What is Tony Elumelu's net worth and how did he get so rich?
Tony Elumelu is a renowned Nigerian investor, banker, economist, and philanthropist. He gained prominence in the Nigerian corporate sector after leading one of the largest mergers in the banking sector in Sub-Saharan Africa in 2005 when he acquired United Bank of Africa. He is also one of the wealthiest people in Africa, having invested in different sectors. What is Tony Elumelu’s net worth?
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Tony Elumelu began his career as a salesman and did not think of becoming one of the richest in Africa. However, his fortune changed for the better when he joined the banking sector and later became a successful businessman. Having acquired wealth and fame, many people have been interested in knowing Tony Elumelu’s net worth.
Profile summary
| Full name | Anthony Onyemaechi Elumelu |
| Gender | Male |
| Date of birth | 22 March 1963 |
| Age | 61 years old (as of 2024) |
| Zodiac sign | Aries |
| Place of birth | Jos, Plateau State, Nigeria |
| Current residence | Ikoyi Island, Lagos, Nigeria |
| Nationality | Nigerian |
| Ethnicity | African |
| Religion | Christianity |
| Sexuality | Straight |
| Hair colour | Black |
| Eye colour | Dark brown |
| Mother | Suzanne Elumelu |
| Father | Dominic Elumelu |
| Siblings | 4 |
| Marital status | Married |
| Partner | Awele Vivian Elumelu |
| Children | 7 |
| College | Ambrose Alli University, University of Lagos, Harvard Business School |
| Profession | Economist, banker, philanthropist, entrepreneur |
| Net worth | $700 million |
| @tonyoelumelu | |
| @tonyelumelu | |
| X (Twitter) | @TonyOElumelu |
Tony Elumelu’s net worth
According to multiple sources, including Forbes, the Nigerian entrepreneur and investor’s net worth is $700 million. He has invested in multiple international companies, including Transcorp, and has interests in hospitality, agriculture, oil production, and power generation.
Tony has been in the banking sector for a long time and has excelled in managing banks like Standard Trust Bank and United Bank for Africa. The tycoon also has a controlling interest in Heirs Holding.
Tony Elumelu’s house
According to Per Second News, the Nigerian businessman owns a luxury property in Ikoyi Island, Lagos. While the value of the beautiful mansion is unknown, it is a popular place as he has hosted several prominent people in it, including singer Davido and Nigeria’s President Bola Ahmed Tinubu. Notable features of the house are a spacious library, playground, swimming pool, and a huge white lion statue.
Does Tony Elumelu own a private jet?
In 2015, the former banker reportedly acquired a private jet, a Dassault Falcon 7X. It is one of Nigeria's most expensive private jets, estimated at $57.3 million. Apart from the jet, the entrepreneur owns a fleet of high-end cars, including a Range Rover Vogue and a Benz S-class. His other pricey possessions are his contemporary African art collections, usually displayed at his office and house.
Tony Elumelu’s background
Source: Original
According to Tony Elumelu’s biography, the entrepreneur was born Anthony Onyemaechi Elumelu on 22 March 1963 in Jos, Plateau State, Nigeria, to Suzanne and Dominic Elumelu. He is one of the couple’s five children, and his most popular sibling is Ndudi Godwin Elumelu, a Nigerian politician who is the Minority leader of the House of Representatives. His other siblings are Peter, Loretta, and Agatha.
What is Tony Elumelu’s tribe? He is believed to be from the Urhobos, the most dominant tribe in Delta State. Although he was born in Plateau State, he is from Delta State, where his parents originate.
Tony obtained a bachelor of science in economics from Bendel State University, which is now Ambrose Alli University. He later joined the University of Lagos and obtained a master’s degree in economics. Tony also studied an advanced management program at Harvard Business School.
