Tony Elumelu Net Worth – Life and Career

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Tony Elumelu’s net worth and salary 2020 – What is Tony Elumelu net worth today and how did he become successful? Read on to find out the story behind Tony Elumelu success, net worth, family, career, and more.

Tony Elumelu Net Worth

Tony Elumelu is a name that is making waves in Africa due to his philanthropic gesture towards young African entrepreneurs.

He is also the chairman and owner of different companies and has been conferred with various honours both by his country and other countries. Tony Elumelu currently has a net worth of $700 million.

Net Worth $700 million
Profession Economist, Entrepreneur
Date of Birth March 22, 1963
Age 56
Citizenship Nigeria
Residence Residence

Early Life

Tony Onyemaechi Elumelu which is his full name was born on the 22nd of March 1963 in Jos, Plateau State to Dominic and Suzanne Elumelu.

His parents are of the Igbo ethnic group and his father’s state and local government in Nigeria is Onicha-Ukwu in Aniocha North Local Government Area of Delta State.

He had a good educational background in Nigeria as he finished his secondary education obtaining his West African Secondary School Certificate which can be likened to GED in the United States.

He went on to Ambrose Ali University Ekpoma, Delta State where he obtained his bachelor of science degree in economics. He later furthered his education obtaining his Master degree from the University of Lagos, Nigeria.


Elumelu started his career as a banker but soon grew to a top position. He later was able to buy over Standard Trust Bank and transformed the bank to one of the topmost in the country.

He went on to purchase the United Bank for Africa (UBA) transforming it one of the top banks in Africa.

Tony Elumelu retired in 2010 and started another firm the Hiers Holdings which had an interest in energy, health care, real estate and financial services.

Elumelu also began his foundation named The Tony Elumelu Foundation through which he showcased his philanthropic gestures. Most recently he gave out about $100 million in the form of grants to young African entrepreneurs so as to drive private sector growth in Africa.

His new company Hires holdings were able to take over operations of Transnational Corporation of Nigeria a public limited liability company that had investments in energy, agriculture and health care.

He went on to head the company. USAID’s Private Capital Group for Africa (PCGA), appointed him to serve as an adviser to the firm a position he occupies till date.

He was once appointed by his country’s president to be a member of the Agricultural Transformation Implementation Council (ATIC) which he accepted the offer.

Tony Elumelu was one of the pioneers for the creation of National Competitiveness Council of Nigeria and once served as its vice president. He also served as the vice president of Aspen Institute Dialogue Series on Global Food Security.

Elumelu has served in various council that borders on health,  job creation, energy, etc. He also a board member of the United Nations Sustainable Energy for All Initiative (SE4ALL).

He has also held top positions around the world. Elumelu’s foundation is driving the private sector in Nigeria as he has given grants to thousands of young African entrepreneurs with the hope of driving his philosophy of Africapitalism.

He viewed Africapitalism as the process of transforming Africa’s economy through the private sector which would later lead to an improved standard of living.

Tony Elumelu Net Worth and Earnings

As of 2020, Tony Elumelu has a net worth of $700 million. Tony Elumelu is one of the richest men in Africa.

He made most of his fortunes from his stakes in his UBA and his company Hiers Holdings. Elumelu is also a philanthropist as he has given out $100 million which is a large chunk of his wealth.

Tony Elumelu ,Tony Elumelu Net Worth

He also owns a private jet Falcon 7x and lots of cars.  He also owns houses in and outside of Nigeria.

Awards and recognition

He has been conferred with various awards both nationally and internationally for his outstanding achievements in the course of his life. Some of his awards include:

  • -2003: Member of the Order of the Federal Republic (MFR)
  • -2006: African Business Leader of the Year by Africa Investor magazine.
  • -2007: The Banker of The Year by the Nigerian Magazine
  • -2008: African Banker of the Year by African Banker magazine
  • -2012: National Honour of Commander of the Order of the Niger (CON)
  • -2013: Leadership Award in Business and Philanthropy from the Africa-America Institute (AAI) Awards
  • -2017: Philanthropist of the year award

Top Quotes

“Africapitalism is not exclusive to African businesses but we must set an example for others to follow” –Tony Elumelu

“Only entrepreneurship can create opportunity where none seemingly exists.”~ Tony Elumelu

My advice for small-scale entrepreneurs is: run your business well, if you run your business well, you grow.– Tony Elumelu

“Everything I have today is because of Africa, I was born here, went to school here, I work here and I’m achieving some level of financial comfort here” – Tony Elumelu

As of 2019, Tony Elumelu has an estimated net worth of $700 Million USD, Placing him among the richest men in Africa.

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Now that you know much about Tony Elumelu, his career, earnings, and net worth. What lessons have you learned from Tony Elumelu so far?


About Author

Azoka Theo is the Co-Founder of Porumba. Theo is an Entrepreneur, Author, Blogger & Digital Nomad.