Tony Elumelu Biography 2024: Age, Net Worth, State of Origin, Tribe, Foundation, Wife, Children, Occupation

Tony Elumelu is a prominent Nigerian businessman, banker, philanthropist, and chairman of the United Bank for Africa, the Tony Elumelu Foundation, Heirs Holding, and Transcorp. Born on March 22, 1963, he has built a reputation as one of Nigeria’s wealthiest billionaires, with a net worth estimated between $700,000,000 and $1.1 billion.

In this article, we will look into Tony Elumelu’s biography, exploring his early life, career milestones, personal life, and philanthropic endeavors. We’ll also cover his age, net worth, state of origin, tribe, family details, and more.

Tony Elumelu Biography: Profile Summary & Wikipedia

• Full Name: Anthony Onyemaechi Elumelu
• Popularly known as: Tony Elumelu
• Date of Birth: March 22, 1963
• Age: 61 years old
• Birthplace: Jos, Plateau State, Nigeria
• Education: Bachelor’s in Economics from Ambrose Alli University; Master’s in Economics from the University of Lagos
• Profession: Banker, Economist, Entrepreneur, Philanthropist
• Notable Positions: Former CEO of United Bank for Africa (UBA), Chairman of Transcorp, and Heirs Holdings
• Philanthropy: Founder of The Tony Elumelu Foundation (TEF)
• Net Worth: Approximately $700 million as of 2024
• Family: Married to Awele Vivian Elumelu; father to seven children
• Tribe: Delta State (Aniocha North Local Government Area)
• Awards: TIME Magazine’s 100 Most Influential People (2020), National Honor of Commander of the Order of the Federal Republic (2022)
• Instagram: @tonyoelumelu
• Hobbies: Enjoys lawn tennis and soccer; passionate about empowering African entrepreneurs.
• Business Philosophy: Advocate for Africapitalism—the belief that the private sector can drive Africa’s economic development.
• Major Achievements: Led the largest bank merger in Africa between UBA and Standard Trust Bank in 2005.
• Investment Interests: Banking, hospitality, agriculture, oil production, and power generation
• Social Impact: TEF has empowered over 20,000 entrepreneurs across Africa since its inception in 2015.
• Personal Traits: Known for his strong work ethic and belief in luck as a factor in success
• Public Speaking: Regularly speaks on entrepreneurship and economic development at global forums.
• Community Engagement: Actively involved in initiatives aimed at youth empowerment and women’s rights

Early Life and Education

Tony Elumelu was born on March 22, 1963, into a modest family with four siblings. Growing up in Jos provided him with a unique perspective on life and its challenges. His parents instilled in him the values of hard work and education from an early age.

Elumelu pursued his undergraduate studies at Ambrose Alli University, where he earned a degree in economics. His thirst for knowledge didn’t stop there; he went on to obtain a Master’s degree in Economics from the University of Lagos. This educational foundation laid the groundwork for his future endeavors in banking and entrepreneurship.

Career

Tony Elumelu’s career began as a youth corps member at Union Bank, where he learned the ropes of banking. However, it was his entrepreneurial spirit that propelled him into the limelight. In 1997, he led a group of investors to acquire a struggling bank, which they renamed Standard Trust Bank. Under his leadership as CEO, the bank transformed from a mediocre institution into one of Nigeria’s most profitable banks.

The pinnacle of his banking career came in 2005, when he orchestrated the merger between Standard Trust Bank and United Bank for Africa (UBA). This merger created one of Africa’s largest financial institutions with operations across multiple countries. As CEO of UBA until 2010, Elumelu expanded its reach significantly.

After stepping down as CEO, he continued to influence the banking sector as Chairman of UBA Group. His vision extended beyond banking; he founded Heirs Holdings and Transcorp Plc., diversifying his interests into sectors like hospitality and power generation.

Elumelu is also known for his commitment to philanthropy through the Tony Elumelu Foundation. Launched in 2015 with an initial commitment of $100 million over ten years, the foundation aims to empower African entrepreneurs by providing funding, mentoring, and training. To date, it has impacted thousands across the continent.

His business philosophy revolves around Africapitalism, which emphasizes the role of private enterprise in driving Africa’s economic growth. This ideology has resonated with many young entrepreneurs who see him as a mentor.

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Tony Elumelu Age

Tony Elumelu was born on March 22, 1963, which makes him 61 years old as of 2024.

Tony Elumelu Net Worth

Tony Elumelu’s net worth is estimated between $700 to $1.1 billion as of 2024. His wealth stems from various sources:

Banking Sector: Significant earnings from UBA and Standard Trust Bank.

Investments: ownership stakes in Transcorp Plc., Heirs Holdings, and various other ventures across sectors like hospitality and agriculture.

Real Estate: Notable properties include:

Ikoyi Mansion: A luxurious estate located on Ikoyi Island.

Art Collections: An impressive collection that showcases African art.

Luxury Vehicles: Includes high-end models like Range Rover Vogue and Benz S-Class.

Private Jet: Dassault Falcon 7X used for both personal travel and business engagements.

His investments continue to grow as he explores new opportunities across different sectors.

Tony Elumelu State of Origin & Tribe

Tony Elumelu hails from Onicha-Ukwu in Delta State, Nigeria. He is part of the Igbo ethnic group, which is known for its rich cultural heritage and entrepreneurial spirit.

Tony Elumelu Wife & Children

Tony is married to Awele Vivian Elumelu since 1993. They have seven children together—five daughters and two sons—who are often seen accompanying him at various public events. The couple emphasizes education and values within their family structure.

Tony Elumelu Foundation

The Tony Elumelu Foundation is one of Africa’s leading philanthropic organizations focused on empowering young entrepreneurs across the continent. Since its establishment:

1. Over 20,000 entrepreneurs have received funding.
2. The foundation has created more than 400,000 jobs, directly or indirectly.
3. It operates TEFConnect—a digital platform connecting African entrepreneurs with resources.

The foundation embodies Elumelu’s belief that entrepreneurship can drive economic growth in Africa.

Tony Elumelu vs. Herbert Wigwe: Who is Richer?

When comparing wealth between Tony Elumelu and Herbert Igwe (CEO of Stanel Group), it’s clear that both are successful but differ significantly in net worth. Tony Elumelu is estimated between $700 million — $1.1 billion while Herbert Wigwe is estimated between $69 million to $100 million.

While both have made significant contributions to their respective fields, Tony remains one of Africa’s wealthiest individuals.

How Many Shares Does Tony Elumelu Have in UBA?

While exact figures fluctuate due to market conditions:

Tony holds a substantial number of shares in UBA Group but does not own it outright.

As Chairman since stepping down as CEO in 2010, he continues to influence its direction significantly.

This page presents the most up-to-date and accurate information on Tony Elumelu’s biography, Tony Elumelu Biography, Age, Net Worth, State of Origin, Tribe, Foundation, Wife, Children, Occupation

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