What is Tony Elumelu's net worth? The Nigerian multi-millionaire's wealth explained
Africa is known for producing influential and wealthy business leaders, with renowned personalities like Aliko Dangote and Johann Rupert topping the list. Among them is Nigerian businessman Tony Elumelu, best known for his involvement in finance and entrepreneurship. But with such an impressive portfolio, how much is Tony Elumelu's net worth?
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Tony Elumelu is a Nigerian economist, banker, and philanthropist. His rise from a salesman early in his career to becoming one of the wealthiest people in Africa is a story of hard work, risks, and intelligence. Due to his success, many are curious to know more about Tony Elumelu's net worth.
Tony Elumelu's profile summary
| Full name | Anthony Onyemaechi Elumelu |
| Gender | Male |
| Date of birth | 22 March 1963 |
| Age | 61 years old (as of 2024) |
| Zodiac sign | Aries |
| Place of birth | Jos, Northern Region, Nigeria (now Plateau State, Nigeria) |
| Current residence | Ikoyi Island, Lagos, Nigeria |
| Nationality | Nigerian |
| Ethnicity | African |
| Religion | Christianity |
| Sexuality | Straight |
| Height in feet | 6'2" |
| Height in centimetres | 188 |
| Weight in pounds | 172 |
| Weight in kilograms | 78 |
| Hair colour | Black |
| Eye colour | Dark brown |
| Mother | Suzanne Elumelu |
| Father | Dominic Elumelu |
| Siblings | Four |
| Marital status | Married |
| Wife | Awele Vivian Elumelu |
| Children | Seven |
| University | Ambrose Alli University, University of Lagos, Harvard Business School |
| Profession | Economist, banker, philanthropist, entrepreneur |
| Net worth | $700 million–$900 million |
| @tonyoelumelu | |
| @tonyelumelu | |
| X (Twitter) | @TonyOElumelu |
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What is Tony Elumelu's net worth?
How much is Tony Elumelu worth in 2024? According to Nairaland, Glusea, and Within Nigeria, Tony Elumelu has an alleged net worth of between $700 million and $900 million in 2024.
How did Tony Elumelu become a millionaire?
His wealth comes from investments in the banking sector and entrepreneurship. He also has interests in hospitality, agriculture, oil production, and power generation.
Source: Original
Is Tony Elumelu a billionaire?
Tony is not a billionaire but a multi-millionaire. He isn't featured on Forbes's latest (2024) billionaire ranking list. The last time Elumelu was featured in the publication as a billionaire was in 2014, when he was worth $1 billion.
Career
Tony began his career while serving in the National Youth Service Corps, working as a corps member at the Nigerian Bank Union Bank in 1985. After completing the post-tertiary scheme, he became a copier salesman. Elumelu revealed his salesman career during an interview in 2019.
I started my career as a salesman, a copier salesman to be specific, young, hungry, and hardworking, but the reality was that I was just one of thousands of young Nigerian graduates, all eager to succeed. How did I get from there to where I am now? Of course, hard work, resilience, a long-term vision – but also luck.
In the late 1980s, despite having a 2:2 degree, he got a job as an entry-level analyst at Allstates Trust Bank thanks to a well-written cover letter. By age 27, he was promoted to branch manager within one year.
Business ventures
In 1997, Elumelu and other ambitious young professionals spearheaded the takeover of the struggling Crystal Bank, later renamed Standard Trust Bank. Within a few years, he turned it profitable, and in 2005, he merged it with the United Bank for Africa (UBA).
Elumelu became the CEO of UBA, a position he held until 2010 when he stepped down. He also founded Heirs Holdings, a family-owned investment holding company.
Is Tony Elumelu the owner of UBA?
He is part owner and chairman of the company. According to Markey Screener, Tony is a major United Bank for Africa Plc shareholder with 6.759% shares (as of this writing).
Philanthropy work
Source: Getty Images
After exiting UBA in 2010, Anthony established the Tony Elumelu Foundation, which promotes entrepreneurship in Africa. The foundation is hinged on the economic philosophy of Africapitalism, which emphasises that African businesses should prioritise social impact alongside profitability.
Assets
According to Business Elite Africa, Elumelu owns various assets, including luxurious properties, cars, and a private jet. Tony Elumelu's house, located on Ikoyi Island in Lagos, Nigeria, is a high-end residence. The mansion features a spacious library, a playground, a swimming pool, and a striking white lion statue that greets guests at the entrance.
In addition to real estate, the businessman reportedly owns a private jet. Tony Elumelu's private jet is a Dassault Falcon 7X, which he acquired in 2015.
It is valued at approximately $57.3 million. His other assets include luxury cars like a Range Rover Vogue and a Benz S-Class and a notable collection of contemporary African art displayed in his office and home.
FAQs
- How did Tony Elumelu become a billionaire? The businessman is not a billionaire but a multi-millionaire (as of this writing). He accumulated wealth through success in the banking sector and multiple business ventures in energy, hospitality, real estate, and healthcare.
- How much is Tony Elumelu worth in 2024? His net worth is allegedly between $700 million and $900 million.
- What is Tony Elumelu's tribe? He comes from the Igbo tribe and is a native of Anioma in Aniocha North LGA of Delta State, Nigeria.
- What does Tony Elumelu do now? He chairs various corporations, including Heirs Holdings, UBA Group, and Transcorp Plc. Elumelu also runs The Tony Elumelu Foundation.
- What is Tony Elumelu's age? He was born on 22 March 1963 and is 61 years old (as of 2024).
- Where is Tony Elumelu from? The entrepreneur hails from Onicha-Ukwu, Delta State, but resides in Ikoyi Island, Lagos, Nigeria.
- Does Tony Elumelu own a private jet? He reportedly owns a Dassault Falcon 7X private jet.
Tony Elumelu's net worth is in the millions, placing him among the wealthiest individuals in Africa. Once a billionaire, his wealth reflects his business acumen, hard work, and dedication to uplifting the African continent through investments and philanthropy.
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