HomeInfo GuideTony Elumelu Biography: Age, Education, Career, Net Worth

Tony Elumelu Biography: Age, Education, Career, Net Worth


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Tony Elumelu Biography

Anthony Onyemaechi Elumelu, also known as Tony O. Elumelu CFR, was born on 22 March 1963. He is a Nigerian economist and philanthropist. He is the chairman of several prominent organisations, including Heirs Holdings, Transcorp, and United Bank for Africa (UBA). Additionally, he is the esteemed founder of The Tony Elumelu Foundation.

In 2020, Elumelu was recognised as one of the most influential individuals globally, earning a spot on Time’s prestigious list of 100 influential people.

Read Also: Jadrolita Biography: Age, Family, Real Name, Career and Boyfriend

Tony Elumelu Biography – Early Life

Elumelu’s birthplace is Jos, Plateau, Nigeria, on 22 March 1963. His parents are Suzanne and Dominic Elumelu from Onicha-Ukwu in Aniocha North Local Government Area of Delta State.

He was raised in a large family, with four siblings. One of his siblings, Ndudi Elumelu, currently serves as a minority leader in the Nigerian Federal House of Representatives.


He pursued his Economics degree at Bendel State University (now Ambrose Alli University) and graduated with a Bachelor of Science, achieving a Lower Second Class (2:2) grade.

Later on, he pursued his studies and successfully obtained a Master of Science degree in Economics from the University of Lagos.

Early beginnings

Elumelu gained valuable experience working in the Nigerian Bank Union Bank as a Youth Corp member during his National Youth Service Corps in 1985, which laid the foundation for his successful career as a salesman. Elumelu later joined Allstates Trust Bank in 2005, and United Bank for Africa (UBA) was acquired thereafter.

During the early stages of his career, he has expressed:

I began my professional journey as a salesman, specialising in copiers. I was a young, ambitious, and dedicated individual. However, I soon realised that I was just one among many Nigerian graduates who were determined to achieve success.

In 1997, Elumelu spearheaded a small group of investors in acquiring a struggling Crystal Bank, which was later rebranded as Standard Trust Bank. He successfully made it profitable within a few years and in 2005, he orchestrated one of the biggest mergers in the banking sector in Sub-Saharan Africa by acquiring United Bank for Africa (UBA).

United Bank for Africa

After the merger of Standard Trust Bank and United Bank for Africa in 2005, Elumelu took charge as Group Managing Director. Under his leadership, the company expanded from a single-country banking group to a pan-African bank with subsidiaries in 20 African countries, France, the U.S, and the U.K. He eventually stepped down in 2010.

Elumelu is currently the chairman of the board of the United Bank for Africa.

Heirs Holdings is a company with a rich history and a diverse portfolio.

In 2010, he established Heirs Holdings, a privately-owned investment holding company. In the same year, Elumelu founded the Tony Elumelu Foundation, a foundation based in Africa that promotes entrepreneurship in the region. Heirs Holdings has a diverse range of investments in various sectors. Elumelu’s influence extends through Heirs Holdings, where he maintains a controlling stake in Transnational Corporation. This conglomerate boasts a diverse portfolio spanning Power, Hospitality, and Energy.

Transcorp Plc

Elumelu received the Certificate of Discharge for the renowned hospitality facility on April 14, 2021. The National Council on Privatisation (NCP), led by Prof. Yemi Osinbajo, the former Vice President of Nigeria, transferred complete ownership of Transcorp Hotels to its Chairman. This was done after meeting all the privatisation requirements associated with the property’s sale in 2005.

Elumelu’s anticipated speech in 2022

The Tony Elumelu Foundation is a remarkable organisation that has made a significant impact in the lives of many individuals. Through their various initiatives and programmes, they have provided opportunities for personal and professional growth, empowering individuals to achieve their dreams and make a difference in their communities. The foundation’s dedication to fostering entrepreneurship and leadership is truly inspiring, and their commitment to creating

Read more in the main article:

About The Tony Elumelu Foundation

After retiring from United Bank for Africa in 2010, Elumelu went on to establish The Tony Elumelu Foundation. The Tony Elumelu Foundation is dedicated to fostering entrepreneurship in Africa. The Tony Elumelu Foundation firmly believes in the crucial role of the private sector in driving Africa’s development. This belief is rooted in the economic philosophy of Africapitalism, which was pioneered by Elumelu. According to this philosophy, the African private sector possesses the potential to bring about transformative change on the continent through sustained investments, leading to economic prosperity and social well-being.

In 2015, Elumelu made a significant commitment of $100 million to establish the Tony Elumelu Foundation Entrepreneurship Programme. This initiative aims to empower African entrepreneurs by providing them with training, funding, and mentoring over a period of several years. The ultimate goal is to create 10,000 successful entrepreneurs across Africa within the next decade.

Tony Elumelu Net Worth

Daily News 24 could not get the exact figures for Tony Elumelu’s net worth.


The above article is curated from online sources and Wikipedia page. Daily News 24 could not independently verify the details above.


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