Tony Elumelu is a Nigerian entrepreneur and the founder and largest shareholder of Transcorp, a Nigerian conglomerate that has interests in agriculture, oil production, energy, and hospitality.
He also owns extensive real estate property across Nigeria and is a minority shareholder in telecommunications company MTN Nigeria.
In this article, WOA takes a closer look at the profile of the 61-year-old self-made Billionaire.
Tony Elumelu’s Net Worth and Property
In 2015, Forbes estimated Elumelu’s net worth to be $700 million, listing him as one of Africa’s top 50 richest people. However, given the increased profitability and growth of his investments, it is probable that his wealth may have crossed the $1 billion mark in 2024.
His wealth is comprised of major stakes in several companies across various sectors. Here are 10 companies he is directly involved in:
- United Bank for Africa Plc (UBA)
- Transnational Corporation of Nigeria Plc (Transcorp), the company behind Transcorp Power and Transcorp Hotels Plc
- Heirs Holdings, and investment company
- Afriland Properties
- Africa Prudential
- Heirs Insurance Group
- United Capital PLC: A financial services group providing investment banking, securities trading, and asset management services
- Seadrill Nigeria Ltd: A company involved in the oil and gas industry
- Africa Prudential Registrars: A leading registrar and shareholder management services company in Nigeria
- The Tony Elumelu Foundation
As a billionaire businessman, Elumelu also possesses many properties and luxury assets consistent with his wealth.
One notable property is his residence on Ikoyi Island in Lagos, Nigeria. He also reportedly owns homes in Abuja and Delta.
Additionally, through his company Afriland Properties Plc, he owns 13 luxury apartments in Lagos’ prestigious Ikoyi neighborhood, including two-bedroom, three-bedroom units, and a four-bedroom penthouse.
His car collection features a Mercedes Benz S550, a Range Rover, and a BMW 7-Series.
Outside Nigeria, Elumelu reportedly owns property in Europe and the USA, where he frequently travels.
Tony Elumelu Education Qualifications
A key tribute to Elumelu’s economic success is his strong educational background in economics, entailing the following qualifications:
- A Bachelor of Science (B.Sc.) in Economics: He earned this degree from Ambrose Alli University (formerly Bendel State University) in 1985, where he graduated with a Second Class Honours.
- A Master of Science (M.Sc.) in Economics: Elumelu obtained his master’s degree from the University of Lagos in 1986.
He furthered his education at Harvard Business School and completed an advanced management program, then embarked on a wildly successful career in the banking sector.
Tony Elumelu’s Journey to Success
Tony Elumelu was born in Jos, Nigeria on March 22, 1963.
Having completed his Advanced Management Program at Harvard Business School, he started his career as a copier salesman, which laid the groundwork for his future in business.
His big break came when he joined Allstates Trust Bank as an analyst after catching the attention of the bank’s CEO.
Within a year, he became the youngest bank branch manager in Nigeria at age 27, a record he held for several years.
In 1997, Elumelu led a group of investors to acquire the struggling Crystal Bank, which he renamed Standard Trust Bank (STB). Under his leadership, STB grew rapidly to become Nigeria’s fifth-largest bank within seven years.
In 2005, he orchestrated the merger of STB with the larger United Bank for Africa (UBA), transforming it into a major pan-African financial institution with operations across 20 countries and a customer base of over 35 million.
After stepping down as CEO of UBA in 2010, Elumelu shifted focus towards growing his wealth portfolio by investing in promising companies.
He also established the Tony Elumelu Foundation to empower young African entrepreneurs through training, mentoring, and funding.
The foundation has committed $100 million over ten years to support 10,000 entrepreneurs across Africa.
Tony Elumelu’s Wife and Children
A devout Family Man, Tony Elumelu is married to Dr. Awele Vivien Elumelu, and together they have seven children, among them a set of female triplets and two twin boys, named Tony and Toby.
Tony Elumely Scandals
Like many popular people, Mr Elumelu has had his fair share of scandals.
For instance, in 2024, the United Bank for Africa (UBA), where he serves as Group Chairman, was implicated in an N1.9 billion fraud scandal.
The fraud involved unauthorized transactions that were executed by UBA Treasury staff, who forged emails to authorize the transfer of funds.
Nevertheless, he has maintained a strong reputation in the business and philanthropic communities.
