Tony Elumelu Net Worth (Updated 2023)

Tony Elumelu net worth is estimated to be $700 million. Mr Tony Elumelu is now the chairman of Heirs Holdings, a family-owned investment holding firm, and he is also a 2.1% shareholder in Transnational Corporation of Nigeria.

Additionally, he owns 7% of UBA.  According to Forbes’ Billionaires List. 

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United Bank for Africa’s current chairman, Tony Elumelu, attributes his early success as a bank CEO to a combination of hard work and good fortune.


When the now-defunct Standard Bank merged with the more successful UBA, he was promoted to head of the combined company. 

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Mr Elumelu is now the chairman of Heirs Holdings, a family-owned investment holding firm, and he is also a 2.1% shareholder in Transnational Corporation of Nigeria. Additionally, he owns 7% of UBA.

Tony Elumelu Biography and Net Worth

While Tony Elumelu’s birthplace is Onicha-Ukwu in the Aniocha North Local Government Area of Delta State, he was born on March 22, 1963, in Jos, Plateau State.

Tony Elumelu received his bachelor’s degree from Ambrose Alli University and his master’s degree in science from the University of Lagos. He didn’t stop there, as he enrolled in an advanced management curriculum at the world-famous Harvard Business School.

He’s been married to Dr Awele Vivian Elumelu, and the couple has been showered with five beautiful daughters. This guy’s got to be one lucky dude.

 Tony Elumelu Income from Business

With his leadership as CEO of the combined UBA bank, Nigeria’s Union Bank of Africa (UBA) has expanded to over 20 nations across Africa. Tony Elumelu. He resigned as CEO of UBA, which Forbes estimates to be worth $2 billion, with $12 billion in assets and more than 10,000 workers.

As we can see from the above, Tony Elumelu’s initial success as an investor came from the banking industry.

His role at the helm of the Pan-African Bank, with locations in more than 20 nations throughout the continent, has not changed since he stepped down as CEO in 2010. It also has offices in the big apple, the UK, and the French capital.

The total value of the bank’s holdings is more than $19 billion right now.

Nigeria’s Transnational Corporation is a diversified business empire involved in tourism, energy, and farming. Tony Elumelu controlled 22.2% of the company in 2013, according to Forbes’ reporting. He owns a significant portion of the business. 2011 he was chairman of the board, and in 2013, his stake was worth N30.7 billion.

His LinkedIn profile states that Heirs Holdings is an African investment firm focusing on the continent’s financial services, healthcare, infrastructure, real estate and hospitality, agribusiness, and oil and gas.

These are the three ways he is known to make money. The Tony Elumelu Foundation is a nonprofit organisation that operates within the law.

Tony Elumelu Business Career 

Regarding creating economic and social prosperity in Africa, Tony Elumelu firmly believes in Africapitalism. For Africapitalism to succeed, the private sector in Africa, and especially its entrepreneurs, must serve as a driving force behind the continent’s economic and social progress.

Tony Elumelu’s first foray into business was the 1997 purchase of Crystal Bank Limited, a troubled Lagos-based medium-sized commercial bank that he renamed Standard Trust Bank before its 2005 merger with UBA.

UBA has expanded to a large extent, with locations now in the USA, UK, and 20 other nations around Africa. With a market valuation of $2 billion, over $10,000,000,000 in assets, and a staff of over 10,000.

After leaving UBA in 2010 due to CBN orders restricting bank CEO terms to 10 years, he established Heirs Holdings. This investment firm operates in banking, energy, real estate, hotel, agriculture, and medicine.

In 2010, Elumelu also established the Tony Elumelu Foundation (TEF), a nonprofit to develop African business leaders. Two-thirds of people in sub-Saharan Africa need access to reliable electricity. Still, Elumelu has pledged to invest $2.5 billion in President Obama’s “Power Africa” project to provide access to this vital resource. 

However, a parallel attempt in the United States Congress has encountered a stop due to a disagreement over whether or not specific US-backed projects must produce low carbon emissions responsible for climate change.

Tony Elumelu Net worth 2023

According to Forbes‘ Billionaires List, Tony Elumelu has a net worth of $700 million.


He also started UBA and is well-known for his interests in the hotel, oil, and finance sectors as the man behind the Heirs Holdings conglomerate.


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