Tony Elumelu
Anthony Elumelu | |
|---|---|
| Born | March 22, 1963 Jos, Plateau, Nigeria |
| Occupation(s) | Economist, banker, philanthropist |
| Known for | Chairman of Heirs Holdings, Transcorp, United Bank for Africa; founder of The Tony Elumelu Foundation |
Anthony Onyemaechi Elumelu (born 22 March 1963) is a prominent Nigerian economist, banker, and philanthropist. He serves as chairman of Heirs Holdings, Transcorp, and United Bank for Africa, and is the founder of The Tony Elumelu Foundation.
In 2020, Elumelu was recognized as one of Time magazine's 100 most influential individuals worldwide.
Family background and upbringing
Elumelu was born on 22 March 1963 in Jos, Plateau, Nigeria, to parents Suzanne and Dominic Elumelu, who hail from Onicha-Ukwu in the Aniocha North Local Government Area of Delta State. Belonging to the Igbo ethnic group, he has four siblings, including Ndudi Elumelu, who serves as the minority leader in Nigeria’s legislature.
Academic qualifications
He obtained a Bachelor of Science degree in Economics from Ambrose Alli University and subsequently earned a Master of Science degree in Economics from the University of Lagos.
Initial professional experiences
Elumelu commenced his professional journey as a corps member at Union Bank in 1985, followed by a role as a copier sales representative. In 1997, he led a group of investors to acquire the then-struggling Crystal Bank, which was later rebranded as Standard Trust Bank and became profitable within a few years. In 2005, he played a pivotal role in one of Sub-Saharan Africa’s largest banking consolidations by acquiring United Bank for Africa (UBA).
Leadership at United Bank for Africa
Following the merger between Standard Trust Bank and UBA in 2005, Elumelu assumed the position of group managing director. Under his leadership, UBA transformed from operating solely within Nigeria to becoming a pan-African bank with subsidiaries across 20 African nations, as well as branches in France, the United States, and the United Kingdom. He resigned from his executive role in 2010 but continues to serve as chairman of UBA’s board.
Establishment of Heirs Holdings
In 2010, Elumelu founded Heirs Holdings, an investment holding company owned by his family. Alongside this, he established the Tony Elumelu Foundation, which supports entrepreneurship across Africa. Heirs Holdings maintains a diverse portfolio spanning sectors such as Power, Hospitality, and Energy. Through this entity, Elumelu controls Transnational Corporation, a conglomerate with significant operations in these industries.
Transcorp Plc developments
On 14 April 2021, Elumelu was officially presented with the Certificate of Discharge for Transcorp Hotels after meeting all requirements related to privatization since acquiring the asset in 2005. The National Council on Privatisation, chaired by former Nigerian Vice President Prof. Yemi Osinbajo, formally transferred full ownership to him.
The Tony Elumelu Foundation
Following his retirement from United Bank for Africa in 2010, Elumelu launched the Tony Elumelu Foundation to advance entrepreneurship throughout Africa based on his economic ideology known as Africapitalism. This philosophy highlights the private sector’s critical role in fostering Africa’s development through sustained investments that generate both economic growth and social benefits.
In 2015, he pledged $100 million to support 10,000 African entrepreneurs over a decade via the Tony Elumelu Foundation Entrepreneurship Programme. This continent-wide initiative offers training, funding opportunities, and mentorship designed to nurture sustainable business development across Africa.
Awards and honours
Elumelu has earned significant acclaim for his contributions to entrepreneurship and the business sector.
- In 2003, he was conferred the Member of the Order of the Federal Republic (MFR) by the Nigerian Federal Government.
- The Commander of the Order of the Niger (CON) was awarded to him in 2012 in recognition of his efforts to advance private sector development.
- He was honored as the Daily Times Nigerian Man of the Year in 2016.
- Elumelu received the Philanthropist of the Year award at the All-Africa Business Leaders Awards (AABLA) consecutively in 2018 and 2019.
- Bayero University Kano (BUK) granted him an honorary Doctorate in Business in 2019.
- That same year, he was also a recipient of the National Productivity Order of Merit Award.
- In 2020, Time magazine listed him among the world's 100 Most Influential People.
- The Kingdom of Belgium recognized him as an Officer of the Order of Leopold in 2020.
- On 11 October 2022, he was bestowed with the national title of Commander of the Order of the Federal Republic.