United Bank for Africa (UBA).
As firm Managing Director, Elumelu oversaw the company’s transformation from a single-country banking firm to a pan-African bank with subsidiaries in 20 African nations, France, the United States, and the United Kingdom when Standard Trust Bank and United Bank for Africa merged in 2005. He eventually resigned in 2010.
Tony Elumelu is the chairman of the United Bank for Africa’s board. He established his family’s investment holding business, Heirs Holdings, in 2010. In the same year, Elumelu also founded the Tony Elumelu Foundation, an organization located in Africa that supports African entrepreneurship.
Heirs Holdings holds a variety of stakes in a variety of industries. Elumelu owns a majority stake in Transnational Corporation, a multinational conglomerate with operations in the energy, hospitality, and power sectors, through Heirs Holdings.
The renowned hotel facility’s Certificate of Discharge was formally given to Elumelu on April 14, 2021. After meeting all privatization requirements associated with the property’s 2005 sale, the Chairman of the National Council on Privatization (NCP), which is presided over by former Nigerian Vice President Prof. Yemi Osinbajo, was given complete ownership of Transcorp Hotels.
Elumelu established The Tony Elumelu Foundation after retiring from United Bank for Africa in 2010. In Africa, the Tony Elumelu Foundation encourages entrepreneurship. The economic theory of Africapitalism, which Elumelu introduced, is the foundation for the Tony Elumelu Foundation’s belief that the private sector is essential to Africa’s development. It holds that “the African private sector has the power to transform the continent through long-term investments, creating both economic prosperity and social wealth.”
Through the Tony Elumelu Foundation Entrepreneurship Program, a Pan-African entrepreneurship initiative aimed at empowering African entrepreneurs through a multi-year program of training, funding, and mentoring, Elumelu committed $100 million in 2015 to create 10,000 entrepreneurs throughout Africa over the following ten years.
Awards and honours
Elumelu’s achievements in business and entrepreneurship have earned him respect and appreciation.
- Elumelu received the national honor of Member of the Order of the Federal Republic (MFR) from the Federal Government of Nigeria in 2003.
- For his efforts to support private enterprise, he received the Commander of the Order of the Niger CON National Honor in 2012.
- In 2016, the Daily Times named him Nigerian Man of the Year.
- He received the All-Africa Business Leaders Awards (AABLA) Philanthropist of the Year Award in 2018 and the Honorary Doctor of Business degree from Bayero University Kano (BUK) in 2019.
- In 2019, the National Productivity Order of Merit Award was given to him.
- The 100 Most Influential People of 2020 by TIME magazine.
- In 2020, Elumelu received the nation’s oldest and most prestigious national honor, the honorary distinction of Officer in the Order of Leopold (Belgium), the Kingdom of Belgium’s highest national honor.
- Elumelu was awarded the national honor of Commander of the Order of the Federal Republic on October 11, 2022.
Personal Life
Awele Vivien Elumelu, a physician, is Tony Elumelu’s spouse as of May 2022. They first crossed paths in the 1990s as ambitious young professionals. Information seen by DNB Stories Africa indicates that the couple’s 1993 wedding was exquisite. Seven children have been born into Tony Elumelu and Awele’s marriage thus far.
Tony Elumelu children
Together, Tony Elumelu and his spouse, Awele Vivien Elumelu, are parents to seven children. The power couple had two twin boys and five daughters, including triplets Onyinye, Nneka, and Ugo.
The complete list of Tony Elumelu’s children may be seen here. Please take note that the names of his twin sons are not on this list, as the couple has not yet revealed them.
- Ogechukwu Tamara-Marie Elumelu
- Ogochukwu ‘Ogor’ Elumelu
- Onyinye Elumelu
- Nneka Elumelu
- Ugo Elumelu
Awele Vivian Elumelu
Awele Vivien Elumelu, Tony Elumelu’s wife, is a doctor and businesswoman. As of May 2022, Dr. Awele Elumelu is 51 years old and was born on June 23, 1970. After studying medicine and surgery at the University of Benin, Awele Vivien received her degree. She was employed by the Lagos University Teaching Hospital as a physician. She worked at Grantham and District Hospital in the United Kingdom after graduating from LASU.
Awele Vivien shares her husband’s philanthropic views. She is the head of Avon Healthcare, a project designed to make medical facilities easily accessible to Nigerians. Awele Elumelu is a dedicated mother to her children in addition to being a professional woman.
Tony Elumelu Net Worth
Financial analysts and business aficionados have been discussing Tony Elumelu’s net worth. According to Business Insider Africa, he is estimated to be worth $2.15 billion, mostly from his investments in Heirs Holdings, Transcorp Plc, and United Bank for Africa (UBA).
It’s crucial to remember, though, that Forbes, a reputable source for wealth rankings, has not included Elumelu in its list of billionaires. Only assets directly owned by individuals are taken into account by their technique; valuations associated with publicly traded firms over which the individual has no complete control are not.
According to a breakdown of Elumelu’s holdings, he owns a sizeable position in Transcorp Plc, controlling about 35.93% of the business, which is worth about $125 million. The estimated value of his 7.43% interest in UBA is $63.69 million. According to African Billionaires Daily, Heirs Energies, a division of Heirs Holdings, is valued at $1.75 billion, but other analysts contend that this amount may be exaggerated because of the possible overvaluation of private assets.
Elumelu’s portfolio also consists of stakes in United Capital, estimated at $61.5 million, and Heirs Insurance Group, valued at $28 million. The combined amount of his cash and real estate interests is over $125 million.
Social Media
Instagram: @tonyoelumelu
Twitter: @tonyoelumelu
