Anthony Onyemaechi Elumelu, CFR, is a renowned Nigerian economist, banker, and philanthropist. He serves as the chairman of Heirs Holdings, Transcorp, and United Bank for Africa, and is also the founder of The Tony Elumelu Foundation. In 2020, he was recognized by Time magazine as one of the 100 most influential people in the world.
Profile
| Category | Details |
|---|---|
| Full Name | Anthony Onyemaechi Elumelu |
| Date of Birth | March 22, 1963 |
| Place of Birth | Jos, Plateau State, Nigeria |
| State of Origin | Delta State, Nigeria |
| Ethnicity | Igbo |
| Nationality | Nigerian |
| Education | B.Sc. Economics – Ambrose Alli University M.Sc. Economics – University of Lagos Harvard Business School (Executive Program) |
| Occupation | Economist, Banker, Entrepreneur, Philanthropist |
| Notable Roles | Chairman of Heirs Holdings, Transcorp, United Bank for Africa (UBA) |
| Foundation | Founder of The Tony Elumelu Foundation (2010) |
| Business Philosophy | Africapitalism – using the private sector to drive Africa’s development |
| Awards & Honors | Commander of the Order of the Niger (CON), Time 100 Most Influential People (2020), Officer of the Order of Leopold (Belgium), and more |
| Net Worth (Est.) | Over $2.15 billion (as of 2025 estimates) |
| Wife | Dr. Awele Vivian Elumelu |
| Children | Seven (five daughters and twin sons) |
| Hobbies | Traveling, reading, and mentoring young entrepreneurs |
| Luxury Assets | Mercedes-Benz S-Class, Range Rover Vogue, BMW M3, Toyota Hilux, Dassault Falcon 7X private jet |
| Years Active | 1987 – Present |
| Major Initiative | Tony Elumelu Entrepreneurship Programme – $100 million for African entrepreneurs |
| Siblings | Ndudi Elumelu (Nigerian politician) |
Early Life and Education
Anthony Onyemaechi Elumelu, widely known as Tony Elumelu, was born on March 22, 1963, in Jos, Plateau State, Nigeria. He hails from Onicha-Ukwu in Aniocha North Local Government Area of Delta State, Nigeria, and is of Igbo ethnicity. Elumelu is the son of Suzanne and Dominic Elumelu, and he grew up with four siblings, including Ndudi Elumelu, who serves as the minority leader in the Nigerian legislature.
For his education, Elumelu earned a Bachelor of Science degree in Economics from Ambrose Alli University. He later obtained a Master of Science degree in Economics from the University of Lagos. Additionally, he attended Harvard Business School, further enhancing his expertise in business and management.
Tony Elumelu Career
Banking Sector
Elumelu began his professional journey in the banking sector during his National Youth Service Corps (NYSC) program in 1985, where he worked as a salesman for Union Bank. He later joined Allstates Trust Bank, which was subsequently acquired by United Bank for Africa (UBA). In 1997, Elumelu led a group of investors to acquire the struggling Crystal Bank, rebranding it as Standard Trust Bank. Under his leadership, the bank became profitable within a few years. In 2005, Elumelu facilitated one of the largest mergers in Sub-Saharan Africa’s banking sector by acquiring UBA. He served as the Group Managing Director, transforming UBA into a pan-African bank with operations in 20 African countries, as well as in France, the U.S., and the U.K. He stepped down from his role in 2010 but continues to serve as the Chairman of UBA’s board.
Heirs Holdings
In 2010, Elumelu founded Heirs Holdings, a family-owned investment company with interests across various sectors, including financial services, oil and gas, power generation, and real estate. The company aims to drive economic growth and social wealth in Africa through long-term investments.
Transcorp Plc
Elumelu also chairs Transcorp Plc, a diversified conglomerate with business interests in power, hospitality, and energy. In April 2021, he received the Certificate of Discharge for Transcorp Hotels after fulfilling all privatization conditions, marking a significant milestone in the company’s history.
The Tony Elumelu Foundation
Beyond his business ventures, Elumelu is deeply committed to philanthropy. In 2010, he established The Tony Elumelu Foundation, dedicated to promoting entrepreneurship across Africa. The foundation operates the Tony Elumelu Entrepreneurship Programme, a 10-year, $100 million initiative aimed at identifying, training, mentoring, and funding 10,000 African entrepreneurs. This program embodies Elumelu’s philosophy of “Africapitalism,” which emphasizes the role of the private sector in driving Africa’s development.
