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Tony Elumelu – Biography

Tony Elumelu

Tony Elumelu (full name – Anthony Onyemaechi Elumelu) is a Nigerian entrepreneur, one of the very few I look up to in the entrepreneurial clime in Nigeria. Tony Elumelu is the pioneer of the Tony Elumelu Entrepreneurship program under The Tony Elumelu Foundation; The Tony Elumelu Foundation application is open to entrepreneurs across Africa every year.


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He is a self made billionaire whose source of wealth is majorly investment; questions have been asked about Tony Elumelu’ net worth. His net worth is part of what we will discuss in this article. Tony is a true economist, an entrepreneur in every sense of the word and a philanthropist.

He is a strategic investor who owns a controlling interest in Transcorp; a publicly traded Nigerian conglomerates. Transcorp has interest in agriculture, power generation, oil production and hospitality.

Tony Elumelu Net Worth

Mr. Elumelu ranked 31st with a net worth of $700m in 2015 on Forbes Africa’s richest.

Tony Elumelu Biography

Anthony Onyemaechi Elumelu was born in Jos, Plateau state, Nigeria on 22 March 1963. He hails from Onicha-Ukwu in Aniocha North Local government area of Delta State.

He has a bachelor’s degree in economics from Ambrose Alli University and a Master’s degree in economics from the University of Lagos. Also Tony is an alumnus of Advanced Management programme of Harvard Business School.

He married Awele Vivien Elumelu, a medical doctor in 1993 and they are blessed with children. He has four siblings; Ndudi Elumelu, a former member of the Nigerian Federal House of Representative is one of them.


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Tony Elumelu Coming Into Limelight?

He came into limelight in 1997 after leading a group of small investors in taking over a floundering commercial bank in Lagos. Within a few years, Tony Elumelu turned the bank profitable and merged it with United bank for Africa in 2005. UBA now has subsidiaries in 20 African countries and in the U.S and U.K.


Tony Elumelu’s Career

In his early career, Tony worked in making Standard Trust Bank into a top player in Nigeria and when they merged with UBA, he was the chairman until his retirement. Following his retirement from UBA in 2010, Tony Elumelu founded Heirs Holding.

Heirs Holding is a family owned investment company committed to improving lives. Heirs Holding’s portfolio cuts across the power, financial services, oil and gas, hospitality, real estate, and health care sectors. The company operates in twenty three countries worldwide.

Tony Elumelu also founded The Tony Elumelu Foundation (TEF) which is a leading philanthropic initiative in Africa championing entrepreneurship and entrepreneurs across the continent.

Elumelu serves as an advisor to the USAID’s Private Capital Group for Africa (PCGA) Partners Forum.  He was the key driver in the formation of the National Competitiveness Council of Nigeria (NCCN) and serves as the vice chairman. Tony also sits on the Nigerian President’s Agricultural Transformation Implementation Council (ATIC).   He is a Co-Chair of the Aspen Institute Dialogue Series on Global Food Security. He was one of the co-chairs of the 26th World Economic Forum on Africa in Kigali, Rwanda, from 11 to 13 May 2016. Tony seats on several boards and has chaired many initiatives for African development.

According to Forbes, Tony Elumelu owns extensive real estate across Nigeria and a minority stake in MTN Nigeria among other assets.


Tony Elumelu’s Philosophy

Tony Elumelu believes in Africapitalism which is a belief that the private sector is a key enabler of economic and social wealth creation in Africa. Aficapitalism positions Africa’s private sector and most importantly entrepreneurs as the catalyst for the social and economic development of the continent. 

Tony Elumelu is Happily Married to Dr. Awele Vivien Elumelu


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Tony Elumelu is one man who has paid his dues full and sure deserves all the accolades he is receiving. Imagine what will happen when more ‘Elumelus’ rise in Africa. We will sure conquer the world.

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