# Tony Elumelu

Acquired control of United Bank for Africa (UBA) in 2005 and merged it with Standard Trust Bank; as of year-end 2024, UBA served approximately 35 million customers across 20 African countries plus offices in New York, London, and Paris, with total assets exceeding ₦28 trillion, per UBA's 2024 annual report. Chairs Heirs Holdings, a pan-African investment company with portfolio positions in energy (Heirs Energies, operator of OML 17 in the Niger Delta), real estate, and hospitality. Founded the Tony Elumelu Foundation in 2010; by 2024 the foundation had disbursed US$100 million to 20,000 African entrepreneurs across 54 countries through its annual entrepreneurship programme. Coined and advocates the concept of 'Africapitalism', the thesis that African private-sector investment is a precondition for sustainable development.

- Region: 234
- Affiliation: Heirs Holdings & United Bank for Africa
- Industry: Banking, Power, Venture Capital, Philanthropy
- URL: https://xecon.dev/234/profiles/people/tony-elumelu
- Updated: 2026-05-27

## Sources

1. [Wikipedia](https://en.wikipedia.org/wiki/Tony_Elumelu)
2. [Tonyelumelu](https://www.tonyelumelu.com/about/)
3. [Ubagroup](https://www.ubagroup.com/nigeria/leadership-profile/tony-o-elumelu-cfr/)