The net worth of one of Nigeria’s most enterprising individuals, Tony Elumelu, may have just crossed the billion-dollar threshold.
- Tony Elumelu’s net worth may have just crossed the billion-dollar threshold, reaching $2.15 billion.
- Heirs Holdings Limited and his direct and indirect holdings in Transcorp and UBA contribute to his net worth.
- Transcorp’s shares surged from N5.16 to N51 per share on March 10th, 2025.
The Nigerian business-mogul Tony Elumelu CFR, as per estimates from MoneyCentral, now boasts a net worth of $2.15 billion.
These estimates are based on the stakes owned by the businessman, which in recent years have seen significant growth.
Rough calculations of Mr. Elumelu’s stakes by MoneyCentral, primarily his family-owned investment vehicle, Heirs Holdings, and his direct and indirect holdings in publicly traded entities like Transnational Corporation of Nigeria (Transcorp) and United Bank for Africa (UBA), show that he may be worth around $2.15 billion.
Breakdown of Tony Elumelu’s business stakes
Via HH Capital Limited, Heirs Holdings Limited, and personal/family assets, the Nigerian business mogul owns a significant stake in Transcorp.
His family’s stake amounts to 35.93%, or 3.652 billion shares, as of 2024.
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Heirs Holdings Limited is the indirect owner of 68,386,431 shares in Elumelu, while HH Capital Limited is the indirect owner of 2,997,789,337 shares. 68,276,011 more are held directly.
“Transcorp’s shares have surged from a reconstructed share price of N5.16 in March 2023 to N51 per share on March 10th, 2025.
The total market capitalization of Transcorp as of Monday, March 10th, was N523.8 billion,” MoneyCentral states.
Tony Elumelu also owns a 7.43% stake in the United Bank of Africa (UBA).
Along with 195.12 million direct shares, the bank has 34.2 billion outstanding shares, of which 2.3467 billion indirect shares are held by Elumelu through Heirs Holdings Limited (1.814 billion shares), HH Capital Limited (302.29 million shares), and Heirs Alliance Limited (231 million shares).
UBA’s share price as of 10th March 2025 reached N37.60, up from N23 per share in March 2023.
“UBA’s market capitalisation is N1.286 trillion, meaning Tony Elumelu has a stake worth N95.54 billion or $63.69 million (at N1500/$),” MoneyCentral states.
“UBA’s gross earnings rose significantly in the 9-months 2024 period by 83.2 per cent to N2.398 trillion up from N1.308 trillion recorded in September 2023,” it adds.
These, alongside other stakes in Heirs Holding, Transcorp Hotels Plc, Heirs Energies, Heirs Insurance Group (Heirs Insurance, Heirs Life Assurance), United Capital Plc, and other investments such as real estate, are the basis for MoneyCentral’s calculations.
A breakdown of the calculations is as below
- Transcorp PLC: $125 million
- UBA: $63.69 million
- Heirs Energies: $1.75 billion
- Heirs Insurance: $28 million
- United Capital: $61.5 million
- Real Estate: $75 million
- Cash: $50 million
Legitimacy of Tony Elumelu’s billionaire assessment
As presently constituted, neither of the two real-time billionaire indexes have updated Tony Elumelu’s net worth.
Although Forbes had Tony Elumelu’s net worth at $1 billion in 2014, current Forbes estimates have Tony Elumelu’s net worth at $700 million.
As for Bloomberg’s billionaire index, the only Nigerian on the list remains Aliko Dangote, with a net worth of $28.1 billion.
