Meet Anthony Onyemaechi Elumelu CFR, MFR, widely known as Tony Elumelu, born on March 22, 1963. He is a distinguished Nigerian economist, entrepreneur, and philanthropist, renowned for his transformative contributions to Africa’s economic development. Tony Elumelu chairs Heirs Holdings, Transcorp, and United Bank for Africa (UBA), and is the founder of The Tony Elumelu Foundation. He is best known for leading UBA’s remarkable growth from a local bank to a pan-African financial powerhouse, with operations in 20 African countries and offices in France, the United States, and the United Kingdom.
Wiki
Full Name: Anthony Onyemaechi Elumelu
Date of Birth: 22 March, 1963
Place of Birth: Jos, Plateau State
Origin: Onicha-Ukwu Aniocha LGA, Delta State
Nationality: Nigerian
Profession: Economist, Entrepreneur, Philanthropist
Net Worth: $700 Million
Early Life & Career
Anthony Onyemaechi Elumelu, widely known as Tony Elumelu, was born in Jos, Plateau State, Nigeria, to Suzanne and Dominic Elumelu, natives of Onicha-Ukwu in the Aniocha North Local Government Area of Delta State. Among his siblings is Ndudi Elumelu, a prominent Nigerian politician and Minority Leader in the Federal House of Representatives.
Elumelu’s academic journey began with a Bachelor of Science degree in Economics from Bendel State University, now Ambrose Alli University, where he graduated with a Lower Second Class (2:2). He later pursued a Master of Science degree in Economics at the University of Lagos, which further solidified his expertise in economic principles and analytical skills.
Elumelu’s professional career started in 1985 during his National Youth Service Corps (NYSC) at Union Bank Nigeria. Following this, he worked as a salesman, a role that taught him resilience, discipline, and determination. Reflecting on this experience, he described himself as “young, hungry, and hardworking,” striving to make a mark in a competitive corporate environment. His early banking career also included positions at Allstates Trust Bank, where he gained valuable experience and laid the foundation for his rise in the financial sector.
In 1997, Elumelu showcased his entrepreneurial brilliance by leading a group of investors to acquire Crystal Bank, which was later rebranded as Standard Trust Bank. Under his leadership, the bank experienced a rapid turnaround, transforming from a struggling institution into a profitable and thriving enterprise.
The defining moment of Elumelu’s banking career came in 2005 when he spearheaded the merger of Standard Trust Bank with United Bank for Africa (UBA), a move that created one of the largest financial institutions in Sub-Saharan Africa. As Group Managing Director, Elumelu led UBA’s transformation from a local Nigerian bank into a pan-African financial powerhouse, establishing operations in 20 African countries and expanding to key global financial hubs, including France, the United States, and the United Kingdom. Under his leadership, UBA became a symbol of African excellence in the global banking sector.
Elumelu’s achievements earned him widespread recognition and numerous leadership roles. Today, he serves as the Chairman of the Board of UBA, a position that highlights his enduring influence in the banking industry.
In 2010, Elumelu transitioned to a broader entrepreneurial focus by founding “Heirs Holding”, an investment company with interests spanning key sectors such as energy, hospitality, financial services, and healthcare. Around the same time, he established the “Tony Elumelu Foundation (TEF)”, a philanthropic organization aimed at fostering entrepreneurship and innovation across Africa. His ventures reflect a commitment to driving economic growth and creating opportunities across the continent.
Elumelu’s business acumen and socio-economic contributions have also extended to iconic projects. In 2021, he achieved a significant milestone with the successful turnaround of Transcorp Hotels, a leading name in Nigeria’s hospitality sector. His advocacy for African development earned him global acclaim, including being named one of Time magazine’s 100 most influential people in the world in 2020.
Philanthropy
Tony Elumelu’s philanthropic efforts are anchored in his belief in “Africapitalism”, a philosophy he champions that emphasizes the role of the private sector in driving sustainable development and creating shared prosperity in Africa. This belief is embodied in the work of the “Tony Elumelu Foundation (TEF)”, one of Africa’s leading philanthropic institutions dedicated to empowering entrepreneurs.
Through the “Tony Elumelu Foundation Entrepreneurship Programme”, Elumelu committed $100 million to support 10,000 entrepreneurs over a decade. The program provides funding, training, and mentorship to aspiring business leaders across Africa, with the aim of fostering innovation and catalyzing economic growth. Since its inception, the initiative has supported thousands of businesses, creating jobs and strengthening economies across the continent.
Elumelu’s philanthropy extends beyond funding, as he is a vocal advocate for policies and initiatives that empower African entrepreneurs. His work reflects a deep commitment to unlocking the potential of Africa’s youth and promoting the continent as a hub of opportunity, innovation, and prosperity.
Awards and Recognitions
Tony Elumelu’s illustrious career has been punctuated by numerous awards and honors, reflecting his exceptional contributions to business, philanthropy, and national development. In 2003, the Federal Government of Nigeria recognized his remarkable achievements by conferring on him the prestigious title of Member of the Order of the Federal Republic (MFR). This national honor highlighted his service and dedication to advancing Nigeria’s socio-economic landscape.
In 2012, Elumelu’s efforts in promoting private enterprise and fostering economic growth earned him the National Honour of Commander of the Order of the Niger (CON), a distinction reserved for individuals who exhibit exemplary leadership and commitment to national progress.
His influential role in shaping Nigeria’s economic and social spheres was further acknowledged in 2016 when he was named the Daily Times Nigerian Man of the Year.
Elumelu’s philanthropic initiatives have also earned him wide acclaim. In both 2018 and 2019, he received the All-Africa Business Leaders Awards (AABLA) Philanthropist of the Year for his extraordinary contributions to uplifting communities and fostering sustainable development across Africa.
Further affirming his legacy, Bayero University Kano (BUK) awarded Elumelu an Honorary Doctor of Business degree in 2019. This accolade celebrated his transformative impact on business and entrepreneurship, as well as his visionary leadership in fostering economic growth.
That same year, Elumelu was honored with the National Productivity Order of Merit Award, a prestigious recognition of his outstanding contributions to enhancing productivity and economic development in Nigeria.
Elumelu’s global stature was cemented in 2020 when Time magazine included him in its list of the 100 Most Influential People in the World. This recognition underscored his enduring impact on global business and his advocacy for African entrepreneurship.
On October 11, 2022, Elumelu’s exceptional service to the nation was once again recognized when he was conferred with the National Honour of Commander of the Order of the Federal Republic (CFR). This distinguished accolade reaffirmed his commitment to national development and his status as one of Nigeria’s most influential figures.
Social Media
Tony Elumelu maintains a prominent presence on social media, leveraging his platforms to share insights into his professional journey and philanthropic endeavors. On Instagram, where he is known by the handle @tonyelumelu, he has amassed an impressive following of over 1.8 million people. Through his posts, he inspires a global audience, offering glimpses into his work, lifestyle, and unwavering dedication to empowering Africa’s youth.
Personal Life
Tony Elumelu is married to Dr. Awele Elumelu, a distinguished medical doctor and accomplished businesswoman. Dr. Awele’s career reflects her dedication to improving lives through healthcare, combining her medical expertise with a passion for entrepreneurship. Beyond her professional achievements, she is a devoted mother, gracefully raising a family of seven children alongside her husband.
Net Worth
Tony Elumelu’s success as a business magnate and philanthropist has earned him a prominent position among Africa’s wealthiest individuals. According to reputable financial sources such as Forbes, his net worth is estimated at an impressive $700 million.
