By Abiola Olawale
Nigerian billionaire and philanthropist Tony Elumelu has reportedly seen his net worth soar to $2.15 billion, consolidating his position as one of Africa’s most influential business moguls.
A report by MoneyCentral indicate that the rise comes on the back of record-breaking growth across several companies under Heirs Holdings, his family-owned investment conglomerate.
Elumelu, who chairs Heirs Holdings and the United Bank for Africa (UBA), has built a sprawling, staggering business empire spanning finance, energy, real estate, hospitality, and healthcare, respectively.
The report also indicated that the latest spike in his astonishing wealth is traceable to a combination of key and strategic investments, robust performance in key sectors, and favourable market conditions across Africa and beyond.
A breakdown of the report shows that UBA, where Elumelu serves as chairman, has been a cornerstone of his financial industry.
The bank reported an 83.2% increase in gross earnings for the first nine months of 2024, reaching N2.398 trillion, up from N1.308 trillion the previous year. Profit before tax also rose by 20.2% to N603.48 billion, while profit after tax climbed 16.9% to N525.31 billion.
With a share price of N37.60 as of March 10, 2025, Elumelu’s stake in UBA is reportedly valued at approximately $ 63.69 million, based on an exchange rate of N1500.
Transcorp, another jewel in Elumelu’s crown, has seen its shares skyrocket from a reconstructed price of N5.16 in March 2023 to N51 as of March 10, 2025, boosting its market capitalization to N523.8 billion, according to MoneyCentral.
The report also revealed that Elumelu and his family hold a 35.93% stake, valued at around $125 million.
Heirs Energies, the oil and gas arm of Heirs Holdings, has popped up as a critical player in the oil and gas sector since its acquisition of a 45% stake in OML 17 in 2021. The report estimates Elumelu’s stake in the company at $1.75 billion, reflecting its potential to escalate production to 200,000 barrels per day of oil and 300 million cubic feet per day of gas.
The report also showed that the insurance arm of Heirs Holdings has also demonstrated impressive, groundbreaking growth, with a 59.3% increase in gross written premiums, rising from N19.9 billion in 2022 to N31.7 billion in 2023. Earned insurance revenue surged 80% to N20.5 billion in 2023, valuing Elumelu’s stake at approximately $28 million.
According to MoneyCentral, Elumelu’s estimated 25% stake in United Capital Plc, a leading investment firm with a market capitalization of N369 billion, adds another $61.5 million to his portfolio.
Additionally, his extensive real estate holdings across Nigeria and liquid assets, including cash and dividends, are believed to have further consolidated his financial growth.
Investment experts projects Elumelu’s cash holdings at around $50 million, in line with typical billionaire liquidity nuances and dynamics.
