BIOGRAPHY

Tony Elumelu Biography And Net Worth

Tony Elumelu Biography And Net Worth

Tony Elumelu Biography And Net Worth



Anthony Onyemaechi Elumelu is a Nigerian economist, entrepreneur and philanthropist. He is Chairman of United Bank of Africa, Heirs Holdings, Transcorp and Founder of the Tony Elumelu Foundation. In 2022, Time Magazine named him one of the 100 most influential people in the world. He was born on March 22, 1963 in Jos, Plateau State, northern Nigeria. He is currently 69 years old.

Tony Elumelu is from Onicha-Ukwu in the Aniocha North Local Government Area of ​​Delta State in south-southern Nigeria. He grew up with four siblings, one of whom is Ndidi Elumelu, a minority leader in the Nigerian House of Representatives.

Tony Elumelu studied economics at Bendel State University, now known as Ambrose Alli University Ekpma in Edo State, where he received a bachelor’s degree in economics. He then went to the University of Lagos and earned a master’s degree in economics.

Tony Elumelu worked at the Union Bank of Nigeria as a youth corpsman in the National Youth Service Corps in 1985 before starting his career as a salesman. Tony Elumelu then moved to Allstates Trust Bank. In 2005, Tony Elumelu acquired United Bank for Africa (UBA) and served as Chairman until his retirement in 2010.

About his early career he has said; I started my career as a salesman, more precisely as a copier salesman, young, hungry and hardworking, but in reality I was just one of thousands of young Nigerian graduates, all hungry for success.

In 1997, Tony Elumelu led a small group of investors to take over a troubled Crystal Bank (later renamed Standard Trust Bank). He made it profitable within a few years and in 2005 he led one of the largest mergers in the banking sector in sub-Saharan Africa with the acquisition of United Bank of Africa (UBA).

Following the merger of Standard Trust Bank and United Bank of Africa in 2005, Tony Elumelu, as Group Managing Director, led the firm from a single country banking group to a pan-African bank with subsidiaries in 20 African countries, France, the US and the US Great Britain finally resigned in 2010. Tony Elumelu is currently Chief Executive Officer of United Bank for Africa.

Tony Elumelu manages his family-run private equity company called Heirs Holdings and his philanthropic works through the Tony Elumelu Foundation. He founded the company in 2010. Tony Elumelu also founded the Tony Elumelu Foundation, an Africa-based foundation dedicated to entrepreneurship in Africa, in the same year.


Heirs Holdings maintains a portfolio of investments across multiple sectors. Through Heirs Holdings, Tony Elumelu holds a controlling interest in Transnational Corporation, a diversified conglomerate with business interests in the power, hospitality and energy sectors. In January 2021, Heirs Holdings, through its subsidiaries – Heirs Oil & Gas and Transnational Corporation – announced the acquisition of a 45% working interest in a permit known as an Oil Mining Lease from Shell, Total and ENI in a deal valued at more than US$1 billion -dollar known.

After retiring from United Bank of Africa in 2010, Tony Elumelu established the Tony Elumelu Foundation. The Tony Elumelu Foundation promotes entrepreneurship in Africa. The Tony Elumelu Foundation’s belief that Africa’s private sector has the power to transform the continent through long-term investment, creating both economic and social prosperity.

In 2015, Tony Elumelu committed US$100 million to launch 10,000 entrepreneurs across Africa over the next 10 years as part of the Tony Elumelu Foundation’s Entrepreneurship Program – a pan-African entrepreneurship initiative that aims to empower African entrepreneurs through a multi-year Program consisting of training, funding and funding to strengthen mentoring.

Tony Elumelu has received recognition and praise for his contributions to business and entrepreneurship. In 2003, the Federal Government of Nigeria awarded Tony Elumelu the title of Member of the Order of the Federal Republic of MFR, a national honour.

In 2012 he was awarded the National Honor of Commander of the Order of the Niger CON for his services to the advancement of private enterprise. In 2016 he was named Nigerian Man of the Year by the Daily Times. In 2018 and 2019 he was honored with the All-Africa Business Leaders Awards and the Philanthropist of the Year Award.

In 2019, Bayero University awarded Kano a PhD in Business Administration. In the same year 2019 he was awarded the National Productivity Order of Merit Award. In 2020, Time Magazine listed him as one of the 100 most influential people in the world. In 1993, Tony Elumelu Awele married Vivien Elumelu, a doctor, and they have seven children together. Tony Elumelu is very wealthy and influential with an estimated net worth of $3 billion.


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