Tony Elumelu: His Most Lucrative Assets
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African CEOs - April 26, 2023

Tony Elumelu: His Most Lucrative Assets

Nigerian entrepreneur and billionaire, Tony Elumelu has been greatly celebrated for his success in the African business world. Elumelu founded Heirs Holdings and the Tony Elumelu Foundation (TEF). While Heirs Holdings is a family-owned investment company that cuts across the power, oil and gas, financial services, hospitality, real estate and healthcare sectors, with operations in twenty-four countries, TEF is committed to raising 10,000 entrepreneurs across Africa.

With over 30 years of experience in the finance and banking industry including serving as Chairman of United Bank of Africa (UBA), Elumelu has amassed an impressive portfolio of assets throughout his career, but what are his most lucrative assets? 

Whether you’re a budding entrepreneur or simply interested in the world of finance, join us as we delve into the world of Tony Elumelu and explore the wealth of assets he has accrued over the years.

Transnational Corporation of Nigeria (Transcorp)

As the Chairman of Transcorp, Elumelu holds 273.1 million shares directly in the company, 274 million indirectly through Heirs Holdings Limited and 294 million shares indirectly through HH Capital Limited. Transcorp Group is one of Nigeria’s leading conglomerates with investments in the Hospitality, Power, and Oil & Gas sectors. with a transformational agenda of improving lives and transforming Africa.

Elumelu who was the largest shareholder was recently displaced by Nigeria’s billionaire Femi Otedola when he purchased about 6.3 per cent of the company. 

United Bank of Africa (UBA)

Elumelu led a small group of investors to take over a struggling Standard Trust Bank in 1997. A few years later, the Nigerian business magnate turned the bank into a profitable venture and led one of the largest mergers in the banking sector by acquiring the United Bank for Africa (UBA).

Elumelu has a significant 6.96-per cent ownership position in the pan-African banking business, totalling 2,380,941,756 ordinary shares. As a Nigerian financial services provider, UBA has operations in 20 African countries, as well as the UK, United States, and France. The bank is about the 15th most valuable company on the Nigerian Exchange.

Afriland Properties Plc

Tony also has assets in real estate through Afriland Properties Plc. Afriland Properties is a property management, investment, and development company, offering end-to-end services along the real estate value chain, from management to joint-venture investments.

In 2022, Tony’s Afriland announced plans to partner with Lagos State Development and Property Corporation (LSDPC) to build Falomo Towers in Ikoyi, Lagos. Other projects include Afriland Towers, Lagos Island, Heirs Towers, Victoria Island, The Rouge, Ikoyi, Residential Developments at Shafi Sule, Lekki, Lagos, and The Emporium, Port-Hacourt. The leading indigenous real estate firm is pioneering opportunities presented by an institutional approach to real estate, serving niche markets throughout Africa.

Nigerian oil Block OML17

Tony Elumelu secured 30 per cent of Shell Petroleum Development Company of Nigeria Limited equity stake in Oil Mining Lease (OML) 17 and associated infrastructure valued at $533 million in the Eastern Niger Delta. He made the purchase through his TNOG Oil and Gas Limited. 

The Nigerian oil block OML17, has a production capacity of 50,000 barrels of oil equivalent per day and 2P reserves of 1.2 billion barrels of oil equivalent, with an additional 1 billion barrels of oil equivalent resources of further exploration potential.


According to reports, Elumelu also has a minority stake in mobile telecom firm, MTN Nigeria Communications Limited. MTN NG which provides cellular telecommunications and internet services is listed on the Nigeria Stock Exchange.

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