Tony Elumelu Biography
Tony Elumelu Biography : Anthony Onyemaechi Elumelu CFR (born 22 March 1963) is a Nigerian economist, banker and philanthropist. He chairs Heirs Holdings, Transcorp, United Bank for Africa (UBA) and is the founder of The Tony Elumelu Foundation.
Anthony Onyemaechi Elumelu, born on March 22, 1963, is a Nigerian economist, banker, and philanthropist. He holds the positions of chairman at Heirs Holdings, Transcorp, and United Bank for Africa (UBA) and is also the founder of The Tony Elumelu Foundation.
Profile
- Full Name: Anthony Onyemaechi Elumelu
- Date of Birth: March 22, 1963
- Birthplace: Jos, Plateau, Nigeria
- Spouse: Dr. Awele Vivien Elumelu
- Parents: Dominic and Suzanne Elumelu
- Sibling: Ndudi Elumelu his Brother
- Net Worth: Around $700 million
Tony Elumelu Early Life
Tony Elumelu was born in Jos, Plateau State, to Suzanne and Dominic Elumelu, who were originally from Onicha-Ukwu in Delta State’s Aniocha North Local Government Area. He grew up alongside four siblings, including Ndudi Elumelu, a minority leader in Nigeria’s legislature.
Tony Elumelu Education
He earned a Bachelor of Science degree in Economics from Bendel State University (now Ambrose Alli University), graduating with a Lower Second Class (2:2). He later obtained a Master of Science in Economics from the University of Lagos.
Tony Elumelu Wife And Children
In 1993, Tony Elumelu married Dr. Awele Vivien Elumelu, a medical doctor. Together, they have seven children—five daughters and two sons who are twins.
Tony Elumelu Career
Tony Elumelu began his career as a corps member at Union Bank during his National Youth Service Corps (NYSC) in 1985, initially working as a salesman. Later, he joined Allstates Trust Bank in 2005, and soon after, the bank acquired United Bank for Africa (UBA).
In 1997, Tony Elumelu led a team of investors in taking over Crystal Bank, which was later rebranded as Standard Trust Bank. He revitalized the bank, making it profitable within a few years. In 2005, he spearheaded one of the largest mergers in the banking industry in Sub-Saharan Africa by merging Standard Trust Bank with United Bank for Africa (UBA).
United Bank for Africa (UBA)
After merging Standard Trust Bank and UBA in 2005, Tony Elumelu served as Group Managing Director, transforming UBA from a Nigerian-focused bank to a pan-African institution with subsidiaries in 20 African nations, as well as in France, the United States, and the United Kingdom. He stepped down in 2010 and now serves as the chairman of UBA’s board.
Heirs Holdings
In 2010, Tony Elumelu founded Heirs Holdings, an investment holding company owned by his family. That same year, he established the Tony Elumelu Foundation, aimed at promoting entrepreneurship across Africa. Heirs Holdings holds diverse investments across various sectors and has a controlling stake in Transnational Corporation, a conglomerate with businesses in power, hospitality, and energy.
The Tony Elumelu Foundation
After retiring from UBA in 2010, Tony Elumelu launched the Tony Elumelu Foundation to foster entrepreneurship in Africa, guided by his concept of “Africapitalism.” This philosophy argues that Africa’s private sector can drive continental transformation through long-term investments that create economic growth and social prosperity. In 2015, he committed $100 million to fund 10,000 entrepreneurs across Africa over ten years through the foundation’s Entrepreneurship Programme, which offers training, funding, and mentoring.
Tony Elumelu Parents
Tony Elumelu was born on March 22, 1963, in Jos, Plateau State, Nigeria, into a Christian family to parents Dominic and Suzanne Elumelu.
Tony Elumelu Awards and Honors
Tony Elumelu has received several awards for his business and philanthropic contributions.
- In 2003, the Nigerian government named him a Member of the Order of the Federal Republic (MFR).
- In 2012, he was honored with the title of Commander of the Order of the Niger (CON).
- In 2016, he was named Daily Times Nigerian Man of the Year, and he was recognized as Philanthropist of the Year at the All-Africa Business Leaders Awards in both 2018 and 2019.
- He also received an Honorary Doctorate in Business from Bayero University Kano in 2019 and was awarded the National Productivity Order of Merit Award the same year.
- TIME magazine included him in its list of the 100 Most Influential People in 2020.
- On October 11, 2022, Elumelu was again honored with the title Commander of the Order of the Federal Republic (CFR).
Tony Elumelu Net Worth
In 2015, Tony Elumelu ranked 31st on Forbes Africa’s list of richest individuals, with an estimated net worth of $700 million.