In 2015, the Tony Elumelu Foundation (TEF), founded by Mr. Tony Elumelu announced that it had committed $ 100 million to empower 10,000 Africans over 10 years. TEF remains one of the greatest philanthropic efforts on the African continent and today we are going to take a look at the financial journey of the man behind it.
Tony Elumelu’s Net Worth
Before we dive into his financial journey, let’s take a quick look at how much he’s worth. A quick search on Forbes revealed that in 2015, he was the 31st richest man in Africa with a net worth of $ 700 million. This was reaffirmed by Time Magazine mid-last year.
How did Elumelu get rich?
Tony Elumelu started his banking career as a Youth Corp member at Union Bank. He was and remains a banker who knew how to overthrow a sinking bank, bringing it back to profitability. According to Forbes, in 1997 he convinced a small group of investors to take over a midsize commercial bank on the verge of bankruptcy.
The newly acquired bank was renamed Standard Trust Bank and Tony Elumelu was appointed CEO of the bank. Within a few years he brought the bank to profitability and later the bank merged with UBA, the third largest bank in Nigeria at the time.
Tony Elumelu was appointed CEO of the merged UBA bank and he was able to transform the Nigerian bank into a pan-African bank with branches in more than 20 African countries. He stepped down as CEO of UBA, leaving the bank with a market cap of $ 2 billion, $ 12 billion in assets and more than 10,000 employees according to Forbes.
From the above information, it is clear that Tony Elumelu made his fortune in banking before venturing into other areas as an investor.
What is Tony Elumelu doing now?
President UBA Africa Plc
Although he stepped down as CEO in 2010, he still remains the chairman of the Pan-African bank with branches in more than 20 African countries. It also has branches in New York, London and Paris.
The Bank currently holds assets in excess of $ 19 billion.
Transnational Corporation is a Nigerian conglomerate that holds investments in hospitality, electricity and agriculture. According to Forbes, Tony Elumelu possesses 22.2% of the shares of the conglomerate in 2013. He is the largest individual shareholder of the company. He was appointed chairman of the company in 2011 and his shares in 2013 were valued at N30.7 billion.
Titles of heirs
According to his personal LinkedIn profile, Heirs Holdings is an African investment firm committed to boosting the African economy by investing in its promising sectors of financial services, healthcare, infrastructure, real estate and hospitality, agriculture, oil and gas.
These are his three known sources of income. The Tony Elumelu Foundation is strictly a non-profit institution.
What you need to know about the concept of Africapitalism of Elumelu
Mr. Tony Elumelu is the founding father of the concept of Africapitalism. The theory of Africapitalism argues that the African economy can be repaired by the private sector by making long-term investments that create economic prosperity and social wealth.