Tony Elumelu Net Worth
Tony Elumelu, a prominent Nigerian economist, banker, and philanthropist, has seen his net worth grow significantly in recent years, underscoring his influential status in the African business landscape. As of 2025, his net worth was estimated at $2.15 billion, reflecting substantial growth across his various business ventures.
Tony Elumelu Awards and Honors
Elumelu’s contributions to business and philanthropy have been widely recognized. In 2003, he was honored as a Member of the Order of the Federal Republic (MFR) by the Nigerian government. He received the National Honour of Commander of the Order of the Niger (CON) in 2012. In 2018 and 2019, Elumelu was awarded the All-Africa Business Leaders Awards (AABLA) Philanthropist of the Year Award. He was named in TIME magazine’s list of the 100 most influential people globally in 2020. Additionally, he has received honorary degrees and international honors, including the Officer in the Order of Leopold from Belgium.
Tony Elumelu Wife And Children
Tony Elumelu is married to Dr. Awele Vivian Elumelu, a Nigerian medical doctor and chairperson of Avon Healthcare Limited. The couple, who tied the knot in 1993, have seven children: five daughters—Ogor, Ogechukwu, Onyinye, Nneka, and Ugo and twin sons. Family is central to Elumelu’s life, and he often shares moments with them on social media.
Philanthropy and Social Impact
Elumelu’s philanthropic endeavors extend beyond his foundation. He has been vocal about the need for Africa to leverage its private sector to achieve economic prosperity. In a 2024 interview, he emphasized the importance of leadership and self-reliance, stating that focusing on actionable economic progress is crucial for the continent’s development.
Tony Elumelu Cars
His garage reportedly includes several prestigious automobiles, reflecting his status and refined taste.
Mercedes-Benz S-Class
The Mercedes-Benz S-Class is renowned for its luxury and performance, making it a popular choice among affluent individuals. Tony Elumelu has been photographed with this vehicle, notably in London, where he was seen in front of the Dorchester Hotel with his S-Class.
Range Rover Vogue
The Range Rover Vogue is celebrated for its elegance and capability, combining luxury with off-road prowess. Elumelu’s collection includes a Range Rover Vogue, which he has owned for over 12 years. He has expressed satisfaction with its performance, stating, “There is nothing wrong with it. It still works fine, why should I change it?”
Toyota Hilux
The Toyota Hilux is a durable pickup truck valued for its reliability and strength. Elumelu reportedly owns a Toyota Hilux, which is commonly used in Nigeria as a security vehicle to transport VIP security details.
BMW M3
The BMW M3 is a high-performance variant of the BMW 3 Series, known for its sporty dynamics and powerful engine. Elumelu’s garage is said to include a BMW M3, adding to the diversity and sportiness of his vehicle collection.
Dassault Falcon 7X Private Jet
Beyond automobiles, Tony Elumelu’s affinity for luxury extends to aviation. In 2015, he acquired a Dassault Falcon 7X private jet, valued at approximately $57.3 million in 2023. This acquisition facilitates his extensive business travels across Africa and beyond, ensuring comfort and efficiency.
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FAQs
What is Tony Elumelu’s net worth in 2021?
As of 2021, Tony Elumelu’s net worth was estimated to be approximately $1 billion.
How much was Tony Elumelu’s net worth in 2022?
As of 2022, Tony Elumelu’s net worth was estimated to be approximately $1.2 billion.
What is Tony Elumelu’s net worth in 2023?
As of 2023, Tony Elumelu’s net worth was estimated to be $1.5 billion.
What is Tony Elumelu’s net worth in 2024?
As of 2024, Tony Elumelu’s net worth was estimated to be $2 billion.
What were some significant business developments for Elumelu during this period?
Increased Stake in UBA: Elumelu continued to invest in United Bank for Africa (UBA). By May 2023, he had acquired additional shares, raising his stake to 7.18%, valued at approximately N22.85 billion.
Financial Growth: Under his leadership, Transcorp Group reported a 47% increase in gross earnings from N134 billion in 2022 to N197 billion in 2023, with profit before tax rising by 94%.
Social Media Handle
Instagram: @tonyoelumelu
