Tony O. Elumelu is a visionary entrepreneur and philanthropist. Born, raised and educated in Africa, Mr. Elumelu has been responsible for creating businesses across the continent, in sectors critical to Africa’s economic development.
In 2010, he founded Heirs Holdings, an African investment holding company, with investments in Financial Services, Power Generation, Oil and Gas, Agribusiness, Real Estate and Hospitality. In the same year, he established the Tony Elumelu Foundation, an Africa-based and African-funded philanthropy, dedicated to catalysing entrepreneurship across Africa. He is Chairman of Heirs Holdings as well as UBA Group Plc and Transcorp Plc, which is Nigeria’s largest listed conglomerate.
In his early career, Mr. Elumelu turned the financially distressed Standard Trust Bank (STB) into a top-five financial services player in Nigeria. In 2005, he led the largest merger in the banking sector in sub-Saharan Africa between STB and United Bank for Africa (UBA). Today, UBA operates in 20 African countries, as well as New York, London, Paris and Dubai.
Mr. Elumelu is the author and leading proponent of “Africapitalism,” an economic philosophy that advocates for the private sector’s commitment to Africa’s development through long-term investment in strategic sectors of the economy, that drive economic prosperity and social wealth. In 2003, the Federal Government of Nigeria conferred the honour of Member of the Federal Republic on Mr. Elumelu. In 2012 he was awarded Commander of the Order of the Niger for his service in promoting private enterprise. In 2013, Mr. Elumelu received the Leadership Award in Business and Philanthropy from the Africa-America Institute Awards. He was also named African Business Icon at the 2013 African Business Awards. He was conferred the Commander of the Order of the Federal Republic (CFR) by the Federal Republic of Nigeria in 2022.
Mr. Elumelu presently serves as a member of the Global Advisory Board of the United Nations Sustainable Energy for All Initiative (SE4ALL) and USAID’s Private Capital Group for Africa Partners Forum. He sits on the Nigerian President’s Agricultural Transformation Implementation Council and serves as co-chair of the Aspen Institute Dialogue Series on Global Food Security. He played a leading role in the formation of the National Competitiveness Council of Nigeria and now serves as its vice chairman. He chairs the Ministerial Committee to establish world-class hospitals and diagnostic centres across Nigeria, at the invitation of the Federal Government.
