Tony O. Elumelu is a Nigerian economist, investor, and philanthropist, the founder and chairman of Heirs Holdings and a leading pan-African investment company. He is also the chairman of the United Bank for Africa (UBA) and Transcorp, a large Nigerian conglomerate. Elumelu is known for promoting Africapitalism,a philosophy of long-term private sector investment in Africa’s strategic sectors, and founded The Tony Elumelu Foundation, which supports African entrepreneurs.
Early Life and Education
- Born in Jos, Nigeria, on March 22, 1963, into a middle-class family.
- Earned a Bachelor of Science in Economics from Ambrose Alli University (formerly Bendel State University).
- Obtained a Master of Science in Economics from the University of Lagos.
Career Highlights
- Began his career as a copier salesman before working in banking.
- Became CEO of United Bank for Africa (UBA) at 34, one of the youngest in the industry, by leading the merger of Standard Trust Bank and UBA.
- Under his leadership, UBA expanded into a leading pan-African financial services group.
- In 2010, he transitioned from banking to a focus on investment and philanthropy, founding Heirs Holdings.
- He also chairs the conglomerate Transcorp, with subsidiaries in power and hospitality, and Heirs Energies, an oil and gas company.
Philanthropy and Impact
- Founded The Tony Elumelu Foundation to empower young entrepreneurs in Africa.
- The Foundation’s Entrepreneurship Programme has supported thousands of African entrepreneurs, providing funding, training, and mentorship.
- Promotes the concept of Africapitalism, advocating for the private sector’s role in driving Africa’s economic development through strategic, long-term investments.
Awards and Recognition
- Recognized for his contributions to business and economic development.
- Included in the
Time100 Most Influential People in the World list in 2020.
- Holds the Nigerian national honours of Commander of the Order of the Niger (CON) and Member of the Order of the Federal Republic (MFR).
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