Tony Elumelu’s net worth surges to $2.15 billion as family business hits major growth: Report

The Elumelu family’s 35 per cent stake in Transcorp was equivalent to N187.9 billion or $125 million (at N1500/$).

Victor Olorunfemi • March 13, 2025

Tony Elumelu

Nigerian billionaire Tony Elumelu has seen his net worth increase sharply following the recent surge of the entrepreneur’s heirs holding firms, according to a financial report published by Moneycentral.

A report published by Moneycentral pegged Mr Elumelu’s net worth at $2.15 billion as of March 10, 2025 following calculation of stakes in companies primarily-owned by the billionaire and his family.

The stakes include investment vehicle, Heirs Holdings, and the family’s direct and indirect holdings in publicly traded entities such as Transnational Corporation of Nigeria (Transcorp) and United Bank for Africa (UBA).

According to Moneycentral, the Elumelu’s family controls a major stake in Transcorp via HH Capital Limited, Heirs Holdings Limited and personal/family holdings, which surged by 35.93 per cent or 3.652 billion shares as per financial report for 2024.

The report showed that Transcorp’s shares price rose from N5.16 per share in March 2023 to N51 per share as at March 10, increasing the company’s total market capitalisation to N523.8 billion during the same timeframe.

The Elumelu family’s 35 per cent stake in Transcorp was equivalent to N187.9 billion or $125 million (at N1500/$).

Mr Elumelu also saw significant growth with the shares he owns in United Bank of Africa (UBA), which 2023 financial report estimated to be 7.43 per cent — the largest in the company.

UBA’s share price hit N37.60 in March 10, 2025 trading, up from N23 per share a year ago in March in 2023, raising the company’s market capitalisation to N1.286 trillion and subsequently increasing Mr Elumelu’s stakes’ valuation to $63.69 million.

He also recorded surges in his stakes in other companies with his shares in Heirs Energies (formerly Heirs Oil and Gas) now valued at $1.74 billion — the billionaire’s biggest asset by far.

Mr Elumelu’s stakes valuation in Heirs Insurance is currently $28 million, United Capital valued at $61.5 million, Real Estate valued at $75 million and his cash-in-hand estimated to be £50 million, totalling $2.15 billion.

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