Tony Elumelu's Wife: Her Most Notable Investments in 2023
Home African CEOs Tony Elumelu’s Wife: Her Most Notable Investments in 2023
African CEOs - June 14, 2023

Tony Elumelu’s Wife: Her Most Notable Investments in 2023

Tony Elumelu’s Wife, Awele has through a number of notable investments demonstrated her belief that business should have a dual purpose of achieving profit and prosperity. As the founding Trustee of the Tony Elumelu Foundation, Awele is one of the big players in Nigeria’s healthcare sector that has invested in both provisions of medical services as well as health insurance.

Awele who is the chairperson of Avon Healthcare Limited, and chief executive officer of Avon Medical Services Limited runs her businesses with the principle of Africapitalism. Coined by her husband, the principle preaches that Africa’s future depends on the long-term investments of private institutions in healthcare and other sectors, creating jobs, generating local wealth and having a positive social impact on African society.

Tony Elumelu’s wife once revealed that Elumelu “is someone who believes strongly in whatever ( goals and dreams) he believes in. This makes it easy for you to believe along with him because he does not give up, he does not get tired, and he is tireless. It has been one hell of a ride as they say.”

Her belief in Elumelu is largely reflected in her most notable investments in 2023. Let’s delve into this piece for more details.

5% ownership of Transcorp Plc

On the 13th of May 2023, newsmen reported that Tony Elumelu’s wife acquired a 5.076-percent stake in the Lagos-based conglomerate, Transnational Corporation of Nigeria (Transcorp). Her acquisition came two weeks after Nigerian billionaire Femi Otedola shook the Nigerian equity market with the sale of his stake in the conglomerate. 

The 5 per cent purchase made her one of the largest shareholders in the group, joining her husband. Awele spent $14 million to acquire 2,063,484,991 ordinary shares in Transcorp, cementing the family’s holdings in the conglomerate.

Awele who has been an active contributor to Heirs Holding and the Tony Elumelu Foundation (TEF) and the well-being of humanity through her field in various capacities purchased the 5 per cent stake at a share price of N3.12 per share. By purchasing a 5% stake Tony Elumelu’s wife possesses a degree of influence and control over the decision-making processes within the company.

It also gives her the opportunity to provide a notable voice in key matters such as board appointments, corporate governance, and major strategic decisions.

Her additional 7.3 million Transcorp Shares

In a notification of share dealings published on the 13th of June, 2023, Tony Elumelu’s wife purchased an additional 7,309,813 shares in six separate transactions on the Nigerian Exchange. The operation which took place on the 5th of June, 2023 cost Awele the sum of $46,100.

The latest acquisition moved Awele’s total holdings in Transcorp to an impressive 2,070,794,804 shares. The move also comes in alignment with her husband’s previous decision to increase his stake to over 30 per cent.

Tony Elumelu’s wife who is a Group Board Member of the UBA Pensions Custodian Board serves as the GAVI Private Sector Champion for Africa. The mother of seven children has been grossly involved in her husband’s business while ensuring that their children learn the values they teach them.

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