Tony Elumelu

Chairman Transcorp, Heirs Holdings, United Bank for Africa and founder of The Tony Elumelu Foundation

Tony Elumelu

Tony Elemelu is the Chairman Transcorp, Heirs Holdings, United Bank for Africa and founder of The Tony Elumelu Foundation.

In his banking career, Elumelu acquired and turned Standard Trust Bank into a top player in Nigeria. In 2005, he initiated and sealed the acquisition of United Bank for Africa (UBA),which grew from a Nigerian bank to a pan-African institution in 19 African countries. After retiring from UBA in 2010, Elumelu founded Heirs Holdings. In 2011, Heirs Holdings acquired a controlling interest in the Transnational Corporation of Nigeria Plc (Transcorp), a conglomerate with interest in the agribusiness, energy, and hospitality sectors.

Elumelu serves as an advisor to various institutions. And on Tony Elumelu Foundation, his objective was to “prove that the African private sector can itself be the primary generator of economic development.” The Foundation’s mission is “driving Africa’s economic development by enhancing the competitiveness of the African private sector”.

Sector- Banking, Power, Oil and Gas, Real Estate and Hospitality and Healthcare.

Date of Birth- 22nd March, 1963

Residence- Lagos, Nigeria

Education- Elumelu has two degrees in economics from Nigerian universities, a bachelor’s degree from Ambrose Alli University and a master of science degree from the University of Lagos. He attended Harvard Business School’s six-week Advanced Management Programme.


The purpose of Africapitalism does not absolve government of their role in advancing development. It is the beginning of how private enterprises can help transform Africa.

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