Tony Elumelu Biography


Biography And Net Worth Of Tony Elumuelu | Tony Elumelu Biography

Tony Elumelu was born in 1963. He is a Nigerian-born businessman, entrepreneur and economist. He is the chairman of United Bank for Africa, Heirs Holdings and Transcorps. He also chairs his foundation, The Tony Elumelu Foundation.

Tony Elumelu is a recipient of several national honours including the National productivity Order of Merit, Commander of the Order of the Niger and Member of the Order of the Federal Republic.

He was listed among the Most Influential People in the world in 2020 by Time Magazine.

Read: How to Apply for MTN Foundation Scholarship 2020

Background Information 

He was born in Plateau State, Nigeria; Jos precisely. He hails from Onicha-Ukwu in Aniocha North Local Government Area of Delta State, Nigeria. He is a graduate of both Ambrose Alli University and the University of Lagos. From Ambrose Alli University he got a bachelor’s degree and from the University of Lagos he got master of science degree. He also went to Harvard Business School for the Advanced Management Programme.

Family Info

His is a family of 5 which comprises his wife Awele Vivian Elumelu, a medical doctor whom he married in 1993 and his four daughters. Tony is monogamous and has been married only once. He also has four siblings including Ndudi Elumelu a Nigerian politician and former member of the Nigerian Federal House of Representatives.

Career And Rise To Prominence

Tony started his walk to fame and wealth when he took over seemingly insignificant struggling commercial bank in Lagos, Nigeria with a small group of investors. He went on to revive and make it profitable again and fused it with the United Bank for Africa in 2005. The banking group grew so much and so fast that it currently has branches in up to 20 African countries, in the U. S and also in U.K with a staggering customer base of more than seven million customers from African countries alone. Elumelu also has landed properties across Nigeria and a marginal stake in mobile telecom firm MTN Nigeria to mention a few of his assets.

After he retired from his position at UBA he went on to initiate Heirs Holdings; an African proprietary investment company looking to build Africa;s development through long-term investment in vital sectors. Heirs Holdings invests in areas like financial services, energy, real estate and hospitality, healthcare and also agribusiness. He also initiated the Tony Elumelu Foundation which is a philanthropic organisation located and based in Africa and also funded by Africa. The foundation is committed to the pursuit of excellence in business leadership and entrepreneurship and to also promote the competitiveness of the private sector over and across Africa. Heirs Holdings has continued to expand since its creation, this it has done by acquiring profitable assets along the years one of which includes a significant stake in the Transnational Corporation of Nigeria Plc (Transcorp). Elumelu was eventually made Chairman of the corporation.

Read: 10 Most Successful Entrepreneurs in Nigeria — Richest 

Below listed are a few other of the positions he holds:

  • Advisor to the USAID’s Private Capital Group for Africa (PCGA) Patners Forum.
  • Membership of the President’s Agricultural Transformation Implementation Council (ATIC).
  • Vice-chairman of the National Competitiveness Council of Nigeria (NCCN).
  • Co-chair of the Aspen Institute Dialogue Series on Global Food Security.
  • He also chairs the Ministerial Committee to build reputable hospitals and diagnostic centers across Nigeria.
  • Membership of the Global Advisory Board of the United Nations Sustainable Energy for All Initiative (SE4ALL) and USAID’s Private Capital Group for Africa Partners Forum.


  • The title of Member of the order of the Federal Republic (MFR), a national honour which was conferred on him in 2003.
  • He was voted African Business Leader of the Year by African Investor magazine in 2006 and was also recognized as the African Banker of the Year in 2008 by the same magazine.
  • President Umaru Musa Yar’adua asked him to serve on the Presidential Committee on the Global Financial Crisis in 2009.
  • He has decorated the highly esteemed National Honour of Commander of the Order of the Niger (CON) for his service in promoting private enterprise in 2012.
  • In 2012 New African magazine featured him in their list of the “100 Moat Influential Africans in Business”.
  • He received the Leadership Award in Business and Philanthropy from the Africa-America Institute (AAI) Awards in 2013.
  • Also in 2013, he was named African Business Icon at the 2013 African Business Awards.
  • In April 2016 he was awarded a Lifetime Achievement Award at At the 5th edition of the annual Economic Forum of the Ivorian National Council of Employers, CGECI Academy, (CGECI).


Tony Elumelu's family

Tony Elumelu, in 1993, tied the knot with Awele Vivien Elumelu, a medical practitioner. Tony Elumelu has five children namely: Ogor Elumelu, Oge Elumelu, Onyinye Elumelu, Ugo Elumelu
and Nneka Elumelu. Tony Elumelu also has four siblings, among them is Ndudi Elumelu, who is a Nigerian legislature.

Tony Elumelu’s Net Worth

His net worth is $700 million as seen on Forbes, 2015 Rating


Tony Elumelu is a Nigerian investor. He is a top investor in Transcorp, a Nigerian conglomerate publicly traded in the stock market, with interests in agro-allied services, crude oil production, hotel and hospitality business and electrical generation. He came into public interest after he took over the management of a small, struggling bank in Lagos and transformed it into a profitable enterprise, merged it with the United Bank for Africa in 2005. United Bank for Africa now has a presence in many African countries and the United States. Tony Elumelu is a real estate developer in the country and has investments in several top Nigerian companies.

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