A peek into the businesses and life of Nigerian billionaire Tony Elumelu

As of November 2015, he had an estimated net worth of $700 million according to Forbes.

Tony Elumelu chipped in six pointers during a session at the World Bank Spring Meetings where a Digital Economy for Africa initiative was launched.
  • Tony Elumelu is one of Africa's billionaires. He joined the exclusive list in 2014.
  • He is also one of the most influential philanthropists in the world.
  • Heirs Holdings, Transcorp, United Bank for Africa and MTN make up his business empire.

Tony Elumelu joined the Forbes' African billionaire club in November 2014 with $1 billion.

He fell off the next year. On the magazine's real-time billionaire's sheet, he holds the 31st position on Africa's 50 Richest list with an estimated net worth of $700 million, as of November 2015.

The Nigerian entrepreneur and investor is one of the most influential business leaders across the continent. He is also the Chairman of Heirs Holdings, an African investment company with interests in major sectors.


Business Insider Sub-Saharan African looks at his businesses, wealth, philanthropic activities and life:

Apart from Heirs Holding, the Nigerian billionaire owns a controlling interest in a publicly traded Nigerian diversified conglomerate called Transcorp. He is the chairman of the United Bank for Africa, which has subsidiaries in 20 African countries, the United States of America and United Kingdom. 

Elumelu also has stakes in extensive real estate across the country and Nigeria's largest telecommunication network, MTN.


When he is not working with young entrepreneurs to improve Africa's importance in the global economy, the stylish banker is jet setting all over the world.

In January, he rang in the new year by skiing with his family in St Moritz, Switzerland. 

Later that month, Elumelu hung out with his daughter in a McDonald's outlet in London.


When he is not spending quality time with his family in the UK or New York, he can be spotted with other wealthy Nigerian men like Femi Otedola.

He was recently seen having a moment with pop star Wizkid ahead of the UBA's launch in Mali.


Elumelu is known for being one of the most charitable people on the continent. His foundation, the Tony Elumelu Foundation (TEF), is devoted to supporting several entrepreneurs. 

According to TEF's website, the programme has empowered over 4,000 entrepreneurs with a total investment of $20 million. 


In 2018, he was named as one of the 100 most influential philanthropists in the world by Richtopia, a United Kingdom-based digital platform.

Africa's richest man, Aliko Dangote also made the list.

The Nigerian billionaire is married to Awele Vivien Elumelu, a medical doctor. Like her husband, she is the founder of Avon Medical, a healthcare facility in Lagos state.


She is the global ambassador for Gavi, an international organisation focused on improving access to vaccines for children in impoverished countries.

They have seven children.

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