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10 Companies Owned by Tony Elumelu

- August 31, 2023

Among African business titans, Tony Elumelu stands out as a top figure. Not only is he a visionary investor and economic strategist, but his unwavering dedication to nurturing African entrepreneurship and driving social change is equally remarkable.

His fingerprints grace an array of sectors, including finance and energy, shaping industries and forging an indelible legacy across the continent. Holding the reins as Group Chairperson of Heirs Holdings, United Bank for Africa Plc, and the Tony Elumelu Foundation, he commands influence that resonates far beyond boardrooms.

The economic landscape of Nigeria bears the imprint of Elumelu’s visionary leadership, with his expansive reach spanning financial services, real estate, power, oil and gas, hospitality, healthcare, and insurance.

As the founder of Heirs Holdings, an esteemed investment holding company, Elumelu’s mark is unassailable. His pivotal role in sculpting Nigeria’s financial and business horizons anchors him as a linchpin in the worlds of finance and energy. His stakes in UBA, Transcorp, Africa Prudential, and United Capital make him one of Nigeria’s richest investors.

Elumelu’s businesses are inspired by his economic philosophy of Africapitalism, which positions the private sector and, most importantly, entrepreneurs as the catalysts for the social and economic development of the African continent.

His influence extends far beyond his business endeavors, making him a beacon of inspiration for future generations. In 2010, Elumelu established the Tony Elumelu Foundation, a philanthropic non-profit organization that has empowered more than 9,000 entrepreneurs with grants and support.

Billionaires.Africa has cataloged companies owned by Elumelu.

Here are 10 firms under his direct or indirect ownership:

  1. United Bank for Africa Plc (UBA)

As the chairman of UBA, Elumelu oversees a pan-African financial services group with a formidable presence across 20 countries in Africa, the United Kingdom, France, and the UAE. UBA is the sole African bank with a commercial deposit presence in the United States. Serving more than 35 million customers worldwide, Elumelu’s influence extends beyond finance, positioning him as one of Nigeria’s richest men.

  1. Transnational Corporation of Nigeria Plc (Transcorp)

Under Elumelu’s guidance, Transcorp, one of Nigeria’s leading conglomerate, thrives with subsidiaries like Transcorp Power and Transcorp Hotels Plc. Diversified across the power, hospitality, and energy sectors, Transcorp Power is a major electricity producer in Nigeria, while Transcorp Hotels Plc sets the standard for Nigerian hospitality. Elumelu’s stake in Transcorp, through his investment firm HH Capital, demonstrates his substantial commitment to driving growth.

  1. Heirs Holdings

Founded by Elumelu in 2010, Heirs Holdings embodies family-owned investment excellence. The conglomerate’s portfolio spans power, oil and gas, hospitality, healthcare, and insurance, positioning it as a catalyst for African progress. By investing long-term in critical sectors like finance, hospitality, energy, and technology, Heirs Holdings exemplifies Elumelu’s commitment to reshaping Africa’s destiny.

  1. Afriland Properties

Afriland Properties Plc, an investee company of Heirs Holdings, stands at the forefront of real estate innovation. Elumelu’s holistic approach to real estate, rooted in Africapitalism, seeks to create employment, prosperity, and social wealth across Africa. Through management, investments, and development, Afriland pioneers an institutional approach to real estate, enhancing Africa’s economic landscape.

  1. Africa Prudential

Africa Prudential, led by Elumelu’s unwavering vision, redefines shareholder management through cutting-edge technology. With a focus on digital transformation, the company empowers businesses to thrive in the digital era. This commitment to innovation positions Africa Prudential as a leader in share registration and digital solutions.

  1. Heirs Alliance Limited

Heirs Insurance and Heirs Life Assurance, part of Elumelu’s ever-expanding conglomerate, offer streamlined insurance solutions. Crafted to embody simplicity, speed, and reliability, these additions exemplify Elumelu’s foresight in creating responsive financial products.

  1. United Capital

United Capital Plc, driven by Elumelu’s commitment to excellence, leverages technology to empower governments, businesses, and individuals with top-tier financial services. With a pan-African focus, the company’s impact echoes Elumelu’s vision for the continent’s progress.

  1. Transcorp Hotels Plc

As a subsidiary of Transcorp Corporation of Nigeria Plc, Transcorp Hotels Plc stands as a benchmark for Nigerian hospitality. Under Elumelu’s leadership, the company redefines luxury and quality in the hospitality sector.

  1. Transcorp Power

Elumelu’s Transcorp Power holds a significant role in Nigeria’s power sector, generating electricity for the national grid. The acquisition of Ughelli Power Plc and Afam Power Plant through the company demonstrates Elumelu’s commitment to improving Nigeria’s energy landscape through strategic investments.

  1. Heirs Holding Capital (HH Capital)

HH Capital, Elumelu’s personal investment vehicle, is a testament to his dedication to strategic investments. Fueled by his vision, HH Capital channels his personal resources into promising opportunities that align with Africa’s growth trajectory.

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