Tony Elumelu’s Wealth Hits $2.15 Billion as UBA, Transcorp, and Heirs Energies Surge
Billionaire entrepreneur and Chairman of Heirs Holdings, Tony Elumelu, has seen his net worth climb to $2.15 billion, driven by the impressive growth of his stakes in United Bank for Africa (UBA), Transnational Corporation of Nigeria (Transcorp), and Heirs Energies.
The Rise of Elumelu’s Fortune
A new analysis by MoneyCentral estimates Elumelu’s wealth by evaluating his direct and indirect holdings in both publicly traded and private companies. Through his investment firm, Heirs Holdings, he has built a diverse portfolio spanning power, energy, financial services, hospitality, real estate, healthcare, and technology, with operations across 24 countries.
The Africapitalism advocate—who champions the private sector as a catalyst for Africa’s economic transformation—has leveraged strategic investments to significantly increase the value of his holdings.
Key Investments Fueling Growth
1. Transcorp Plc
Elumelu holds 35.93% of Transcorp’s shares through HH Capital Limited, Heirs Holdings Limited, and personal/family shares. His stake includes:
• 2.99 billion shares through HH Capital Limited
• 68.38 million shares via Heirs Holdings Limited
• 68.27 million shares held directly
Transcorp’s Market Performance:
• Share price rose from ₦5.16 (March 2023) to ₦51 (March 2025)
• Market capitalization surged to ₦523.8 billion ($349 million at ₦1500/$)
• 2024 revenue grew 107% to ₦407.9 billion ($271 million)
• Full-year profit jumped 189.7% to ₦94 billion ($62.6 million)
• Dividend payout of ₦10.16 billion, with Elumelu’s share at ₦3.65 billion
2. United Bank for Africa (UBA)
As UBA’s largest individual shareholder, Elumelu owns 7.43% of the bank’s 34.2 billion outstanding shares, distributed across:
• 1.81 billion shares via Heirs Holdings Limited
• 302.29 million shares via HH Capital Limited
• 231 million shares via Heirs Alliance Limited
• 195.12 million shares directly
UBA’s Market Performance:
• Share price rose from ₦23 (March 2023) to ₦37.60 (March 2025)
• 2024 gross earnings increased 83.2% to ₦2.398 trillion
• Profit Before Tax (PBT) climbed 20.2% to ₦603.48 billion
• Profit After Tax (PAT) increased 16.9% to ₦525.31 billion
3. Heirs Energies (Formerly Heirs Oil & Gas)
Since acquiring OML 17 in July 2021, Heirs Energies has:
• Doubled oil production from 27,000 to 52,000 barrels per day within 100 days
• Fully owned 45% of OML 17, acquired for $1.1 billion
• Estimated valuation of $1.5 billion - $2 billion in 2025
A Billionaire’s Legacy
Elumelu’s wealth surge underscores his strategic ability to drive growth across key sectors. With Transcorp’s expansion, UBA’s solid financial performance, and Heirs Energies’ growing valuation, his financial empire continues to reshape Africa’s business landscape.
As Africa’s economic prospects brighten, Elumelu’s vision of Africapitalism—where businesses create both economic and social wealth—remains at the forefront of his investment philosophy.
Billionaire entrepreneur and Chairman of Heirs Holdings, Tony Elumelu, has seen his net worth climb to $2.15 billion, driven by the impressive growth of his stakes in United Bank for Africa (UBA), Transnational Corporation of Nigeria (Transcorp), and Heirs Energies.
The Rise of Elumelu’s Fortune
A new analysis by MoneyCentral estimates Elumelu’s wealth by evaluating his direct and indirect holdings in both publicly traded and private companies. Through his investment firm, Heirs Holdings, he has built a diverse portfolio spanning power, energy, financial services, hospitality, real estate, healthcare, and technology, with operations across 24 countries.
The Africapitalism advocate—who champions the private sector as a catalyst for Africa’s economic transformation—has leveraged strategic investments to significantly increase the value of his holdings.
Key Investments Fueling Growth
1. Transcorp Plc
Elumelu holds 35.93% of Transcorp’s shares through HH Capital Limited, Heirs Holdings Limited, and personal/family shares. His stake includes:
• 2.99 billion shares through HH Capital Limited
• 68.38 million shares via Heirs Holdings Limited
• 68.27 million shares held directly
Transcorp’s Market Performance:
• Share price rose from ₦5.16 (March 2023) to ₦51 (March 2025)
• Market capitalization surged to ₦523.8 billion ($349 million at ₦1500/$)
• 2024 revenue grew 107% to ₦407.9 billion ($271 million)
• Full-year profit jumped 189.7% to ₦94 billion ($62.6 million)
• Dividend payout of ₦10.16 billion, with Elumelu’s share at ₦3.65 billion
2. United Bank for Africa (UBA)
As UBA’s largest individual shareholder, Elumelu owns 7.43% of the bank’s 34.2 billion outstanding shares, distributed across:
• 1.81 billion shares via Heirs Holdings Limited
• 302.29 million shares via HH Capital Limited
• 231 million shares via Heirs Alliance Limited
• 195.12 million shares directly
UBA’s Market Performance:
• Share price rose from ₦23 (March 2023) to ₦37.60 (March 2025)
• 2024 gross earnings increased 83.2% to ₦2.398 trillion
• Profit Before Tax (PBT) climbed 20.2% to ₦603.48 billion
• Profit After Tax (PAT) increased 16.9% to ₦525.31 billion
3. Heirs Energies (Formerly Heirs Oil & Gas)
Since acquiring OML 17 in July 2021, Heirs Energies has:
• Doubled oil production from 27,000 to 52,000 barrels per day within 100 days
• Fully owned 45% of OML 17, acquired for $1.1 billion
• Estimated valuation of $1.5 billion - $2 billion in 2025
A Billionaire’s Legacy
Elumelu’s wealth surge underscores his strategic ability to drive growth across key sectors. With Transcorp’s expansion, UBA’s solid financial performance, and Heirs Energies’ growing valuation, his financial empire continues to reshape Africa’s business landscape.
As Africa’s economic prospects brighten, Elumelu’s vision of Africapitalism—where businesses create both economic and social wealth—remains at the forefront of his investment philosophy.