Tony Elumelu’s career
Tony Elumelu began his career as a copier salesman and later joined the banking sector as a junior analyst at Allstates Trust Bank. After showing exemplary ability and leadership, he became the bank’s branch manager within a year. Alongside other Nigerian entrepreneurs, they took over Crystal Bank, which was struggling, and turned it into one of the best banks, eventually merging with the United Bank for Africa (UBA).
In 2005, he became the Group Managing Director of the United Bank for Africa (UBA). Tony excelled in establishing the bank’s subsidiaries in approximately 20 African countries, the US and the UK. He quit the position in 2010.
According to his LinkedIn profile, the former banker shifted his focus to philanthropy and established the Tony Elumelu Foundation. The foundation promotes and celebrates excellence in business leadership and entrepreneurship across Africa. In an interview with The Cable, the Nigerian philanthropist shared why he started the foundation, saying:
Without luck in my early career, I would not be the man that I am today. I am a leader and philanthropist today because I encountered people who gave me a chance early in my career. It has been a lifetime goal to pay this forward in a transformative and impactful way.
In 2010, he founded Heirs Holdings, a family-owned investment company that deals in power, oil and gas, financial services, hospitality, real estate, and healthcare. He is also the chairman of Heirs Holdings, Transnational Corporation of Nigeria, and UBA Group.
Is Tony Elumelu married, and who is his wife?
Investor Tony Elumelu is married. He exchanged marriage vows with his wife, Dr. Awele Vivian Elumelu, in 1993. His wife is a medical doctor specialising in medicine, surgery, paediatrics, obstetrics, gynaecology and emergency medicine. She is the chairperson of Avon Healthcare Limited and the Chief Executive Officer of Avon Medical Services Limited.
Tony Elumelu’s children
The Nigerian economist has seven children with his wife, Awele Vivian Elumelu. The couple’s eldest child is Ogechukwu Elumelu, a student at BPP Law School. Their second child is Ogor Elumelu, a graduate of the London School of Economics and Political Science (LSE).
Tony and his wife welcomed triplet daughters on 26 November 2006. The three girls are Onyinye, Nneka, and Ugo. On 5 January 2015, the couple welcomed twin sons, the names of whom they have not revealed.
Fast facts about Tony Elumelu
- What is Tony Elumelu’s age? He was born on 22 March 1963, and his age as of 2024 is 61. His zodiac sign is Aries.
- Where is Tony Elumelu from? The entrepreneur and former banker hails from Onicha-Ukwu, Delta State, but currently resides in Ikoyi Island, Lagos, Nigeria.
- Is Tony Elumelu the owner of UBA? He does not own the bank, whose shares of stock are listed on the Nigerian Stock Exchange. However, he is the current chairman of the group.
- How did Tony Elumelu become a billionaire? He accumulated wealth through success in the Nigerian banking sector and multiple business ventures in the oil and gas, real estate, and healthcare industries.
- Does Tony Elumelu have a wife? He is married to Awele Vivian Elumelu, a top Nigerian medical doctor. They have been married for over three decades.
- How many children does Tony Elumelu have? He has seven children with his wife, Awele Vivian Elumelu.
- What does Tony Elumelu do now? The tycoon chairs corporations, including Heirs Holdings, UBA Group, and Transcorp Plc. He also runs The Tony Elumelu Foundation.
Tony Elumelu’s net worth is a testament to his over three decades of hard work in the banking and business sectors. He is a shrewd businessman interested in multiple sectors, such as power, healthcare, banking, and real estate. The investor is also a passionate philanthropist; his foundation has helped many unprivileged people in Africa. As for his personal life, he is a married man with five daughters and two sons.
Legit.ng recently published Ron Howard’s biography. He is an American producer, screenwriter, and actor. Ron is a big name in Hollywood with several film production credits and movie appearances, including The Shootist and Happy Days.
Having had success in the entertainment industry for over 60 years, he has undoubtedly accumulated significant wealth. How much is Ron Howard worth? Read his biography to learn the details about his career and personal life.
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