Tony Elumelu Biography and Net Worth 2023

Tony Onyemaechi Elumelu is a popular name in Nigeria and this can be attributed to the many big waves he has made in the country. The Nigerian business mogul was born in Jos, Nigeria on the 22nd of March, 1963 to Dominic and Rita Elumelu. 

Early Life

Tony spent his childhood days in Onicha-Ukwu in Aniocha North Local Government Area of Delta State where he built himself to be exceptional among his peers before pursuing an economics bachelor's degree at the Ambrose Alli University, Ekpoma. He didn't stop there; after NYSC, 7 months before his Masters program, he worked as a sales rep for a marketing company because according to him - "If you didn't hunt, you didn't eat." Tony went ahead to earn himself a Masters degree in economics from the University of Lagos. Then, he ventured into the business world in 1987 and since then, there has been a surge of success stories for him. 

Worklife/Businesses

When Tony concluded his 2nd-degree program, he was offered a management trainee position at the All states trust bank where he soared in no time and became a branch manager at 26. In 2019, on Twitter, Tony shared a story of how he co-founded Standard Trust Bank in 1977 (now United Bank of Africa - UBA) to "create access to financial services for all around the country."

In 2005, Tony Elumelu raised the bar again and became chairman of the United Bank of Africa, a top-tier financial company with more than a million customers and operations in 20 African countries, including France, the United Kingdom, and the United Arab Emirates. Also, UBA is the only commercial bank with a strong presence in the United States of America. His impressive achievements at UBA secured his status as a skilled business leader and expert, making him a heavyweight in African business.

When Tony Elumelu left UBA in 2010, it was onto another greatness - Heirs Holdings (HH). Heirs Holdings is an investment company that encompasses different areas such as finance, hospitality, healthcare, real estate, and technology. With more than 30,000 workers across all areas of the holding, the good work happening from time to time cannot be overemphasized. 

Also, the famous Tony Elumelu Foundation was put together in 2010 to support youths and help them chase a better life. So far, over 15,000 young Africans have been empowered across 54 African countries. On Tefconnect.net, 1.2million Africans have also received support. Some other beneficiaries of the TEF include:

• Aaron Ejeme (with a new small business called Sourcegig)

• Agboneni of Nani's Autos

• Adebimpe Oni - D'rose recycling

• Avotriniaina Stannie - Mahatsara

• Barbara Kamba - Bold Dialogue Investments

• Belema Alagun - Britts Food

• Bethlehem Dejene - Zafree papers

• Bonno Tosse - Ugo.com

• Bosun Tijani - Co-creation hub

• Caroline Ocanda - New Beginning Investments

• Cephas Simwanza - Tribology Energies

• Chidi Ohammah - Komplete care

• Chinedu Emenalo - Kobopay

The following year, 2011, Transcorp group, an energy, power, and hospitality business was acquired by Heirs Holdings. Under the golden leadership of Tony Elemelu, Transcorp is driving huge economic growth in Nigeria and beyond. The power sector is one of the largest in Nigeria with a power capacity of 972MW in Ugheli, Delta state. Transcorp hotels is another subsidiary of Transcorp group and it operates as Transcorp Hilton, Abuja, Lagos, and Transcorp Hotels Calabar. 

Net-worth

Currently, Tony Elumelu's net worth is estimated to be around $1.98 billion.  

Family

Tony is married to Awele Vivianne Elumelu, a medical doctor and chairperson at Avon Medical Practice Limited. The couple also has seven children together - 

• Ogochukwu Elumelu

• Ogechukwu Elumelu

• Onyinye Elumelu

• Nneka Elumelu

• Ugo Elumelu

• Twin boys  (whose names have not been disclosed)

 Just like Tony, his wife, Awele is also a game changer, while she oversees the affairs at Avon health care limited, she also serves as a director at Heirs Holdings. Tony and Awele have been married for 30 years and together, they have been blazing the trail.

Awards and Achievements

• African Business Leader of the year - 2003, 2006 

• Honourary Degree of Doctor of Business Administration by the University of Nigeria, Nsukka - 2006

• African Banker of the Year by African Banker magazine - 2008

• Honourary Degree of Doctor of Business Administration by Benue State University - 2010

• Member of the order of the Federal Republic MFR award - 2010

• African Business Leader of the Year Award by The Corporate Council on Africa - 2012

• Leadership Award in Business and Philanthropy by the Africa-America Institute - 2013

• Honourary Degree of Doctor of Business Administration (Honoris Causa) by University of Benin - 2014

• Inaugural Dwight D. Eisenhower Global Entrepreneurship Award, Business Council for International Understanding - 2017

• Person of the Year by Vanguard Newspapers Nigeria - 2018

• Man of the Year by Seven Star Awards - 2019

• Awarded with Belgium’s Oldest and Highest National Honour - 2020

• Mentioned In “Time 100” List Of The 100 Most Influential People In The World - 2020

• Received the Honorary Doctorate Degree from Bayero University, Kano - 2020

• Honoured with the TIME100 Impact Award for efforts towards empowering African entrepreneurs to create jobs - 2022

Tony Elumelu clocked 60 years on the 23rd March 2023 and It is accurate to state that he has consistently pushed boundaries, led the way, and achieved remarkable success throughout his professional journey. All of this has led to him being widely acknowledged as one of the most influential and highly-regarded persons in the country and outside.