Tony Elumelu Biography, Networth and Current Investments.
When it comes to entrepreneurship in Nigeria and Africa as a whole and when it comes to success in the field of business, Tony Elumelu cannot be an exception. He is an entrepreneur, economist, investor, billionaire and philanthropist. Through his 2010 established foundation – Tony Elumelu foundation (TEF), he has created empowerment initiatives to thousands of entrepreneurs today in Africa.
Currently, Tony Elumelu is one of the richest entrepreneurs in Nigeria and Africa after Aliko Dangote, having a net worth of over $1.4 billion. His investments are in the business sector including energy, real estate, agriculture, financial services, oil and gas amongst others.
Birth and Early Life
Tony was born to Suzanne and Dominic Elumelu in Jos, Plateau State, Nigeria, in the year 1963. He comes from Onicha-Ukwu in Aniocha North Local Government Area of Delta state. Tony has four other siblings which one of them, Ndudi Elumelu is into politics and was a former member of the Nigerian House of Representatives. He also had a renowned cousin who was a Legendary Reggae Musician, Ras Kimono of blessed memory. Ras Kimono kicked the bucket on the 10th of June, 2018.
Tony attended two prestigious Universities in Nigeria and bagged two degrees from them. He attended Ambrose Ali University where he got his Bachelor’s degree and later got a Master’s degree in science from the University of Lagos. He didn’t stop there, he furthered to the prestigious Harvard University for a Six weeks advanced management programme; which he is an Alumni now.
Tony got married to Dr. Awele Vivian Elumelu in the year 1993. And today, they are both blessed with seven beautiful children.
Tony always wanted to be an entrepreneur; and this has made him excel today. Many entrepreneurs started small, but today they’ve been successful and have made it immensely. The key to success in business is patience. Rushing in life reduces a person’s chance of being successful. Taking things easy and patiently ends up in huge outcome. Tony is one of these persons who diligently took time to plan, invest and is reaping from what he saw.
Tony acquired a position in the United Bank for Africa; which at this time, he transformed the bank into a Pan-African institution in a span of just 5 years. During his regime as the Head of Affairs in UBA, he was able to develop the bank into having over 7 million customers in 19 different African countries.
Spaced out from working with the United Bank for Africa, Tony acquired lots of properties including lands and housings across Nigeria and Africa with a subsidiary stake in Telecom Mobile firm MTN Nigeria. After he stopped working with the United Bank for Africa, he established an investment company which showed interest in financial services, healthcare, agribusiness, energy, real estate and hospitality. He serves as the Chairman of Corporation in the Transnational Corporation of Nigeria Plc (Transcorp) which he acquired. Transcorp is a multinational corporation with a expanded concern in several divisions and sectors including the real estate divisions, energy sector and Agribusiness.
Tony Elumelu Foundation (TEF)
Many young Nigerians and Africans all look up to Tony Elumelu today when it comes to entrepreneurship with an actual reason. He is a philanthropist, empowered thousands of entrepreneurs across Africa through his foundation and as well made a quality name for himself. This therefore promotes entrepreneurship and commerce leadership in the private sector transversely across Africa.
Tony Elumelu Foundation also called TEF has been able to establish over 160,000 jobs directly and indirectly across the continent in the space of three years. He released $100 million to his foundation with the target of empowering over 10,000 African entrepreneurs in a decade. TEF is then committed to the pursuit of success in business and commerce leadership and entrepreneurship and as well promote competitiveness in the private sector transversely across Africa.
- Some of the positions currently held by Tony Elumelu include:
- Advisor to the USAID’s Private Capital Group for Africa (PCGA) Partners Forum
- Chairman of the Nigerian President’s Agricultural Transformation Implementation Council (ATIC)
- Vice-chairman of the National Competitiveness Council of Nigeria (NCCN)
- Co-Chair of the Aspen Institute Dialogue Series on Global Food Security
- Chairman of the Federal Government’s Ministerial Committee which has been set up to establish world-class hospitals and diagnostic centres across Nigeri and to create 3 million jobs every year.
- 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.
- Member of the Bretton Woods Committee which brings together senior leaders in the global banking industry
- Fellow of the Nigeria Leadership Initiative
- Partner at the Blair-Elumelu Fellowship Programme
- Co-chair of the Africa Energy Leaders’ Group (AELG)
- Trustee of the Infant Jesus Academy in Delta State, Nigeria
Tony’s Awards and Recognitions
- Member of the Order of the Federal Republic (2003)
- Africa Investor Magazine’s African Business Leader of the Year (2008)
- African Banker’s Magazine African Banker of the Year (2008)
- Forbes Magazine’s list of Africa’s 20 Most Powerful People (2012)
- Commander of the Order of the Niger (CON) (2012)
- Africa-America Institute’s Leadership Award in Business and Philanthropy (2013)
- African Business Awards’ African Business Icon (2013)
- ESI Most Influential Figures in African Power (2015)
- CGECI Academy’s Lifetime Achievement Award (2016)
Many books has been written about the billionaire, Tony Elumelu. Here are few of them;
- How to Excel at Work – Proven strategies for achieving superior work performance: written by Bili A. Odum and inspired by Elumelu’s work ethics.
- The Power of Vision – Insights on Tony Elumelu is a testimonial compiled on the event of his retirement as Group Managing Director/Chief Executive Officer at the United Bank for Africa¬¬ – contains messages from AlikoDangote, OlusegunObasanjo, Professor Michael Porter, Professor Ngozi okonjo-Iweala, Sanusi Lamido Sanusi and many other prominent personalities.
- Tony Elumelu has also written about his philosophy and the economic development of Africa on several publications around the world. These include the Economist, the Wall Street Journal and the Financial Times.
- Elumelu’s philosophies, business practices and values in TOE Way – a book written by Elumelu himself.
Tony Elumelu who is a prominent billionaire is today known by everyone for his innovations, establishment and creation of opportunities for entrepreneurs today. His Net Worth has been estimated to be $1.98billion.
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