Quick Summary: Nigerian billionaire Tony Elumelu’s net worth has surged to $2.15 billion, driven by record growth in Heirs Holdings and key investments. His stakes in Transcorp, UBA, and Heirs Energies contribute significantly to his wealth. Elumelu’s investments span multiple sectors, reinforcing his Africapitalism philosophy. His philanthropic efforts continue to empower African entrepreneurs.
Nigerian billionaire Tony Elumelu, CFR, now has an estimated net worth of $2.15 billion, according to MoneyCentral’s analysis. His stakes in various companies, primarily through his investment vehicle Heirs Holdings, have seen record growth in recent years.
How His Wealth Was Calculated
MoneyCentral’s estimate, as of March 10, 2025, includes Mr. Elumelu’s direct and indirect holdings in publicly traded companies like Transnational Corporation of Nigeria (Transcorp) and United Bank for Africa (UBA). His private investments across multiple sectors also contribute significantly to his fortune.
Heirs Holdings: A Diverse Investment Portfolio
Heirs Holdings operates in power, energy, financial services, hospitality, real estate, healthcare, and technology, spanning 24 countries. The company is driven by the philosophy of Africapitalism, which emphasizes private sector leadership in Africa’s economic and social transformation.
Breakdown of Elumelu’s Wealth
Publicly Traded Holdings
Transnational Corporation of Nigeria (Transcorp)
- Ownership: 35.93% stake held via HH Capital Limited, Heirs Holdings Limited, and personal/family holdings.
- Market Value: Transcorp shares surged from N5.16 (March 2023) to N51 (March 2025), bringing his stake’s worth to N187.9 billion ($125 million at N1500/$).
- Growth: Revenue grew 107% to N407.9 billion ($271 million) in 2024, while profit jumped 189.7% to N94 billion ($62.6 million).
- Dividends: Mr. Elumelu and his family earned N3.65 billion in dividends for 2024.
United Bank for Africa (UBA)
- Ownership: 7.43% stake in UBA, totaling 2.35 billion shares.
- Market Value: UBA’s stock price rose from N23 to N37.60 (March 2025), valuing his stake at N95.54 billion ($63.69 million at N1500/$).
- Growth: Gross earnings surged 83.2% to N2.398 trillion in 2024, with profit before tax rising 20.2% to N603.48 billion.
Major Heirs Holdings Subsidiaries
Transcorp Power
- Ownership: 50% owned by Transcorp, with Elumelu’s indirect stake at $653 million.
- Market Value: Total valuation at N2.73 trillion ($1.82 billion).
- Growth: Revenue increased 115% to N305.9 billion, with profit surging 165% to N80 billion in 2024.
Transcorp Hotels Plc
- Ownership: 76% owned by Transcorp, including the flagship Transcorp Hilton Abuja.
- Market Value: N1.292 trillion ($861 million).
- Growth: Revenue jumped 69% to N70.134 billion, while profit after tax rose 138% to N14.895 billion.
Heirs Energies (formerly Heirs Oil & Gas)
- Ownership: 100% owned by Heirs Holdings, operating OML 17.
- Market Value: Estimated $1.75 billion.
- Growth: Oil production doubled from 27,000 to 52,000 barrels per day within 100 days of acquisition.
Heirs Insurance Group
- Ownership: 100% owned by Heirs Holdings.
- Market Value: Estimated $28 million.
- Growth: Gross written premium surged 59.3% to N31.7 billion, with earned insurance revenue rising 80% to N20.5 billion.
United Capital Plc
- Ownership: Estimated 25% stake.
- Market Value: Total valuation at N369 billion ($246 million), valuing Elumelu’s stake at $61.5 million.
- Growth: Profit after tax surged 111% to N24.1 billion in 2024.
Additional Assets
- Real Estate: Estimated at $75 million.
- Cash & Investments: Estimated at $50 million, backed by major dividend inflows.
Philanthropy: The Africapitalism Vision
Elumelu’s philanthropic work through the Tony Elumelu Foundation supports African entrepreneurs with a $100 million entrepreneurship program. His investments and philanthropy align with his vision of driving economic growth in Africa.
Conclusion: A Growing Billionaire Empire
Tony Elumelu’s total estimated net worth stands at $2.15 billion, driven by strategic investments, high-performing assets, and a commitment to long-term growth.
