TONY ONYEMAECHI ELUMELU, CON
Profile:
Born: March 22, 1963
Origin: Onicha-Ukwu, Delta State, Nigeria
Education:
- B.Sc. Economics – Ambrose Alli University
- M.Sc. Economics – University of Lagos
- Alumni – Harvard Business School (Advanced Management Program)
Major Business Roles
1. Chairman of Heirs Holdings
A family-owned investment firm with interests in:
- Financial services
- Power (Transcorp Power)
- Oil & Gas (Heirs Oil & Gas)
- Healthcare
- Hospitality
- Real estate
2. Chairman of Transcorp Group (Transnational Corporation of Nigeria)
- Controls some of Nigeria’s largest power generating assets.
- Owns hospitality giants like Transcorp Hilton Abuja.
3. Chairman of United Bank for Africa (UBA)
- Operates in 20 African countries, the UK, the U.S., and France.
- Key player in providing financial access and digital banking to underserved populations across Africa.
Impact in Nigeria and Africa
1. Powering Nigeria
Through Transcorp Power, Tony is:
- Generating over 700 megawatts of electricity.
- Contributing significantly to Nigeria’s national grid.
- Helping reduce the nation’s power deficit, which is a major constraint to industrial growth.
2. Empowering Entrepreneurs – Tony Elumelu Foundation (TEF)
Founded in 2010, TEF is the largest African philanthropic initiative focused on entrepreneurship.
- $100 million pledge to support African entrepreneurs over 10 years.
- Over 15,000 entrepreneurs funded and mentored to date.
- Impact: Thousands of new businesses have been launched across Africa, including in rural and underserved areas of Nigeria.
- Annual TEF Forum: Africa’s largest entrepreneurship gathering.
3. Promoting Africapitalism
Tony Elumelu coined the term “Africapitalism” — a philosophy that:
“Africa’s private sector can and must play a leading role in the continent’s development.”
He actively promotes:
- Private sector-led solutions to poverty and unemployment.
- Policies that encourage inclusive economic growth.
4. Shaping Policy
Tony is regularly invited to speak at the UN, World Economic Forum, and African Union, and he advises governments on:
- Entrepreneurship development
- Private sector engagement
- Youth employment and empowerment
5. Youth and Leadership Development
- Runs internship and mentoring programs for young Nigerians.
- Funds scholarships and educational support through the TEF.
- Active in digital financial inclusion campaigns and SME financing.
Awards and Recognition
- Commander of the Order of the Niger (CON) – National honor by the Nigerian Government.
- TIME 100 Most Influential People (Named multiple times)
- Forbes Africa’s Person of the Year
- ESI Africa Energy Leadership Award
- Numerous honorary doctorates from Nigerian and international universities.
Legacy and Future Outlook
Tony Elumelu’s legacy is built not just on business, but on sustainable impact. He is grooming a generation of job creators, not job seekers. His model of business-backed philanthropy is shaping the future of African capitalism.
Biography:
Tony Elumelu — Architect of Africapitalism
Early Life and Education
Tony Onyemaechi Elumelu was born on March 22, 1963, in Jos, Nigeria, to parents from Onicha-Ukwu in Delta State. His humble upbringing instilled in him values of discipline, diligence, and determination. He earned a B.Sc. in Economics from Ambrose Alli University and an M.Sc. in Economics from the University of Lagos. Later, he completed the Advanced Management Program at Harvard Business School.
Career Breakthrough
Tony’s rise began when he led a small Nigerian bank (Standard Trust Bank) and merged it with United Bank for Africa (UBA), transforming UBA into a pan-African financial powerhouse operating in over 20 countries.
Today, as the Chairman of:
- UBA Group
- Heirs Holdings
- Transcorp Group
He influences sectors like banking, energy, hospitality, insurance, oil and gas, and healthcare.
Philanthropy and Pan-African Impact
In 2010, Tony founded the Tony Elumelu Foundation (TEF) with a personal commitment of $100 million to support African entrepreneurs over 10 years. TEF has directly empowered over 15,000 entrepreneurs across all 54 African countries.
Through his unique concept of Africapitalism, he believes in the power of entrepreneurship as a catalyst for sustainable development.
Key Leadership Lessons from Tony Elumelu
1. Africapitalism
“Africapitalism is the intersection of profit and purpose.”
Lesson: Profit and impact can go hand-in-hand — businesses should solve societal problems, not just make money.
2. Start Early, Stay Long
“You must be patient; success takes time.”
Lesson: Sustainable success is a marathon, not a sprint. Consistency beats speed.
3. Empower Others
“No one but us will develop Africa. We must take the lead.”
Lesson: True leadership is measured by how many others you empower and uplift.
4. Discipline is a Superpower
“There’s no magic to success — just discipline, hard work, and execution.”
Lesson: Structure, time management, and accountability are non-negotiables.
5. Think Long-Term
“We invest in sectors critical to Africa’s development because we believe in the continent.”
Lesson: Visionary leadership is about anticipating the future, not just reacting to the present.
Legacy in Numbers
| Metric | Value |
| Entrepreneurs Empowered | 15,000+ |
| Countries Covered by TEF | 54 African Nations |
| Electricity Generated (MW) | 700+ MW (Transcorp Power) |
| UBA Global Presence | 20+ countries + UK, USA, FR |
| Investment Fund Commitment | $100 Million |