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Tony Elumelu
Photo: DFID - UK Department for International Development Graham Carlow, CC BY 2.0, via Wikimedia Commons17

Tony Elumelu

Nigerian banker and philanthropist (born 1963)

Anthony Onyemaechi Elumelu (born 22 March 1963) is a Nigerian economist, entrepreneur, investor, banker and philanthropist. He chairs Heirs Holdings, Transcorp and is the founder of The Tony Elumelu Foundation.2

From Wikipedia’s article on Tony Elumelu (this version), CC BY-SA 4.0.

Born Mar 22, 1963.1

About

In 2020, Elumelu was included in Time's list of the 100 most influential people in the world.

From Wikipedia’s article on Tony Elumelu, shared under CC BY-SA 4.0.2

Companies

Early life and education

  • Date not recordedHarvard University3
  • Date not recordedHarvard Business School3
  • Date not recordedUniversity of Lagos3
  • Date not recordedAmbrose Alli University3

Elumelu was born in Jos, Plateau, Nigeria, on 22 March 1963, to Suzanne and Dominic Elumelu, originally an Igbo man from Onicha-Ukwu with close border to Issele-Uku in Aniocha North Local Government Area of Delta State. He grew up with four siblings, one of whom is Ndudi Elumelu, the minority leader in the Nigerian legislature.

Elumelu studied Economics at Ambrose Alli University, obtaining a Bachelor of Science with a Lower Second Class (2:2). He then obtained a Master of Science degree in Economics from the University of Lagos.

From Wikipedia’s article on Tony Elumelu (this version), CC BY-SA 4.0.

Career

Occupation: economist, banker, philanthropist.7

  • Since 2010Chairperson, Heirs Holdings6
  • Date not recordedFounded Heirs Holdings4
  • Date not recordedFounded The Tony Elumelu Foundation5

Early career

Elumelu worked in the Nigerian Bank Union Bank as a corps member during his National Youth Service Corps in 1985, before starting his career as a salesman. He subsequently joined Allstates Trust Bank

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).

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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. He stepped down in 2010.

Tony Elumelu officially retired as Group Chairman of the United Bank for Africa (UBA) on August 21, 2026. His departure complied with the Central Bank of Nigeria's corporate governance guidelines, which mandate a maximum 12-year tenure limit for non-executive bank directors. Emmanuel N. Nnorom succeeded him as the new Group Chairman.

Heirs Holdings

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.

Transcorp Plc

On 14 April 2021, Elumelu was officially given the Certificate of Discharge of the iconic hospitality facility. The National Council on Privatisation (NCP), which is chaired by the former Vice President of Nigeria Prof. Yemi Osinbajo, handed over full ownership of Transcorp Hotels to the chairman after fulfilling all privatization conditions attached to the sale of the property in 2005.

From Wikipedia’s article on Tony Elumelu (this version), CC BY-SA 4.0.

Personal life

  • BornMar 22, 1963, Jos8
  • CitizenshipNigeria9
  • SpouseAwele Vivien Elumelu married 199310 11

Philanthropy

The Tony Elumelu Foundation

Following his retirement from United Bank for Africa in 2010, Elumelu founded The Tony Elumelu Foundation, which promotes entrepreneurship in Africa. The 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.

From Wikipedia’s article on Tony Elumelu (this version), CC BY-SA 4.0.

Sources

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