Tony Elumelu Biography, Background, and Net Worth

Tony Onyemaechi Elumelu, popularly known as Tony Elumelu, was born on March 22, 1963 in Jos, Plateau State, Nigeria.

Early Life and Education

Tony Elumelu hails from Onicha-Ukwu in Aniocha North Local Government Area of Delta State and was raised by his parents, Suzanne and Dominic Elumelu. Tony attended Ambrose Alli University, Ekpoma where he got his Bachelor of Science degree in Economics. He further pursued his Master of Science degree in Economics at the University of Lagos. He is an alumnus of Harvard Business School’s Advanced Management Program.

Career in Banking and Investments

Tony Elumelu started his career in banking and investments. He was a Youth Corp member at Union Bank and later joined Allstates Trust Bank. In 1997 at 34, he led a group of investors to acquire the struggling Crystal Bank which was later rebranded as Standard Trust Bank. Under his leadership, the bank turned around and became one of the top banks in Nigeria. In 2005, Standard Trust Bank merged with United Bank for Africa (UBA) and Tony was the Group Managing Director/ CEO until 2010. During his tenure, UBA expanded to 20 African countries and established presence in the US and UK.

After leaving UBA, Tony founded Heirs Holdings, a family owned investment company with interests in financial services, energy, real estate, hospitality and healthcare. He is also the Chairman of Transnational Corporation of Nigeria (Transcorp) a conglomerate with investments in hospitality, agriculture, oil production and power generation.

Philanthropy and Africapitalism

In 2010, Tony Elumelu established The Tony Elumelu Foundation (TEF) with the mission to empower African entrepreneurs and develop the continent. The foundation’s flagship programme, the TEF Entrepreneurship Programme has committed $100 million to identify, train, mentor and fund 10,000 African entrepreneurs over 10 years. The programme aims to create millions of jobs and generate significant revenue in Africa.Tony is an advocate of “Africapitalism” a concept that believes the private sector can drive economic and social development in Africa. He says businesses can make profit while solving societal problems.

Net Worth

As of 2024, Tony Elumelu’s net worth is estimated to be $700 million. His wealth comes from his investments in financial services, real estate, hospitality, healthcare, power, oil and gas. Through Heirs Holdings, he has significant shareholdings in UBA and Transcorp. He also has real estate all over Nigeria and other investments across various sectors that add to his net worth.