Anthony Onyemaechi Elumelu, born on March 22, 1963 in Jos, Plateau, Nigeria, is a prominent Nigerian economist, philanthropist, and business leader. He holds key positions in various companies and organizations, including Heirs Holdings, Transcorp, United Bank for Africa (UBA), and is the founder of The Tony Elumelu Foundation. In recognition of his impact, he was named one of Time's 100 most influential people in the world in 2020.
EARLY LIFE: Anthony Elumelu was born to Suzanne and Dominic Elumelu, hailing from Onicha-Ukwu in Aniocha North Local Government Area of Delta State, Nigeria. He grew up with four siblings, one of whom is Ndudi Elumelu, a minority leader in the Nigerian Federal House of Representatives.
EDUCATION: Elumelu studied Economics at Bendel State University (now Ambrose Alli University),
earning a Bachelor of Science degree with a Lower Second Class (2:2). He then pursued a Master of Science degree in Economics at the University of Lagos.
CAREER: Early in his career, Elumelu worked at Union Bank during his National Youth Service Corps in 1985. He began as a salesman and later joined All states Trust Bank. In his own words, he started as a young, hardworking salesman and was one of many eager Nigerian graduates aiming for success.
In 1997, Elumelu led a group of investors in reviving the struggling Crystal Bank, later renamed Standard Trust Bank. He turned it profitable within a few years and, with a $20 million investment from businessman Femi Otedola, orchestrated one of the largest mergers in Sub-Saharan Africa's banking sector by acquiring United Bank for Africa (UBA).
United Bank for Africa:
Following the merger of Standard Trust Bank and UBA in 2005, Elumelu served as the Group Managing Director, expanding the company from a single-country banking group to a pan-African bank with operations in 20 African countries, France, the U.S., and the U.K. He later stepped down in 2010 but currently chairs the board of UBA.
Heirs Holdings: In 2010, Elumelu founded Heirs Holdings, a family-owned investment holding
company, and the Tony Elumelu Foundation, an organization dedicated to promoting entrepreneurship in Africa. Heirs Holdings has investments across various sectors and maintains a controlling interest in Transnational Corporation, a diversified conglomerate with interests in Power, Hospitality, and Energy.
Transcorp Plc: On April 14, 2021, Elumelu officially assumed ownership of Transcorp Hotels after
fulfilling all privatisation conditions attached to its sale in 2005.
PHILANTHROPY: After retiring from UBA in 2010, Elumelu established The Tony Elumelu Foundation, which focuses on promoting entrepreneurship in Africa. The foundation believes in the economic philosophy of Africapitalism, emphasizing the role of the African private sector in transforming the continent through long-term investments, fostering economic prosperity, and creating social wealth. In 2015, Elumelu pledged $100 million to create 10,000 entrepreneurs across Africa over the next decade through the Tony Elumelu Foundation Entrepreneurship Programme.
AWARDS AND HONORS: Anthony Elumelu has received several accolades, including the Member of the Order of the Federal Republic (MFR) in 2003, the Commander of the Order of the Niger (CON) in 2012, and the Daily Times Nigerian Man of the Year in 2016. He was also honored with the All-Africa Business Leaders Awards (AABLA) Philanthropist of the Year Award in 2018 and 2019, received an Honorary Doctor of Business degree from Bayero University Kano in 2019, and was recognized with the National Productivity Order of Merit Award in the same year. In 2020, he was named one of TIME magazine's 100 Most Influential People and received the National honor of Commander of the Order of the Federal Republic in 2022. In December 2022, Tony O. Elumelu C.F.R. was honored with both the 2022 ECOWAS Prize of Excellence for Outstanding Community Members and the Chief of Army Staff Appreciation (COAS) Award on the 4th and 5th of December, respectively.
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