Tony O. Elumelu

Tony O. Elumelu

The Tony Elumelu Foundation
Tony Elumelu head shot

Tony O. Elumelu is one of Africa’s leading investors and philanthropists. He is the founder and chairman of Heirs Holdings, a family owned investment company, committed to improving lives and transforming Africa. Heirs Holdings’ portfolio spans the power, oil and gas, financial services, hospitality, real estate and healthcare sectors, operating in twenty-three countries worldwide.


Tony is the chairman of pan-African financial services group, the United Bank for Africa (UBA), the Banker Magazine’s African Bank of the year. UBA is present in 20 African countries, Paris, London and New York and is the only African bank with a deposit taking presence in the United States. He also chairs Nigeria’s largest quoted conglomerate, Transcorp Plc, whose subsidiaries include Transcorp Power, the largest generator of electricity in Nigeria.


Tony is the most prominent champion of entrepreneurship in Africa. In 2010, he created The Tony Elumelu Foundation, the leading philanthropy empowering African entrepreneurs and championing African entrepreneurship. The Foundation’s flagship initiative, the TEF Entrepreneurship Programme, is a 10-year, $100 million commitment to identify, train, mentor and fund 10,000 African entrepreneurs.

The Foundation’s mission is inspired by Tony’s economic philosophy of Africapitalism, which positions the private sector, and most importantly entrepreneurs, as the catalyst for the social and economic development of the continent.

Tony sits on numerous public and social sector boards, including USAID’s Private Capital Group Partners Forum, and is a co-chair of the Aspen Institute's Global Food Security Working Group. Tony also serves on the international advisory board of the Washington DC based think tank, the Wilson Center, and is a member of the Global Advisory Council of the Harvard Kennedy School’s Centre for Public Leadership. He is also a member of the World Economic Forum Community of Chairmen.