Tony Elumelu: Biography, Net Worth
Age |
57 (March 22, 1963) |
Education |
Ambrose
Alli University, University of Lagos, Delta State University, Benue State
University |
Occupation |
Chairman,
United Bank for Africa, Transnational Corporation of Nigeria, & Heirs
Holdings |
Nationality |
Nigerian |
Spouse
(s) |
Dr.
Awele Elumelu |
Net Worth |
$900 million (January 2020). Now worth over $1 billion as of 2022. |
Tony Elumelu is a Nigerian economist, entrepreneur,
and philanthropist. He is the founder of the Tony Elumelu Foundation, and the
chairman of the United Bank for Africa and Heirs of Holdings. Elumelu is
globally recognized as one of the most influential and powerful people in
Africa. As of January 2020, Elumelu had a net worth of almost $1 billion. The
source of his fortune comes from his businesses and multiple investments.
Early
Life and Education
Anthony Onyemaechi Elumelu was born on March 22, 1963
in Jos, Plateau, Nigeria, to his parents, Suzanne and Dominic Elumelu. He hails
from Onicha-Ukwu, Aniocha North LGA, in Delta States. Although much isn’t said
about his childhood and early education, Elumelu bagged two degrees in
economics—a bachelors’ degree from Ambrose Alli University and a masters’
degree from the University of Lagos.
Career
Elumelu’s rise to fame in the Nigerian banking and
financial sector indicates that he probably had a lot going for him in his
early career days. Not much is said about his early career days, however, his
rise to fame started with the acquisition of Standard Trust Bank (STB).
In 2005, Elumelu acquired Standard Trust Bank, and
later United Bank for Africa (UBA). Both companies were consolidated in one of
the biggest mergers in the history of the Nigerian capital market. By 2010,
Elumelu retired from his position in UBA and founded a new firm, Heir Holdings,
which includes making investments in financial services, real estates,
hospitality, agribusiness, healthcare sectors, and energy. In the same year, he
established the Tony Elumelu Foundation, a non-profit created to support small
businesses with funds across Africa.
Heirs Holding acquired a controlling interest in
Transnational Corporation of Nigeria Plc (Transcorp) in 2011. The firm’s
business interest includes energy, agribusiness, and hospitality sectors.
Recognitions
and Positions
Mr. Elumelu is a member of the Nigerian President’s
Agricultural Transformation Implementation Council (ATIC). He also serves as an
advisor to the USAID’s Private Capital Group for Africa (PCGA) Partners Forum. He
is the vice-chairman of the National Competitiveness Council of Nigeria (NCCN),
and serves as Co-chair of the Aspen Institute Dialogue Series on Global Food
Security. Elumelu also serves as a member of the Global Advisory Board of the
United Nations Sustainable Energy for All Initiative (SE4ALL). He chairs the
Ministerial Committee to establish world-class hospitals and diagnostic centers
across Nigeria, under the Presidential Jobs Board created to create 3 million
jobs in one year.
Honors
- ·
Member of the order of the Federal
Republic of Nigeria (MFR), conferred in 2003.
- ·
In 2006, Elumelu was named African
Business Leader of the Year by Africa Investor Magazine, and also won the
African Business Leader of The Year award conferred by the UK –based magazine.
- ·
In 2008, Elumelu was recognized as the
African Banker of The Year by African Banker Magazine.
- ·
Member of the Presidential Committee on
the Global Financial Crisis, 2009.
- ·
He was listed among the 100 most
influential Africans in Business by New African Magazine, 2012.
- ·
He was recognized as one of Africa’s 20
Most Powerful People by Forbes Magazine in 2012.
- ·
He was awarded with an honorary doctorate
of science degree from the Benue State University and another from University
of Nigeria, Nsukka.
- ·
He was named African Business Icon of 2013
- ·
He received the Leadership Award in
Business and Philanthropy from the Africa-America Institute (AAI) Awards.
- ·
He was decorated with the National Honor
of commander of the Order of the Niger (CON).
- ·
He was named the 2017 Philanthropist of
The Year award by Per Second News
- ·
He also received the Dwight D. Eisenhower
Global Entrepreneurship Award from the Business Council for International
Understanding in 2017
- ·
He received Nigeria’s National
Productivity Order of Merit in 2019.
- ·
He won The Seven Stars Man of The Year
Award in 2019.
Philanthropy
and Non-Profits
In 2010, Elumelu founded the Tony Elumelu Foundation,
a foundation dedicated towards helping small and medium enterprises across Africa.
The objective of the foundation is to “prove that the African private sector
can itself be the primary generator of economic development.” It is also driven
with the mission of “driving Africa’s economic development by enhancing the competitiveness
of the African private sector.” He is also involved with the Tony Blair Africa
Governance Initiative (AGI) through his Tony Elumelu Foundation. The
partnership is called the Blair-Elumelu Fellowship Program.
Besides his foundation which is his major philanthropic
movement, Tony Elumelu is also involved with other non-profits to support
Africa’s economy. He is a member on the Bretton Woods Committee, which is a
group of senior leaders in the global banking industry. He is also a Fellow of
the Nigeria Leadership Initiative (NLI). He is also a co-chair of the Africa
Energy Leaders’ Group (AELG), and a Trustee of the Infant Jesus Academy in
Delta State, Nigeria.
In 2018, he was joined with other global leaders to
become a member of the inaugural Board Members of Generation Unlimited, an initiative
of the United Nations of refocused youth agenda.
Personal
Life
Tony Elumelu is married to Dr. Awele Elumelu (m. 1993
to date). Together they have seven children. He is the brother of Ndudi
Elumelu, a member of the Nigerian Federal House of Representatives, and a
cousin to the late legendary reggae artist, Ras Kimono.
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