Tony Elumelu Biography – Age, Career, Family And Net Worth
Tony Onyemaechi Elumelu CON MFR is a Nigerian economist, and philanthropist. He a Business owner, citing Heirs Holdings, Transcorp and founder of The Tony Elumelu Foundation. In 2020, Elumelu was named on Time’s list of the 100 most influential people in the world.
Age
Tony was born 22 March 1963. He is 59 years old.
Early life
Elumelu was born in Jos, Plateau, Nigeria, on 22 March 1963, to Suzanne and Dominic Elumelu from Onicha-Ukwu in Aniocha North Local Government Area of Delta State. He grew up with four siblings, one of whom is Ndudi Elumelu, a minority leader in the Nigerian Federal House of Representatives.
Education
He studied Economics at the Bendel State University (now Ambrose Alli University) obtaining a BSc and a Master of Science degree in Economics from the University of Lagos.
Career
Elumelu worked in the Nigerian Bank Union Bank as a Youth Corp member of the National Youth Service Corps in 1985 before starting his career as a salesman. Elumelu subsequently joined Allstates Trust Bank. in 2005 and United Bank for Africa (UBA) was acquired afterwards.
On his early career, he has said:
I started my career as a salesman, a copier salesman to be specific, young, hungry, and hardworking, but the reality was that I was just one of the thousands of young Nigerian graduates, all eager to succeed.
In 1997, Elumelu led a small group of investors to take over a struggling Crystal Bank (later renamed Standard Trust Bank). He turned it profitable within a few years and in 2005 he led one of the largest mergers in the banking sector in Sub-Saharan Africa by acquiring United Bank for Africa (UBA).
United Bank for Africa
Following the merger of Standard Trust Bank and United Bank for Africa in 2005, Elumelu led the company as Group Managing Director from a single-country banking group to a pan-African bank with subsidiaries in 20 African countries, France, the U.S and the U.K, eventually stepping down in 2010.
Elumelu currently chairs the board of the United Bank for Africa
Heirs Holdings
Elumelu runs his family-owned investment holding company – Heirs Holdings and his philanthropic works through the Tony Elumelu Foundation.
In 2010, he founded Heirs Holdings, his family-owned investment holding company. Elumelu also established in the same year the Tony Elumelu Foundation, an Africa-based foundation championing entrepreneurship in Africa. Heirs Holdings maintains a portfolio of investments across several sectors. Through Heirs Holdings, Elumelu holds a controlling interest in Transnational Corporation, a diversified conglomerate with business interests in Power, Hospitality and Energy In January 2021, Heirs Holdings through its affiliates – Heirs Oil & Gas and Transnational Corporation announced its acquisition of a 45% operating stake in a permit known as Oil Mining Lease 17 from Shell, Total and ENI in a deal worth more than $1 billion.
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The Tony Elumelu Foundation
Following his retirement from United Bank for Africa in 2010, Elumelu founded The Tony Elumelu Foundation. The Tony Elumelu Foundation promotes entrepreneurship in Africa. The Tony Elumelu Foundation’s belief that the private sector’s role is critical for Africa’s development is hinged on the economic philosophy of Africapitalism, which was introduced by Elumelu; “that the African private sector has the power to transform the continent through long-term investments, creating both economic prosperity and social wealth.”
In 2015, Elumelu committed $100 million to create 10,000 entrepreneurs across Africa over the next 10 years through the Tony Elumelu Foundation Entrepreneurship Programme – a Pan-African entrepreneurship initiative designed to empower African entrepreneurs through a multi-year programme of training, funding, and mentoring.
Family
Tony Elumelu got married to Awele Vivien Elumelu, a medical doctor, in 1993. They have seven children together.
Net Worth
Tony Elumelu is currently one of the richest and the most influential business man in Nigeria, With an estimated net worth of $900 million dollars.