Tony Elumelu

**Anthony Onyemaechi Elumelu** CFR (born March 22, 1963) is a Nigerian economist, entrepreneur, and philanthropist. He is widely regarded as one of Africa's most prominent business leaders and is the proponent of the philosophy of "Africapitalism," which advocates for the private sector's role in the continent's social and economic development. **Early Life and Education** Tony Elumelu was born in Jos, Northern Region, Nigeria (now in Plateau State), to Suzanne and Dominic Elumelu. His family is originally from Onicha-Ukwu in Aniocha North Local Government Area of Delta State. He grew up with four siblings, including Ndudi Elumelu, who serves as the minority leader in the Nigerian legislature. Elumelu pursued his university education in Nigeria, studying economics. He obtained a Bachelor of Science degree with a Lower Second Class (2:2) from Ambrose Alli University and later earned a Master of Science degree in Economics from the University of Lagos. He began his professional journey working in the Nigerian Bank, Union Bank, as a corps member during his National Youth Service Corps in 1985, before starting his career as a salesman. **Career Progression and Major Achievements** Elumelu’s career in banking and investment is marked by several significant turnarounds and mergers. In 1997, he led a small group of investors to acquire the struggling Crystal Bank, which was subsequently renamed Standard Trust Bank (STB). Under his leadership, STB was transformed into a profitable entity within a few years, establishing his reputation as a business turnaround expert. In 2005, Elumelu masterminded one of the largest mergers in the banking sector in Sub-Saharan Africa by acquiring the United Bank for Africa (UBA), creating a pan-African financial services group with operations across 20 African countries and beyond. He served as the Group Managing Director until 2010. Following his exit from the banking sector, Elumelu founded **Heirs Holdings** in 2010, an investment company that maintains a diversified portfolio across sectors including power, hospitality, energy, and financial services. Through Heirs Holdings, he holds a controlling interest in **Transnational Corporation (Transcorp)**, a diversified conglomerate. He currently serves as the Chairman of Heirs Holdings, Transcorp, and the United Bank for Africa. **Philanthropy and Current Status** Elumelu is the founder of **The Tony Elumelu Foundation (TEF)**, his primary philanthropic venture. Established in 2010, TEF is dedicated to empowering African entrepreneurs. In 2015, Elumelu committed $100 million to create 10,000 entrepreneurs across Africa over a decade through the Tony Elumelu Foundation Entrepreneurship Programme, which provides training, funding, and mentorship. The foundation has since created a digital ecosystem of over one million Africans and funded just under 10,000 entrepreneurs. Elumelu has received several national and international honors. He was decorated with the Nigerian national honor of Member of the Order of the Federal Republic (MFR) in 2003 and later the Commander of the Order of the Niger (CON) in 2012 for his services in promoting private enterprise. In 2020, he was recognized in the Time100 Most Influential People in the World list, and Belgium conferred upon him the honorary distinction of Officer in the Order of Leopold. He is married to Dr. Awele Vivian Elumelu, and they have seven children.