The billionaire economist and philanthropist is the chairman of Heirs Holdings, a company with business interests in virtually on major sectors rooted in the economic philosophy of Africapitalism which proposes private sector-led long-term investment in Africa by Africans.

He is one of the well-known Nigerian billionaires across Africa and the world.

As at 2015 record, he had an estimated net worth of $700 million and one of the Nigerian billionaires in the financial institutions, according to Forbes magazine.

Also READ: 6 things Tony Elumelu told Linkedin CEO and World Bank President on Digital Economy

Business Insider Sub-Saharan African looks at how he makes and spends his money:

How he makes his billionaires

1. United Bank for Africa with subsidiaries in over 20 African nations and in the United States and the United Kingdom

2. Transcorp - Transnational Corporation of Nigeria Plc, a diversified conglomerate in the country.

3. Heirs Holdings is the African proprietary investment company with interests in financial services, power, oil & gas, real estate, hospitality and healthcare.

4. Stake in Nigeria's largest telecommunication network, MTN Nigeria and other assets and investments.

How he spends his money

Humanitarian work

He provides million dollars in seed grant to thousands of proto-entrepreneurs every year through his foundation. Since the launch in 2010, the Tony Elumelu Foundation Entrepreneurship Programme has become one of the largest African philanthropic initiative devoted to entrepreneurship with about $100 million commitment, to identify and empower 10,000 African entrepreneurs, create a million jobs, and add $10 billion in revenues to Africa’s economy.

He was part of the Presidential Committee on Flood Relief and Rehabilitation for the 2012 flood victims in Nigeria.

Also READ: 6 ways Africa's richest man spends his billions

In 2017, he donated $250,000 on behalf of the Tony Elumelu Foundation and another $250,000 on behalf of the staff, management and Directors of United Bank for Africa (UBA) as emergency aid grants for victims of the mudslides in Sierra Leone.

He also disclosed via his official social media account same year that he already donated N1 billion to help victims of the Boko Haram insurgency in the North-east, Nigeria.

Lifestyle

He attends shows, events and travel across African countries, teaching his philosophy if Africapitalism to entrepreneurs, business leaders and policymakers.

In 2015, he added Falcon 7X private jet to his fleet of exotic ‘toys’.