Tony Elumelu: 5 Industries that Made the Billionaire 

Tony Elumelu, Nigerian economist is an example of a Nigerian entrepreneur who has operated successfully in multiple industries. The billionaire has built a reputation as a successful entrepreneur and investor, and his wealth can be attributed to his contributions in various industries.

Elumelu’s investments in these sectors have strongly contributed to reaching billionaire status. Through his various ventures, he has not only created wealth for himself but has also contributed to the development of Africa’s economy and society. 

In this discussion, we will explore the five industries that have contributed to Tony Elumelu’s success as a billionaire entrepreneur.

Banking Industry – UBA

The acquisition of the United Bank for Africa (UBA) is one of the sectors that contributed to the billionaire status of Tony Elumelu. He started his career at Standard Trust Bank, rising to the position of CEO, and later helping to transform the fortunes of the struggling Standard Trust Bank as CEO.

He eventually acquired the United Bank for Africa in 2005 and eventually merged the now defunct Standard Trust Bank. 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.

Investment Industry- Heirs Holding Capital Limited

Heirs Holdings Capital Limited (H&H) is another sector that has contributed to Tony Elumelu’s success as a billionaire entrepreneur. Founded by Tony Elumelu in 2010, Heirs Holdings is an African investment sector that focuses on a wide range of sectors, including financial services, energy, hospitality, agribusiness, and real estate.

Elumelu whose inspiration emanates from Africapitalism has transformed the portfolios as a key enabler of economic and social wealth creation in Africa. 

Hospitality Industry- Transcorp

Elumelu’s investment in the hospitality industry also contributes to his billionaire status. This is as a result of the acquisition of a large percent stake in theTransnational Corporation of Nigeria (Transcorp), a  conglomerate with a diversified conglomerate with strategic investments and core interests in the hospitality, agribusiness and energy sectors. 

As the chairman of Transcorp, Elumelu currently has a combined stake of 10.5 billion shares or 25.9 per cent in the group which makes him the largest shareholder in the conglomerate. Transcorp’s diverse portfolio of businesses has generated significant revenue and profits over the years, which have contributed to Elumelu’s personal wealth.

Energy Industry – Ughelli Power Plant  

Tony Elumelu’s acquisition of the Ughelli Power Plant, which is part of his conglomerate Transcorp, contributed significantly to his wealth and status. The Ughelli Power Plant is one of the largest thermal power plants in Nigeria and one of the six power generation companies of the Power Holding Company of Nigeria (PHCN) being privatised by the Federal Government of Nigeria.

He invested heavily in the plant, upgrading the equipment, improving operational efficiency, and implementing best practices in power generation which in return has generated lots of revenue for him.

Healthcare Services – Avon Medicare

Tony Elumelu’s healthcare subsidiary, Avon Healthcare Limited, has played a significant role in his journey to becoming a billionaire. Avon Healthcare is a health management organization (HMO) that provides managed healthcare services to individuals and corporate clients in Nigeria.

The healthcare sector in Nigeria is a growing and lucrative market, with a significant demand for quality healthcare services. As such, Avon Healthcare has been able to generate substantial revenue and profits for Transcorp and Elumelu, contributing to his billionaire status.