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Renowned for his visionary investment acumen and strategic economic foresight, Tony Elumelu stands out as a prominent Nigerian business magnate. His unwavering commitment to fostering African entrepreneurship and instigating meaningful social change has elevated him to the echelons of influential figures among the continent’s business titans.
Elumelu’s career started unconventionally as a copier salesman. This experience instilled in him a keen understanding of financial markets and negotiations, a skillset he would later leverage across diverse ventures. He transitioned to banking, joining Crystal Bank in 1992, and swiftly rose through the ranks, showcasing his leadership potential.
In 2005, Elumelu spearheaded a leveraged buyout, acquiring United Bank for Africa (UBA) – then a struggling institution. Under his leadership, UBA transformed into a pan-African banking giant, expanding its footprint across 20 countries. This success story became the foundation for Heirs Holdings, his family-owned investment company now spanning various sectors.
Elumelu, one of Nigeria’s wealthiest individuals, is inspired by his economic philosophy of Africapitalism, which positions the private sector and, most importantly, entrepreneurs as the catalysts for the social and economic development of the African continent.
He extends his vision beyond finance through Heirs Holdings with ownership of Transcorp Plc, a diversified conglomerate in power, oil, hospitality, and agribusiness, fostering sustainable growth. The Transcorp Hilton Abuja hotel epitomizes his dedication to luxury hospitality and tourism.
Beyond his ventures, Elumelu champions entrepreneurship. The Tony Elumelu Foundation empowers African entrepreneurs through seed capital, training, and mentorship. This philanthropic initiative has supported over 10,000 budding entrepreneurs across the continent, fostering job creation and economic growth.
Billionaires.Africa has cataloged companies owned by Elumelu. Here are 12 firms under his direct or indirect ownership:
- United Bank for Africa Plc (UBA)
Tony Elumelu, as UBA’s chairman, leads a pan-African financial services group spanning 20 countries in Africa, the UK, France, and the UAE. UBA is the sole African bank with a commercial deposit presence in the US, serving over 35 million customers globally. With his 7.39-percent stake in UBA, equivalent to 2,527,372,285 shares, he stands out as one of Nigeria’s wealthiest individuals and a key player in Africa’s development landscape. - Transnational Corporation of Nigeria Plc (Transcorp)
Transcorp, a diversified conglomerate, flourishes under Elumelu’s guidance with subsidiaries such as Transcorp Power and Transcorp Hotels Plc. Spanning power, hospitality, and energy sectors, Transcorp Power stands as a key electricity producer in Nigeria, while Transcorp Hotels Plc sets the benchmark for Nigerian hospitality. Elumelu’s significant 29.5-percent stake, equivalent to 11,990,957,350 ordinary shares with a current market value of N153.48 billion ($101.25 million) in Transcorp through his investment firm HH Capital, underscores his profound dedication to fostering growth. - Transcorp Hotels Plc
Transcorp Hotels Plc, the hospitality arm of Nigerian powerhouse Transcorp Group, sets the bar for luxury and quality within the country’s industry. Led by visionary entrepreneur Tony Elumelu, the company has transformed itself, becoming a symbol of refined experiences and exceptional service that has elevated the standards of the entire sector with iconic properties, like Transcorp Hilton Abuja, offer discerning guests unparalleled comfort and sophistication, showcasing Nigeria’s potential as a world-class tourism destination. - Heirs Holdings
Founded by Elumelu in 2010, Heirs Holdings embodies family-owned leading investment company in Nigeria and Africa, committed to improving lives and transforming Africa. The conglomerate’s portfolio spans power, oil and gas, hospitality, healthcare, and insurance, positioning it as a catalyst for African progress. By investing long-term in critical sectors like finance, hospitality, energy, and technology, Heirs Holdings exemplifies Elumelu’s commitment to reshaping Africa’s destiny. - Afriland Properties
Afriland Properties Plc, an investee company of Heirs Holdings, stands at the forefront of real estate innovation under Elumelu’s Africapitalism ethos which seeks to create and democratize employment, prosperity, and social wealth across Africa. Through management, investments, and development, Afriland pioneers an institutional approach to real estate, enhancing Africa’s economic landscape. - Africa Prudential
Under Elumelu’s visionary leadership, Africa Prudential sets new standards in shareholder management by leveraging cutting-edge technology. With a strong emphasis on digital transformation, the company empowers businesses to excel in the digital age, establishing itself as a frontrunner in share registration and digital solutions. - Heirs Insurance Group
Heirs Insurance and Heirs Life Assurance, part of Elumelu’s ever-expanding conglomerate, offer streamlined insurance solutions. Crafted to embody simplicity, speed, and reliability, these additions exemplify Elumelu’s foresight in creating responsive financial products. - United Capital
United Capital Plc, under Elumelu’s steadfast leadership, harnesses technology to provide unparalleled financial services to governments, businesses, and individuals. With a keen focus on Africa-wide initiatives, the company’s influence resonates with Elumelu’s vision for the continent’s advancement, driving progress and prosperity across diverse sectors. - Transcorp Power
Elumelu’s Transcorp Power holds a significant role in Nigeria’s power sector, generating electricity for the national grid. The acquisition of Ughelli Power Plc and Afam Power Plant through the company demonstrates Elumelu’s commitment to improving Nigeria’s energy landscape through strategic investments. - Heirs Holding Capital (HH Capital)
HH Capital, Elumelu’s personal investment vehicle, is a testament to his dedication to strategic investments. Fueled by his vision, HH Capital channels his personal resources such as a commanding 29.5-percent stake in Transcorp, owning 11,990,957,350 ordinary shares into promising opportunities that align with Africa’s growth trajectory. - Heirs Energies Limited
Heirs Energies Limited, formerly known as Heirs Holdings Oil & Gas Limited – one of Africa’s largest owner-operated integrated energy companies is a subsidiary of Heirs Holdings – owned by multimillionaire Tony Elumelu who also serves as the chairman of Heirs Energies transforming the energy landscape, using emerging technologies to reduce carbon emissions and prioritizing innovation, environmental responsibility, and community development to contribute to a prosperous Africa. - Tony Elumelu Foundation
Founded in 2010 by Tony Elumelu, the Tony Elumelu Foundation is a non-profit organization headquartered in Lagos, Nigeria. As a pioneer member of the Global Impact Investment Rating System, it has empowered over 18,000 African entrepreneurs across 54 countries with grants and support playing a pivotal role in nurturing budding entrepreneurs continent-wide.
